Bahrain Islamic Bank held its Ordinary and Extra-Ordinary General Assembly for the year 2015 and Elect Dr.EssamFakhro as its new Chairman of Board of Directors
27-March-2016
Bahrain Islamic Bank (BisB) announced that its Ordinary and Extra-Ordinary General Assemblies approved all the items of the agenda in the meetings which were consecutively held at 10 a.m. on Wednesday 23rd March 2016 in the Bank Headquarters at Al-Salam Tower - Diplomatic Area.
After ensuring that the quorum of the meeting was satisfied with (88.13 %)of the shareholder votes in attendance, the meeting started with a statement by Mr. AbdulRazak Abdulla Al-Qassim, Chairman of Bahrain Islamic Bank, whowelcomed the shareholders, representatives of: the Central Bank of Bahrain, The Ministry of Industry Trade and Tourism, The Bahrain Stock Exchange, The External Auditor and The Stock Registrars.
Then, the meeting started in deliberating of the AGM agenda which included the following items:
The adoption of the minutes of the AGM meeting No. 39 for the year 2014 which was held on Monday 3rd Jumada Al Akhira 1436 H corresponding to 23rd March 2015 which was approved at the EGM meeting No. 22 which was held on Tuesday 27th October 2015. Discussing the report of the Board of Directors on the banks activities for the financial year ended on 31st December 2015 and approving it. Receiving the report of Sharia's Supervisory Board about the financial year ended in December 2015. Receiving the external auditors report, KPMG Fakhro about the financial statements for the financial year ended in 31st December 2015 and discussing the financial statements for the financial year ended on 31st December 2015 and approving it.
The AGM also approved the recommendation of the Board of Directors to allocate the net earnings of the financial year ended in 31st December 2015 through transferring an amount of 1,121,000 Bahraini Dinars to the statutory reserves, transferring an amount of 8,192,000 Bahraini Dinars to extinguish losses brought forward, transfer an amount of 1,892,000Bahraini Dinars to the retained earnings, and not to pay remuneration to the Board of Directors for the fiscal year ended on 31st December 2015.
The agenda of the AGM also included the distribution of 4% of paid capital as at 31st December 2015 as bonus shares to the shareholders by issuing 4 shares against every 100 existing shares in the Bank, i.e. issuing 38,976,505new shares after obtaining the approval of the concerned governmental bodies,receiving the Bank's Corporate Governance Report for the year 2015, absolving the members of the Board of Directors from liability for their actionsduring the financial year ended on 31st December 2015.
The AGM also approved the reappointment of the members of Shari's Supervisory Board for the financial year 2016 and delegating the Board of Directors to determine their fees, the reappointment of KPMG Fakhro as external auditors for the financial year 2016 after obtaining the approval of the CBB and the delegating the Board of Directors to determine their fees, and finally the AGM was informed about the appointment of Mr. Mohammed Al Zarrouq Rajab as a member of the Board of Directors as replacement for the former representative of the Islamic Development BankMr. Mohammed HediAlMejai.
The General Assembly concluded its items with the appointment and election of new members for the Board of Directors.The Messrs whose names appear below were appointed to represent the National Bank of Bahrain, the Social Insurance Organization, and the Islamic Development Bank in Jeddah.
1. Dr.Esam Abdullah Fakhro
2. Mr. Khalid YousifAbdulRahman
3. Brigadier Khalid Mohammed AlMannai
4. Mr. Mohammed Ahmed Abdullah Ali
5. Mr. Mohammed Al Zarrouq Rajab
The results of the election process to complete the remaining seats of the Board of Directors yielded the following members names:
1. Mr. Khalil Ebrahim Nooruddin
2. Mr. Talal Ali Abdullah AlZain
3. Mr. Ebrahim Hussain EbrahimAlJassmi
4. Mr. Othman Ebrahim Nasser Al Asker
Thus, the number of the members of the Bahrain Islamic Bank Board of Directors is completed to become nine members.
After that, the agenda of the EGM werediscussed where the minutes of the previous two EGM meetings no (21) for 2014 held on Monday 03/06/1436H corresponding to 23/03/2015, and no (22) held on Tuesday 14/01/1437H corresponding to 27/10/2015 were confirmed. The increase in issued and paid-up capital by issuing 4 shares against every 100 existing shares in the Bank, i.e. issuing 38,831,679 new bonus shares was also confirmed.And then the EGM authorized the Chairman or who-ever represent him, to take all the necessary and required actions to include these changes and amendments in the Bank's Memorandum and Articles of Association.
At the end of the meeting, Mr. AbdulRazak Abdulla Al-Qassimthanked the respected members of the Sharia Supervisory Board for their contribution and directions and the shareholders, investors and customers for their support and trust and the Bank Executive Management and employees for their dedication and hard work.
On the other hand, the new Board of Directors of Bahrain Islamic Bank, with 3-year term, held its first meeting in which Dr.EsamFakhro was elected as the Chairman of the Board of Directors and Brigadier Khalid Mohammed AlMannai as Vice Chairman of the Board of Directors.
On this occasion, Dr.EsamFakhrocongratulated all the new members of the Board of Directors wishing them all the success in performing their tasks and duties in the in the coming period.
In addition, Dr.EsamFakhro valued the efforts and contributions of Mr. Abdul Razak Abdulla Al-Qassim the former Chairman of the Board of Directors and the former members of the Boardfor their dedication and hard work in the development of the Bank and enhancing itsoperations during the last period wishing them continuous success.
On his part, Mr. Hassan Amin Jarrar, the Chief Executive Officer of the Bank, congratulated the new members of the Board of Directors wishing them all the success in their future assuring that the Bank will continue in pursuing its development strategy in the next period which will surely focus on developing the products and servicesoffered to its customers. Mr. Jarrar assuredhis strong interest to continue to develop and enhance the work with all the members of the administrative team in order to achieve the best results for the Bank during the coming period.