BisB Shareholders Approve both Agenda of Ordinary AGM & Extra-ordinary AGM

15-March-2012

The ordinary and Extra-Ordinary Shareholder Assemblies of Bahrain Islamic Bank (BisB) held today 14th March 2012 approved all agenda items of the two meetings.

The Chairman announced after the two meetings by stating that: By Allah Almighty's grace that the meetings approved all agenda items of both the Ordinary & Extra- Ordinary General Meetings by the shareholders who were present in person or by proxy. Attendance was 70.97% Representatives from CBB, Ministry of Industry & Commerce, Bahrain Bourse, representatives of the External Auditors Share registrar attended the meeting. The meeting was also covered by local media. After explanations, responses to answers and discussions, the meeting shifted to the Extra-Ordinary General Meeting and in that meeting also due agreement was provided to deduct accumulated losses equal to BD 43.9 million from share premium as an accounting procedure after getting all the required approvals from the respective authorities.

The Chairman then explained that the year 2011 witnessed a lot of developments. Starting with the economic crisis that was dragging from last years and ending with the political upheavals experienced in the MENA countries during the year. The Bank also has increased its capital by BD 21 million by the end of the first half of the year. The Bank then started merger negotiation with Al Salam Bank - Bahrain from July to December 2011 but unfortunately these negotiations have been successful.

On his part, Mr. Ebrahim Mohammed Ebrahim CEO of BisB bestowed his thanks and appreciation to all shareholders who were present in person or by proxy for their support to the Bank through their agreement to all agenda items of both General Assemblies and expressed his resolve that efforts will be increased so as to attain the best of results for the current year. He confirmed that although the Bank has set aside a large amount of provisions in the last three years, it depended to a great extent on Retail & Corporate Islamic Finances, Governmental and Quasi Governmental Islamic Sukuk with continuous stream of revenue, and to refrain from investment and real estate portfolios or those with high risk.

At the end The Chairman then thanked the wise leadership of the Kingdom of Bahrain for the facilities and the support provided to the banking sector in general and for the interest and care provided to the Islamic BNKING SECTOR IN PARTICULAR. Thanks are also due to Ministry of Industry & Trade, to the CBB for their guidance and support, to the shareholders and the respected clients for selecting BisB as their Bank of choice for conducting their business. And for the members of the Board of Directors and members of the Sharia Board for their oversight and directions, and for all the staff of the Bank and they are called upon to exert more efforts and dedication asking Allah Almighty that the year 2012 and the coming years will carry with them prosperity and development for BisB.