al khaliji

• al khaliji shareholders meet and approve a number of key resolutions
• Shareholders approve the appointment of the Shariah Supervisory Board

Doha, 15 April 2009:al khaliji held an Extraordinary General Assembly (EGA) meeting on Wednesday, April 15, 2009, where Shareholders approved a number of key resolutions

Further to al khaliji successfully receiving approval from the Qatar Central Bank for its Islamic offering as part of its range of products and services in May last year, al khaliji has approved the appointment of the Shariah Supervisory Board (SSB).

During the meeting, the shareholders of al khaliji approved the following recommendations of the Board of Directors:

• Approval of the appointment of the Shariah Board for the Islamic branch
• Approval of 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.
• Approval of the amendment of the provisions of Article (57) of the Articles of Association so as to read as follows: “The General Assembly of Shareholders shall not deliberate any topics other than those listed under the agenda. However, the General Assembly shall have the right to deliberate upon any serious matters that may be revealed during the meeting, or in case a number of shareholders representing at least one tenth of the capital request that a specific matter  be incorporated in the agenda”.
• Approval of the amendment of Article (69), paragraph 1 of the Articles of Association by changing the annual legal reserve from 20% of net profits to 10%, pursuant to the provisions of the Commercial Companies Law No. (5) of 2002.

The shareholders also approved to authorize and delegate 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 approval of the Ministry of Trade and Business.

Finally, the EGA approved to authorize and delegate powers to the Board of Directors to execute the EGA resolutions.