Qatar Islamic Bank(QIB) announces the results of the AGM and EGM was held on 21/2/2018 and has approved the following resolutions: 

Results of AGM: -

1.The Assembly approved the financial statements and results for the financial year 2018.

2.The Assembly approved the distribution of dividends to shareholders at the rate of 50% of the nominal value of share capital (i.e.QR 5 per share).

3.Absolve the Board members from liability for the year ended 31/12/2017 and approval of the remuneration prescribed to them.

4.Approved QIB Governance Report for the year 2017.

5.The AGM approved the increase and renewal of the Bank's Sukuk program as follows:

-Renewal of the QAR 7.5 billion limit for the Additional Tier 1 (AT1) Perpetual Sukuk of which QAR 4 billion is utilized

-Increase the limit of QIB Sukuk program in USD to a maximum of USD 4 billion instead of USD 3 billion.

6.The General Assembly decided to transfer the increase in percentage ownership of the Non-Qataris in the Bank’s capital to 49% instead of 25% to the Extraordinary EGM, after taking the opinion of the representative of the Companies Department at the Ministry of Economy and Commerce.

7.The Assembly nominated KPMG as external auditors of the Bank for the year 2018 and determination of the fees to be paid to them.

Results of EGM:-

1-QIB Extraordinary EGM approved the amend of the Articles of Association of the Bank to adjust its position in accordance with the Commercial Companies Law No. 11 of 2015 and the principles of governance.

2-The Extraordinary EGM approved the increase in percentage ownership of the Non-Qataris in the Bank’s capital to 49% instead of 25%.