Qatar Islamic Bank Board of Directors recommended the approval of amending the Articles of Association to increase the ownership percentage for non-Qataris to 100%, Qatari media reported.
The recommendation came after the approval of the regulatory and official authorities subject to the approval of the concerned official and regulatory authorities and the bank’s Extra-Ordinary General Assembly in a date to be decided for the meeting.
Last year, Capital Intelligence, international credit rating agency, has affirmed the Long Term Foreign Currency and Short Term Foreign Currency ratings of Qatar Islamic Bank at ‘A+’ and ‘A1’ respectively, with stable outlook.
Qatar Islamic Bank
As per the CI report: “The rating is supported by strong asset quality, strong profitability at both the operating and net levels, and strong capitalization.
The report cited: “QIB’s profitability is strong, and earnings quality is good, and it has been posting consistent results. Its profitability was better than sector average, supported by its broadly stable net financing margins, which has remained above average, and continued efficiency gains with cost-income ratio on a declining trend, having reached what is a low level by international standards.”
On the 14th of this month, the Qatari Cabinet approved raising the percentage of foreign ownership in all Qatari companies listed on the Qatar Stock Exchange to up to 100%.
Based on that decision, Masraf Al Rayan and the Qatar Navigation Company recommended raising the percentage of these foreigners in their shares to 100%.
QIB’s net profits increased during the first quarter of 2021 by 9.09% to reach 750 million Qatari riyals, compared to 687.51 million Qatari riyals in the same period in 2020.
The bank was ranked third as the most powerful Islamic bank in the world, and the eighth strongest bank in the Middle East in the Asian Banker magazine’s ranking of the 500 strongest banks in the world for the year 2020.
The Asian Banker rankings for the top 500 banks in the world are among the most reliable in the world. The company has the strongest follow-up on the most powerful banks.