BisB Holds its Ordinary General Meeting for the Year 2022

Bahrain Islamic Bank (BisB) successfully held its Ordinary General Meeting, which took place on Tuesday morning, 21st March 2023, at Al Dana Hall (3), Gulf Hotel - Bahrain.

After confirming that the quorum had been met at 87.72%, the meeting began with a speech from Dr. Esam Abdulla Fakhro, Chairman of BisB, welcoming all the attendees including shareholders, representatives from the Central Bank of Bahrain, the Ministry of Industry and Commerce (MOIC), Bahrain Bourse, Chairman of the Sharia’a Supervisory Board, and representatives from the Bank’s External Auditors and shares registrars (Bahrain Clear).

Following an overview of the agenda, the attendees approved the minutes of the previous OGM no (46), held on 28th March 2022, alongside discussions and approvals of the following: The Board of Directors’ Report on Bank activities and its financial position for the financial year ended 31st December 2022, the review of the External Auditors’ report as well as the Shari’a Supervisory Board’s report for the same financial year. The discussion and approvals delved into the audited Financial Statements for the year ended 31st December 2022, as well as the notification of transactions carried out between the Bank and related parties for the fiscal year including major shareholders of the Bank as presented in note (28) of the consolidated financial statements, pursuant to Article 189 of the Bahrain Commercial Companies Law.

The Ordinary General Meeting also oversaw the approval of the Board of Directors' recommendation to allocate the net profit of BD 12,567,396 for the financial year ended on 31st December 2022, allocating BD 170,286 to the Bank’s Zakat fund and BD 250,000 for charitable donations and authorized the Bank’s Board of Directors to distribute them, transferring BD 1,256,740 to the statutory reserve, and transferring BD 10,890,370 to the retained earnings.

The meeting agenda further covered the approval of a payable amount of BD 273,906 as remuneration to the Board of Directors for the financial year ended on 31st December 2022, and the discussion of the Bank’s Corporate Governance report for the same year. The meeting additionally addressed the request to absolve the Board of Directors from liability for their actions for the year ended 31st December 2022. The meeting also approved the reappointment of KPMG as external auditors for the year 2023 and the Board of Directors was authorized to determine their fees. 

Dr. Esam Abdulla Fakhro concluded the meeting by expressing his deep and unwavering gratitude to His Majesty King Hamad bin Isa Al Khalifa and His Royal Highness Prince Salman bin Hamad Al Khalifa, the Crown Prince and Prime Minister, for their wise leadership and continued support. Also, he thanked Central Bank of Bahrain (CBB) and Ministry of Industry and Commerce(MOIC) for their guidance and continuous support. He continued by thanking the members of the Shari’a Supervisory Board for their continuous efforts, in addition to expressing his gratitude to the shareholders and customers for their loyalty and support, and to the Bank’s Board of Directors, Executive Management and employees for their hard work and dedication.