Bahrain Islamic Bank Convenes Its Ordinary and Extraordinary Meeting for the Year 2017
Bahrain Islamic Bank (BisB) announced the approval of its ordinary and extraordinary General Assembly on all items of the agenda, in its meeting held on Wednesday 28th March 2018 at 10:00 am in the Bank’s headquarters at the Diplomatic Area.
After ascertaining that meeting quorum has been satisfied with 88.02%, the meeting began with a speech by Dr. Esam Abdulla Fakhro, Chairman of the Board of Directors of Bahrain Islamic Bank (BisB). Dr. Esam welcomed the shareholders, representatives of the Central Bank of Bahrain (CBB), representatives of the Ministry of Industry, Trade and Tourism, and representatives of the External Bank Auditors and shares registrars.
Thereafter, The Meeting Continued by Discussing the Agenda of the Ordinary General Assembly which included the following:
Approval of the Ordinary General Meeting Minutes number 41 for the year 2016 held on Thursday, 24th Jumada Alakhira 1438 H corresponding to 23rd March 2017; to discuss and approve the Board of Directors' report on the Bank's operations for the financial year ended on 31st December 2017; to listen to the report of the External Auditors, Messrs. KPMG Fakhro, on the financial statements for the year ended on 31st December 2017; to listen to the report of the Bank’s Shari'a Supervisory Board for the financial year ended on 31st December 2017; to discuss and approve the financial statements for the year ended on 31st December 2017.
The Ordinary General Meeting also approved the Board of Directors' recommendation to allocate net profit for the year ended 31st December 2017 by transferring BD 1,014 thousand to the statutory reserve; allocating of BD 200,000 for charitable donations with the authorization of the Board of Directors of the Bank to distribute; and transferring BD 4,186 thousand to retained earnings.
The agenda of the Ordinary General Meeting also included the approval of the proposal to distribute BD 5,039,067 equivalent to 5% of paid-up capital i.e. 5 shares per each 100 shares subject to the approval of the Central Bank of Bahrain; to confirm payment of remuneration for the members of the Board of Directors for the year ended on 31st December 2017 with a total amount of BD 283 thousand; and to approve the Bank’s Corporate Governance report for the year 2017 and the Bank’s commitment to the regulations of the Central Bank of Bahrain as set out in the annual report; and to discharge the liability of the members of the Board of Directors for all actions in relation to the financial year ended 31st December 2017.
Also, the Ordinary General Assembly approved the re-appointment of the members of the Shari'a Supervisory Board 2018 and the authorization of the Board of Directors to set their fees and re-appoint Messrs. KPMG Fakhro as the External Auditors for the financial year 2018 after securing the approval of the Central Bank of Bahrain and authorizing the Board of Directors to set their fees.
After that, the meeting discussed the agenda of the Extraordinary General Assembly, and the minutes of the meeting number 23 for the year 2015 held on Wednesday, 14th Jumada Alakhira 1437 H corresponding to 23rd March 2016. The meeting included confirming the increase in the issued and paid-up capital by 5 shares against every 100 existing shares in the Bank, equivalent to a total of 50,390,673 shares as a result of issuance of new bonus shares so that the issued and paid-up capital will become BD 106,378,067 distributed into 1,063,780,670 shares with a value of 100 fils per share subject to the approval of the Central Bank of Bahrain, approval on the amendment of Articles of Association of the company to comply with the requirements of Law no (1) for the year 2018 on the amendments of some provisions of the Commercial Companies Law promulgated by Legislative Decree no. (21) for the year 2001; and to authorize the Chairman of the Board of Directors or his representative to take the necessary procedures for the above-stated amendments to the Memorandum of Association and the Articles of Association of the Bank, including signing before the public notary.
At the end of the meeting, Dr. Esam Abdulla Fakhro, Chairman of the Board, thanked the Board members as well as the honorable members of the Shariah Supervisory Board for their contribution and guidance, and to the shareholders, investors and customers for their support and dedication at work, wishing that the year 2018 will be a year of full achievements and developments on various sectors in the Bank.
Bahrain Islamic Bank
Incorporated in 1979 as the first Islamic bank in the kingdom of Bahrain, and the fourth in the GCC. Bahrain Islamic Bank (BisB) has played a pivotal role in the development of the Islamic banking industry and the Kingdom’s economy. The Bank operates under an Islamic Retail banking licence from the Central Bank of Bahrain and is listed on the Bahrain Bourse.
At the end of 2016, the Bank’s paid up capital was BD 101 million, while total assets stood at BD 1042 million. The Bank’s modern branch network comprises 5 branches, 4 innovative financial malls, and 56 ATMs located throughout the Kingdom. A steadfast focus on continuous innovation, strong corporate governance and risk management, employee development, and the use of state of the art technology to deliver superior customer service, has cemented Bahrain Islamic Bank’s position as the leading Sharia’a – compliant bank in the Kingdom.
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