BisB holds general meeting, names new board

The Ordinary General Meeting of Bahrain Islamic Bank (BisB) held yesterday approved a recommendation of its board of directors to allocate a net profit of BD 11,381,516 for the year ended 31st December 2018 by transferring BD 1,138,152 to the statutory reserve. The meeting also elected a new board of directors. The meeting held at the bank’s headquarters in the Diplomatic Area further approved an allocation of BD 179,335 to the Zakat fund and BD 250,000 for charitable donations with the authorization of the Board of Directors of the Bank to distribute and transferring BD 9,814,029 to retained earnings.

The General Meeting also gave nod to the issuance of additional stock dividend relating to treasury shares for the year ended 31st December 2017; the payment of a total amount of BD 282,285 as remuneration to the Board of Directors for the financial year ended on 31st December 2018 among others. The newly appointed board members, a BisB statement said, will represent the National Bank of Bahrain, Social Insurance Organization and the Islamic Development Bank in Jeddah.

New members are Dr Esam Abdulla Fakhro – Representing NBB, Khaled Yusuf Abdulrahman- Representing NBB, Brig. Ebrahim Abdulla Al-Mahmood - Representing (SIO) Social Insurance Organization, Abdulla Ahmed Kamal - Representing SIO and Muhammad Azarrug Rajab – Representing IDB (Islamic Development Bank). Other independent board members are Mohamed Abdulla, Marwan Cecil, Khalid Abdulaziz Al Jassim and Mohammad Abdullah Al Jalahmah.

The Ordinary General Assembly also approved the re-appointment of the members of the Shari’a Supervisory Board 2019 and authorized the Board of Directors to set their fees and re-appointed KPMG Fakhro as the External Auditors for the financial year 2019.