QIB Chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani, with the shareholders during the Ordinary & Extraordinary Assembly General Meeting, yesterday.
Doha: Qatar Islamic Bank (QIB) yesterday held its Ordinary and Extraordinary Assembly General Meeting (AGM) which was presided over by QIB Chairman Sheikh Jassim bin Hamad bin Jassim bin Jaber Al Thani.
The AGM, which was conducted virtually via Zoom, has approved the Bank’s financial results for the year ended December 31, 2021, plans for 2022, as well as the Board of Director’s (BOD) recommendation for cash dividend distribution of 57.5 percent of the nominal share value at QR0.575 per share.
Addressing the shareholders during the event, Sheikh Jassim reiterated that the year 2021 has been a year of recovery across various economies, and continued fiscal stimulus has led to growth above expectations.
“The Bank has adopted many precautionary measures to mitigate the impact of the COVID-19 pandemic and protect and support its employees and customers, while ensuring business continuity and financial stability. QIB has been operating at its full potential thanks to the progress in our digital offerings, with most of our employees working remotely. We managed to implement a comprehensive campaign to work from home since the beginning of the pandemic, which resulted in an unprecedented reliance on digital channels by existing and new customers,” said Sheikh Jassim.
He added: “We have also accelerated the launch of new digital products and services on our mobile application and online platforms to ensure business continuity. We have introduced mandatory controls to protect our frontline employees, while providing full support to our corporate and retail clients in these times of financial uncertainty, in line with the governmental and Qatar Central Bank’s directives”.
In 2021, QIB maintained and strengthened its leadership in the Qatari banking sector and continued to be the largest Islamic bank and the largest private bank in Qatar, Sheikh Jassim added. He said QIB also continued to focus on its digital transformation program, which has successfully led to a significant increase in its sales and revenues. This success is the result of the wide adoption of the Bank’s digital offerings by its customers.
“The bank played a major role in developing and modernising the banking sector in the country through its innovative digital products and services introduced for the first time in Qatar, whilst being the first Islamic bank to provide a mobile app for its retail and corporate customers and SMEs. The Bank has invested extensively in its human resources and in developing their skills through the implementation of a comprehensive program of innovative education and training, in addition to receiving dozens of prestigious awards during this year from well-respected international financial institutions and publications, affirming its position as a leading banking institution in the Middle East,” Sheikh Jassim added.
He went on to stress that amid the significant developments and despite the challenges faced last year, QIB’s results affirmed its position as one the largest Islamic banks locally and internationally. The Bank’s assets increased by 11.2 percent from QR174.4bn in 2020 to QR193.9bn in 2021. Customer deposits grew by 11 percent to QR131.1bn from QR118.1bn in 2020. While total income stood at QR8.1bn, representing a growth of 2.2 percent over the previous year. Moreover, the Bank was able to maintain the ratio of non-performing financing assets to total financing assets at around 1.4 percent, one of the lowest in the banking industry.
“Thanks to these overall positive results, QIB’s net profit in 2021 amounted to QR3.55bn, a growth rate of 16 percent compared to 2020. Based on these results, the Board of Directors recommends that your honorable Assembly approves a cash dividend distribution to shareholders of 57.5 percent of the nominal share value, at QR0.575 per share,” Sheikh Jassim said in his speech.
During the event, the AGM has also absolved Board members from liability for the year ended December 31, 2021 and approved the remuneration prescribed to them. The Assembly nominated Ernst & Young as external auditors of QIB financial statements for the year 2022, while the Extraordinary meeting approved the modification of the Bank’s Articles of Association according to law number (8) for the year 2021, which amends some articles of the Commercial Companies law number (11) for 2015.
