MANAMA: Mahmood Rafique, Editor: The overwhelming majority of 82.78% of the total shareholding of Bahrain-headquartered Islamic banking major, Al Baraka Banking Group B.S.C (ABG), has approved the payment of cash dividend of $24.9million for the financial year of 2019.
Abdulla Ammar Al Saudi, Vice Chairman of ABG Chaired the meeting, in which the Group’s shareholders discussed the financials for 2019 submitted by the Board of Directors on the Group’s activities, the report of the Shari’a Supervisory Board and the external auditor’s report for the financial year ended 31 December 2019.
The consolidated financial statements for the financial year ended 31 December 2019 was also reviewed and approved. The meeting approved the proposed distribution of profits for the financial year ended 31 December 2019 through the transfer of 10% of the net income amounting to US$ 10,567,218 to the statutory reserve, the distribution of US$ 24,857,595 as cash dividend to the shareholders amounting to a 2 US Cent for each share equal to 2% of the par value of the share, and the transfer of US$ 70,247,367 to the retained earnings. All these proposed distributions are subject to the required official approvals.
The meeting then absolved the Directors from liability for the Financial Year ended December 31, 2019, and approved a remuneration of US$ 1.5 million to the members of the Board of Directors for the financial year ended of 2019 after obtaining the required approval from the Minister of Industry, Commerce and Tourism. The meeting also ratified the recommendation of the Board of Directors to reappoint Messrs. Ernst and Young as External Auditors for Al Baraka Banking Group for the financial year ending on 31/12/2020 subject to the approval of the Central bank of Bahrain, and to authorize and empower the Board of Directors or its delegate to determine their remuneration.
During the meeting, the members of the Board of Directors were elected for the new term for a period of three years, during which, the following names won the membership in the Board of Directors, subject to the approval of the Central Bank of Bahrain: namely 1. Shaikh Saleh Abdullah Kamel; 2. Mr. Abdullah Saleh Kamel; 3. Mr. Adnan Ahmed Yousif; 4. Mr. Abdul Elah Sabbahi; 5. Mr. Saud Saleh Al Saleh; 6. Dr. Khaled Abdulla Ateeq; 7. Mr. Fahad Abdullah Al Rajhi; 8. Dr. Jehad Abdul Hamid El-Nakla; 9. Mrs. Dalia Hazem Khorshid; 10. Mr. Naser Mohamed Al Nuwais; 11.Prof. Mohamed Cheikh Rouhou; 12. Dr. Ziad Ahmed Bahaaeldin and 13. Mr. Mohamed Ebrahim Alshroogi.
The meeting then approved the reappointment of the Unified Shari’a Supervisory Board Members for a new term of three-year period, subject to the approval of the Central Bank of Bahrain.
The meeting then reviewed the Corporate Governance Report pursuant to Central Bank of Bahrain (CBB) regulations, which included the evaluation of the performance of ABG’s Board of Directors, Board Members, Board Committees and P&CE, and the attendance percentage report of Board Meetings for 2019. It approved also the payment of the shareholders’ zakat for the distributable profits, as of 31 December 2019.
At the end of the meeting, the shareholders praised the performance of the Group in the year 2019 and the excellent financial results that it achieved, especially that all units of the Group had contributed to the results, which enhances the confidence in the future performance of the Group, based on diversity of products, depth of knowledge and commitment to the highest professional and ethical standards.
At the conclusion of the meeting, Mr. Abdulla Ammar Al Saudi extended his sincere thanks to the seven members of the Board of Directors who left the membership of the Board of Directors, explaining that this came in compliance with the instructions of the Central Bank of Bahrain to restrict the number of years of service in the membership of boards of directors in banks. At the same time Mr. Al Saudi praised the erstwhile members for their valuable contribution and services throughout their membership, whereby they enriched and enabled the Group’s march to achieve distinguished achievements.
Given that he is one of the members who will leave the membership of the Board of Directors, Mr. Abdulla Ammar Al Saudi thanked the Chairman of the Board (Founder), His Excellency Sheikh Saleh Kamel (may God protect him) for his invitation for him to join the Board of Directors when the capital was restructured in 2006. He emphasized that the Group has since launched its new march with a board of directors that included diverse and distinguished experiences and an executive management led by Mr. Adnan Ahmed Yousif, who has a long and varied banking experience as well as distinguished relationships to deal with others. All of these things together helped in the launch of this banking edifice, whose existence has created a qualitative addition to banking within the framework of Shari’a provisions. He reinforced further that Al Baraka is the only banking group that has not only dealt with bodies and companies but rather extended its cooperation at the grassroots through more than 700 branches spread in more than seventeen countries across three continents, and over the past fifteen years, it achieved a great leap in its financial performance, as confirmed by its financial indicators, whether in terms of total assets, equity or profitability.
Mr. Al Saudi wished the Group well, to continue achieving steady progress and growth, and welcomed the new Board members, wishing them success in their new position.
For his part, Mr. Adnan Ahmed Yousif, Board Member and President and Chief Executive of Al Baraka Banking Group, praised the continuous support that the Group enjoys from its valued shareholders, and from all concerned parties in the Kingdom and abroad, stressing that the Group will continue its successful performance and achievements, thanks to this support and loyalty. “The Group’s financial results for year 2019 showed that the total net income of the Group reached US$ 180.2 million.”
Shaikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, Mr. Abdulla Ammar Al Saudi, Vice Chairman, Mr. Abdullah Saleh Kamel, Vice Chairman, Mr. Adnan Ahmed Yousif, President and Chief Executive of the Group and all members of the Board of Directors expressed their sincere thanks to the Ministry of Industry, Commerce and Tourism, Central Bank of Bahrain, Bahrain Bourse and Nasdaq Dubai for the cooperation and assistance they extended to the Group since it was established. They also thanked all central banks in the countries where the Group operates and to all investors and customers for their continuing support and custom. They also thanked all the employees for their hard work, dedication and loyalty.
