23 March 2017
BisB announced that its Annual General Meeting has approved all items in its meeting agenda, in its meeting held in Bahrain Bourse’s Hall at Bahrain Financial Harbor Building at 10:00 am on Thursday 23rd March 2017.
After ascertaining that meeting quorum has been satisfied with (86.9%) of the shareholders in attendance, Dr. Esam Abdulla Fakhro, Chairman of the Board of Directors of Bahrain Islamic Bank, started the meeting welcoming shareholders, representatives of the Central Bank of Bahrain, representatives of the Ministry of Industry, Trade and Tourism, and Representatives of the external auditors and the shares registrar.
Thereafter, agenda of the Ordinary General Assembly were discussed which included the following: Approval of the Ordinary General Meeting Minutes held on Wednesday, 14th Jumada Alakhira 1437H corresponding to 23rd March 2016; to discuss and approve the Board of Directors’ report on the Bank’s operations for the financial year ended On 31 December 2016; to listen to the report of the external auditors, Messrs. KPMG Fakhro, on the financial statements for the year ended on 31/12/2016; to listen to the report of the Bank’s Shari’a Supervisory Board for the financial year ended on 31/12/2016; to discuss and approve the financial statements for the year ended on 31/12/2016.
The Ordinary General Meeting also approved the Board of Directors’ recommendation to allocate net profit for the year ended 31 December 2016 in the following manner: to transfer BD 842,144 to the statutory reserve; and to distribute cash dividend of BD 5,051,007 equivalent to 5% of paid-up capital i.e. 5 fils per share after securing the approval of the Central Bank of Bahrain; and the transfer of BD 2,391,656 to retained earnings.
The agenda of the Ordinary General Meeting also included the approval of the proposal to distribute BD 282,829 as remuneration to the members of the Board of Directors for the financial year ended on 31/12/2016; the approval of the Bank’s 2016 Corporate Governance Report and the Bank’s compliance with the Central Bank of Bahrain regulations as reported in the annual report; and to absolve the members of the Board of Directors of all their actions during the financial year ended on 31/12/2016; and the reappointment of the members of the Shari’a Supervisory Board and the external auditors KPMG Fakhro for the financial year 2017.
On conclusion, Dr. Esam Abdulla Fakhro, Chairman of the Board, thanked the Board members for their efforts. He also thanked the honorable members of the Shariah Supervisory Board for their contribution and guidance, and the shareholders, investors and customers for their support and trust; and the executive management of the Bank and the employees for their diligence and dedication in their work.
© Press Release 2017
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