BisB holds OGM, allocates profits

TDT | Manama                                                      

The Daily Tribune – www.newsofbahrain.com

Bahrain Islamic Bank (BisB) successfully held its Ordinary General Meeting, yesterday, at the Gulf Hotel, Bahrain.

After confirming that the quorum had been met at 90.97%, the meeting began with a speech from Dr.Esam Abdulla Fakhro, Chairman of BisB The discussion and approvals examined the audited Financial Statements for the year ended 31 st December 2023, as well as the notification of transactions carried out between the Bank and related parties for the fiscal year.

The Ordinary General Meeting also oversaw the approval of recommendation to allocate the net profit of BD 11,135,676 for the financial year ended on 31 st December 2023, allocating BD 288,745 to the Bank’s Zakat fund and BD 250,000 for charitable donations and authorised 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 31 st December 2023, and the discussion of the Bank’s Corporate Governance report for the same year.

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 AlMaraj, 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.