Qatar Islamic Bank (QIB), has signed an agreement with Edaa to manage the distribution of dividends for shareholders of listed companies in Qatar. This arrangement aligns with the regulations governing dividend distribution in listed companies, as stipulated by the Qatar Financial Markets Authority (QFMA). Under this agreement, Edaa is entrusted with the responsibility of distributing dividends on behalf of all companies, encompassing both cash dividends and bonus shares determined for distribution.
The signing ceremony, held on January 21, 2024, at Edaa’s premises, signifies a qualitative step towards modernizing financial services and developing the process of distributing dividends to shareholders. This ceremony witnessed the presence of senior executives from both sides to celebrate this pioneering partnership. This cooperation embodies QIB’s commitment to developing digital financial solutions, improving investor experience, and promoting a dynamic investment environment.
In accordance with this agreement, QIB will integrate its dividend payment distribution system with Edaa’s platform to acquire the shareholders’ lists of dividend distributions for listed companies. This integration facilitates the swift and efficient implementation of dividend distribution operations to shareholders while ensuring accuracy. The system enables seamless uploading of dividend files, provides real-time updates on paid and unpaid dividends, and allows inquiries based on the National Investor Number (NIN) with Edaa and listed companies.
Sheikh Saif bin Abdullah Al-Thani, CEO of Edaa, commented on this strategic partnership, stating: “Edaa’s commitment to enhancing investor experiences and value led us to choose QIB as a banking partner for dividend payment distribution. This partnership reflects our dedication to expediting processes, ensuring accuracy, and distributing dividends in a timely manner. We are confident that QIB’s innovative digital solutions and commitment to excellence align with our objectives, enhancing investor confidence and fostering a more dynamic investment environment.”
Mr. Bassel Gamal, Group CEO of QIB, emphasized the bank’s dedication to providing digital solutions to our partners and customers to meet their needs. He said, “This collaboration with Edaa is evidence of QIB’s strong commitment to delivering cutting-edge financial services. By leveraging our digital capabilities, we aim to enhance the dividend distribution experience for shareholders of listed companies, contributing to the advancement of Qatar’s financial landscape.”Top of Form
As a prominent Islamic bank in Qatar, QIB remains steadfast in prioritizing customer-centric digital solutions, aiming to provide exceptional experiences and establish pioneering standards in the banking industry.