Q3Financial Results (Masraf Al Rayan FS 30 September 25 en)

(Formerly known as Masraf Al Rayan (Q.P.S.C.))

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

30 SEPTEMBER 2025

AlRayan Bank (Q.P.S.C.)

(Formerly known as Masraf Al Rayan (Q.P.S.C.))

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

30 September 2025

Report on review of interim condensed consolidated financial statements to the board of directors of AlRayan Bank (Q.P.S.C.) (Formerly known as Masraf Al Rayan (Q.P.S.C.))

Introduction

We have reviewed the accompanying interim consolidated statement of financial position of AlRayan Bank (Q.P.S.C.) (Formerly known as Masraf Al Rayan (Q.P.S.C.)) (the "Parent") and its subsidiaries (the "Group") as at 30 September 2025 and the related interim consolidated statement of income, interim consolidated statement of comprehensive income and interim consolidated statement of income and attribution related to quasi-equity for the three-month and nine-month periods then ended, and interim consolidated statement of changes in equity, interim consolidated statement of cash flows and interim consolidated statement of changes in off-balance sheet assets under management for the nine-month period then ended, and other explanatory notes. Management is responsible for the preparation and presentation of these interim condensed consolidated financial statements in accordance with Financial Accounting Standard ("FAS") 41 "Interim financial reporting" issued by the Accounting and Auditing Organisation for Islamic Financial Institutions ("AAOIFI") as modified by Qatar Central Bank ("QCB"). Our responsibility is to express a conclusion on these interim condensed consolidated financial statements based on our review.

Scope of review

We conducted our review in accordance with International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity'. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with FAS 41 issued by AAOIFI as modified by QCB.

For and on behalf of PricewaterhouseCoopers - Qatar Branch Qatar Financial Market Authority registration number 120155

Waleed Tahtamouni

Auditor's registration number 370

Doha, State of Qatar 29 October 2025

https://www.pwc.com

PricewaterhouseCoopers - Qatar Branch, P.O.Box 6689, Doha, Qatar

T: +974 4419 2777, F: +974 4467 7528

Ministry of Commerce and Industry Licence number 6 / Qatar Financial Markets Authority License number 220155

i

AlRayan Bank (Q.P.S.C.)

(Formerly known as Masraf Al Rayan (Q.P.S.C.))

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

As at 30 September 2025

QAR '000s

Notes 30 September 31 December 30 September

2025 2024 2024

(Revieu'ed) (Audited) (Reviewed)

These interim condensed consolidated financial statements were approved by the Board of Directors on 29 ctober 2025 and were signed on its behalf by: '

Mohamed Bin Hamad Bin assim Al Thani Chairman

Independent auditor's review report is se O t

. ... . ... . ... .... .

Fahad Bin Abdulla Al Khalifa or p Chief Executive Officer

The attached notes 1 to 22 form part of, an sFhñiild e reTaIdniCnAcoTnIfjunictPioUnRwP.iOthStEfiefs¥etiLntYer.i condensed consolidated financial

statements

INTERIM CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

For the three-month and nine-month periods ended 30 September 2025

For the three-month period ended 30 September

For the nine-month period ended 30 September

Notes 2025 2024 2025 2024

(Reviewed) (Reviewed) (Reviewed) (Reviewed)

Fair value changes of equity-type investments carried

Fair value changes of debt-type investments carried

INTERIM CONSOLIDATED STATEMENT OF INCOME AND ATTRIBUTION RELATED TO QUASI-EQUITY

For the three-month and nine-month periods ended 30 September 2025

For the three-month period ended 30 September

For the nine-month period ended 30 September

AlRayan Bank (Q.P.S.C.)

(Formerly known as Masraf Al Rayan (Q.P.S.C.)) QAR '000s

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

For the nine-month period ended 30 September 2025

Foreign currency

Total equity attributable to

Non-

Instrument eligible as

Balance at 31 December 2024 (Audited) 9,300,000 9,644,166 2,700,401 51,278 (141,049) 135,929 2,387,770 24,078,495 252,361 1,000,000 25,330,856

Net profit for the period

Other comprehensive (loss) / income

Total comprehensive (loss) / income for the period

Dividend declared and approved for 2024 Note 13 (g)

Independent auditor's review report is set out on page i

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

For the nine-month period ended 30 September 2025

For the nine-month period ended 30 September

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS (continued)

For the nine-month period ended 30 September 2025

For the nine-month period ended 30 September

AlRayan Bank (Q.P.S.C.)

