Manama: Mahmood Rafique, Editor: An overwhelming majority of 94.81 per cent of the total shareholding of Bahrain Islamic Bank (BisB) has approved financials for the year 2024 and all key items on the agenda during the Ordinary General Meeting (OGM) held at the Gulf Hotel Bahrain.
Zaid Khalid Abdulrahman, Chairman of BisB, welcomed the participants of the meeting including shareholders, delegates from the Central Bank of Bahrain (CBB), the Ministry of Industry and Commerce (MOIC), Bahrain Bourse, the Chairman of the Sharia’a Supervisory Board, and representatives from the Bank’s External Auditors and Shares Registrar (Bahrain Clear).
Following an overview of the agenda, the attendees approved the minutes of the previous OGM no. (48) held on 25th March 2024. They discussed and approved the Board of Directors’ Report on the Bank’s activities and its financial position for the year ended 31st December 2024, alongside the External Auditor’s and the Sharia’a Supervisory Board’s Report for the same year. The attendees also reviewed and approved the Bank’s audited financial statements for the year ended 31st December 2024, as well as the notification of transactions carried out between the Bank and related parties including major shareholders, as detailed in note (27) of the consolidated financial statements under Article (189) of the Bahrain Commercial Companies Law.
The OGM further approved the Board of Directors’ recommendation to distribute the net profit of BD 5,070,026 for the financial year ended 31st December 2024, allocating BD 356,398 to the Bank’s Zakah fund, BD 50,000 for charitable donations, BD 507,003 to the statutory reserve, and BD 4,156,625 to retained earnings.
The meeting also approved the payment of a total amount of BD 268,128 as remuneration to the Board of Directors for the financial year ended 31st December 2024, subject to the approval of the Minister of Industry and Commerce, along with all other benefits and privileges including sitting fees. The attendees further approved the sitting fees for the year 2025 at a similar rate to the previous year. In line with the CBB’s requirements, the Bank’s Corporate Governance Report for 2024 was also reviewed during the session.
Additionally, the attendees approved the request to absolve the members of the Board of Directors from liability for their actions for the year ended 31st December 2024. Furthermore, KPMG Fakhro was reappointed as the Bank’s external auditors for the year 2025, with authorisation granted to the Board of Directors to determine their fees.
The procedures for electing members of the Board of Directors for the period extending from March 2025 to March 2028 began, and the results were announced with the winning of four independent members, namely: Naser Mohamed AlHamad, Khalid Abdulaziz Al Jassim, Marwan Khaled Tabbara and Mohamed Abdulrahman Bucheeri, in addition to the appointment of 6 members from major shareholders (National Bank of Bahrain), namely: Zaid Khalid Abdulrahman, Usman Ahmed, Mohamed Abdulla Nooruddin, Hesham Alkurdi, Ali Ehsan Abbas and Rana Abdulaziz Qambar.
Zaid Khalid Abdulrahman expressed his deep gratitude 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 enduring support.
The Chairman also thanked the members of the Sharia’a Supervisory Board for their continuous efforts while appreciating BisB’s shareholders and customers for their ongoing loyalty and trust. He further acknowledged the Board of Directors, Executive Management, and employees for their long-standing hard work and dedication towards the Bank’s success.
