Manama, Kingdom of Bahrain: Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in the Kingdom of Bahrain, held its Ordinary and Extraordinary Annual General Meetings through a video conference platform on the morning Wednesday 22nd March 2023, with a legal quorum of 90.49%. The meeting was chaired by Mr. Hisham Ahmed Alrayes, Chairman of the Board, in the presence of Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer, and several members of the Board of Directors and Executive Management Team, with the participation of shareholders, Shari’a Supervisory Board representatives, external auditors, and supervisory authorities.

The Annual Ordinary General Meeting began with the approval of the Minutes of the previous Ordinary General Meeting, which was held on 24th March 2022. The Board of Directors’ Report on the Bank’s business for the year ending on 31st December 2022 was discussed and approved. The Shari’a Supervisory Board and External Auditors’ Reports were heard, and the Financial Statements for the year ending on 31st December 2022 were discussed and approved.

The attendees approved the Board of Directors’ recommendation to transfer an amount of BD 1,400,689 to the Statutory Reserve, allocate BD 554,691 to the Zakat Fund, and transfer BD 12,051,507 to Retained Earnings. The attendees have also approved the proposal to distribute a remuneration to the members of the Board of Directors with a sum of BD 191,250 for the year ending on 31st December 2022, after approval by regulatory authorities.

Transactions that took place with any related parties or major shareholders during the year ended 31st December 2022 were authorized, ratified, and approved. The Corporate Governance Report for the year ended 31st December 2022 was discussed and approved, alongside the Bank's compliance with the requirements of the Central Bank of Bahrain (CBB). Board Members were released of liability for their actions during the year ended 31st December 2022. The Annual Ordinary General Meeting concluded by approving the reappointment of the External Auditors for the year 2023 and delegating the Board of Directors to specify their remuneration, after obtaining the CBB’s approval.

The Annual Extraordinary General Meeting began with the approval of the Minutes of the previous Extraordinary General Meeting, which was held on 24th March 2022, after which the attendees approved amending the Bank’s corporate name in the English Language from (“Khaleeji Commercial Bank B.S.C.”) to (“Khaleeji Bank B.S.C.”) and in the Arabic Language from (“المصرف الخليجي التجاري ش.م.ب.”) to (“خليجي بنك ش.م.ب.”), after obtaining the CBB’s approval. The attendees also approved amendments to the bank’s Memorandum and Articles of Association to reflect the new corporate name, after obtaining the required regulatory approvals, following which they approved the authorisation of Mr. Sattam Sulaiman Algosaibi, the Chief Executive Officer, or whom he delegates to take the necessary actions related to the aforementioned, including the amendments and notarisation in the Memorandum and Articles of Association on behalf of the shareholders on the Notary Public in the Kingdom of Bahrain, and to present any related documents to the authorities.

On this occasion, Chairman of the Board Mr. Hisham Ahmed Al Rayes, stated “We are honoured to announce the positive results achieved by the Bank during the year 2022 on all fronts, by relying on operational plans that keep pace with modern trends and changes taking place in the world, especially in light of the economic transformations that necessitated us to continue moving at a steady pace in the various aspects of our banking operations. Therefore, the Bank has adopted a proactive approach to form and develop opportunities as well as progress them into tangible successes, which was reflected in strengthening the bank's leading position in the Kingdom of Bahrain.”

Mr. Al Rayes added “We rely in our plans on our confidence in the Bahraini economy’s strength, thanks to the qualitative initiatives launched by the Respected Government led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, in line with the visions of His Majesty King Hamad bin Isa Al Khalifa, King of Bahrain, within the framework of the comprehensive development process of the Kingdom. This will certainly have a positive impact on the bank’s performance towards reaching broader horizons of achievements and successes, especially as the bank is preparing to launch its new identity, which embodies our aspiration to continue its leadership of the Islamic Banking sector by relying on an innovative banking business model that contributes to providing added value to shareholders and clients.”

For his part, Chief Executive Officer Mr. Sattam Sulaiman Algosaibi, said “The bank is moving steadily towards achieving the aspirations of its shareholders through sustaining the growth of profitability and revenue, as we were able to consolidate its positive performance at all aspects during the year 2022 based on constants of creativity and innovation, with the aim of providing a pioneering banking experience that meets the aspirations and ambitions of our clients and keeps pace with the latest trends and growing developments in the banking sector, which has become a key pillar of the Bahraini economy.”

Stating further, Mr. Algosaibi said “During the past year, the bank has continued to implement the objectives of its strategic plan, particularly with regard to digital transformation by offering a package of innovative products and services, which contributed to enhancing the banking experience for our valued clients. This includes the development of the "Khaleeji Mobile App” which won the “Best Digital Product Award” in the Kingdom of Bahrain for the year 2022 by International Business Magazine, as well as the inauguration of self-service kiosks that support the recognition of fingerprints registered with the eGovernment at branches without the need for identification documents, and the provision of smart tablets to Client Service Staff in order to swiftly, seamlessly, and digitally complete transactions. During the year 2022, the bank has worked to offer a range of retail banking services with exceptional privileges, such as Home Financing, Deposit Offers, the "Al Waffer" investment account, and other services that were met with remarkable demand by our valued clients. All this in addition to expanding our network by opening a new branch in Wadi Al Sail Mall, and revamping our Hidd branch utilising a contemporary design that provides a convenient personal banking experience for individual and corporate clients alike. The bank has also continued to forge fruitful partnerships with several public and private institutions.”

Mr. Algosaibi added: “I extend my profound gratitude and appreciation to the Board of Directors for their endless support and wise guidance, which had a great impact on the bank’s achievement of major strategic goals during the year 2022. I would also like to thank our valued shareholders and clients for their firm confidence in the bank, and we reiterate our keenness to achieve further positive results that meet their aspirations during the next phase, which will witness the launch of our new identity, with its ambitious vision and innovative business model. My great appreciation and gratitude also goes to the CBB for their key role in guiding the banking sector towards adopting qualitative initiatives that contribute to achieving further growth and prosperity for this sector. I would also like to commend the dedicated efforts made by the Bank’s team for their sincere efforts that contributed to maintaining the bank’s advanced position as one of the leading Islamic Banks in the Kingdom of Bahrain.”