(Formerly known as Masraf Al Rayan (Q.P.S.C.)) QAR '000s

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN OFF-BALANCE SHEET ASSETS UNDER MANAGEMENT

For the nine-month period ended 30 September 2025

1 January

Movements during the period Additions Withdrawals Revaluations /

Net

Mudarib's 30

2025

Gross income

dividends paid

share

September 2025

Independent auditor's review report is set out on page i

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

AlRayan Bank (Q.P.S.C.) (formerly known as Masraf Al Rayan (Q.P.S.C.)) ("the Bank") is an entity domiciled in the State of Qatar and was incorporated on 4 January 2006 as a Qatari Public Shareholding Company under Qatar Commercial Companies' Law No. 5 of 2002, as amended by Qatar Commercial Companies' Law Number 11 of 2015 and Law Number 8 of 2021, under decision Number 11 of 2006. The commercial registration number of the Bank is 32010. The address of the Bank's registered office is at P.O. Box 28888, Lusail Marina, Qatar. The interim condensed consolidated financial statements of the Bank for the nine-month period ended 30 September 2025 comprise the Bank and its subsidiaries (together referred to as "the Group" and individually as "Group entities"). The Group is primarily involved in Islamic banking, financing and investing activities, and has 13 branches in Qatar. The Parent Company / Ultimate Controlling Party of the Group is AlRayan Bank (Q.P.S.C.).

On 7 January 2021, the Bank and Al Khalij Commercial Bank (al khaliji) P.Q.S.C. ("Al Khaliji") have entered into a merger agreement as approved by the Board of Directors of both banks, which was subsequently approved by the shareholders of both banks at their respective Extra-Ordinary General Assemblies held on 5 October 2021 and 6 October 2021. On 2 November 2021, Qatar Central Bank ("QCB") approved the Bank's merger by way of absorption pursuant to Article 278 of the Commercial Companies Law Number 11 of 2015 as amended by Law Number 8 of 2021 (the "Commercial Companies Law") and Article 161(2) of Law Number 13 of 2012 issuing the Qatar Central Bank Law and Regulation of Financial Institutions (the "QCB Law") and the merger agreement (the "Merger"). On 30 November 2021, the effective date of the merger, Al Khaliji was dissolved and the Bank which became the remaining legal entity, continued to conduct all operations in accordance with Shari'a principles and absorbed the assets and liabilities of Al Khaliji.

During 2024, the Bank completed a comprehensive rebranding strategy aimed at enhancing brand recognition and aligning its identity with the evolving market and customer needs. This rebranding initiative included a new brand identity, "AlRayan Bank", and an updated logo that embody the continuous evolution of the Bank and its renewed strategic focus as a contemporary Islamic bank. The legal name of the Bank was changed during the period from Masraf Al Rayan (Q.P.S.C.) to AlRayan Bank (Q.P.S.C.).

The principal subsidiaries of the Group are as follows:

Entity's name

Country of

incorporation Entity's capital Entity's activities

Effective percentage of ownership

30 September 31 December

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

1During 2024, the Board of Directors of Al Rayan (UK) Ltd (the "Company") decided to dissolve the Company. Prior to its dissolution, the Company owned 98.34% of its subsidiary, Al Rayan Bank plc. Effectively, the Bank owned 73.76% of Al Rayan Bank plc. Following the Company's dissolution, its equity interest in Al Rayan Bank plc was transferred directly to its ultimate shareholders. As a result, the Bank now holds a direct ownership stake of 73.76% in Al Rayan Bank plc.

2MAR Sukuk Limited was incorporated in the Cayman Islands as an exempt company with limited liability for the purpose of sukuk issuance and other activities, for the benefit of the Bank.

3Subsidiaries of Al Khaliji that became subsidiaries of the Group upon completion of the merger between the Bank and Al Khaliji on 30 November 2021.

4MAR Finance L.L.C. was incorporated in Qatar Financial Centre as a limited liability for the purpose of sukuk issuance and other activities, for the benefit of the Bank.

5In relation to the merger, Al Khaliji France S.A. continues to operate in its present status as a conventional bank. As of reporting date, there are no plans in place to convert the portfolio of the subsidiary into Shari'a-compliant products. Accordingly, the net profit earned by the subsidiary is not included in the interim consolidated statement of income, and the subsidiary's assets and liabilities are presented under other assets and other liabilities in the interim consolidated statement of financial position.

6In a meeting held on 26 October 2023, the Board of Directors of Al Rayan Partners L.L.C. decided to liquidate the entity. The liquidation which was approved by the QCB in 2024 is currently in progress as of the reporting date and is being carried out in accordance with the applicable legal and regulatory requirements in Qatar.

7AKCB Finance Limited was dissolved effective 10 July 2025, pursuant to the certificate of dissolution obtained by the Company.

The Group does not have any subsidiaries with material non-controlling interests.

The Group's management has made an assessment of the Group's ability to continue as a going concern and is satisfied that the Group has the resources to continue in business for the foreseeable future. Furthermore, the management is not aware of any material uncertainties that may cast significant doubt upon the Group's ability to continue as a going concern. Therefore, the interim condensed consolidated financial statements continue to be prepared on the going concern basis.

The interim condensed consolidated financial statements of the Group for the period ended 30 September 2025 were authorised for issuance in accordance with a resolution by the Board of Directors on 29 October 2025.

