Qatar International Islamic Bank AGM approves Sukuk plans

Qatar International Islamic Bank (QIIB) held its Ordinary General Assembly Meetings on 15 March. Among the agenda items approved, approval was given to the Board recommendation to issue Additional Tier 1 Sukuk non-convertible into ordinary shares up to QAR 3.0 billion. The Board was delegated powers to decide the size of each issuance, terms and conditions, issuance currency after getting all necessary approvals from supervisory authorities. The meetings also approved the proposal to pay 40 per cent of the bank capital as cash dividends, equivalent to QAR 4.0 per share.