BisB holds Ordinary and Extra-Ordinary general meetings

TDT | Manama

The Daily Tribune – www.newsofbahrain.com

The Ordinary and Extra-Ordinary General Meetings of Bahrain Islamic Bank yesterday approved it board of directors’ recommendation to allocate the net profit of BD 6,131,678 for the financial year ending on 31st December 2021.

The meeting also approved allocating BD 137,893 to the Bank’s Zakat fund and BD 350,000 for charitable donations and authorized the Bank’s Board of Directors to distribute them, transferring BD 613,168 to the statutory reserve, and transferring BD 5,030,617 to the retained earnings.

The meeting with a quorum of 91.01% began with a speech from Dr. Esam Abdulla Fakhro, Chairman of BisB at Al Dana Hall (3) – Gulf Hotel Bahrain Convention and Spa. Rpresentatives 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) were present.

The meeting covered the approval of a payable amount 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 meeting approved reappointment of KPMG as external auditors for the year 2022 and the Board of Directors was authorized to determine their fees.

The OGM conducted the board of directors’ election process and announced the election results which resulted in composition of the board from the following names: 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 authorized 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.