1. Shari'a governance framework

   The Group follows Accounting and Auditing Organization for Islamic Financial Institutions ("AAOIFI") Governance Standards (GSs) in their entirety along with the regulators' requirements related to Shari'a governance / Shari'a governance framework. In line with the requirements of the same, the Group has a comprehensive governance mechanism comprising of Shari'a supervisory board and internal Shari'a audit. These functions perform their responsibilities in line with AAOIFI GSs as well as the regulators' requirements related to Shari'a governance.

   The GSs also require the Board of Directors and those charged with governance to discharge their duties in line with

   Shari'ah governance and fiduciary responsibilities.

2. Shari'a principles and rules

The Group follows the hierarchy of Shari'a principles and rules as defined in paragraph 165 of FAS 1 "General Presentation and Disclosures in the Financial Statements".

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

1. Statement of compliance

   The interim condensed consolidated financial statements have been prepared in accordance with Financial Accounting Standards ("FAS") 41 "Interim financial reporting" issued by the Accounting and Auditing Organisation for Islamic Financial Institutions ("AAOIFI") as modified by Qatar Central Bank ("QCB"). In line with the requirements of AAOIFI, for matters that are not covered by FAS, the Group uses the guidance from the relevant IFRS accounting standards as issued by the International Accounting Standards Board ("IASB").

   The Bank has adopted QCB Circular 13/2020 dated 29 April 2020 (execution date), which modifies the requirements of FAS 33 "Investments in Sukuk, shares and similar instruments" and FAS 30 "Impairment, credit losses and onerous commitments" and requires Islamic Banks to follow principles of IFRS 9 "Financial Instruments" in respect of equity-type investments carried at Fair Value Through Other Comprehensive Income ("FVOCI") and repurchase agreements. The Bank has adopted the circular from the effective date and the changes to the accounting policies have been adopted prospectively by the Bank.

   The interim condensed consolidated financial statements do not contain all information and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group's annual consolidated financial statements as at 31 December 2024. In addition, results for the nine-month period ended 30 September 2025 are not necessarily indicative of the results that may be expected for the financial year ending 31 December 2025.

   The preparation of these interim condensed consolidated financial statements requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

   The significant judgements made by management in applying the Group's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the year ended 31 December 2024.

   Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in any future periods affected.

   The Group's financial risk management objectives and policies are consistent with those disclosed in the consolidated

   financial statements for the year ended 31 December 2024.

2. Basis of measurement

   The interim condensed consolidated financial statements have been prepared on the historical cost basis, except for the measurement at fair value of financial investments carried at "investments at fair value through other comprehensive income, "investments at fair value through income statement" and "Shari'a-compliant risk management instruments".

3. Functional and presentational currency

   The interim condensed consolidated financial statements are presented in Qatari Riyals ("QAR"), which is the Bank's functional and presentational currency, and all values are rounded to the nearest QAR thousand except when otherwise indicated. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency.

4. New standards, amendments and interpretations

The accounting policies and method of computation applied by the Group in the preparation of the interim condensed consolidated financial statements are the same as used in preparation of the audited annual financial statements as at 31 December 2024, except for adoption of accounting policies as a result of new transaction, and amendments to standards effective from 1 January 2025 as set out below:

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

1. New standards, amendments and interpretations (continued)
   1. New standards, amendments and interpretations effective from 1 January 2025

      FAS 42 - Presentation and disclosures in the Financial Statements of Takaful Institutions

      AAOIFI has issued FAS 42 in 2022. This standard supersedes the earlier FAS 12 - General Presentation and Disclosures in the Financial Statements of Islamic Insurance Companies". The objective of this standard is to set out the overall requirements for the presentation of financial statements, the minimum requirement for the contents of and disclosures in the financial statements and recommended structure of financial statements that facilitates fair presentation in line with Shari'a principles and rules for Takaful institutions. This standard shall be effective for the financial periods beginning on or after 1 January 2025 with early adoption permitted if adopted alongside FAS 43 - Accounting for Takaful: Recognition and Measurement, provided that FAS 1 (Revised 2021) has already been adopted or is simultaneously adopted.

      The adoption of this standard did not have significant impact on the Group's presentation and disclosures in

      interim condensed consolidated financial statements.

      FAS 43 - Accounting for Takaful: Recognition and Measurement

      AAOIFI has issued FAS 43 in 2022. The objective of this standard is to set out the principles for the recognition and measurement of Takaful arrangements and ancillary transactions with the objective of faithfully representing the information related to these arrangements to the relevant stakeholders. The standard should be read in conjunction with FAS 42 - Presentation and disclosures in the Financial Statements of Takaful Institutions. This standard shall be effective for the financial periods beginning on or after 1 January 2025 with early adoption permitted if adopted alongside FAS 42 - Presentation and disclosures in the Financial Statements of Takaful Institutions.

      The adoption of this standard did not have significant impact on the Group's recognition and measurement.

   2. New standards, amendments and interpretations issued but not yet effective

The Group has not yet applied the following new and revised FASs that have been issued but are not yet effective. These standards are currently in process of being assessed by the management of the Group to consider any implication in the current or future reporting periods and on foreseeable future transactions.

