18-03-2021
Qatar International Islamic Bank announced the results of the Ordinary General Assembly meeting, which has been held on 17/3/2021, where the following has been approved:
1) The Board of Directors' report on the bank’s activities, its financial position for the fiscal year ending 31/12/2020, and the company's future plans were presented and approved.
2) The report of the Sharia Supervisory Board was presented by His Eminence Sheikh Walid bin Hadi, Chairman of the Sharia Supervisory Board of the bank.
3) The auditor's report for the fiscal year 2020 has been approved.
4) The corporate governance report for the fiscal year 2020 has been approved.
5) The bank’s balance sheet and profit and loss account for the fiscal year ending 31/12/2020 has been approved.
6) The Ordinary General Assembly approved the board of directors ’recommendation to distribute 32.5% of the capital, or 32.5 dirhams per share.
7) The members of the Board of Directors were discharged from their liabilities for the fiscal year ending on 31/12/2020, and their remuneration has been approved.
8) The appointment of Sheikh Dr. Abdul Aziz Al-Qassar the membership of the Sharia Supervisory Board of the bank has been approved, replacing the deceased member, the late Dr. Abdul Sattar Abu Ghuddah, to complete the current three-year period.
9) The General Assembly of shareholders approved the recommendation of the Board of Directors to issue eligible sukuk within the second tranche of the capital with a ceiling of one billion dollars, after the issuance of the necessary approvals for issuing these sukuk from the competent authorities, provided that the conditions and size of the issuance are determined based on a study of the bank’s need and market conditions.
10) The Ordinary General Assembly approved the recommendation of the Board of Directors to renew the decision of the General Assembly for the previous year to renew the program of issuing sukuk to the bank with a maximum of two billion dollars, which was previously approved by the ordinary general assembly meeting, based on its study of each issue of different sizes based on the need of the bank and after the issuance of the necessary approvals to issue these sukuk. From the competent authorities, on the condition that the issued sukuk do not exceed the bank’s capital base and reserves.
11) The shareholders' General Assembly agreed to renew the decision of the Ordinary General Assembly for the previous year to complete the issuance of capital bonds with the same terms and conditions as the previous ones. These instruments are eligible for inclusion in the first tranche of the capital base with a maximum of 50% of the total capital base and in accordance with the conditions specified by the supervisory authorities in this regard.
12) The Ordinary General Assembly approved the appointment of PricewaterhouseCoopers as the auditors for the fiscal year 2021.