By: Islam Salem

Doha-Mubasher: The shareholders of Qatar International Islamic Bank (QIIB) approved the amendments to the articles of associations in accordance with the companies’ commercial law no. 11 of 2015, according to a bourse statement.

The company will be managed by nine board members to be elected by the ordinary general meeting via secret voting.

Non-independent board member will own 200,000 shares instead of 0.25% ratio, the statement said, noting that a paragraph will be added to allow the appointment of independent members by one-third of the board.

The legal reserve will be determined by 100% of the issued and paid-up capital instead of 50%, according to the new amendments.