The QIIB General Assembly approves raising the sukuk program to two billion dollars

Doha – Mubasher: The second ordinary general assembly during 2023 of Qatar International Islamic Bank approved the recommendation of the board of directors to raise the ceiling of the bank’s sukuk issuance program, which was previously approved by the ordinary general assembly on March 14, 2023, to become one billion dollars.

According to a statement by the Qatar Stock Exchange yesterday, Wednesday, this comes provided that the issuance takes place in different sizes based on a study of the bank’s need, and after the issuance of the necessary approvals for issuing these sukuk from the competent authorities, and on the condition that the issued sukuk do not exceed the bank’s capital base and reserves.

The general assembly elected two additional members of the Board of Directors from among the shareholders to complete the current period, which ends on March 13, 2026, bringing the number of members of the Board of Directors to 11 members.

According to the statement, the two new members are Ayed Debsan Ibrahim Al-Qahtani, representative of Al-Taybeen Trading and Services Company, and Faseel Business and Real Estate Company, with the Golden Ball Company accredited as a reserve member.

It is noteworthy that the profits of “QIIB” increased in the first quarter of this year by 7.14% to 315.91 million riyals, compared to profits of 294.86 million riyals during the corresponding quarter of last year..

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