BisB Convenes its 2013 Ordinary AGM

25-March-2014

Bahrain Islamic Bank (BisB) announced that its Ordinary Shareholder Assembly has approved all agenda items, in the meeting which was held yesterday Monday 24th March 2014 at 10:00 am at BisB Headquarters – Al Salam Tower – Diplomatic Area.

After ascertaining that meeting quorum has been satisfied with 78.27% in attendance, the meeting started with a statement from the Chairman of the Board of Directors, Mr. Abdul Razak A. Hassan Al Qassim, who welcomed Shareholders attendees, representatives from CBB, Ministry of Industry & Commerce, Bahrain Bourse, External Auditors, and the Share Registrar.

Then the meetings started by discussing the agenda items which included the following: approval of minutes of the Ordinary Annual General Meeting held on 7th July 2013 to elect Directors, discussing and approving the Board of Directors’ Report on the Bank activities and its financial position for the year ended on 31st December 2013, entertain the Sharia Board Report on the Bank activities for the year ended on 31st December 2013, entertain the External Auditors’ Report on the Bank Activities for the year ended on 31st December 2013, Discussing and approving the Financial Statements for the year ended on 31st December 2013.

The Ordinary General Meeting then took note of the appointment of Dr. Sherif El Sayed Ayoub as a Director representing the Islamic Development Bank (IDB) and replacing the previous representative Mr. Mohammed Al Zarrouq Rajab, and discussed Board of Directors’ Report on adherence with Corporate Governance code.

The AGM also confirmed Board recommendation to transfer BD 610,676 to Legal Reserve, and not to distribute dividends to shareholders for the year 2013, and not to pay remuneration to the Board of Directors for the year 2013, and to absolve the members of the Board of Directors of any liability pertaining to all their actions during the year ended on 31st December 2013, and confirmed The Board recommendation to appropriate BD 150 thousand for donations, and appointed KPMG as BisB external Auditors for the financial year 2014, and reappointed the Sharia Board members for the financial year 2014.

In concluding the meeting Mr. Abdul Razak A. Hassan Al Qassim, Chairman of the Board of Directors, thanked members of the Board of Directors for their efforts, and the Sharia Board for their oversight and directions, he also thanked the Ministry of Industry & Trade, and the CBB for their guidance and support, and the shareholders and the respected clients for selecting BisB as their Bank of choice for conducting their business, and for all the staff of the Bank for their dedication and hard work.