Al Rayan Investment LLC (ARI, الريان للاستثمار) is a Doha-based Islamic asset manager and corporate adviser, established in 2007, wholly owned by AlRayan Bank (Masraf AlRayan Q.P.S.C.), authorised by the Qatar Financial Centre Regulatory Authority under QFC number 00045 and regulated by the Qatar Financial Markets Authority. A retail investor in Qatar can buy two things it manages: the Al Rayan Qatar ETF (ticker QATR) on the Qatar Stock Exchange, with charges capped at 0.50% a year, and the Al Rayan GCC Fund through AlRayan Bank, from QAR 35,000 with a 1.25% management fee, up to 1% on entry and a performance fee above a 24% two-year hurdle. Everything else it does is for institutions. Our halal investing hub sets the wider context; this review covers the firm itself.
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What Al Rayan Investment LLC is, and what it is not
The firm's overview page on alrayan.com describes ARI as a multi-award winning investment firm focused on asset management and corporate advisory, offering products across public equities in Qatar and the Gulf, global sukuk and money markets, and advisory work covering IPOs, sukuk issuance, mergers and acquisitions and strategic advice. It states that ARI is 100% owned by AlRayan Bank, authorised by the QFC Regulatory Authority and regulated by the QFMA, and that all products and services comply with Shariah principles. The QFCRA public register, fetched for this review, lists Al Rayan Investment LLC as QFC number 00045, status Authorised, date authorised 3 April 2007. Its office is Al Rayan Tower, 69 Alad Al Sharqi Street, PO Box 28888, Lusail, telephone +974 4423 5606.
Two clarifications the search queries ask for. First, ARI is a Qatar firm. We found no official page for any Al Rayan Investment in Abu Dhabi, and nothing on alrayan.com describes an Abu Dhabi office, so a reader who has seen that name elsewhere should check the licence number on the QFCRA register before sending money. Second, ARI does not lend. Its overview page carries a fraud notice saying the firm has received reports of entities impersonating its name to seek personal or financial information, offer investments or request payments, that ARI does not have a lending licence and does not use third-party agents, and that suspicious contact should go to ari.info@alrayan.com or the fraud monitoring line on +974 4425 4040. Our Al Rayan Investment provider profile records that for once the marketing superlatives check out against filings, and the fetched pages bear that out.
Al Rayan GCC Fund: the published facts
The fund page states that the Al Rayan GCC Fund was launched in May 2010, founded by AlRayan Bank and managed by ARI, and invests in Shariah-compliant equities and sukuk across the six GCC states with an 18 to 24 month investment view. The fund facts table says anyone can invest regardless of residence or nationality, the fund currency is QAR, it is open-ended with no lock-in, subscription and redemption are daily, NAV is calculated daily, and the target return is 12% a year, stated as not guaranteed, with capital not guaranteed either. Dividends are currently paid twice a year, in January and July, at the manager's discretion. The custodian is HSBC Middle East and the auditor is PricewaterhouseCoopers. The page quotes a return of 115% from inception to end-June 2021 after all fees, and does not publish a more recent cumulative figure.
| Item | Al Rayan GCC Fund (alrayan.com) |
|---|---|
| Minimum, individuals | QAR 35,000, then QAR 5,000 increments |
| Minimum, institutions | QAR 350,000, then QAR 50,000 increments |
| Subscription fee | Up to 1% on subscription |
| Management fee | 1.25% of NAV a year, taken monthly from the fund |
| Performance fee | 20% of NAV increase above 24% over two years |
| Dealing and NAV | Daily subscription, redemption and NAV |
| Dividends | Twice a year, January and July, discretionary |
| Latest declared dividend | QAR 0.069 per unit, 2.66% of NAV at 30 June 2026 |
The performance fee deserves a worked reading, and the page provides one: if the fund returns 28% over two years net of other fees, the manager takes 20% of the 4% excess, or 0.8%, leaving 27.2% for the investor. Below 24% over two years, no performance fee is charged. The page also lists the fund's dividend history: QAR 0.065 per unit at 30 June 2021, 0.021 at 31 December 2021, 0.063 at 30 June 2022, 0.050 at 29 December 2022, 0.076 at 26 June 2023, 0.080 at 31 December 2023 and 0.032 at 31 December 2024, followed by the June 2026 distribution of 0.069 per unit, payable in cash or in additional units, with in-kind as the default where no election is made.
