AlRayan Bank Q.P.S.C. is a Qatar Central Bank licensed Islamic bank headquartered in Lusail, the new trade name adopted by Masraf Al Rayan in November 2024, and a different institution from Al Rayan Bank in the United Kingdom, which is a separately incorporated UK subsidiary with its own products. The Qatar bank is the second largest Islamic bank in the country, with QAR 9.3 billion in paid-up capital, 17 branches and 101 ATMs, and it is the only one of the four that prices retail financing by a published formula: the QCB's QMRO overnight lending rate, 4.60% from 17 September 2026, plus 1.50% for retail salaries or 1.25% for Premier. That transparency is the reason to consider it. Start with our Islamic bank accounts hub for the market map.
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AlRayan Bank Qatar versus Al Rayan Bank UK: which one are you looking for?
Searches for 'al rayan bank' mix two banks. AlRayan Bank Q.P.S.C. is the Qatari bank at 69 Al Aad Al Sharqi Street, Lusail, reachable on +974 4425 3333, offering riyal accounts, financing against Qatari salaries and cards tied to Qatar Airways. Al Rayan Bank UK, linked from the Qatar site's footer as 'AlRayan Bank UK', is a UK-incorporated bank offering sterling products to UK residents. If you are searching for a home purchase plan, a UK student account or 'Al Rayan Bank PLC', you want the UK entity, and nothing in this review applies to it. Everything below is about the Doha bank, whose profile is on our AlRayan Bank provider page.
Ownership, the Al Khaliji merger and the 2024 rebrand
The investor relations page states that the bank was incorporated as a Qatari shareholding company on 4 January 2006, licensed by the Qatar Central Bank, and started operations in October 2006 with a mandate under its articles to conduct banking, financing and investing in conformity with Islamic Shariah. Its shares trade on the Qatar Stock Exchange. The press archive records the two events that made it what it is today: a merger agreement with Al Khaliji signed in 2021 and completed on 30 November 2021, described as the first merger of publicly listed banks in Qatar and creating a bank with over QAR 182 billion in total assets at the time, and the new identity launched on 26 November 2024 at Al Baraha in Msheireb in the presence of the QCB Governor, when Masraf Al Rayan became AlRayan Bank.
The group includes Al Rayan Investment, the asset management and advisory arm that runs the QE Al Rayan Islamic Index products and arranged a QAR 536 million rights issue for Baladna in September 2026, plus Al Khaliji France in Paris and the UAE and the UK bank. On 30 September 2026 the bank announced that Group Chief Executive Fahad Al Khalifa would conclude his tenure and become adviser to the chairman, so a new chief executive is settling in as you read this. The Sharia Supervisory Board page lists Sheikh Dr Waleed Bin Hadi as chairman, Sheikh Dr Mohamed Ahmeen and Sheikh Dr Sultan Al Hashmi.
The pricing formula: QMRO plus a margin you can compute
AlRayan's 'Financing Against Salary' sheet is a single page and it is the most useful document any Qatari Islamic bank publishes. Vehicle, personal and home finance for retail customers earning QAR 10,000 to 34,999 a month are priced at the QMRO overnight lending rate plus 1.50%. Al Rayan Premier customers on QAR 35,000 and above pay QMRO overnight lending plus 1.25%. The sheet states that from 17 September 2026 the QMRO overnight lending rate is 4.60%, so the retail rate is 6.10% and the Premier rate is 5.85%, and it adds that financing not against salary is priced deal by deal at the bank's discretion. Our QMRO explainer covers how the benchmark moves and what that does to a floating contract.
Two things follow. First, your rate changes when QCB changes QMRO, which is a different risk from QIIB's fixed 5.60% to 5.85% card. Second, you can check the bank's maths yourself, which you cannot do at QIB or Dukhan where the rate is whatever the officer quotes. The sheet does not state a floor, a cap or a reset frequency, so ask for the contract clause on rate revision before signing. The bank also publishes downloadable terms for its accounts and its tawarruq-based financing, which is why the house verdict calls it the disclosure leader on contracts.
Accounts and deposits: what the sheets say
The current account page says plainly that your money does not bear any risk and the bank will always repay the full available balance on request, which is the language of a qard-based current account. Savings products are the Saving and Investment Account, Al Thahabi High Profit Savings, Al Tijori and the term deposit. Al Thahabi accrues profit daily and pays monthly, applies its highest rate to balances up to QR 2 million with a lower rate above that, and allows one debit a month without losing the expected rate; its current rate sits in the profit rate sheet rather than on the product page. Al Tijori is the prize account: a QAR 7.6 million annual pool, twice-monthly draws of QAR 10,000, monthly draws of QAR 100,000 and quarterly millionaire draws, with a minimum average balance of QAR 10,000 and an extra entry for every QAR 10,000 more.
