26 November 2008 DOHA: Qatar Islamic Bank (QIB) has sought approval from the banking and bourse regulators to buy back 10 percent of it listed shares. The acquisition will take place once approval is had from the Qatar Financial Markets Authority (QFMA), which regulates the Doha Securities Market (DSM), and the Qatar Central Bank (QCB), the country's banking regulator. The bank's CEO, Salah Jaidah, said the move is aimed at reducing the capital cost and enhancing returns on shareholders' equity and improve earnings per share (EPS) to help raise liquidity and earnings per share (EPS) for the benefit of shareholders. The Board of Directors of QIB, presided over by Chairman Sheikh Jassim bin Hamad bin Jassim bin Jabor Al Thani, has approved the decision on the 10 per cent buyback. "The decision confirms the board's commitment to the shareholders of the bank and aims to reinforce the value of the shareholders' investments by enhancing returns on shareholders' equity and improved EPS as a means of increasing liquidity and the value of financial gearing, to manage the capital base on economical grounds and reduce the capital cost," said Jaidah. It also reflects the commitment of the board to support QIB's capital stock and maintain and develop the bank's solid position in the market at all times, said Jaidah. The decision comes in line with the recent announcement of the bank to include the Qatar Investment Authority (QIA) as a strategic partner in its capital. The partnership will be discussed at the bank's extraordinary annual general meeting on December 23, he added. © The Peninsula 2008 & omar 1.1:zy
|