One inconsistency to flag. AlRayan Bank's separate other-investments page describes two unit classes, a Q class in riyals for Qatari investors and an F class in US dollars for all investors, with minimums of QAR 100,000 and USD 30,000 for individuals. The fund's own page, which carries the current fee table and the June 2026 dividend notice, says QAR 35,000 regardless of nationality. We treat the fund page as current and the bank page as stale, but ask the branch which class and minimum you are being offered before you sign. The bank's Flexi Saving page, in Arabic, also bundles a QAR 35,000 fund subscription with a QAR 30,000 fixed deposit as a QAR 65,000 combined product paying every six months.
How to subscribe to and redeem the GCC Fund
Subscription runs through AlRayan Bank branches or the fund's representatives rather than through a brokerage app. The fund page lists the documents for individuals: a copy of the national ID card showing date and place of birth, a passport copy (not required for Qatari nationals), evidence of physical address if you are not already an AlRayan Bank account holder, a politically exposed person declaration, a CRS tax self-certification, and six months of bank statements showing the funds to be invested. Originals must be seen by a representative of the founder or the fund manager, or certified as true copies by a lawyer, accountant, compliance officer or similar professional. Investors outside Qatar whose originals are not seen must have the copies notarised and attested by the Qatar embassy and the Ministry of Foreign Affairs in Qatar.
- Gather the identity, address, PEP and CRS documents, plus six months of bank statements showing the subscription money
- Visit an AlRayan Bank branch or call +974 4425 3333 to open the investment relationship and have originals sighted
- Subscribe at the daily NAV with at least QAR 35,000, paying up to 1% on the way in, and choose cash or in-kind dividends
- Add in QAR 5,000 steps at any later daily dealing point; there is no lock-in
- Redeem at the daily NAV when needed; the page states no redemption fee, but confirm settlement timing with the branch, since it is not published
Monthly factsheets are published on the fund page, and investor newsletters and holding statements are available by post and email on request. What the page does not publish is the current portfolio by country and sector or a dated cumulative return after June 2021, so ask for the latest factsheet before subscribing rather than relying on the 115% figure.
QATR: the ETF, in two paragraphs
The Al Rayan Qatar ETF is an open-ended Shariah-compliant exchange traded fund denominated in riyals and listed on the Qatar Stock Exchange, ISIN QA000F33F9Z8, founded by AlRayan Bank (commercial registration 91075) and managed by ARI under Qatar Central Bank licence MF/27/2016. Its key investor information document, available on the QSE's site, names HSBC Bank Middle East as custodian, PricewaterhouseCoopers as auditor, QNB Financial Services as liquidity provider, the QSE as index provider and the founder's Shariah Supervisory Board as the Shariah authority. The fund tracks the QE Al Rayan Islamic Index (Price), investing in all constituents in index proportions, and may hold only QAR-denominated securities. Annual charges are capped at 0.5% of net asset value and cover management, custody, administration and distribution; there is no entry charge, no exit charge and no performance fee. The document records the fund's capital at QAR 463,276,221 on 31 December 2024.
You buy and sell QATR units through any QSE member broker, exactly as you would a listed share, and the only cost beyond the capped charges is your broker's commission. Dividends are paid at least once a year, net of expenses and purification, so the yield on your units sits below the index yield. Our full QATR analysis covers the holdings and the audited accounts, and our explainer of the QE Al Rayan Islamic Index constituents shows what the screen admits and excludes. For the mechanics of getting an Edaa investor number and a QSE broker, use our guide to opening a brokerage account in Qatar.
QATR versus the GCC Fund: cost, liquidity and concentration
The two products are built for different jobs. QATR is passive, Qatar-only and cheap: one country, one index, a 0.50% cap, no entry or performance fee, and intraday liquidity on the exchange. The GCC Fund is active, six-country and expensive: a 1.25% management fee, up to 1% on entry and a performance fee if the manager clears 24% in two years, with daily rather than intraday dealing and a QAR 35,000 door. The fund also holds sukuk and cash alongside equities, which the ETF cannot, and its manager can concentrate in whatever it finds cheap, which an index tracker cannot.