The Fixed Term Investment Deposit sheet effective 24 September 2026 and the Mudharaba Rates sheet together give a saver more information than any rival. The deposit is an unrestricted mudarabah in the joint pool, it auto-renews unless you give four days' written notice, and early withdrawal forfeits the share of return. The mudarib share, the slice of pool profit the bank keeps, is 95% on savings and short-term investment accounts, 90% on Millionaire savings and one- and three-month deposits, 85% at six months, 80% at nine months and one year, 70% at three years and 60% at five years. Our AlRayan accounts and deposits review works through the implications.
| QAR term deposit, balance up to 250,000 | Expected rate |
|---|---|
| 1 month | 2.65% |
| 3 months | 2.85% |
| 6 months | 2.95% |
| 9 months | 3.15% |
| 1 year | 3.10% |
| 2 years | 3.27% |
Larger balances earn slightly more: QAR 10 million to 25 million gets 3.00% at one month and 3.25% at one year. USD deposits up to 500,000 run from 0.80% at one month to 1.35% at two years. The sheet labels every figure indicative and subject to change, and the nine-month rate above the one-year rate is how the sheet reads.
Home, car and personal finance: one-line verdicts
Home finance is priced on the same QMRO formula, so a Premier customer on a salary transfer pays 5.85% today and a retail customer 6.10%, before the bank's periodic promotional rates. Our AlRayan home finance review rates it the one Qatari home finance product whose price you can compute, and the 3.50% promo analysis explains how introductory pricing interacts with the formula. The product pages themselves are thin; the numbers live in the PDFs and the home financing hub sets out the QCB caps that apply regardless of bank.
Car finance uses the same formula and the same salary tiers. The green vehicle campaign terms published on the Premier page, although dated 2023, show the bank's standard shape: up to 100% of the car quotation for Qataris and 80% for non-Qataris with a 20% down payment, maximum amounts including profit of QAR 2,000,000 for Qataris and QAR 400,000 for non-Qataris, and tenures of up to six years and four years respectively. Our AlRayan car finance review tests the formula against QIIB's fixed card. Personal finance follows the same formula; the page itself gives no caps, so ask for the QCB-compliant maximum for your salary.
Cards, Premier and the app
The Premier banking page is where the card economics are printed. Visa Signature requires a monthly salary from QR 35,000 to QR 50,000 and Visa Infinite QR 50,000 and above, or a deposit of QAR 350,000 for the Qatar Airways co-branded Infinite. Annual fees are stated as nil, the profit-free grace period is up to 45 days, cash withdrawal is 100% of the limit, takaful cover is free and the minimum repayment is 5%. Rewards run at one point per QR 6 on Signature and per QR 5 on Infinite, with the Qatar Airways co-brands earning one Avios per QR 5 and QR 4 respectively and a 50,000 Avios joining bonus on Infinite. From 2 February 2026, lounge access requires at least one international transaction of USD 1 or more in the prior 90 days, a condition worth knowing before you rely on it at the airport.
- AlRayan Go is the retail app, listed on both app stores, with Fawran instant payments and card controls
- Sahl Plus, launched with The Group in May 2026, links your bank account to a brokerage account so you can fund QSE trades from the app
- The New To Qatar programme targets expatriates on salaries from QR 20,000 at approved employers, with account opening and salary transfer built in
- Premier customers get up to three months' grace on personal or vehicle finance and preferential pricing under the formula
- A Platinum card is the retail-tier product; its fee and salary floor are not on the pages we fetched, so ask
Is AlRayan Bank safe?
The bank is licensed and supervised by the Qatar Central Bank, listed on the Qatar Stock Exchange, carries QAR 9.3 billion of paid-up capital and was the surviving entity in the 2021 merger that produced a balance sheet above QAR 182 billion at the time. The site's investor section publishes audited financial statements and annual reports; it did not show a current credit rating on the pages we fetched, so check the latest annual report or the rating agencies directly before quoting one. Qatar's deposit protection position is not a simple yes or no, and our deposit protection explainer is the right place to understand what the QCB framework does and does not promise before you place a large term deposit anywhere.
