News & PR

New Board Members Elected: Khaleeji Bank Holds its Annual General Meeting

Manama, the Kingdom of Bahrain: Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, held its Annual General Meeting (AGM) on Monday (March 25, 2024), with a quorum of 90.87%.

The meeting was chaired by Mr. Hisham Ahmed Al Rayes, Board Chairman, in the presence of Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer, several members of the Executive Management Team, and with the participation of shareholders, representatives of the Shariah Supervisory Board (SSB), external auditors and regulatory authorities.

The AGM commenced with the approval of minutes from the previous meeting held on March 22, 2023. The Board of Directors’ report on the Bank’s business activities for the financial year ended December 31, 2023 was reviewed and approved. Additionally, reports from the SSB and external auditor were presented, and financial statements for the year ending December 31, 2022 were deliberated and approved.

The attendees approved the Board of Directors’ recommendations to transfer BD 900,316 to the statutory reserve, allocate BD 768,429 for the Zakat Fund, and transfer Bd 7,334,418 to retained earnings. Additionally, attendees approved the proposal of distributing Board Remuneration of BD 143,000 for the financial year ended 31 December 2023, subject to obtaining the required regulatory approvals.

The meeting authorised, ratified and approved any related party transaction which was conducted during the financial year ended 31 December 2023. The meeting also discussed and approved the Corporate Governance Report for the year ended 31 December 2023, and Bank’s compliance with the requirements of Central Bank of Bahrain (CBB).

Moreover, Board members were discharged of any liability in lieu of their actions for the year ended 31 December 2023, while the attendees approved the appointment or reappointment of external auditors for the year 2024 and authorised the Board to fix their remuneration, subject to obtaining the CBB’s approval.

In addition, the AGM also approved the proposed amendments to the remuneration framework of the bank, in terms of variable remuneration policy and share incentive scheme, and authorised the Board to make the necessary amendments to it from time to time, as necessary, subject to the CBB’s approval.

Furthermore, the AGM concluded its proceedings by approving the appointment of 7 members representing major shareholders in accordance with the provisions of Article 175 of the Bahraini Commercial Companies Law of 2001 and the Bank’s Articles of Association. This approval is subject to receiving the Central Bank of Bahrain’s consent. The appointed members are as follows:

  1. Mr. Hisham Ahmed Al Rayes
  2. Mr. Ali Murad Ali Murad
  3. Mr. Yusuf Abdullah Taqi
  4. His Excellency Mr. Ayman Tawfiq Almoayed
  5. Mr. Mazen Ibrahim Abdulkareem
  6. Dr. Hisham Abdulrahman Al Bin Ali
  7. Shaikh Fahad bin Ibrahim Al Khalifa

Additionally, the following individuals were endorsed as independent members of the Board of Directors for the upcoming three-year term:

  1. Shaikh Ahmed bin Isa Al Khalifa
  2. Mr. Riyadh Eid Al Ya’qoub
  3. Shaikh Isa bin Khalid Al Khalifa.

Khaleeji Bank is a leading Islamic bank that strives to achieve clients’ aspirations through an Islamic banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.

— End–


Leave a Reply

Your email address will not be published. Required fields are marked *