|23 March, 2020

Annual General Meeting of Al Baraka Banking Group Approves Cash Dividend Payouts of US$ 24.9 million to Shareholders

Al Baraka Banking Group B.S.C (ABG) held its Ordinary General Meeting on 23 March 2020 at Al Baraka headquarters in Bahrain Bay, Manama, in the Shaikh Saleh Kamel Hall,  by a quorum of 82.78% .

Annual General Meeting of Al Baraka Banking Group Approves Cash Dividend Payouts of US$ 24.9 million to Shareholders

Mr. Abdulla Ammar Al Saudi, Vice Chairman of ABG chaired the  Meeting, in  which the Group's shareholders discussed the Report submitted by the Board of Directors on the Group's activities, the report of the Shari’a Supervisory Board and the external auditor’s report for the financial year ended 31 December 2019. The consolidated financial statements for the financial year ended 31 December 2019 was also reviewed and approved. The meeting approved the proposed distribution of profits for the financial year ended 31 December 2019 through the transfer of 10% of the net income amounting to US$ 10,567,218 to the statutory reserve, the distribution of US$ 24,857,595 as cash dividend to the shareholders amounting to a 2 US Cent for each share equal to 2% of the par value of the share, and the transfer of US$ 70,247,367 to the retained earnings. All these proposed distributions are subject to the required official approvals.

The meeting then absolved the Directors from liability for the Financial Year ended 31/12/2019 , and approved a remuneration of US$ 1.5 Million to the Members of the Board of Directors for the financial year ended 31/12/2019 after obtaining the required approval from the Minister of Industry, Commerce and Tourism. The meeting also ratified the recommendation of the Board of Directors to reappoint Messrs. Ernst and Young as External Auditors for Al Baraka Banking Group for the financial year ending on 31/12/2020 subject to the approval of the Central bank of Bahrain, and to

authorize and empower the Board of Directors or its delegate to determine their remuneration.

At the meeting, the members of the Board of Directors were elected for the new term for a period of three years, during which, the following names won the membership in the Board of Directors, subject to the approval of the Central Bank of Bahrain:

  1. Shaikh Saleh Abdullah Kamel
  2. Mr. Abdullah Saleh Kamel
  3. Mr. Adnan Ahmed Yousif
  4. Mr. Abdul Elah Sabbahi
  5. Mr. Saud Saleh Al Saleh
  6. Dr. Khaled Abdulla Ateeq
  7. Mr. Fahad Abdullah Al Rajhi
  8. Dr. Jehad Abdul Hamid El-Nakla
  9. Mrs. Dalia Hazem Khorshid
  10. Mr. Naser Mohamed Al Nuwais
  11. Prof. Mohamed Cheikh Rouhou
  12. Dr. Ziad Ahmed Bahaaeldin
  13. Mr. Mohamed Ebrahim Alshroogi

The meeting then approved the reappointment of the Unified Shari’a Supervisory Board Members for a new term of three year period, subject to the approval of the Central Bank of Bahrain.

The meeting then reviewed the Corporate Governance Report pursuant to Central Bank of Bahrain (CBB) regulations, which included the evaluation of the performance of ABG’s Board of Directors, Board Members, Board Committees and P&CE, and the attendance percentage report of Board Meetings for 2019. It approved also the payment of the shareholders’ zakat for the distributable profits, as of 31 December 2019.

At the end of the meeting, the shareholders praised the performance of the Group in the year 2019 and the excellent financial results that it achieved, especially that all units of the Group had contributed to the results, which enhances the confidence in the future performance of the Group, based on diversity of products, depth of knowledge and commitment to the highest professional and ethical standards.

At the conclusion of the meeting, Mr. Abdulla Ammar Al Saudi extended his sincere thanks to the seven members of the Board of Directors who left the membership of the Board of Directors, explaining that this came in compliance with the instructions of the Central Bank of Bahrain to restrict the number of years of service in the membership of boards of directors in banks. At the same time Mr. Al Saudi praised  the erstwhile members for their valuable contribution and services throughout their membership, whereby they enriched and enabled the Group’s march to achieve distinguished achievements.

Given that he is one of the members who will leave the membership of the Board of Directors, Mr. Abdulla Ammar Al Saudi thanked the Chairman of the Board (Founder), His Excellency Sheikh Saleh Kamel (may God protect him) for his invitation for him to join the Board of Directors when the capital was restructured in 2006. He emphasized that the Group has since launched its new march with a board of directors that included diverse and distinguished experiences and an executive management led by Mr. Adnan Ahmed Yousif, who has a long and varied banking experience as well as distinguished relationships to deal with others. All of these things together helped in the launch of this banking edifice, whose existence has created a qualitative addition to banking within the framework of Shari’a provisions. He reinforced further that Al Baraka is the only banking group that has not only dealt with bodies and companies but rather extended its cooperation at the grassroots through more than 700 branches spread in more than seventeen countries across three continents, and over the past fifteen years, it achieved a great leap in its financial performance, as confirmed by its financial indicators, whether in terms of total assets, equity or profitability.

At the end of his speech, Mr. Al Saudi wished the Group well, to continue achieving steady progress and growth, and welcomed the new Board members, wishing them success in their new position.

For his part, Mr. Adnan Ahmed Yousif, Board Member and President & Chief Executive of Al Baraka Banking Group, praised the continuous support that the Group enjoys from its valued shareholders, and from all concerned parties in the Kingdom and abroad, stressing that the Group will continue its successful performance and achievements, thanks to this support and loyalty.

The Group's financial results for year 2019 showed that the total net income of the Group reached US$ 180.2 million.  

On this occasion,  Shaikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group, Mr. Abdulla Ammar Al Saudi, Vice Chairman, Mr. Abdullah Saleh Kamel, Vice Chairman, Mr. Adnan Ahmed Yousif, President & Chief Executive of the Group and all members of the Board of Directors expressed their sincere thanks to the Ministry of Industry, Commerce and Tourism, Central Bank of Bahrain, Bahrain Bourse and Nasdaq Dubai for the cooperation and assistance they extended to the Group since it was established. They also extended their thanks to all central banks in the countries in which Group’s banks operate and to all investors and customers for their continuing support and custom. They also thanked all the employees for their hard work, dedication and loyalty.

-Ends-

About Al Baraka

Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and NasdaqDubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion.

The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through over 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition two branches in Iraq and two representative offices in Indonesia and Libya.

ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion.

ABG is rated BB (long term) / B (short term) by Standard & Poor's and BBB+ (long term) / A3 (short term) by Islamic International Rating Agency (IIRA). IIRA has also rated ABG on the national scale at A+ (bh) / A2 (bh) with a fiduciary score of 81-85, the highest level amongst Islamic Financial Institutions in the region.

© Press Release 2020

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