Constitutional General Assembly declares Conversion of the Bank to a Qatari Public Shareholding Company
In order to get listed on Qatar Stock Exchange, Constitutional General Assembly declares conversion of Dukhan Bank to a Qatari Public Shareholding Company
• Constitutional General Assembly Meeting (CGAM) ratifies Dukhan Bank’s memorandum and articles of association
• CGAM appointed the Bank’s external auditor for the year 2023, approved their fees and appointed Sharia Supervisory Board for a period of three renewable years
• The CGAM also approved the appointment of the first board of directors
DOHA, QATAR, 26 JANUARY 2023: The Constitutional General Assembly Meeting (CGAM) of Dukhan Bank was held via videoconference on Wednesday, January 25 2023, under the chairmanship of H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, Chairman of the Board, and in the presence of 90.6% of the shareholders.
The meeting deliberated on all agenda items. At the onset of the meeting, conversion of the Bank to a Qatari public shareholding company in accordance with Article 208 of the Commercial Companies Law number 11 of 2015 (as amended) (the “Companies Law”), and the related expenses, was announced.
The Constitutional General Assembly Meeting ratified the memorandum of association and articles of association of the Bank.
The meeting appointed the external auditor for the year 2023 and approved their fees; and appointed the Sharia Supervisory Board for a period of three renewable years.
The attendees at the meeting approved the appointment of the first board of directors of the Bank after its conversion to a Qatari Public Shareholding company as set out in the articles of association; and also approved the valuation of the assets and liabilities of the Bank.
The Constitutional General Assembly Meeting unanimously declared the conversion of the Bank to a Qatari Public Shareholding Company.
The participants at the meeting delegated to the Chairman of the Board of Directors power and authority to complete the conversion process, amend the Commercial Registration Certificate, and obtain the approval from the competent authorities, and to delegate any such powers to any board member or member of the executive management at the Chairman sole and absolute discretion.
Commenting on the occasion, the Chairman of Dukhan Bank, H.E. Sheikh Mohammed Bin Hamad Bin Jassim Al-Thani, said: “We are pleased to move forward towards finalizing listing of the Bank’s shares on the Qatar Stock Exchange, which is expected to be completed shortly. Holding the Constitutional General Assembly Meeting is an important step after the conversion of the Bank to a Qatari public shareholding company. This step marks a new dawn in the history of the Bank and consolidates its leading position as one of the fastest growing and 5th largest bank in Qatar. Moreover, it will give all investors an opportunity to benefit from the returns of continued growth and impressive performance that distinguished Dukhan Bank over the previous years, which we aspire to continue in the future as well.”
Dukhan Bank (the “Bank”) is one of the fastest growing Islamic bank in Qatar and region, licensed and regulated by the Qatar Central Bank, with assets in excess of QAR 100bn. The Bank provides an award-winning and full range of Shari’ah compliant banking services, including retail, corporate and commercial banking, business banking, private banking, real estate finance, structured finance, investments and asset management.
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