FAS 45 - Quasi-Equity (Including Investment Accounts)

AAOIFI has issued FAS 45 in 2023. This standard prescribes the principles of financial reporting related to the participatory investment instruments (including investment accounts) in which an Islamic financial institution controls the underlying assets (mostly, as a working partner), on behalf of the stakeholders other than the owners' equity. Such instruments (including, in particular, the unrestricted investment accounts) normally qualify for on-balance-sheet accounting and are reported as quasi-equity. This standard also provides the overall criteria for on-balance-sheet accounting for participatory investment instruments and quasi-equity, as well as, pooling, recognition, derecognition, measurement, presentation and disclosure for quasi-equity. It further addresses financial reporting related to other quasi-equity instruments and certain specific issues. This standard shall be effective for the financial reporting periods beginning on or after 1 January 2026.

The Group shall address the requirements of FAS 45 - Quasi-Equity (Including Investment Accounts) on the effectivity date of the standard.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

1. BASIS OF PREPARATION (continued) (d) New standards, amendments and interpretations (continued) (ii) New standards, amendments and interpretations issued but not yet effective (continued)

   FAS 46 - Off-Balance-Sheet Assets Under Management

   AAOIFI has issued FAS 46 in 2023. This standard prescribes the criteria for characterisation of off-balance-sheet assets under management, and the related principles of financial reporting in line with the "AAOIFI Conceptual Framework for Financial Reporting". The standard encompasses the aspects of recognition, derecognition, measurement, selection and adoption of accounting policies, related to off-balance-sheet assets under management, as well as certain specific aspects of financial reporting such as impairment and onerous commitments by the institution. The standard also includes the presentation and disclosure requirements, particularly aligning the same with the requirements of the revised FAS 1 "General Presentation and Disclosures in the Financial Statements" in respect of the statement of changes in off-balance-sheet assets under management. This standard, along with, FAS 45"Quasi-Equity (Including Investment Accounts)", supersedes the earlier FAS 27 "Investment Accounts". This standard shall be effective for the financial periods beginning on or after 1 January 2026 and shall be adopted at the same time of adoption of FAS 45 - Quasi-Equity (Including Investment Accounts).

   The Group shall address the requirements of FAS 46 - Off-Balance-Sheet Assets Under Management in the Group's "Statement of Changes in Off-balance Sheet Assets under Management" on the effectivity date of the standard.

   FAS 47 - Transfer of Assets Between Investment Pools

   AAOIFI has issued FAS 47 in 2023. This standard prescribes the financial reporting principles and disclosure requirements applicable to all transfers between investment pools related to (and where material, between significant categories of) owners' equity, quasi-equity and off-balance-sheet assets under management of an institution. It requires adoption and consistent application of accounting policies for such transfers in line with Shari'a principles and rules and describes general disclosure requirements in this respect. This standard shall be effective for the financial periods beginning or after 1 January 2026 and supersedes the earlier FAS 21 -"Disclosure on Transfer of Assets".

   FAS 48 - Promotional Gifts and Prizes

   AAOIFI has issued FAS 48 on 9 December 2024. This standard prescribes the accounting and financial reporting requirements applicable to promotional gifts and prizes awarded by the Islamic financial institutions to their customers, including quasi-equity and other investment accountholders. This standard shall be effective for the financial periods beginning or after 1 January 2026.

   FAS 49 - Financial Reporting for Institutions Operating in Hyperinflationary Economies

   AAOIFI has issued FAS 49 on 19 December 2024. This standard outlines the principles governing financial reporting for the institutions applying AAOIFI FASs operating in hyperinflationary economies, duly considering the relevant Shari'a principles and rules and their unique business models. This standard shall be effective for the financial periods beginning or after 1 January 2026 with early adoption encouraged.

   FAS 50 - Financial Reporting for Islamic Investment Institutions (Including Investment Funds)

   AAOIFI has issued FAS 50 on 24 December 2024. This standard supersedes the earlier FAS 14 "Investment Funds." This standard sets out the principles of financial reporting for Islamic Investment Institutions ("IIIs") particularly prescribing overall requirements for the presentation, minimum contents and recommended structure of their financial statements in a manner that facilitates truthful and fair presentation in line with Shari'a principles and rules. This standard shall be effective on the annual financial statements of an III or after 1 January 2027.

