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Qatar First Bank holds its Annual and Extraordinary General Meeting

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Doha: Qatar First Bank LLC (Public) (“QFB” or the “Bank”), held its Annual and Extraordinary General Meeting on Wednesday 23 March 2022 and approved all items listed on its agenda.

The Annual and Extraordinary General Meeting, was chaired by QFB’s Chairman H.E. Sheikh Faisal bin Thani Al Thani, was held virtually via Zoom, with the attendance of QFB’s board members, shareholders, and senior management team.

The following five board members (Independent and Non-Independent) were elected during the Annual General Meeting through an uncontested election in accordance with the applicable rules and regulations for a period of three years: Mr. Ibrahim Mohamad Ibrahim Jaidah, Mr. Mohamed Yousef Al Mana, Mr. Mohammed Nasser Al Hajri, Shift Company W.L.L. represented by Eisa Mohamad Al-Mohannadi and Al Wajba Business Development represented by Saad Nasser El Kaabi.

The appointment of the remaining two Board members made by the Bank’s Strategic Shareholders in accordance with article 34.2 of the Bank’s Articles of Association was ratified during the Annual General Meeting: H.E. Sheikh Faisal bin Thani Al Thani appointed by Al Zubara Real Estate Investment Company W.L.L. and Mr. Jassim Mohamad Al -Kaabi appointed by Broog Trading Company W.L.L.

The Bank will now seek to fulfill the necessary regulatory and legal arrangements to incorporate the changes of membership in its Board of Directors.

The Extraordinary General Meeting also discussed and approved, subject to obtaining all relevant regulatory approvals, the proposed changes to the Bank’s Articles of Association (“AOA”) in accordance with the law number (8) for the year 2021 amending certain provisions of the Qatar Commercial Companies Law No. (11) of 2015 to the extent applicable to companies established in the Qatar Financial Center and in accordance with QFMA rules and regulations.

The shareholders authorized the Chairman of the Board to sign the approved amended Articles of Association and make any necessary amendments if requested by the regulators and perform all acts and things for the purpose of the registration of the amended AOA with the relevant authorities including but not limited to Qatar Financial Centre and the Qatar Financial Markets Authority.

The Annual General Meeting (AGM) discussed and approved the Bank’s audited financial results, annual report, corporate governance report, and the performance of 2021 in addition to its business plan for the financial year 2022. Moreover, the meeting approved QFB’s major transactions and the recommendations of the Board of Directors regarding non-distribution of dividends as well as not taking an optional reserve, and the discharging and releasing of the members of the Board from liabilities. Furthermore, it was approved that Ernst & Young be re-appointed the Bank’s external auditor for the financial year 2022 in addition to approving their fees.

Sheikh Faisal bin Thani Al Thani said: “In 2021, QFB recorded the highest Net Profit attributable to QFB’s shareholders in the previous six years due to a solid strategic direction and a new leadership. With the support of our Board of Directors and shareholders, we are confident that we will witness an improved performance, contributing to long-term growth, and financial stability, to become a regional player in the Shari’a compliant investment banking industry. Furthermore, management team along with QFB staff made a commendable contribution for this turnaround performance”

QFB recorded its highest net profit attributable to equity holders of the bank of QAR100.37 million in the previous 6 years. With the new leadership and solid strategic direction, QFB was able to overcome the challenging market conditions, improve its operational efficiency, and diversify its products and services. The Bank maintained a sustainable fee income stream, dropped funding costs, and has maintained a well-managed deposits book, resulting in a stronger balance sheet and healthy liquidity position for the year.

Qatar First Bank LLC (Public) is the first independent Shari’a compliant bank authorized by the QFC Regulatory Authority (QFCRA) and a listed entity on the Qatar Stock Exchange (QSE: QFBQ). 



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QIB Group CEO honoured at Top CEO Conference and Awards 2022

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In recognition of his “outstanding leadership”, QIB Group CEO Bassel Gamal, was ranked first in the region, as the Top CEO in Shariah-Compliant banks, at the Top CEO Conference and Awards ceremony held in Dubai recently.