Where AlRayan wins and loses against QIB, Dukhan and QIIB
| Area | AlRayan Bank | Rival position |
|---|---|---|
| Financing price | Formula: QMRO 4.60% + 1.50% retail, + 1.25% Premier | QIIB fixes 5.60% to 5.85%; QIB and Dukhan quote only |
| Deposit disclosure | Ladder, tier bands and mudarib shares published | Dukhan publishes rates and payouts; QIIB rates only; QIB nothing |
| Contracts online | Deposit and financing terms downloadable | Rivals publish summaries, not full terms |
| Card fees | Nil annual fee on Signature and Infinite | QIB and QIIB fees sit in tariff PDFs |
| Prize account | Al Tijori, QAR 7.6 million pool | QIB Misk, QAR 26 million pool |
| Size | Second largest Islamic bank | QIB larger; Dukhan and QIIB smaller |
Verdict: is AlRayan's transparency worth switching for?
For a Premier-tier earner on QAR 35,000 or more who is taking home or car finance, yes. The 5.85% formula rate is competitive, the contract is downloadable, the Qatar Airways Infinite card has no annual fee, and the Sahl Plus link makes investing on the QSE from the same app practical. For a retail earner on QAR 10,000 to 34,999, the 6.10% formula rate is above QIIB's fixed 5.85% top tier, so get both quotes and ask AlRayan what the rate revision clause says; the floating risk is real if QMRO rises. For a saver, AlRayan's one-year 3.10% is just below QIIB's 3.25%, but the published mudarib shares let you see what the bank keeps, which no other bank shows you.
For a new arrival on QR 20,000 or more, the New To Qatar programme is a clean onboarding route, and for anyone who confused this bank with the UK one, the answer is that the Qatar bank does not offer sterling products and the UK bank does not offer riyal ones. Facts checked against alrayan.com on 11 September 2026.
Frequently asked questions
Is Al Rayan Bank in Qatar the same as Al Rayan Bank in the UK?
No. AlRayan Bank Q.P.S.C. is the Qatari bank, incorporated in 2006, licensed by the Qatar Central Bank and headquartered in Lusail. Al Rayan Bank UK is a separately incorporated UK subsidiary linked from the Qatar site's footer, offering sterling products to UK residents. Home purchase plans and UK student accounts belong to the UK bank; riyal accounts and Qatari salary financing belong to the Qatar bank.
What is Masraf Al Rayan now called?
Masraf Al Rayan Q.P.S.C. adopted AlRayan Bank as its trade name at an event on 26 November 2024 at Al Baraha, Msheireb, attended by the Governor of the Qatar Central Bank. The legal entity, the QCB licence and the Qatar Stock Exchange listing are unchanged; the name, strategy and identity were refreshed. Its 2021 merger with Al Khaliji was the first between publicly listed banks in Qatar.
How does Al Rayan Bank calculate its financing rate?
Financing against salary is priced at the QCB's QMRO overnight lending rate plus a margin: 1.50% for retail customers earning QAR 10,000 to 34,999 a month and 1.25% for Premier customers on QAR 35,000 and above. With QMRO overnight lending at 4.60% from 17 September 2026, that is 6.10% and 5.85%. Financing not against salary is priced deal by deal.
Is Al Rayan Bank good for savers?
It is the most transparent. The fixed term deposit sheet effective 24 September 2026 shows 2.65% at one month rising to 3.27% at two years on QAR balances up to 250,000, and the Mudharaba Rates sheet shows the bank keeps 95% of pool profit on savings accounts and 60% to 90% on term deposits. Al Thahabi pays monthly on daily accrual, and Al Tijori runs a QAR 7.6 million prize pool.
Is Al Rayan Bank halal?
It is a full Islamic bank with no conventional window, which Qatar's 2011 QCB directive requires in any case. Its articles restrict it to banking, financing and investing in conformity with Islamic Shariah, and a Sharia Supervisory Board chaired by Sheikh Dr Waleed Bin Hadi oversees products. Its deposits are unrestricted mudarabah and its retail financing is tawarruq-based under downloadable terms, so you can read the contract rather than take the label on trust.
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What salary do you need for an Al Rayan Bank credit card?
The Premier page sets Visa Signature at a monthly salary from QR 35,000 to QR 50,000 and Visa Infinite at QR 50,000 and above, or a QAR 350,000 deposit for the co-branded Infinite, with nil annual fees, a 45-day grace period and 5% minimum repayment. The retail Platinum card's salary floor is not stated on the pages we fetched, so ask the branch.
