Mubasher: The ordinary general meeting (OGM) of Qatar International Islamic Bank (QIIB) has approved the board’s recommendation to distribute 40% of capital as a cash dividend for fiscal year 2017.

The Qatar-listed bank will pay QAR 4 per share to the entitled shareholders, according to a bourse statement on Tuesday.

QIIB’s shareholders also approved the board’s proposal to renew the OGM’s prior decision to issue capital sukuk within unconvertible tier 1 of a maximum QAR 3 billion that will be issued in during three years from 2016 until 2019.

Qatar's third-largest listed Islamic bank by assets has issued QAR 1 billion sukuk in 2016, the statement added.

During FY17, QIIB achieved a growth of 6% in profits to QAR 832.2 million compared to QAR 784.8 million in FY16.