Masraf Al Rayan (Q.P.S.C.) (DSM:MARK) entered into a merger agreement to acquire Al Khalij Commercial Bank (al khaliji) P.Q.S.C. (DSM:KCBK) for QAR 8.1 billion on January 7, 2021. As per terms of transaction, Masraf Al Rayan (Q.P.S.C.) will issue 0.5 share for every 1 share of Al Khalij Commercial Bank (al khaliji) P.Q.S.C. Masraf Al Rayan (Q.P.S.C.) will issue 1800 million shares as a part of consideration. Following the Merger, Al Khaliji's business will be absorbed into Al Rayan's business, and Al Rayan will be the remaining legal entity, which will continue to operate in accordance with Islamic Shari'ah principles. Ali Bin Ahmad Al Kuwari will become Chairman and Sheikh Hamad Bin Faisal Bin Thani Al-Thani will become Vice Chairman of the board of the merged entity.

The Executive Committee of the board will be chaired by Sheikh Hamad Bin Faisal Bin Thani Al-Thani. As of July 4, 2021, Fahad Bin Abdalla Al Khalifa will be appointed as a group Chief Executive Officer of merged bank from the date the shareholders of both banks Al Rayan and Al Khaliji approve the merger and obtaining Qatar Central Bank final approval on the merger, subject to all necessary approvals on the appointment. As on June 30, 2020, the proposed merger is subject to the approval of the Qatar Central Bank, the Qatar Financial Markets Authority, the Ministry of Commerce and Industry, other relevant official bodies and the approval of the shareholders in each of Al Rayan and Al Khaliji after the completion of a detailed legal and financial due diligence. As on January 7, 2021, the merger agreement is conditional on, amongst other things, obtaining regulatory approvals and upon the requisite resolutions being passed by the shareholders of Al Rayan and Al Khaliji. As on September 5, 2021, al khaliji announces that Extraordinary General Meeting will be held electronically on September 12, 2021 and In case of no quorum, the meeting will be deferred to September 29, 2021. As on August 9, 2021, Masraf Al-Rayan's the General Assembly Meeting EGM will be held on September 8, 2021 and incase of not completing the legal quorum, the second meeting will be held on September 28, 2021. As on September 8, 2021, Masraf Al-Rayan's the General Assembly Meeting EGM was postponed to September 28, 2021. As on September 12, 2021, meeting is deferred to September 29, 2021. As on September 28, 2021, Masraf Al Rayan announces the postponement of its second Extra-Ordinary General Assembly meeting scheduled for September 28, 2021.The meeting will now be held Virtually on October 5, 2021. As on September 29, 2021, Al Khalij meeting is deferred to October 6, 2021. As on June 15, 2021, the transaction was approved by the Qatar Financial Markets Authority. As of October 6, 2021, shareholders of Al Khalij Commercial Bank (al khaliji) P.Q.S.C. has approved the transaction. As of November 2, 2021, Qatar Central Bank approved the transaction.

J.P. Morgan acted as financial advisor to Al Rayan and Al Khaliji in their role as members of the steering committee in connection with the merger. Amjad Hussain, Richard Dollimore, Raphael Bloch, Sean Crosky, Simon Chan and Philip Morgan of K&L Gates LLP acted as legal advisor and KPMG acted as transaction advisor to Al Rayan. Sultan Al-Abdulla & Partners and Mohammed Al-Shukairy and Jack Hardman of Clifford Chance LLP acted as legal advisors and and EY acted as transaction advisor to Al Khaliji. KPMG acted as fairness opinion provider to the Al Rayan Board. Barclays acted as fairness opinion provider to the Al Khaliji Board.

Masraf Al Rayan (Q.P.S.C.) (DSM:MARK) completed the acquisition of Al Khalij Commercial Bank (al khaliji) P.Q.S.C. (DSM:KCBK) on November 30, 2021. The resultant firm will be headquartered in Lusail City. The integration of the firms' products and services is expected during 2022.