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24 March 2019

Bahrain Islamic Bank (BisB) Convenes its Ordinary Meeting for the Year 2018 and Elects New Board of Directors

Bahrain Islamic Bank (BisB) announced the approval of its ordinary General Assembly on all items of the agenda, in its meeting held on Thursday 21st March 2019 at 10:00 am at the Bank’s headquarters in the Diplomatic Area.

After confirming that the meeting quorum has been met, Dr. Esam Abdulla Fakhro, Chairman of the Board of Directors of Bahrain Islamic Bank (BisB), delivered a speech welcoming the shareholders, the representatives from the Central Bank of Bahrain (CBB), the Ministry of Industry, Commerce and Tourism, the Bank’s External Auditors, and the shares registrars.

The meeting continued by discussing the agenda of the Ordinary General Assembly which included the following:

Approval of the Ordinary General Meeting Minutes number 42 held on Wednesday, 28th March 2018; to discuss and approve the Board of Directors' report on the Bank's operations for the financial year ended on 31st December 2018; the report of the External Auditors on the financial statements for the year ended on 31st December 2018; the report of the Bank’s Shari'a Supervisory Board for the financial year ended on 31st December 2018; to discuss and approve the financial statements for the year ended on 31st December 2018 and to inform the General Assembly about the transactions carried out during the year ended 31st December 2018 between the Bank and related parties including major shareholders of the Bank as presented in the notes 26 of the consolidated audited financial statements, pursuant to Article 189 of the Bahrain Commercial Companies Law.

The Ordinary General Meeting also approved the Board of Directors' recommendation to allocate net profit of BD 11,381,516 for the year ended 31st December 2018 by transferring BD 1,138,152 to the statutory reserve; allocating BD 179,335 to the Zakat fund and BD 250,000 for charitable donations with the authorization of the Board of Directors of the Bank to distribute; and transferring BD 9,814,029 to retained earnings.

The agenda of the Ordinary General Meeting also included the approval of the issuance of additional stock dividend relating to treasury shares for the year ended 31st December 2017; the payment of a total amount of BD 282,285 as remuneration to the Board of Directors for the financial year ended on 31st December 2018 subject to obtaining the approval of the Ministry of Industry, Commerce and Tourism; the Bank's Corporate Governance Report for 2018; the performance of the Board of Directors and its committees; and to discharge the liability of the members of the Board of Directors for all actions in relation to the financial year ended 31st December 2018.

In addition, the board members nominated by the major shareholders were appointed to represent the National Bank of Bahrain, Social Insurance Organization and the Islamic Development Bank in Jeddah:

1. Dr. Esam Abdulla Fakhro – Representing NBB.
2. Khaled Yusuf Abdulrahman- Representing NBB.
3. Brig. Ebrahim Abdulla Al-Mahmood - Representing (SIO) Social Insurance Organization.
4. Abdulla Ahmed Kamal - Representing (SIO) Social Insurance Organization.
5. Muhammad Azarrug Rajab – Representing IDB (Islamic Development Bank).

Furthermore, as a result of the election process to complete the remaining seats of the Board the following members being elected:

1. Mohamed Abdulla Nooruddin – Independent.
2. Marwan Cecil Tabbara – Independent.
3. Khalid Abdulaziz Al Jassim – Independent.
4.Mohammad Abdullah Al Jalahmah – Independent.

The Ordinary General Assembly also approved the re-appointment of the members of the Shari'a Supervisory Board 2019 and authorized the Board of Directors to set their fees and re-appointed KPMG Fakhro as the External Auditors for the financial year 2019 following the approval of the Central Bank of Bahrain. At the end of the meeting, Dr. Esam Abdulla Fakhro, Chairman of the Board, expressed his appreciation to the Board members as well as the honorable members of the Shari’a Supervisory Board for their contribution and guidance, and to the shareholders, and customers for their support and confidence and to the Bank’s executive management and employees for their hard work and dedication.

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