Qatar International Islamic Bank announces the results of the AGM and EGM. The meeting was held on 31/03/2024 and the following resolution were approved

Qatar International Islamic Bank announces the results of the AGM and EGM for 2023. The meeting was held on 31/03/2024 and the following resolutions were approved:

Agenda of Ordinary General Assembly:

1) The Board of Directors presented its report over the bank's activities and the financial position for the year ended 31/12/2023, which includes the bank's future strategies.

2) Sharia Supervisory Board presented their report for the year 2023.

3) Approval of External auditor’s report for the financial year 2023.

4) Approval of Corporate governance report for the year 2023.

5) Approval of the bank financial statements for the year ended 31/12/2023.

6) The Bank’s AGM approved the board recommendation to distribute 45% cash dividends of the nominal value (i.e. QAR 0.45 per share).

7) The Bank’s AGM discharged the board of directors from all responsibilities for the financial year ended on 31/12/2023.

8) The Bank’s AGM approved the board of director’s remunerations for the year 2023 and the Board of Directors remuneration, allowances, and incentives Policy.

9) The Bank’s AGM approved the renewal of the existing Sukuk issuance program of US$ 2.0 Billion previously approved in the general assembly dated 17/5/2023, and delegate the bank board of directors to decide the size of each issuance, terms and conditions, issuance currency after getting all necessary approvals from supervisory authorities and the issued Sukuk do not exceed the capital and its reserves.

10) The Bank’s AGM approved to extend last year AGM approval to issue Additional Tier-1 Sukuk nonconvertible based on the rules and regulations set by the regulatory authorities and delegate the bank board of directors to decide the size, terms and conditions and currency for each issuance.

11) The Bank’s AGM approved the recommendation of board of directors to issue new Sukuk in Qatari Riyal based on the regulation set by regulatory authorities and a limit of QAR 1.0 billion and delegate the bank board of directors to decide the size, terms and conditions and currency for each issuance.

12) The General Assembly approved appointing KPMG as the bank’s external auditors for the year 2024.

Agenda for the Extraordinary General Assembly:

1) The Bank’s EGM approved the recommendation of board of directors to amend articles 20 and 66 in the article of association which allows based on a decision of the board of directors to distribute dividends on quarterly or semiannually basis to shareholders accounts in the fiscal year in which the distribution is made, in accordance with the decision of the Board of Directors of the Qatar Financial Markets Authority No. 3 of 2023 that states the mechanism for distributing profits in listed public stock companies to be as follows:

Article (20) after adjustment:

The last owner of the share whose name is registered in the company’s records with the securities custody company has the right to receive the amounts due for the share, whether they are shares in profits, whether interim or annual, or a share in assets.

Article (66) after adjustment:

A percentage of not less than 5% must be distributed to shareholders from net profit after the deduction of legal reserve and optional voluntary reserve. The shareholder is entitled to his share of profits in accordance with the regulations and controls in force in the authority and the financial market in which the .