The Top CEO Conference and Awards, which was attended by CEOs and thought leaders from across the GCC, recognises industry leaders based on their institutions’ annual financial performance, size and corporate governance.
GCC-listed companies in different industries including banking, energy and utility, financial services and investment, insurance, logistics and industrials, malls, real estate and construction, mining, metals and chemicals, retail, FMCG and consumer care, tech and media are assessed.
This assessment is conducted through a thorough evaluation by a panel of industry experts and the results are audited by KPMG.
Under Gamal’s leadership, the entire team at QIB has been working relentlessly to achieve his vision to become “the most customer-centric and efficient bank in Qatar” while outperforming the market and delivering sustainable results and value to its shareholders.
QIB maintained its “leading position” in the local banking sector and continued to be the largest private bank and the largest Islamic bank in Qatar despite the recent impact of the pandemic and banking mergers witnessed in the country.
Commenting on this important recognition, Gamal said: “I am truly honoured to be recognised by the TOP CEO Conference and Awards and appreciative for this award programme for bringing together decision-makers from the region to highlight the resilience of GCC’s business leadership despite the global and regional challenges. “Thank you to the organisers of the event for offering us this opportunity to be part of such a prestigious award ceremony and for giving us a platform to elevate the standards of business practices in the region.”
Gamal added: “Thanks to the support of our Board of Directors, the dedication of the entire QIB team and the trust of our customers, we managed to respond to the diverse and evolving financial needs of all different customer segments with a wide range of products and services catering to their new digital behaviours.
“This recognition is a testament to QIB’s leading position within the banking sector in Qatar and the region as well as to our strategic vision and customer-centric approach. We will continue our efforts to reshape the banking scene in Qatar and beyond with cutting-edge products and services”.

 





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India Inc’s management confidence improves post Covid, shows AIMA Management Capability Development Index

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Indian companies are feeling more confident about their management competence as they recover from the Covid crisis, according to a study of management capability of Indian enterprises by All India Management Association (AIMA) and KPMG.

The study findings produced a higher overall Management Capability Development Index (MCDI) score this year at 74.5 compared to 71.6 in 2018.

The survey showed that women are more confident of capacity of their organisation than men as women rated management capability of their enterprises higher than men on the majority of the 10 yardsticks, including vision and strategic leadership, performance leadership, financial leadership, external relationships, integrity and corporate governance, and innovation and adaptability. However, women score their organisations lower than men in the areas such as people leadership, organisation, and application of technology and knowledge.

The study shows a lack of substantial score upgrades in the areas of application of technology and knowledge as well as innovation and adaptability. The score on application of technology and knowledge has gone up slightly, from 72.1 in 2018 to 74 now, despite the wave of digitalization during the past couple of years. The score on innovation and adaptability has also improved a little – from 70.3 to 71.6.

The decadal trends of self-rating by Indian management showed a strong bias towards ethics. Over the past five MCDI studies, India Inc has consistently given itself the highest scores on integrity and governance – in high 70s or low 80s. This year, the score on integrity and governance has peaked at 80.4.

The areas of biggest concern through the past decade have been the organisation capability and people practices, but there is a recovery on both counts this year. On organisation capability, since 2011’s peak score of 76.2, there have been dips but now the score has recovered to 71.5. The people leadership score has also recovered this year to 73.2 after dips through the past decade.

The decadal variations have been minor on many management parameters. The scores have hovered around mid-70s on competencies such as vision and strategic leadership, performance leadership, financial leadership, and external relationships.

“The MCDI report provides important insights to Indian management leaders to bolster their organisations as they prepare for realigning their organisations in a changed world,” AIMA President CK Ranganathan said in a press note.

“It takes immense management capability to navigate through uncertainty and ambiguity,” Ranganathan said.

The 2022 MCDI study was conducted across different sectors and different types and sizes of organisations to make it representative of Indian management.



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Delta 2023: Urhobo Renaissance Society Advocates Unity in Diversity

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Urhobo leaders

This is because, the last few weeks in the state and elsewhere in Nigeria have been characterised by a barrage of political commentaries and opinions across socio-political groups, associations and critical stakeholders in the the state. Unfortunately, some of these views, according to URS, “seem to divide us more than unite us as a people.”

One of the major submissions of the group is that an Urhobo son should be governor of Delta in 2023.

Below is the press statement by URS

2023 Governorship Election in Delta State: Matters Arising

The last few weeks in Delta State and elsewhere in Nigeria have been characterised by a barrage of political commentaries and opinions across socio-political groups, associations and critical stakeholders in the the state. Unfortunately, some of these views seem to divide us more than unite us as a people.

The URS wishes to join this conversation by propagating the doctrine of unity in diversity for the overall good of the Urhobo nation in particular, and Delta State in general.

