QATAR INTERNATIONAL ISLAMIC BANK: THE AGM ENDORSES ITEMS ON IT’S AGENDA AND EGM POSTPONES DUE TO THE LACK OF THE REQUIRED QUORUM
Qatar International Islamic Bank: Annual General Meeting (AGM) of QIIB was held on Monday (07/03/2022) headed by H.E Sheikh Dr. Khalid Thani Abdullah Al Thani and the following resolution were approved.
1) The Board of Directors presented its report over the bank’s activities and the financial position for the year ended 31/12/2021, which includes the bank’s future strategies.
2) Sharia Supervisory Board presented their report for the year 2021.
3) Approval on External auditor’s report for the financial year 2021.
4) Approval on Corporate governance report for the year 2021;
5) Approval of the bank financial statements for the year ended 31/12/2021.
6) The General Assembly the board of directors’ proposal to distribute 37.5% cash dividends of the nominal value per share, (i.e. QAR 0.375 per share).
7) The General Assembly discussed and approved to discharge the Chairman and Members of Board of Directors from all responsibilities for the financial year ended on 31/12/2021 and approved the board and chairman remunerations.
8) The General Assembly approved the appointment of Qatar Islamic Insurance company to manage the real estate portfolio of AL-Tasheelat company.
9) The General Assembly discussed and approved the board recommendation to issue Sukuk qualified as Tier 2-Capital up to one billion (US$ 1.0 billion); and after obtaining the necessary approvals from the supervisory authorities providing that, the conditions and size of the issuance will be subject to a study of the bank’s needs and market conditions.
10) The General Assembly discussed and approved to extend last year AGM approval of the US$ 2.0 billion Sukuk program, and delegate the bank board of directors’ to decide the size of each issuance, terms and conditions, issuance currency after getting all necessary approvals from supervisory authorities.
11) The General Assembly discussed and approved the recommendation to extend last year AGM approval to issue Additional Tier-1 Sukuk nonconvertible with the same rules and regulations.
12) The General Assembly approved to appoint Price Waterhouse Coopers Company as the bank’s external auditors for the year 2022.
Extraordinary General Assembly (EGM):
Due to the lack of legal quorum required for the EGM, the EGM has postponed the second (reserve) meeting will be held at the same time (virtual meeting) on Sunday, March 20th , 2022.