Qatar Islamic Bank (QIB) announced in a bourse filing to Qatar Exchange (QE) that it has scheduled its ordinary general meeting (OGM) and extraordinary general meeting (EGM) to be held on February 22, 2015 at 4 pm. 


OGM will discuss the Board of Directors’ recommendation to distribute cash dividends of 42.50% (QAR 4.25 per share).


It is worth mentioning that the Annual General Meeting has approved the Board’s proposal to distribute cash dividends to shareholders at 40% of the par value (QAR 4 per share).


The Bank reported a profit rise by 20% to QAR 1.6 billion ($439.2 million) by the end of fiscal year 2014 compared to the fiscal year 2013.


Moreover, the EGM will approve amending an article in the Bank's Articles of Association, which allows the EGM to issue Sukuk of any kind, the Bank said in its filing to the bourse, adding that the amendment will also allow the issuance of capital instruments as part of the Company's additional capital. Such amendments are to be implemented in accordance with the Central Bank's terms and conditions.


The EGM will also discuss the issuance of unlisted securities worth of maximum QAR 5 billion according to the measures of Basel III.


It is worth highlighting that the two meetings will be postponed to March 2 in case of an incomplete quorum.