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Qatar International Islamic Bank
AGM Authorizes All Agenda Items
10 March 2020
Qatar International Islamic Bank has
announced the results of its AGM meeting held yesterday, 9 March 2020
where the Bank’s General Assembly has given consent on all the
items listed on the meeting agenda as follows:
ü
The Board of Directors report on the Bank’s
activity and financial position for the year ended 31 December 2019 as
well as the Bank’s future strategies.
ü
The report submitted by the Shariah
Supervisory Board for the year ended 31 December 2019
ü
The External Auditors’ report on the Bank
financials for the year ended 31 December 2019
ü
The Bank’s Governance report for the
financial year 2019
ü
The Bank’s Financial Statements for the year
ended 31 December 2019
ü
The Board of Directors’ recommendation re
the distribution of 42.5 Dirham cash dividends on the 2019 net profit, a
42.5% of the share capital.
ü
The Discharge of the Board members from
their responsibility for the year ended 31 December 2019 and determining
their charges.
ü
The renewal of the AGM resolution of 2018
for the completion of issuing capital Sukuk with the same terms and
conditions, which an additional capital Sukuk within ‘Tier 1’ capital,
non-convertible to shares and with a ceiling of QAR 3.0 billion. The
Sukuk will be issued on three phases and shall not exceed the Bank’s
capital base and its reserves. This is in addition to authorizing the
Board of Directors to determine the volume of each issue, its terms and
conditions and its denomination. Subsequent to the approval of the
regulatory agencies, the Bank has conducted two Sukuk issues, the first
in August 2018 (value QAR 1.0) and the second in November 2019 (value
USD 300 million).
ü
The Board recommendation to renew the former
AGM’s resolution on the issuance of Sukuk at a ceiling of USD 2.0
billion, approved earlier by the 2019 AGM, based on a study for each
issuance and with different volumes in line with the Bank’s needs and
after obtaining the required regulatory approvals provided the issued
Sukuk not to exceed the Bank’s capital base and its reserves (Sukuk of
USD 700 million were issued in 2019).
ü
The appointment of the following as members
in the Bank’s Shariah Supervisory Board and authorizing the Board of
Directors to determine their charges:
1.
Sheikh Dr. Waleed Bin Hadi
2.
Sheikh Dr. Abdulsattar Abdulkarim Abu Ghuddah
3.
Sheikh Dr. Mohamammed Ahmeen
ü
The election of the following as Board
members for the next term of three years from 2020 to 2022:
1.
H E Sheikh Khalid Bin Thani Bin Abdullah Al Thani
2.
H E Sheikh Abdullah Bin Thani Bin Abduallah Al Thani
3.
H E Sheikh Turki Bin Khalid Bin Thani Al Thani
4.
Mr. Waleed Ahmed Ibrahim Al Saadi
5.
Mr. Ali Abdulrahman Al Hashemi
6.
Mr. Hisham Mustafa Al Sahtari
7.
Mr. Hassan Abdullah Al Thawadi
ü
Authorizing the Board of Directors to
appoint two other independent directors after obtaining the approval of
Qatar Central Bank.
ü
The appointment of Messrs PricewaterhouseCoopers ‘PWC’ as the Bank’s
external auditors to handle the company’s accounts for the financial
year 2020.
Following the AGM meeting, a Board meeting convened where it has
elected H E Dr. Khaled Bin Thani Bin Abdullah Al Thani as the Bank’s
Chairman and Managing Director.