General Assembly of Islamic Insurance Company Approves Agenda Items

April 08, 2019

Qatar Islamic Insurance Co. announced the results of the alternative (deferred) Extraordinary General Assembly meeting that was held on Sunday, 7 April 2019 after the quorum was completed. The following was approved:

1-      Extend the company's period by 25 years as of 2019 in accordance with the provisions of Article No. 137, Term No. 3 of the Commercial Companies Law, and Article (4) of the company’s Articles of Association.

2-      The Board of Directors’ recommendation of to amend the face value of the share to become one (1) riyal per share instead of ten (10) riyals per share, and amend Article (5) of the Articles of Association to read: (The company’s Stated Capital has been determined at QAR 150,000,000 (one hundred and fifty million Qatari Riyals), and the Issued Capital is set at QAR 150,000,000 (one hundred and fifty million Qatari Riyals) divided into 150,000,000 (one hundred and fifty million) shares, the nominal value per share is then QAR 1 (one Qatari Riyal).

3-      The Board of Directors’ recommendation to raise the maximum rate of foreign ownership from 25% to 49% and amend Article (6) of the Articles of Association to allow non-Qatari ownership of not more than 49% (forty-nine percent), in line with Law No. 9 of 2014 issued by His Highness the Amir on regulating the investment of non-Qatari capital in economic activity.

4-      Authorize the Chairman of the Board of Directors or his deputy to adopt the above amendments in the Statute and sign it and document it with the competent authorities.