Int’l Islamic AGM clears board membership amendment

An extraordinary general assembly meeting of International Islamic shareholders in Doha yesterday approved a recommendation made by its board of directors to amend an article in the bank’s Article of Association that pertains to board membership requirements. Under this, Article 27, third clause in International Islamic’s Article of Association has been amended. Consequently, the ownership of shares required to be on the bank’s board of directors has been reduced from 0.5% to 0.25%. Registering growth across various portfolios of its core business, International Islamic posted a full-year net profit of QR750mn in 2013, up 10.5% on 2012. The Doha-headquartered bank earned total revenue of QR1.5bn in 2013. Picture shows International Islamic chairman Sheikh Dr Khalid bin Thani al-Thani (left) and CEO Abdulbasit A al-Shaibei at the extraordinary general assembly meeting at the Sheraton. Picture: Nejeer Feroke.