BisB Convenes its 2014 AGM & EGM

24-March-2015

Bahrain Islamic Bank (BisB) announced that its Ordinary & Extra Ordinary Shareholder Meeting has approved all agenda items, in the meetings which were held yesterday Monday 23rd March 2015 at 10:00 am at BisB Headquarters – Al Salam Tower –Diplomatic Area.

After ascertaining that meeting quorum has been satisfied with 84% 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 Ordinary General Meeting agenda items which included the following: Reading and then approving minutes of the Ordinary Annual General Meeting held on Monday 23rd Jumada Awal 1435H corresponding to 24th March 2014, discussing and approving the Board of Directors’ Report on the Bank activities and its financial position for the year ended on 31st December 2014, entertain the Sharia Board Report on the Bank activities for the year ended on 31st December 2014, entertain the External Auditors’ Report on the Bank Activities for the year ended on 31st December 2014, Discussing and approving the Financial Statements for the year ended on 31st December 2014.

The Ordinary General Meeting then took note of the appointment of Mr. Mohamed Hedi Mejai as a new Director representing the Islamic Development Bank (IDB) in place of the previous director Dr. Sherif El Sayed Ayoub, and approved the new Bank incentive scheme amended according to directions from CBB and empowering the Board of Directors to put in place the rules for implementing this scheme.

The Ordinary General Meeting then approved the issuance of 9,396,735 shares with a nominal value of 100 Fils each which equals to BD 939,673.5 to establish the Special Purpose Vehicle (SPV) which will administer the shares granted to employees according to the new incentive scheme amended in accordance to CBB directions.

The Ordinary General Meeting then discussed and approved the Bank’s Corporate Governance Report for the year 2014 which showed the adherence of the Bank with all CBB rules and directions, and confirmed the Board recommendation to transfer BD 929,682 to Legal Reserve, and not to distribute dividends to shareholders for the year 2014, and to pay BD 368,688 as remuneration to the Board of Directors for the year 2014, and to plough back BD 8,367,142 as retained earnings.

The Ordinary General Meeting then agreed to reappoint the Sharia Board members for the financial year 2015 and to reappoint KPMG Fakhro as BisB external Auditors for the financial year 2015 after obtaining CBB approval and to empower The Board of Directors to fix their fees, and reappoint the Bank Shares Registrar, 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 2014.

The meeting then started to discuss the Extra General Meeting agenda which approved the amendment to be introduced to the Bank’s Articles of Association so as to be in line with Royal Decree no. 50 for the year 2014 which introduced some amendments to some Company’s Law Articles issued in accordance to Royal Decree no. 21 for the year 2001. Then the Extra General Meeting empowered the Chairman of the Bank or his deputy to see to it that all the required amendments to the Articles of Association are introduced in accordance to Ordinary General Meeting resolution no. 8 and to the resolution taken in the Extra General Meeting.

In concluding the meetings 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.