Manama: Mahmood Rafique, Editor: With an overwhelming majority of over 90 per cent the Bahrain Islamic Bank (BisB) shareholders have approved the financials for the year 2023 during an Ordinary General Meeting, held at the Gulf Hotel, on Monday.
The OGM chaired by Dr. Esam Abdulla Fakhro, Chairman of BisB, who at the outset welcomed the shareholders, representatives from the Central Bank of Bahrain, the Ministry of Industry and Commerce (MOIC), Bahrain Bourse, Chairman of the Sharia’a Supervisory Board, and representatives from the Bank’s External Auditors and shares registrars (Bahrain Clear).
With the quorum of 90.97%, approved the minutes of the previous OGM no (47), held on 21st March 2023, alongside discussions and approvals of the following: The Board of Directors’ Report on Bank activities and its financial position for the financial year ended 31st December 2023, the review of the External Auditors’ report as well as the Shari’a Supervisory Board’s report for the same financial year. The discussion and approvals also examined the audited Financial Statements for the year ended 31st December 2023, as well as the notification of transactions carried out between the Bank and related parties for the fiscal year including major shareholders of the Bank as presented in note (28) of the consolidated financial statements, pursuant to Article 189 of the Bahrain Commercial Companies Law.
The Ordinary General Meeting also oversaw the approval of the Board of Directors’ recommendation to allocate the net profit of BD 11,135,676 for the financial year ended on 31st December 2023, allocating BD 288,745 to the Bank’s Zakat fund and BD 250,000 for charitable donations and authorized the Bank’s Board of Directors to distribute them, transferring BD 1,113,568 to the statutory reserve, and transferring BD 9,483,363 to the retained earnings.
The meeting agenda covered the approval of a payable amount of BD 274,000 as remuneration to the Board of Directors for the financial year ended on 31st December 2023, and also shedding a light on the Bank’s Corporate Governance report for the same year. The meeting additionally addressed the request to absolve the Board of Directors from liability for their actions for the year ended 31st December 2023. The meeting also approved the reappointment of KPMG as external auditors for the year 2024 and the Board of Directors was authorized to determine their fees.
Dr. Esam Abdulla Fakhro concluded the meeting by expressing his deep gratitude and appreciation to His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince, and Prime Minister, for their wise leadership and continued support.
The Chairman expressed gratitude and admiration towards Rasheed Mohammed Al Maraj, who recently retired as Governor of the Central Bank of Bahrain after 18 years of devoted service. He commended Al Maraj’s contributions in advancing the Islamic banking sector in Bahrain. Additionally, the Chairman extended congratulations to Khalid Ibrahim Humaidan on his appointment as the new Governor of the Central Bank of Bahrain, while also conveying best wishes for his success in fulfilling his work responsibilities.
Dr. Esam also thanked the members of the Shari’a Supervisory Board for their continuous efforts, in addition to expressing his gratitude to the shareholders and customers for their loyalty and support, and to the Bank’s Board of Directors, Executive Management and employees for their hard work and dedication.
