QIIB JV in Morocco to start work ‘within a short period of time’

QIIB expects its joint venture bank in Morocco, Umnia, to commence operations “within a short period of time”, said its chairman and managing director Sheikh Dr Khalid bin Thani bin Abdullah al-Thani.“We expect this investment will achieve good results based on the detailed studies done in the Moroccan market for Islamic banks,” Sheikh Dr Khalid told the bank’s general assembly meeting at the Ezdan Tower yesterday.On bank’s expansion plans outside of Qatar, he said, “We meticulously examine any available opportunity and conduct feasibility studies, especially in terms of risks.”Sheikh Dr Khalid said, “2016 faced many challenges that affected global economic stability. It also experienced a slump in oil prices leading to adverse situations that should be dealt with wisely, wisdom which we draw from the directives of HH the Emir, Sheikh Tamim bin Hamad al-Thani, who provides support and generous patronage to all sectors of the national economy.”He said QIIB had been able to “turn these challenges into opportunities.”“We overcame many obstacles and continued to work very hard in close collaboration with the country’s various economic sectors, which strengthened QIIB’s position as a leading bank capable of maintaining stable growth, achieving the best returns for its shareholders and providing the best services and benefits for its customers.CEO Abdulbasit Ahmad al-Shaibei said, “The 2016 results proved that QIIB could greatly adapt to the banking market developments, affirm its position, develop its tools and enhance stability, which has been the bank’s hallmark since its establishment more than 25 years ago.”International rating agencies have confirmed the strength of the bank’s position in 2016 with an A2 rating by Moody’s and A + by Fitch, both with a stable outlook.  The general assembly approved the QIIB board of directors’ recommendation to distribute 40% cash dividend, which translates into QR4 per share.They okayed the extension of approval given in 2013 for a sukuk programme for up to $2bn. The shareholders also delegated the board of directors to decide on the size of each issuance, terms and conditions, issuance currency after getting necessary approvals from the supervisory authorities.The extension of approval was also given to issue additional Tier 1 sukuk non-convertible into ordinary shares of up to QR3bn (QR1bn issued during 2016) over a period of three years. The shareholders also delegated the board to decide on the size of each issuance, terms and conditions, issuance currency after getting necessary approvals from the supervisory authorities.Sheikh Dr Khalid has been reelected as QIIB chairman and managing director. Sheikh Abdullah bin Thani al-Thani will be the bank’s vice-chairman.