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General Assembly

Results of QIB Ordinary AGM & EGM 2018

Assembly General Meeting of QIB shareholders was held on Wednesday 20th February 2019. Meeting results summarized as follows:

Assembly General Meeting Results:

  • The Assembly approved the Board of Director’s Report on the results of the Bank and financial statements for year ended 31/12/2018 and the plan for the year 2019.
  • Approved the External auditors’ report on the financial statements for the year ended 31/12/2018
  • The AGM Discussed and approved the Bank’s balance sheet and profit and loss for the year ended 31/12/2018.
  • The Assembly approved the board of directors’ proposal to distribute 50% cash dividends of the nominal value per share, i.e. QAR 5 per share.
  • The AGM absolve the Board members from liability for the year ended 31/12/2018 and approved the remuneration prescribed to them.
  • Approved the Bank Governance Report for the year 2018.
  • The Assembly nominated KPMG as external auditors of QIB financial statements for the year 2019.

The Extraordinary Assembly Meeting:

The Extraordinary Assembly approved the amendment of the Articles of Association of the Bank to comply with the listing condition of dividing the book value per share to 1 QAR instead of 10 QAR, as per instructions from Qatar Financial Markets Authority, in addition to amendments to principles and standards of governance, as per the concerned authorities. The Articles of Association amended by QIB EGM are in the below:

Article (6)

 “The Company's capital shall be (2.362.932.000) two billion three hundred and sixty-two million nine hundred and thirty-two thousand Qatari riyals subdivided into (2.362.932.000) two billion three hundred and sixty-two million nine hundred and thirty-two thousand shares; each share’s value shall be one Qatari riyal”.

Article (22)

A member of the Board of Directors shall be:

  • “a shareholder and an owner, at the time of being elected or within thirty days of being elected, of (2.500.000) shares of the Company's capital to guarantee the rights of company, shareholders, creditors and third parties from responsibilities that falls on the Board of Directors …”

Article (25)

"The Board of Directors' Meeting shall be held by an invitation of its President in accordance with the conditions stipulated in Articles of Association of the Company, and the President shall invite the Members of the Board to meet, if at least two of its members, so request. The Chairman’s invitation to each member is to be made at least one week prior to the meeting and should include the meeting agenda. Moreover, any member shall be entitled to add one or more items to the agenda. The number of meetings shall not be less than six, during the same fiscal year. Accordingly, the quorum of meeting of Board of Directors shall be valid only if attended by the majority of members, provided that the Chairman or Vice-Chairman shall be present....”

Article (38)

"The Ordinary General Assembly shall be held at the Company's Headquarters, at least, once a year during the four months following the end of the Company's fiscal year. In addition, the Board of Directors may invite the Ordinary or Extraordinary General Assembly, whenever, the need arises. Furthermore, it shall invite them to hold a meeting, whenever, requested by the Auditor or a number of shareholders representing not less than ten (10) percent of capital in case of the Ordinary General Assembly, and a number of shareholders representing not less than twenty-five percent (25) of the Company's capital in incase of the Extraordinary General Assembly, in accordance with the procedures prescribed by Law and governing Regulations”

Results of QIB Ordinary and Extraordinary Assembly General Meetings held on 21 February 2018

QIB Ordinary and Extraordinary Assembly General Meeting shareholders was held on Wednesday 21 February 2018. Meeting results summarized as follows:

Results of QIB Ordinary AGM:

1 - The Assembly approved the financial statements and results for the financial year 2018.

2 - The Assembly approved the distribution of dividends to shareholders at the rate of 50% of the nominal value of share capital (i.e.QR 5 per share).

3 - Absolve the Board members from liability for the year ended 31/12/2017 and approval of the remuneration prescribed to them.

4 - Approved QIB Governance Report for the year 2017.

5 - The AGM approved the increase and renewal of the Bank's Sukuk program as follows:

  • Renewal of the QAR 7.5 billion limit for the Additional Tier 1 (AT1) Perpetual Sukuk of which QAR 4 billion is utilized
  • Increase the limit of QIB Sukuk program in USD to a maximum of USD 4 billion instead of USD 3 billion.

6 - The Assembly nominated KPMG as external auditors of the Bank for the year 2018 and determination of the fees to be paid to them.

Results of the Extraordinary EGM

  • QIB Extraordinary EGM approved the amend of the Articles of Association of the Bank to adjust its position in accordance with the Commercial Companies Law No. 11 of 2015 and the principles of governance.
  • The Extraordinary EGM approved the increase in percentage ownership of the Non-Qataris in the Bank’s capital to 49% instead of 25%.

Results of QIB Ordinary Assembly Meeting held on 21 February 2017

Qatar Islamic Bank (QIB), Qatar’s leading Islamic Bank, has held the Assembly General Meeting of the shareholders, on Tuesday 21 February 2017, at Four Seasons Hotel. Meeting results summarized as follows:

1- The Assembly approved the financial statements and results for the financial year 2016. 

2- The Assembly approved the distribution of dividends to shareholders at the rate of 47.5% of the nominal value of share capital (i.e. QR 4.75 per share). 

3- The Assembly approved the Board of Director’s recommendations to increase the limit of the perpetual Sukuk “Additional Tier 1 Capital (AT1) Sukuk“ from QAR 5 Billion to QAR 7.5 Billion. 

4- The Assembly appointed KPMG as external auditors of QIB financial statements for the year 2017. 

5- The Assembly has selected board members for the period 2017-2019, after the withdrawal of 2 board nominees. The board members for the new period are:

  • Sheikh Jassim Bin Hamad Bin Jassim Bin Jaber Al Thani (representing Al Mirqab Capital )
  • Mr. Abdul Rahman Abdulla Abdul Ghani Al Abdul Ghani
  • Mr. Abdullatif Abdulla Al Mahmoud (representing Dar Al Sharq Group)
  • Sheikh Abdulla Bin Khaled Bin Thani Al Thani (representing Al Naera Building Materials Company)
  • Mr. Abdulla Saeed Mohamad Al Eida (representing Al Zubara Real Estate Investment)
  • Sheikh Ali bin Ghanem bin Ali Al Thani (representing Ali bin Ghanem bin Ali Al Thani Group)
  • Mr. Mohammed bin Issa Al Mohannadi
  • Mr. Mansour Mohammed Al Musleh 
  • Mr. Nasser Rashid Al Kaabi (representing Al Sraiya Group) 

The first meeting of the newly selected board members elected Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani as Chairman and Mr. Abullatif bin Abdulla Al Mahmoud as the Vice Chairman of the Bank.

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