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Shareholders approve QIIB's USD2bn sukuk

Published: 11/03/2013 05:26:34 PM GMT
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The ordinary general assembly, chaired by the bank Chairman Dr Sheikh Khalid bin Thani bin Abdullah Al Thani, yesterday approved all the 11 items (more)

The ordinary general assembly, chaired by the bank Chairman Dr Sheikh Khalid bin Thani bin Abdullah Al Thani, yesterday approved all the 11 items figured in the agenda, including the 2012 financial results.

The agenda included the election of two members to the Governing Council, to consider the recommendation for the Board of Directors, recommendation to disburse an annual dividend of 35 percent of the capital, and the recommendations regarding the bonuses, compensation and allowances to the board members.

Addressing the assembly Dr Sheikh Khalid said Qatar's growing economy has helped QIIB to consolidate its lead position in Qatar's banking sector in 2012.

With a number of projects and expansion plans in the pipeline, the bank is looking at 2013 with more confidence.

"We are confident, God willing, that QIIB will be able to maintain its leadership and excellence to take all measures and maintain its international financial standards using the latest banking tools," Dr Sheikh Khalid said.

The chairman noted that the bank's total revenue in 2012 amounted to QR1.183bn while the net profit reached QR679m recording a growth rate of 4 percent on year-on-year basis. He said the board is working on updating its strategic plans matching with global banking standards.

The board has also reviewed its policies and made sure that it is strictly in line with the strictures of Qatar Central Bank and Qatar Financial Markets Authority. The bank's enhanced governance policies are reflected in its annual corporate governance report.

On the issuance of the $2bn sukuk, Abdulbasit Ahmed Al Shaibe, Chief Executive Officer of QIIB said International Islamic would decide at an appropriate time when to hit the market. "We have not yet decided when to go for the issuance. It depends on international market conditions."

On the sudden surge in the sukuk segment, Abdulbasit noted the greater awareness about the sukuk has made it one of the favourite instruments of international investors.

"Many years ago international investors were not either aware of the sukuk market or this market was not developed according to the expectations of international investors"

Waleed bin Hadi, chairman, Shariah Board at QIIB said the board has supervised the operations of the bank through its audit committee and ensured that the bank is strictly following the Shariah law.

The board has checked the bank's financial disclosures for 2012 and found it is strictly complying with Shariah.

© The Peninsula 2013

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