BisB approves financial results at OGM

TDT | Manama

Email: mail@newsofbahrain.com

Bahrain Islamic Bank (BisB), the leading provider of innovative Islamic financial solutions for simplifying money matters in the Kingdom of Bahrain, successfully held its Ordinary General Meeting (OGM) on Monday morning, 24th March 2025, at the Gulf Hotel Bahrain.

After confirming that the quorum had been met at 94.81%, the meeting commenced with a speech from Zaid Khalid Abdulrahman, Chairman of BisB, in which he welcomed all attendees 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.