QIB’s annual general assembly has approved its board of director’s recommendation to increase the limit of the perpetual sukuk (additional Tier 1 capital) to QR7.5bn from QR5bn subject to the Qatar Central Bank approval.
The leading Islamic bank’s ordinary general assembly held at the Four Seasons yesterday “selected” the following as its new board members for the period 2017-2019, after the withdrawal of two nominees. 
The new board members are; Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani (representing Al Mirqab Capital); Abdul Rahman Abdulla Abdul Ghani al-Abdul Ghani, Abdullatif Abdulla al-Mahmoud (representing Dar Al Sharq Group);  Sheikh Abdulla bin Khaled bin Thani al-Thani (representing Al Naera Building Materials Company); Abdulla Saeed Mohamed el-Eida (representing Al Zubara Real Estate Investment); Sheikh Ali bin Ghanem bin Ali al-Thani (representing Ali bin Ghanem bin Ali Al Thani Group), Mohamed bin Issa al-Mohannadi, Mansour Mohamed al-Musleh and Nasser Rashid al-Kaabi (representing Al Sraiya Group).  
The first meeting of the “newly selected board members elected” Sheikh Jassim bin Hamad bin Jassim bin Jaber al-Thani as QIB chairman and Abullatif bin Abdulla al-Mahmoud as vice-chairman. The annual general meeting approved the proposal of the board of directors’ to distribute 47.5% cash dividend on the nominal value per share, which works out to QR4.75 per share.
Delivering the board’s report to the annual general assembly QIB chairman Sheikh Jassim said, “QIB successfully solidified and reinforced its core system and structure by upgrading and introducing many policies and procedures, covering more than 20 business lines. With its customer-centric approach, the bank maintained its high level of service quality, renovating its largest local branches to meet customer needs. “Additionally, QIB turned special attention to the stability, development, and capacity building of its subsidiaries, which have been recently restructured.”
He said, “Despite last year’s global economic volatility, including a drop in oil prices, and a decline in investments, your bank was in the vanguard, continuing to develop as the fastest-growing national bank over the past three years. In fact, QIB has become the second national player in the market in terms of assets, deposits, and finance. Offering a pioneering, secure, and stable Islamic banking and economics experience, QIB’s net profit has increased during the same period by nearly 75%.”
As for 2017, Sheikh Jassim said QIB would continue to focus on seizing investment opportunities in the Qatari market, and closely follow up with its subsidiaries abroad to leverage efforts made in the past.