Manama, Bahrain: Bahrain Islamic Bank (BisB) announced the conclusion of its Ordinary and Extra-Ordinary General Meetings (OGM, EGM) held on Tuesday 23rd March 2021 at 10:00am via video conference. This year, the meetings were held virtually, in line with Kingdom’s Government directives to curb the spread of the ongoing Covid-19 pandemic. After confirming the meeting quorum had been met at 87.73%, Dr. Esam Abdulla Fakhro, Chairman of the Board of Directors of BisB, welcomed the Bank’s shareholders and key representatives from various entities, namely the Central Bank of Bahrain (CBB), the Ministry of Industry, Commerce and Tourism, Bahrain Bourse, Chairman of the Sharia Supervisory Board, the Bank’s External Auditors, Bahrain Clear (the shares registrars); who were all attended virtually.
The meeting was initiated with an overview of the agenda, including an approval of minutes of the previous OGM no (44), held on 19th April 2020, with discussions and approvals of; the Board of Directors’ Report on Bank activities and its financial position for the financial year ending 31st December 2020, the review of external auditors’ report, in addition to the Shari’a Supervisory Board’s report for the same financial year. The discussion and approvals further delved into the Financial Statements for the year ending on 31st December 2020, as well as the notification of transactions carried out between the Bank and related parties for the fiscal year.
The OGM also oversaw the approval of the Board of Directors' recommendation to authorize the net loss of BD 12,562,700 for the financial year ending on 31st December 2020, allocating BD 122,089 to the Bank’s Zakat fund and BD 250,000 for charitable donations, authorized by the Bank’s Board of Directors to be distributed, transferring BD 12,934,789 into accumulated losses.
The meeting agenda further covered the approval of a payable amount of BD 141,000 as remuneration to the Board of Directors for the financial year ending on 31st December 2020, 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 during the 2020. Furthermore, the meeting reported on the structure of the Sharia Supervisory Board, noting a reduction from five to four members, as well as the re-appointment of KPMG as the appointed external auditors for the year 2021, authorising the Board of Directors to determine their fees.
The agenda of the EGM was addressed, beginning with the approval of the minutes of the previous EGM no (25) held on 19th April 2020. The meeting approved the Board of Director’s recommendation to issue additional Tier 1 Capital by way of convertible Sukuk up to BD 40 Million, authorizing the Board of Directors to make all requisite decisions in relation to structure, outlining the proceeds, the value of the issuance, the timeline, and any necessary terms and conditions related to convertible Sukuk issuance, subject to approval from regulatory authorities. Moreover, the meeting witnessed the pre-emptive rights of shareholders to subscribe to the convertible Sukuk waived.
Dr. Esam Abdulla Fakhro concluded the meetings 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, Deputy Supreme Commander Prime Minister of the Kingdom of Bahrain, for their wise leadership and continued support. He went on to thank the honourable members of the Shari’a Supervisory Board for their efforts, expressing his gratitude to the Bank’s Board, Executive Management and employees for their hard work and dedication, and to the shareholders and customers for their continued support.
© Press Release 2021