Sheikh Faisal bin Abdulaziz bin Jassem Al Thani, Chairman and Managing Director of Ahlibank. Pic: Baher Amin/The Peninsula
Ahlibank is set to launch E-Wallet, a contactless digital mobile payment system, by the end of second quarter of this year, announced the Chairman & Managing Director (CMD) of the Bank, Sheikh Faisal bin Abdulaziz bin Jassem Al Thani, yesterday.
The digital wallet will allow customers of Ahlibank to pay for items in stores quickly and transfer money, conveniently and securely using their mobile phones. This is part of the Bank’s continued commitment to embrace innovative technologies and products and to ensure that reliable services are provided around-the-clock.
“The Bank has been making significant investment in technology infrastructure including capacity improvements and digital banking that will improve the customer experience and serving them better and more efficiently,” Sheikh Faisal told the shareholders in his address at the Ahlibank’s Annual General Meeting.
He added: “As part of the next phase of our journey, the emphasis will be to enrich our Omni-Channel experience by enhancing the Mobile and Internet Banking platforms as well as launching a new feature rich E-Wallet product.”
Ahlibank is one of the leading banks in Qatar which offers a full range of products and services covering; Corporate Banking, Retail & Private Banking, International Banking, Treasury & Investments and Brokerage Services.
Asked to provide further details about the features of the upcoming digital wallet and the automation process of its products and services, Ahlibank’s Acting CEO Mahmoud Yahya Malkawi told The Peninsula: “We are investing heavily on technology, IT and IT-enabled services, including the E-Wallet, which is expected to be launched by the end of second quarter of 2020. Technology, automation and digitalisation of services is the need of the market, and we are working on it aggressively.”
The Ahlibank held its Annual Ordinary and Extraordinary General Meeting which was presided over by the Bank’s CMD Sheikh Faisal. The meeting approved all the items on the agenda, including the Board’s recommendation for distribution of dividends to shareholders for the financial year 2019. These are in the form of cash dividend of 15 percent (QR0.15 per share) and a bonus share of 5 percent (one new share for every 20 shares). The dividend proposal intends to maximise shareholders’ wealth and meet the requirements of the Bank’s internal capital, liquidity and balance sheet growth projections.
Ahlibank’s had reported a net profit of QR675.2m for the year ended December 31, 2019 compared to QR665.6m for 2018.
The AGM also approved the increase of the Bank’s capital by 5 percent amounting to 115,698,239 shares i.e. the number of shares approved as dividend. With this increase the Bank’s capital becomes 2,429,663,019 shares.
Commenting about the Bank’s performance, Sheikh Faisal said: “Ahlibank delivered a solid and steady financial performance for the year ended December 31, 2019. Loans and Advances increased by 14.8 percent over December 2018 to QR31.59bn. The Bank’s investment Securities grew by 27.1 percent over December 2018 to QR7.52bn and the Total Capital Adequacy Ratio as of December 2019 stood at a healthy 18 percent, reflecting the strong capital position of the Bank.”
He further added: “The Bank has successfully met one of its key strategic objectives of improving stable funding by completing the third bond issuance for $500m under its $1.5bn EMTN Programme in the International Debt Capital markets. As a further testimony to our financial performance and asset quality, Ahlibank continues to enjoy higher Credit Ratings; A2/P1 from Moody’s. Fitch Ratings has also affirmed the Bank’s Long Term Issuer Default Rating (IDR) at ‘A’. We will continue to live by our brand values to be at the heart of the community and our promise to provide the most personal banking experience in Qatar.”