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   For the nine-month period ended 30 September 2025

2. EXPECTED CREDIT LOSSES ("ECL")
   1. Expected credit loss / Allowance for impairment Stage 1 Stage 2 Stage 3 Total Exposures subject to ECL as at 30 September 2025

      • Due from banks and balances with central banks

      • Financing assets

      • Debt type investments carried at amortised cost

      • Other exposures subject to credit risk

        Opening balance of allowance for impairment as at 1 January 2025

      • Due from banks and balances with central banks

      • Financing assets

      • Debt-type investments carried at amortised cost

      • Other exposures subject to credit risk

        Foreign currency translation for the period

      • Due from banks and balances with central banks

      • Financing assets

      • Debt-type investments carried at amortised cost

      • Other exposures subject to credit risk

        Net transfer between stages

      • Due from banks and balances with central banks

      • Financing assets

      • Debt-type investments carried at amortised cost

      • Other exposures subject to credit risk

        Charges / (reversals) for the period (net)

      • Due from banks and balances with central banks

      • Financing assets

      • Debt-type investments carried at amortised cost

      • Other exposures subject to credit risk

        Write-offs

      • Due from banks and balances with central banks

      • Financing assets

      • Debt-type investments carried at amortised cost

      • Other exposures subject to credit risk

        Closing balance of allowance for impairment as at 30 September 2025

      • Due from banks and balances with central banks

      • Financing assets

      • Debt-type investments carried at amortised cost

      • Other exposures subject to credit risk

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

1. Expected credit loss / Allowance for impairment (continued)

   	Stage 1		Stage 2		Stage 3		Total
   Exposures subject to ECL as at 30 September
   2024
   - Due from banks and balances with central banks	9,504,522		112,830		-		9,617,352
   - Financing assets	71,454,097		36,875,303		6,806,710		115,136,110
   - Debt type investments carried at amortised cost	37,707,441		455,418		53,142		38,216,001
   - Other exposures subject to credit risk	11,598,380		5,899,813		28,516		17,526,709
   	130,264,440		43,343,364		6,888,368		180,496,172
   Opening balance of allowance for impairment as
   at 1 January 2024
   - Due from banks and balances with central banks	779		3		-		782
   - Financing assets	47,378		589,960		3,644,132		4,281,470
   - Debt-type investments carried at amortised cost	5,794		20,448		53,142		79,384
   - Other exposures subject to credit risk	6,842		24,437		36,374		67,653
   	60,793		634,848		3,733,648		4,429,289
   Foreign currency translation for the period
   - Due from banks and balances with central banks	-		-		-		-
   - Financing assets	119		179		2		300
   - Debt-type investments carried at amortised cost	4		-		-		4
   - Other exposures subject to credit risk	-		-		-		-
   	123		179		2		304
   Net transfer between stages
   - Due from banks and balances with central banks	-		-		-		-
   - Financing assets	(4,155)		532		3,623		-
   - Debt-type investments carried at amortised cost	13		(13)		-		-
   - Other exposures subject to credit risk	(96)		96		-		-
   	(4,238)		615		3,623		-
   Charges / (reversals) for the period (net)
   - Due from banks and balances with central banks	1,480		-		-		1,480
   - Financing assets	(651)		152,938		669,367		821,654
   - Debt-type investments carried at amortised cost	(1,096)		(5,854)		-		(6,950)
   - Other exposures subject to credit risk	(2,173)		9,821		(8,355)		(707)
   	(2,440)		156,905		661,012		815,477
   Write-offs
   - Due from banks and balances with central banks	-		-		-		-
   - Financing assets	-		-		(4,256)		(4,256)
   - Debt-type investments carried at amortised cost	-		-		-		-
   - Other exposures subject to credit risk	-		-		-		-
   	-		-		(4,256)		(4,256)
   Closing balance of allowance for impairment as at
   30 September 2024
   - Due from banks and balances with central banks	2,259		3		-		2,262
   - Financing assets	42,691		743,609		4,312,868		5,099,168
   - Debt-type investments carried at amortised cost	4,715		14,581		53,142		72,438
   - Other exposures subject to credit risk	4,573		34,354		28,019		66,946
   	54,238		792,547		4,394,029		5,240,814

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   For the nine-month period ended 30 September 2025

   1. EXPECTED CREDIT LOSSES ("ECL") (continued)
2. Credit quality assessments

The table below provides an analysis of counterparties by rating grades and credit quality, reflecting the Group's credit risk profile as of 30 September 2025. This assessment is based on the alignment of internal credit ratings with external rating agency scales.

