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Report sheds light on Qatar-owned bank dealings with terrorist-linked groups

The Qatari-owned Al Rayan Bank, an Islamic bank based in the UK, provides services to organizations linked to terrorism in Britain, according to a report by the British daily The Times.
“Al Rayan counts among its customers a charity banned in the US as a terrorist entity, groups that promote hardline preachers and a mosque whose long-term trustee is a Hamas leader,” The Times reported in its investigation on Monday.
The Times investigation revealed that Al Rayan Bank has several clients who have had their accounts in other banks closed or frozen due to a security clampdown. Although the bank meets all the legal requirements to operate in Britain, at least four of its clients have had their other accounts closed in banks including HSBC, Barclays, NatWest and Lloyds TSB.
The bank is described as an “Islamic bank” that offers Sharia-compliant financial services to customers with branches across the UK in Birmingham, London, Leicester, Manchester, and Glasgow.
According to The Times, the controlling shareholders of the bank are institutions of the Qatari state. Al Rayan is 70 percent owned by Masraf Al Rayan QSPC, which is Qatar’s second-largest bank and has close ties to the Qatari state.
The Government of Qatar directly owns 9.31 percent of Masraf Al Rayan, and owns other shares through subsidiary companies such as Qatar Holding LLC (11.9 percent) and the Qatar Investment Authority (4.2 percent), according to data from the stock market analysis site Market Screener.
This is not the first time a Qatari-owned bank has been accused of funding terrorism. Khalifa al-Subaiy, who was convicted on charges of funding and enabling terrorism and is on the UN terror blacklist, was allowed by the UN to withdraw a monthly amount of up to $10,000 from frozen accounts with the state-owned Qatar National Bank (QNB).
Controversial clients
Al Rayan’s customers include designated terrorist organizations and controversial groups linked to Hamas, according to The Times.
Using publicly available records, The Times drafted a list of organizations which have an Al Rayan bank account, including pressure groups, charities, mosques, and funders of satellite TV channels.
One group with an Al Rayan account is Interpal, a Palestinian aid charity which has been designated as a terrorist entity by the US Treasury due to alleged funding links to Hamas. The British government identified Interpal as part of Hamas and the Muslim Brotherhood’s British infrastructure in 2015, and its banking facilities were previously withdrawn by Natwest in 2007 and Lloyds TSB in 2008.
The Nectar Trust, previously known as Qatar Charity UK, also has an account with Al Rayan. The Times claims The Nectar Trust has received more than £37 million ($44.9 million) from Doha-based Qatar Charity and is partners with the Emaan Trust, a group whose leaders have close links to the Muslim Brotherhood, in England’s northern city of Sheffield. The Nectar Trust has been accused of founding mosques in Europe which are allegedly pro-Muslim Brotherhood.
The Times also found an Al Rayan account for an Islamic charity whose leader is banned from the UK. The Islamic Reseach Foundation International is led by Indian televangelist Zakir Naik, who was banned from the UK in 2010 following a history of controversial comments.
Naik claims that 9/11 was an inside job and has praised Osama bin Laden, saying that “every Muslim should be a terrorist” if it meant fighting the US. Naik’s satellite channel Peace TV has promoted hardliner views including four programs which breached broadcasting rules on hate speech, abuse, offense, and incitement to crime, according to an investigation by the UK regulator Ofcom.
Al Rayan also has links with several other organizations including schools and mosques which have had their accounts closed by other British banks, including the Finsbury Park Mosque, where hate preacher Abu Hamza was based in the 1990s, and charity Helping Households Under Great Stress, which supports “Muslim households impacted by counter-terrorism, national security and extremism-related laws, policies and procedures.”
Abu Hamza was the imam of Finsbury Park Mosque in London, where he preached extremism. He is currently serving a life sentence in prison in the United States, after being found guilty of eleven terrorism charges in May, 2014.
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BENEFIT AGM approves 10%...
- March 27, 2025
BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).
Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.
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