QIB completes legal procedures to raise foreign ownership limit up to 100%

QIB completes legal procedures to raise foreign ownership limit up to 100%

Qatar Islamic Bank (QIB) Group has completed legal procedures regarding raising the foreign ownership limit up to 100%.

"Pursuant to QIB shareholders’ extraordinary general assembly meeting approval to modify QIB’s Articles of Association in the extraordinary general meeting held on February 22, 2022, QIB announces obtaining all required regulatory approvals from the regulatory authorities concerned, to modify Article (9) of the Articles of Association, to allow raising the foreign ownership limit (up) to 100%," the bank said in a communique to the Qatar Stock Exchange.

QIB would request the authorities concerned to raise the limit of foreign ownership with immediate effect.

The cabinet meeting, chaired by the Prime Minister HE Sheikh Khalid bin Khalifa bin Abdulaziz al-Thani, had last year given approval to four banks, including QIB, to enhancing the FOL up to 100%.

These four banks (QIB, QNB, Commercial Bank and Masraf Al Rayan) together constitute more than 43% of the total market capitalisation as on August 24, 2021.

QIB net earnings of QR3.56bn constituted 15.27% of the total net profit of the listed banks during the year ended 2021. The banking sector, as such, contributed 53.85% to the total net profits of the listed companies during January-December 2021.

The decision (to allow up to