We respect the right of the UPU as the apex socio-cultural organisation of the Urhobo nation to make crucial decisions on behalf of the Urhobo Nation.

By the same token,  we respect the right of persons and groups to lend their voices to the subject. However, we caution that such voices should be tactful, objective and devoid of divisive undertones at this crucial moment in Urhobo’s agenda to produce the Governor of State in 2023.

After studying the unfolding political planks and consulting critical political stakeholders in Delta state, The URS, in line with its non-partisan and neutral posture, joins the conversation with the following statement.

  1. We remind all stakeholders that an Urhobo ‘son’ must emerge as the Governor of Delta State in 2023. In effect, it is our utmost desire that Urhobo sons should emerge as governorship flagbearers of their respective political parties. That way, we are guaranteed that an Urhobo will eventually emerge as Governor. To that extent, we appeal to all critical stakeholders in all political parties in the state to work towards handing the ticket to an Urhobo son. In other words, our primary concern is the emergence of an Urhobo son as Governor in 2023;
  2. We believe that primary elections are within the purview of political parties and therefore have no plans of poking into the activities of political parties in their statutory responsibility of electing flagbearers. But because the eventual choice will directly affect the quality of life and development of Deltans, we must lobby and appeal that the candidate with the best qualification in human and capital development, experience and capacity to provide quality leadership for our dream Delta be handed the tickets of their respective parties. In effect, we are appealing to the delegate to please consider these criteria when they set out to choose the flagbearer of their respective parties. Also, we especially appeal to delegates from Delta central to think URHOBO FIRST when they cast their votes; and that no gratification of whatever kind should influence the choice of the eventual candidate. Therefore, to guide all delegates in their choice of the governorship candidate, we appeal that only the aspirant with a very clear and practical blueprint for the development of Delta state be allowed to lead the state;
  3. It is most desirable that the flagbearers of all the political parties in the Gubernatorial race are not imposed by any perceived Godfather(s) whether in or out of Government. Endorsements are a common feature of political contests in democratic climes and that should not necessitate caustic, insulting and derogatory attacks on perceived enemies. We are perplexed that most public commentaries in the state are tainted with party loyalty and the attitude of labelling enemies out of those who hold contrary views or differing strategies. We want to re-direct the minds of Urhobo delegates in the parties to issues of competence and allegiance to good corporate governance of the State.
  4. We salute the courage of the various Urhobo sons who have indicated their interest and preparedness to run for the primary elections of all the parties, and we also salute their supporters for their unflinching support. We however believe that the plurality of Urhobo aspirants is not helpful to our cause. We urge the various aspirants to begin a self internalized process of dropping individual ambitions to support a superior candidate of choice in the race. Let’s narrow the options. We must remind one and all of the need to stay healthy with their support, that only one aspirant will eventually emerge as flag-bearer, and that it will be counterproductive to burn all the bridges in the course of their respective support; and, most especially, because we still have a life of nationalism to live after the elections;
  5. To preserve the chastity and sacrosanctity of the gentleman’s arrangement of rotating the governorship position among the three senatorial zones of Delta state—a practice that has helped in dismantling mutual distrust, and erected mutual respect in its place, we call on other senatorial zones to support the Urhobo 2023 Governorship Agenda to sustain the reciprocity that has characterized the emergence of Governors in the state since the present political dispensation;
  6. We call on all Urhobo sons and daughters to be even more united at this critical stage of our existence as a nation; because in the long run, we are all pursuing the same goal of a united Delta, and an Urhobo Governor with the right mentality, capacity, experience and qualification to lead the industrialization of Delta state.
  7. Finally, we call on Governor Okowa to use his capacity as our Governor to provide a level playing ground for all political participants in the state, and across political parties to exercise their constitutional rights for the overall good of Delta state.

Long Live Urhobo Renaissance Society

Long Live Delta State

Long Live the Federal Republic of Nigeria

Signed;           

Prof. Hope Eghagha – President

Prof. Joseph Abugu (SAN)- Vice President

Dr John Uwa- Gen. Secretary

Dr. (Mrs) Cassidy Treasurer

Omiregua Joshua Oweibo- Fin. Sec

Engr. Akpojoto Okiti

Mr Mideno Bayagbon

Mrs. Jite Ellen

Mr. Obaro Osah

Mr. Abraham Ogbodo

Prof. Sunny Awhefeada

Mr. Teddy Okumakebe

Chief (Dr) Richard Iyede

 



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