| Feature | QATR | Al Rayan GCC Fund |
|---|---|---|
| Exposure | Shariah-screened Qatari large and mid caps | GCC equities, sukuk and cash, actively picked |
| Minimum | One unit through a QSE broker | QAR 35,000 for individuals |
| Annual cost | Capped at 0.50% all-in | 1.25% management, plus up to 1% entry, plus performance fee |
| Dealing | Intraday on the QSE | Daily at NAV through the bank |
| Dividends | At least once a year, net of purification | Twice a year, discretionary |
| Shariah governance | Founder's Shariah Supervisory Board | Fund's Shariah Advisory Board, linked from the fund page |
The cost gap compounds. On QAR 100,000 held for ten years, the ETF's cap takes roughly QAR 500 a year while the fund's management fee alone takes roughly QAR 1,250 a year before any entry or performance charge, so the fund's manager has to earn its keep through stock selection and the sukuk sleeve. The QFCRA register also shows how the Qatari peer group has shifted: QINVEST LLC is listed as no longer authorised from 14 April 2026, with a new QINVEST Capital LLC authorised from 26 March 2026, and Lesha Bank remains authorised under QFC number 00091. Our QInvest profile covers the institutional side of that comparison.
Verdict: who should hold QATR, who should hold the GCC Fund, who should hold neither
Hold QATR if you want Qatar equity exposure, you already have or are willing to open a QSE brokerage account, and you would rather pay a 0.50% cap than a manager's conviction. It suits a resident building a core holding in riyals with no currency risk and no minimum beyond one unit. Hold the GCC Fund if you have at least QAR 35,000 that you will not need for two years, you want Saudi, UAE and Kuwaiti names alongside Qatari ones, you value a sukuk sleeve inside the same wrapper, and you accept paying for active management with a performance fee that only bites above 24% over two years.
Hold neither if your horizon is under eighteen months, since both products are equity-heavy and the fund page itself frames the strategy around an 18 to 24 month view; use a term deposit instead. Hold neither, for now, if you need global diversification, since both are Gulf-only and a US or world halal ETF through an international broker fills that gap at comparable cost. And if anyone offers you an Al Rayan Investment loan, an Abu Dhabi branch or a guaranteed return, the firm's own fraud notice tells you what to do with the message. Facts checked against alrayan.com, qe.com.qa, qfcra.com on 10 September 2026.
Frequently asked questions
Is Al Rayan Investment regulated?
Yes. The QFCRA public register lists Al Rayan Investment LLC as QFC number 00045, authorised on 3 April 2007 and currently Authorised, and the firm's overview page adds that it is regulated by the Qatar Financial Markets Authority. The QATR fund itself is licensed by the Qatar Central Bank as MF/27/2016 and listed on the Qatar Stock Exchange.
What is the minimum investment in the Al Rayan GCC Fund?
The fund page on alrayan.com states QAR 35,000 for individual investors with later top-ups in QAR 5,000 increments, and QAR 350,000 for institutions with QAR 50,000 increments. An older AlRayan Bank page quotes QAR 100,000 for a riyal Q class and USD 30,000 for a dollar F class, so confirm the class and minimum with the branch before subscribing.
What does the Al Rayan GCC Fund charge?
Three fees: a subscription fee of up to 1% on entry, a management fee of 1.25% of NAV a year deducted monthly inside the fund, and a performance fee of 20% of any NAV increase above 24% measured over two years. The page's example shows a 28% two-year return producing a 0.8% performance fee and a 27.2% net return. There is no published redemption fee or lock-in.
Can an expat or non-resident invest in the GCC Fund?
The fund facts table says all investors can invest regardless of place of residence or nationality. Non-residents whose original documents are not sighted by a fund representative must have copies notarised and attested by the Qatar embassy and the Ministry of Foreign Affairs, and everyone supplies a CRS self-certification and six months of bank statements showing the source of the money.
Is Al Rayan Investment the same as Al Rayan Bank UK?
No. Al Rayan Investment LLC is the Lusail-based asset management subsidiary of AlRayan Bank in Qatar. Al Rayan Bank in the United Kingdom is a separate bank that AlRayan Bank's website links to as a related entity. The GCC Fund and QATR are Qatar products sold through AlRayan Bank Qatar and the Qatar Stock Exchange, not through the UK bank.
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Does Al Rayan Investment offer loans or an Abu Dhabi office?
No. The firm's overview page states that ARI does not have a lending licence and does not engage third-party agents, and warns of impersonators seeking personal information or payments. We found no official page describing an Abu Dhabi presence. Verify any approach by email to ari.info@alrayan.com or by calling the fraud monitoring line on +974 4425 4040.
