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Bahrain Islamic Bank holds OGM and EGM

March 29, 2022
islamic finance

Bahrain Islamic Bank (BisB) today held its Ordinary and Extra-Ordinary General Meetings at the Al Dana Hall – Gulf Hotel Bahrain Convention and Spa.

Dr Esam Abdulla Fakhro, Chairman of BisB, welcomed all the attendees including shareholders, representatives from the Central Bank of Bahrain, the Ministry of Industry, Commerce and Tourism (MOICT), Bahrain Bourse, Chairman of the Sharia’a Supervisory Board, and representatives from the Bank’s External Auditors (Bahrain Clear).

The attendees approved the minutes of the previous OGM held on 23rd March 2021, alongside discussions and approvals of the following: the Board of Directors’ Report on Bank activities and its financial position for the financial year ending 31st December 2021, the review of the External Auditors’ report as well as the Shari’a Supervisory Board’s report for the same financial year.

The OGM also oversaw the approval of the Board of Directors' recommendation to allocate the net profit of BD6,131,678 for the financial year ending on 31st December 2021, allocating BD137,893 to the bank’s zakat fund and BD350,000 for charitable donations and authorised the bank’s board to distribute them, transferring BD613,168 to the statutory reserve, and BD5,030,617 to the retained earnings.

The meeting approved payment of BD 282,000 as remuneration to the Board of Directors for the financial year ending on 31st December 2021, and the discussion of the Bank’s Corporate Governance report for the same year as required by the Central Bank of Bahrain.

The OGM conducted the board of directors’ election process and the following were elected board members: Mohamed Abdulla Nooruddin, Khalid Abdulaziz Al Jassim, Marwan Khalid Tabbara, and Saqer A Muhsin Al Sejari.

Additionally, the meeting discussed and approved the Board of Directors’ recommendation regarding the Front-Line Incentive Plan (FLIP) for Retail Sales employees and fully authorised the Board of Directors to issue the necessary regulations to execute and modify the same subject to approval of the Central Bank of Bahrain approval.