Bahrain Islamic Bank Convenes its Annual General Meeting for 2009

16-March-2010

The Bahrain Islamic Bank (BisB), has announced that the Bank's General Assembly Meeting's agenda items were all approved at the Bank's Annual General Meeting held on Tuesday, 16th March 2010, at the Bank's Al-Salam Tower Headquarters in Diplomatic Area. 

Having ascertained the quorum, the meeting was opened by Mr. Khalid Abdulla Al-Bassam, BisB Chairman. Mr. Al Bassam thanked the shareholders and the representatives of the government agencies for their attendance. 

The ordinary meeting then discussed the agenda items, which included the approval of the minutes of the previous ordinary meeting held on 17th March 2009, and discussion and approval of the Board's report on the activities and financial position of the Bank for the year ending 31st December 2009. Also, it included the report of the Sharia'a Supervisory Board for the year ending 31st December 2009, the External Auditor's report for the year ending 31st December 2009, and discussion and approval of the financial statements for the year ending 31st December 2009. The AGM also approved the recommendation to appropriate BD 746,996 for Zakat and to authorize the Board of Directors for its distribution. 

The General Assembly approved the reappointment of the external auditors for the 2010 financial year, and also the reappointment of the Sharia’a Supervisory Board. 

In closing the meeting, Mr. Al Bassam expressed his thanks to the Board members for their contribution. He also thanked the members of the Sharia’a Supervisory Board for their contributions and guidance. The Chairman also thanked the shareholders, investors and customers for their continued support and confidence, and to the Executive Management of the Bank and the staff for their diligence and dedication. 

It is worth noting that Bahrain Islamic Bank (BisB) has recently announced its results for the financial year 2009, where precautionary provisions have been appropriated as a consequence to the International Financial and Economic condition.