Al Baraka Banking Group holds its Annual General Assembly Meeting

Manama: Al Baraka Banking Group B.S.C (ABG) held its Ordinary General Meeting on Thursday, 25 March 2021 via audiovisual communication technology with a quorum of 76.90%.

The Chairman of the Group, Mr. Abdulla Saleh Kamel chaired the Meeting, which started with the approval of the minutes of the Ordinary General Assembly meeting held on March 23, 2020. The Group's shareholders then discussed the Director’s Report submitted by the Board of Directors on the Group's activities for the financial year ended 31 December 2020, the report of the Unified Shari’a Supervisory Board for the financial year ended 31 December 2020 and the external auditor’s report for the financial year ended 31 December 2020. The Meeting then discussed and approved the consolidated financial statements for the financial year ended 31 December 2020, as well as approved the related parties’ transactions as stated in note No. (25) of the financial statements, which aligns with the Article No. 189 of the Commercial Companies Law.

The General Assembly then approved the Board of Directors’ recommendations, after obtaining the required official approval, with regard to transfer of 10% of the net income attributable to equity holders of the Parent, amounting to US$ 6,657,906 to the statutory reserve and the transfer of US$ 59,921,155 to the retained earnings. It also approved the disbursement of US$ 1.5 million as remuneration to the Members of the Board of Directors for the financial year ended 31/12/2020.

The General Assembly then reviewed the Corporate Governance Report in accordance to the Central Bank of Bahrain regulations in this regard. This included reviewing the evaluation of ABG’s Board, Board Members and Board Committees as well as the Board Members’ attendance percentage report for the board meetings held for the year 2020 (both of these are included in the annual report distributed to shareholders).

Thereafter, the General Assembly ratified the recommendation of the Board of Directors to appoint Mr. Tawfig Shaker Mufti in the vacant position in the Board of Directors of Al Baraka Banking Group, subject to the approval from the Central Bank of Bahrain. It also authorized the Management of Al Baraka Banking Group to pay an amount of  US$ 1,014,815 as Zakat on behalf of all shareholders as US Cent 0.08  for each 100 shares and the amount to be deducted directly from the retained earnings. The Management has the right to authorize whomsoever it deems appropriate to distribute the Zakat to the entitled parties.

The General Assembly then absolved the Chairman and Directors from liability for the Financial Year ended 31/12/2020 and approved the aggregate benefits and remuneration of the members of the Unified Shari’a Supervisory Board for the financial year ending 31 December 2020. It approved also the recommendation of the Board of Directors to reappoint Messrs. Ernst and Young as External Auditors for Al Baraka Banking Group for the financial year ending on 31/12/2021, and to authorize and empower the Board of Directors or its delegate to determine their remuneration.

At the end of the meeting, the attendees praised the performance of the Group in the year 2020 and the good financial results that it has achieved, despite the negative repercussions from the COVID-19 pandemic on the entire globe, including banks and financial institutions. They also praised the contribution of all the Group’s subsidiary Units towards achieving these results, which enhances the confidence in the future performance of the Group, based on diversity of products, depth of knowledge and commitment to the highest professional and ethical standards.

On this occasion, Shaikh Abdulla Saleh Kamel, Chairman of Al Baraka Banking Group and all members of the Board of Directors expressed their sincere thanks to the Ministry of Industry, Commerce and Tourism, Central Bank of Bahrain, Bahrain Bourse and Nasdaq Dubai for the cooperation and assistance they extended to the Group since it was established. They also extended their thanks to all central banks in the countries in which Group’s banks operate and to all investors and customers for their continuing support. The Board also thanked all the employees for their hard work, dedication and loyalty.

About Al Baraka

Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank by the Central Bank of Bahrain and is listed on Bahrain Bourse and Nasdaq Dubai. It is a leading international Islamic banking group providing its unique services in countries with a population totaling around one billion.

The Group has a wide geographical presence in the form of subsidiary banking units and representative offices in 17 countries, which in turn provide their services through around 700 branches. Al Baraka Banking Group has operations in Jordan, Egypt, Tunis, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, Saudi Arabia, Syria, Morocco and Germany, in addition to two branches in Iraq and representative offices in Indonesia and Libya.

ABG and its Units offer retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari'a. The authorized capital of ABG is US$ 2.5 billion.

S&P Global Ratings has updated the long-term rating on Al Baraka Banking Group B.S.C. to 'BB-' with a 'Stable' Outlook, while affirming the 'B' short-term rating of the bank.

ABG has also been rated BBB+ (long term) / A3 (short term) by Islamic International Rating Agency (IIRA). IIRA has also rated ABG on the national scale at A+ (bh) / A2 (bh) with a fiduciary score of 81-85, the highest level amongst Islamic Financial Institutions in the region. 

© Press Release 2021