BiSB elects Dr Esam Fakhro as Board of Directors Chairman

Manama : Bahrain Islamic Bank (BisB) announced that its Ordinary and Extra-Ordinary General Assemblies approved all the items of the agenda in the meetings consecutively held on Wednesday  in the Bank Headquarters at Al-Salam Tower - Diplomatic Area. 

The meeting discussed the report of the Board of Directors on the bank’s activities for the financial year ended on December 31 and approving it. It also elected new members of Board of Directors. 

The new Board held its first meeting in which, Dr. Esam Fakhro was elected as the Chairman of the Board of Directors and Brigadier Khalid Mohammed Al Mannai as Vice Chairman of the Board of Directors.

Dr. Esam Fakhro congratulated all the new members of the Board of Directors wishing them all the success in performing their tasks and duties in the coming period.

The AGM also approved the recommendation of the Board of Directors to allocate the net earnings of the financial year ended in December 31, through transferring an amount of BD 1,121, 000 to the statutory reserves, transferring an amount of BD 8,192, 000 to extinguish losses brought forward, and not to pay remuneration to the Board of Directors for the fiscal year. 

The agenda of the AGM also included the distribution of 4  per cent of paid capital as bonus shares to the shareholders by issuing 4 shares against every 100 existing shares in the Bank. 

The AGM also approved the reappointment of the members of Sharia’s Supervisory Board for the financial year 2016 and reappointing KPMG Fakhro as external auditors and delegating the Board of Directors to determine their fees. 

AGM was informed about the appointment of Mohammed Al Zarrouq Rajab as a member of the Board of Directors as replacement for the former representative of the Islamic Development Bank Mohammed Hedi Al Mejai.

The General Assembly concluded its items with the appointment and election of new members for the Board of Directors. 

Hassan Amin Jarrar, the Chief Executive Officer of the Bank, congratulated the new members of the Board of Directors wishing them all the success in their future.