Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani flanked by Abdullatif bin Abdulla Al Mahmmoud (left) and Mohammad bin Abdullatif Al Mana at the QIB’s AGM yesterday.Abdul Basit
DOHA: The Qatar Islamic Bank (QIB) ordinary general assembly has elected new board members for the period 2014-2016.
The first meeting of the newly elected board members re-elected Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani as chairman and Abdullatif bin Abdulla Al Mahmmoud as the Vice Chairman of the bank.
The board members for the new period are Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani (representing Almirqab Capital), Abdulla bin Saeed Al Eidah (Brooq Trading Comp), Nasser Rashid S Al Kaabi (Al SRAIYA Holding Group), Mohamed bin Issa Al Mohanadi, Mansour Al Muslah, Abdullatif bin Abdulla Al Mahmmoud (Dar Alsharq Group), Issa R Al Rabia Al Kuwari (Golden Ball Company), Sheikh Ali bin Ghanim Ali Abdullah Al Thani (Ali Bin Ghanem Al Thani’s Group) and Abdul Rahman Abdulla Abdul Ghani.
The annual general meeting also elected Hassan bin Hassn Almulla Aljefairi (Hassan bin Hassn Almulla TR) and Abdulla Ahmed M Taher as deputy members.
The QIB AGM approved the agenda of the meeting, including the board’s proposal to distribute 40 percent cash dividends to shareholders, that is QR4 per share.
Addressing the AGM, Sheikh Jassim said, “The year 2013 was a year of effective, positive achievements for QIB that allowed the bank to move away from repercussions that weighted heavily upon business. On the local level, we were successful in bringing stability to QIB’s administrative and executive structures.”
“We broadened our scope of activity by adding new branches and types of activities, and establishing financing and investment activity administrations for SMEs and meeting clients’ needs in a prompt fashion. Additionally, QIB took positive steps to add a number of new high-profile clients to its current investment portfolio, namely clients who have not previously dealt with QIB or even any Islamic banks. QIB also provided direct financing and partook in major investments and financing ventures for a group of projects and companies such as Qatar Rail, and provided substantial financing for Kahramaa, Gulf Cement Company, Maran-Naqilat, and numerous other major corporations,” Sheikh Jassim said.
In terms of foreign investments, QIB has taken immensely positive steps this year towards restructuring and organising its foreign investment portfolio, particularly for investments made through sister companies and subsidiaries in the UK, Lebanon, and Malaysia, where QIB raised its total share in the aforementioned investments in a manner commensurate with the requirements of monitoring authorities and providing QIB with an opportunity to closely monitor its business and ensure more profitability for depositors and shareholders.
“We are pursuing our future initiatives and plans aimed at making 2014 a quantum leap in terms of services, banking support, and reaching as many people as possible on all levels, as well as turning our foreign investments into effective tools with positive yields, particularly those made through sister companies and subsidiaries, all the while shedding ineffectual investments and focusing on operations falling directly within QIB’s field of specialisation as an Islamic financial institution, and developing the operations and risk assessment sectors to develop their ability to compete and bolster their capabilities,” he said.