Bahrain Islamic Bank approves distribution of $16.4mln profit

Shareholders also approved the increase in the number of board members


MANAMA: Bahrain Islamic Bank (BisB) shareholders have approved the distribution of net profit of BD6,213,594 for 2019 by transferring BD621,359 to the statutory reserve, allocating BD328,423 to the zakat fund and BD250,000 for charitable donations and transferring BD5,013,812 to retained earnings.

The announcement follows the bank’s ordinary and extraordinary general meetings held yesterday via video conferencing, in accordance with the laws of Bahrain, as a precaution against the spread of the coronavirus. The meeting quorum was 78.81 per cent.

The meeting saw approval of the board of directors’ report on the bank’s activities and its financial position for 2019; as well as the external auditors’ report, the Sharia Supervisory Board report and the financial statements for the year, in addition to notifying transactions carried out during the year between the bank and related parties.

The appointment of Jean-Christophe Durand, Yaser Alsharifi and Dana Buheji to the board due to the National Bank of Bahrain acquiring additional 49.75pc shares in BisB was also approved.

Shareholders also approved the increase in the number of board members, from nine to 10, as well as the re-appointment of KPMG as external auditors for 2020.

The extraordinary general meeting authorised the chairman or whom he may delegate to take all required legal and official actions to execute the amendments to the bank’s memorandum and articles of association.

BisB chairman Dr Esam Abdulla Fakhro expressed his gratitude to the bank’s board, executive management and employees as well as shareholders and customers.

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