Rating grade

Due from banks and balances with central banks

Financing assets

Debt-type investments carried at amortised cost

Other exposures subject to credit risk

Rating grade

Due from banks and balances with central banks

Financing assets

Debt-type investments carried at amortised cost

Other exposures subject to credit risk

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

1. FAIR VALUE AND CLASSIFICATION OF FINANCIAL INSTRUMENTS (continued)

   31 December 2024 (Audited)

   Fair value through income statement

   Fair value through other comprehensive income

   Amortised cost

   Total carrying

   amount Fair value

   Cash and balances with central
   banks -		-	5,671,858	5,671,858	5,671,858
   Due from banks -		-	5,164,680	5,164,680	5,164,680
   Financing assets -		-	110,039,563	110,039,563	110,039,563
   - Measured at fair value 285,143		555,386	-	840,529	840,529
   - Measured at amortised cost - Financial assets held by a non-		-	42,926,694	42,926,694	42,831,755
   Shari'a-compliant subsidiary -		72,714	2,940,698	3,013,412	2,900,011
   Other assets -		-	3,413	3,413	3,413
   Shari'a-compliant risk
   management instruments	371,095	-	-	371,095	371,095
   	656,238	628,100	166,746,906	168,031,244	167,822,904
   Due to banks	-	-	23,756,860	23,756,860	23,756,860
   Customer current accounts	-	-	7,030,727	7,030,727	7,030,727
   Sukuk financing and debt - -
   financing			3,293,405	3,293,405	3,241,249
   Other borrowings -		-	6,378,259	6,378,259	6,378,259
   Financial liabilities of a non-
   Shari'a-compliant subsidiary
   -		-	2,112,567	2,112,567	2,112,567
   Other liabilities -		-	1,062,222	1,062,222	1,062,222
   Participatory investment
   accounts -		-	100,579,622	100,579,622	100,579,622
   Shari'a-compliant risk
   management instruments 353,645		-	-	353,645	353,645
   353,645		-	144,213,662	144,567,307	144,515,151
   (i) Valuation of financial instruments

   Investment securities:

   The Group measures fair values using the following fair value hierarchy that reflects the significance of the inputs used in making the measurements.

   • Level 1: Quoted market price (unadjusted) in an active market for an identical instrument.

   • Level 2: Valuation techniques based on observable inputs, either directly (i.e. as prices) or indirectly (i.e. derived from prices). This category includes instruments valued using: quoted market prices in active markets for similar instruments; quoted prices for identical or similar instruments in markets that are considered less than active; or other valuation techniques where all significant inputs are directly or indirectly observable from market data.

   • Level 3: Valuation techniques using significant unobservable inputs. This category includes all instruments where the valuation technique includes inputs not based on observable data and the unobservable inputs have a significant effect on the instrument's valuation. This category includes instruments that are valued based on quoted prices for similar instruments where significant unobservable adjustments or assumptions are required to reflect differences between the instruments.

     NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

     For the nine-month period ended 30 September 2025

     1. FAIR VALUE AND CLASSIFICATION OF FINANCIAL INSTRUMENTS (continued)

        1. Valuation of financial instruments (continued)

           Fair values of financial assets and financial liabilities that are traded in active markets are based on quoted market prices or dealer price quotations. For all other financial instruments, the Group determines fair values using valuation techniques.

           Valuation techniques include net present value and discounted cash flow models, comparison to similar instruments for which market observable prices exist, and other valuation models. Assumptions and inputs used in valuation techniques include risk-free and benchmark profit rates, credit spreads and other premia used in estimating discount rates, bond and equity prices, foreign currency exchange rates, equity and equity index prices and expected price volatilities and correlations. The objective of valuation techniques is to arrive at a fair value determination that reflects the price of the financial instrument at the reporting date, which would have been determined by market participants acting at arm's length.

        2. Financial asset and liability classification

           The following table shows an analysis of financial instruments recorded at fair value by level of the fair value hierarchy:

           Level 1 Level 2 Level 3 Total

           30 September 2025 (Reviewed)

           Financial assets Shari'a-compliant risk management instruments	-	471,901	-	471,901
           Investment securities	744,005	369,468	-	1,113,473
           	744,005	841,369	-	1,585,374
           Financial liabilities Shari'a-compliant risk management instruments	-	101,272	-	101,272
           	-	101,272	-	101,272
           31 December 2024 (Audited)	Level 1	Level 2	Level 3	Total
           Financial assets Shari'a-compliant risk management instruments	-	371,095	-	371,095
           Investment securities	641,369	199,160	-	840,529
           Assets held by a non-Shari'a-compliant subsidiary	72,714	-	-	72,714
           	714,083	570,255	-	1,284,338
           Financial liabilities Shari'a-compliant risk management instruments	-	353,645	-	353,645
           	-	353,645	-	353,645

           The fair values of financial assets and financial liabilities carried at amortized cost approximate the carrying value, hence, not included in the fair value hierarchy table, except for certain investment securities for which the fair value amounts to QAR 45,739 million (31 December 2024: QAR 42,832 million), which is derived using Level 1 and 2 fair value hierarchies.

           During the reporting period ended 30 September 2025 and the year ended 31 December 2024, there were no transfers among Levels 1, 2 and 3 fair value measurements.

           NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

           For the nine-month period ended 30 September 2025

     2. OPERATING SEGMENTS

     The Group has five reportable segments, as described below, which are the Group's strategic divisions. The strategic divisions offer different products and services, and are managed separately based on the Group's management and internal reporting structure. For each of the strategic divisions, the management reviews internal reports periodically. The following summary describes the operations in each of the Group's reportable segments.

   • Corporate Banking provides an extensive range of Islamic funded and non-funded credit facilities, deposit services, investment advisory, currency exchange facilities, profit rate swaps, financing syndication and other services to Corporate, Commercial and Multinational Customers.

   • Retail Banking provides investment accounts services, credit card and Islamic financing to retail and individual customers.

   • Treasury and Financial Institutions undertake the Group's funding and centralised risk management activities through borrowings, sukuk and debt financing, use of Shari'a compliant instruments for risk management purposes and investing in liquid assets such as short-term placements and corporate and government debt securities.

