By Eslam Salem

Doha – Mubasher: Qatar International Islamic Bank (QIIB) intends to launch the first tranche of a sukuk programme to support tier 1 capital, at a value reaching QAR 1 billion ($275 million), late in April, according to the bank’s chief executive officer.

CEO Abdulbasit Al-Shaibei told reporters on Tuesday the bank would issue sukuk worth QAR 3 billion in 2016, of which the first tranche would be issued late April at QAR 1 billion to a semi-government entity.

QIIB’s expansion plan includes a foray into the Moroccan and Chinese markets, said the top executive, adding that the bank is awaiting relevant approvals in those markets.

The bank’s shareholders endorsed on Tuesday the board’s proposal for paying cash dividends at 40%, or QAR 4 per share.

In an ordinary general meeting, shareholders also ratified the bank’s balance sheet and profit/loss statement for the fiscal year 2015. An auditor was appointed for 2016.

The Doha-listed lender earlier posted a 5% fall in FY15 net profit to QAR 784.2 million ($215.2 million), down from QAR 825.8 million ($226.6 million) a year earlier.

Translated by Sayed Abdel Rahman