DOHA: The Extraordinary General Assembly (EGA) meeting of al khaliji yesterday approved the appointment of a Shariah Supervisory Board (SSB) for its Islamic branch. Al khaliji got approval from the Qatar Central Bank (QCB) in May last year to set up the Islamic branch.
The shareholders also approved a number of recommendations made by the board of the bank, including the amendment of Article (5) of the Articles of Association by adding a new item for the marketing of insurance products on behalf of third parties inside and outside Qatar and providing customary insurance services as well as the amendment of the provisions of Article (57) of the Articles of Association.
They also approved the amendment of Article (69), paragraph 1 of the Articles of Association by changing the annual legal reserve from 20 percent of net profits to 10 percent, as per the provisions of the Commercial Companies Law No. (5) of 2002.
The shareholders authorised as well the Board of Directors to take any required action towards restructuring the Bank's capital by capping the paid capital and not calling the unpaid portion of the share capital, subject to the Ministry of Trade and Business approval.
© The Peninsula 2009
