Al Rayan Financial Brokerage Company (ARB), a Masraf Al Rayan (MAR) owned subsidiary and member of Qatar Exchange, has decided to suspend the activities and licence of its brokerage business, according to a statement released today.
Al Rayan Brokerage is a licensed brokerage firm engaged in the purchase and sales of various Shariah-compliant financial instruments for all types of investors.
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Al Rayan Brokerage has filed for voluntary suspension of its operations with the Qatar Financial Market Authority (QFMA), and announced the last date of trading through the company to be on January 12, 2017.
Although ARB gave no official reasons for its voluntary suspension, it came on the heels of a recent announcement made by Masraf Al Rayan, Barwa Bank and International Bank of Qatar that they have entered into initial negotiations regarding a potential merger of the three banks to create the largest Shariah compliant bank in Qatar.
The company recirculated a statement emphasising that all remaining stocks of clients will be transferred to their accounts at the Qatar Central Securities Depository (QCSD) before terminating activities as of February 23, 2017.