QIIB Considers Semi-Annual Dividend Distribution for Shareholders

Doha: The Board of Directors of Qatar International Islamic Bank (QIIB) has announced plans to discuss the potential distribution of semi-annual dividends to shareholders. This discussion will take place at their upcoming meeting, which will review and approve the semi-annual financial results for the period ending June 30, 2024. HE Chairman of the Board of Directors of Qatar International Islamic Bank (QIIB), Sheikh Dr Khalid bin Thani bin Abdullah al-Thani, stated that the Board of Directors, in their meeting held this evening, has discussed a proposal to be included and discussed in the agenda of the forthcoming Board meeting, scheduled for the evening of Sunday, July 21, 2024. The proposal includes the possibility of distributing semi-annual cash dividends to shareholders. This move comes as a culmination of steps previously initiated following the amendment of the QIIB's Articles of Association to include a provision allowing the Board of Directors, based on their decision, to make quarterly or semi-a nnual distributions. This aligns with the Qatar Financial Markets Authority (QFMA) Board of Directors Decision No. 3 of 2023 on the Rules of Dividend Distribution by Listed Joint-stock Companies. HE Sheikh Dr Khalid emphasized that this initiative is aimed at boosting economic activity and providing liquidity to investors, especially small shareholders. He highlighted that this step aligns with the State's economic policy and Qatar National Vision 2030, aiming to generate quicker returns for shareholders. This, in turn, will enable them to reinvest in various sectors within Qatar, including the rapidly evolving financial markets, which now offer a range of investment products alongside the shares of listed companies. This development is expected to have a positive impact on the overall financial market. His Excellency Sheikh Dr Khalid bin Thani said that QIIB aspires to be a pioneer in successfully adapting to the general economic trends and meeting the aspirations of investors who are shareholders in th e bank. This is planned to be achieved by taking practical steps regarding the implementation of the decision of the Qatar Financial Markets Authority by fulfilling the required approvals from the regulatory authorities and fully complying with the legal requirements according to the dates specified in the conditions for implementing the interim distributions. Source: Qatar News Agency