   • Asset Management performs the following functions: (a) provide customised investment solutions (with expertise across equities & fixed income investments) to institutional and High Net Worth investors in line with investors' specific needs and risk parameters, (b) manage mutual funds and exchange traded fund, and (c) provide financial and strategic advisory services.

   • International Operations includes financing assets, deposits and other products and services with corporate and

   individual customers in the Group's international locations.

   Unallocated assets, liabilities and revenues are related to some central functions and non-core business operations.

   Information regarding the results, assets and liabilities of each reportable segment is included below. Performance is measured based on segment profit before tax, as included in the internal management reports that are reviewed by the management. Segment profit is used to measure performance as management believes that such information is the most relevant in evaluating the results of certain segments relative to other entities that operate within these industries.

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   For the nine-month period ended 30 September 2025

2. OPERATING SEGMENTS (continued)

Information about operating segments

Treasury and

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

1. OPERATING SEGMENTS (continued)

   Information about operating segments (continued)			Treasury and
   30 September 2024 (Reviewed)	Corporate Banking	Retail Banking	Financial Institutions		Asset Management		International Operations		Unallocated		Total
   External revenue: Income from financing and investing activities, net of finance expense	3,717,871	1,353,133	350,834		13,005		548,748		-		5,983,591
   Net fee and commission income	114,443	61,239	15,506		31,982		37		-		223,207
   Foreign exchange gain / (loss) (net)	-	-	161,999		3		(359)		-		161,643
   Share of results of associates	-	-	-		-		-		55,159		55,159
   Loss on sale of an associate	-	-	-		-		-		(10,515)		(10,515)
   Other income	-	50,000	-		2,180		639		37,948		90,767
   Reportable segment total income, net of finance expense	3,832,314	1,464,372	528,339		47,170		549,065		82,592		6,503,852
   Net profit attributable to quasi-equity	(1,653,086)	(807,583)	(935,840)		-		(340,180)		-		(3,736,689)
   Net impairment losses on financing assets	(532,105)	(204,460)	-		-		(1,810)		-		(738,375)
   Net impairment reversals on investments Net impairment reversals / (losses) on due from banks and other exposures subject to credit risk	- 6,898	- (460)	4,727 (7,271)		2,223 60		- -		- -		6,950 (773)
   Operating expenses	(249,523)	(236,330)	(76,940)		(11,592)		(126,517)		(30)		(700,932)
   Intersegment (cost) / income	(883,631)	246,473	637,158		-		-		-		-
   Reportable segment profit before tax	520,867	462,012	150,173		37,861		80,558		82,562		1,334,033
   31 December 2024 (Audited)
   Reportable segment assets	74,867,335	25,551,364	45,960,612		343,724		15,519,856		8,850,886		171,093,777
   Reportable segment liabilities	3,679,819	2,530,697	32,854,225		16,240		3,627,624		2,474,694		45,183,299
   Reportable segment quasi-equity	41,246,036	25,541,958	23,519,219		-		10,272,409		-		100,579,622

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   For the nine-month period ended 30 September 2025

2. FINANCING ASSETS

   30 September

   2025

   31 December

   2024

   30 September

   2024

   (Reviewed) (Audited) (Reviewed)

   1. By type

      Receivables and balances from financing activities: Murabaha		96,302,125	85,909,985	86,558,775
      Ijarah Muntahia Bittamleek		28,609,394	31,378,647	32,297,984
      Istisna'a		69,449	86,000	86,000
      Musharaka		4,018,027	4,097,921	4,482,320
      Others		260,534	300,585	357,812
      Accrued profit		1,726,655	1,705,777	1,722,856
      Total financing assets		130,986,184	123,478,915	125,505,747
      Deferred profit		(12,275,039)	(8,685,802)	(10,369,637)
      Allowance for impairment - Performing (Stages 1 and	2)*	(1,142,561)	(855,322)	(783,541)
      Allowance for impairment - Non-performing (Stage 3)*	(3,747,444)		(3,508,014)	(3,803,357)
      Profit in suspense*	(415,515)		(390,214)	(512,270)
      Net financing assets	113,405,625		110,039,563	110,036,942

      *For stage-wise exposure and allowance for impairment, refer to Note 3(a).

      The total non-performing financing assets net of deferred profit at 30 September 2025 amounted to QAR 6,344 million representing 5.34% of the gross financing assets net of deferred profit (31 December 2024: QAR 6,253 million representing 5.45% of the gross financing assets net of deferred profit; 30 September 2024: QAR 6,807 million representing 5.91% of the gross financing assets net of deferred profit).

