QIIB Endorses Agenda Items and Approves Distribution of 40% Cash Dividend

March 11, 2019

Qatar International Islamic Bank (QIIB) announced the results of its AGM held on 10/03/2019 and approved all agenda items. As for its EGM, the bank decided to postpone the meeting, due to the lack of legal quorum required (75%), Sunday 24th March 2019 at 5:30pm at the same venue.

Ordinary General Assembly Resolutions:

1.      AGM approved the Board of Directors’ report on the bank's activities and the financial position for the year ended 31/12/2018 which includes the bank's strategy.

2.      Sharia Supervisory Board presented their report by Sheikh Dr. Walid bin Hade (Chairman of Sharia Supervisory Board) for the year 2018.

3.      External auditors' presented their report on the bank's financial statements for the year ended 31/12/2018.

4.      AGM approved the bank’s Governance Report for the year ended 31/12/2018.

5.      Approved the bank financial statements for the year ended 31/12/2018.

6.      The General Assembly approved the Board of Director's recommendations to pay 40% of the bank capital as cash dividends, equivalent to QR 4.0 per share.

7.      The General Assembly agreed to release the Chairman and Members of the Board of Directors from all liability for the financial year ended on 31/12/2018 and approved their remuneration.

8.      The General Assembly approved the extension of its approval to issue Additional Tier1 Sukuk nonconvertible into an ordinary shares up to QR 3.0 billion, 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 (QR 1.0 billion issued in August 2016).

9.      The General Assembly agreed to extend its approval to renew the outstanding Sukuk program up to USD 2.0 billion (already approve in 2013 AGM) 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.(USD 500 million issued in February 2019)

10.  The AGM approved the appointment of PWC as External Auditors for 2019.