   2. Movement in the allowance for impairment and profit in suspense on financing assets

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

1. FINANCING ASSETS (continued)

   	Balance as at 1 January	Allowance for impairment 3,852,479		Profit in suspense 428,991		30 September 2024 (Reviewed) 4,281,470
   	Charge for the period	991,443		90,728		1,082,171
   	Recoveries / reversals during the period	(253,068)		(7,449)		(260,517)
   	Write-off during the period	(4,256)		-		(4,256)
   	Effect of foreign currency movement	300		-		300
   	Balance as at 30 September	4,586,898		512,270		5,099,168
   	INVESTMENT SECURITIES
   		30 September		31 December		30 September
   		2025 (Reviewed)		2024 (Audited)		2024 (Reviewed)
   	Debt-type investments classified as fair value through income statement Fixed profit rate - Quoted	236,716		205,568		208,651
   	Fixed profit rate - Unquoted	73,000		73,000		74,000
   	Accrued profit	2,360		6,575		2,367
   		312,076		285,143		285,018
   	Debt-type investments classified as amortised cost Fixed profit rate - Quoted	6,477,076		5,881,177		5,098,874
   	Fixed profit rate - Unquoted	78,142		78,142		78,142
   	Floating profit rate - Quoted	-		481,711		454,403
   	Government of Qatar - Quoted	1,990,941		2,223,395		2,285,497
   	Government of Qatar - Unquoted	36,435,573		33,941,426		29,910,108
   	Accrued profit	527,947		391,608		388,977
   	Less: Allowance for impairment*	(63,762)		(70,765)		(72,438)
   		45,445,917		42,926,694		38,143,563
   	Equity-type investments classified as fair value through other comprehensive income Quoted	500,156		427,075		476,024
   	Unquoted	117,097		124,049		124,429
   	Accrued profit	5,288		4,262		2,866
   		622,541		555,386		603,319
   	Debt-type investments classified as fair value through other comprehensive income Government of Qatar - Unquoted	178,022		-		-
   	Accrued profit	834		-		-
   		178,856		-		-
   		46,559,390		43,767,223		39,031,900

   (b) Movement in the allowance for impairment and profit in suspense on financing assets (continued) 7

   *For stage-wise exposure and allowance for impairment, refer to Note 3(a).

   NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

   For the nine-month period ended 30 September 2025

2. INVESTMENT SECURITIES (continued)

   The cumulative change in the fair value of investment securities classified as fair value through other comprehensive income during the period / year is as follows:

   	30 September	31 December	30 September
   	2025 (Reviewed)	2024 (Audited)	2024 (Reviewed)
   Positive fair value reserve: Balance at 1 January	67,415	62,655	62,655
   Net change in fair value	727	4,760	6,163
   Balance at 30 September / 31 December	68,142	67,415	68,818
   Negative fair value reserve: Balance at 1 January	(14,089)	(16,910)	(16,910)
   Net change in fair value	(981)	1,326	4,210
   Transfer to retained earnings upon disposal	-	1,495	1,495
   Balance at 30 September / 31 December	(15,070)	(14,089)	(11,205)
   Total fair value reserve at 30 September / 31 December	53,072	53,326	57,613

3. INVESTMENT IN ASSOCIATES

Movement in investment in associates during the period / year is as follows:

1During 2024, the Group fully disposed of its 50% stake in Ci-San Trading W.L.L.

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

The market value of securities given as collateral against the repurchase agreements is QAR 7,972 million (31 December 2024: QAR 5,367 million; 30 September 2024: QAR 3,389 million).

The movement in sukuk and debt financing issued by the Group during the period / year is as follows:

NOTES TO THE INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

For the nine-month period ended 30 September 2025

1. OTHER BORROWINGS

   The movement in other borrowings issued by the Group during the period / year is as follows:

   	30 September	31 December	30 September
   	2025 (Reviewed)	2024 (Audited)	2024 (Reviewed)
   Balance at 1 January	6,378,259	4,585,513	4,585,513
   Net issuances during the period / year	2,507,959	4,180,113	1,454,288
   Repayments during the period / year	(2,970,768)	(2,695,990)	(48,938)
   Amortisation of transaction costs	5,395	11,346	9,826
   Finance expense for the period / year	225,833	297,277	49,182
   Balance at 30 September / 31 December	6,146,678	6,378,259	6,049,871

2. PARTICIPATORY INVESTMENT ACCOUNTS

   30 September

   2025

   31 December

   2024

   30 September

   2024

   (Reviewed) (Audited) (Reviewed)

   Saving accounts	8,700,929	7,662,489	7,504,928
   Term accounts	93,137,346	87,897,068	87,699,615
   Short-term investment accounts	2,679,044	4,252,571	4,999,522
   Profit payable to participatory investment accounts	671,278	765,502	640,593
   Share in the fair value reserve	1,976	1,992	2,322
   	105,190,573	100,579,622	100,846,980

3. EQUITY
   1. Share capital

      	30 September	31 December	30 September
      	2025 (Reviewed)	2024 (Audited)	2024 (Reviewed)
      Authorised - issued and fully paid 9,300,000,000 shares at QAR 1 each	9,300,000	9,300,000	9,300,000

   2. Legal reserve

According to QCB Law No. 13 of 2012, 10% of the profit for the year is required to be transferred to the legal reserve until the reserve equals 100% of paid up capital. No transfer has been made for the period ended 30 September 2025, as legal reserve reached 100% of the paid up capital.