Manama I 31 March 2022
Al Baraka Banking Group B.S.C (ABG) held its Annual Ordinary General Meeting (AGM) and Extraordinary General Meeting (EGM) on Wednesday, 30 March 2022 both chaired by the Vice Chairman of the Group’s Board, Mr. Mohammed AlShorooqi via e-AGM audiovisual communication technology with a quorum of 76.41%. The meeting was held in the presence of the Group Chief Executive Officer, Mr. Mazin Manna, as well as the Board of Directors and Executive Management, with the participation of shareholders, representatives of the Shari’a Supervisory Board (SSB), the external auditors, and supervisory authorities (CBB and MOIC).
The Meeting began with the approval of the minutes of the Ordinary General Assembly meeting held on March 25, 2021. The Board of Directors’ report on the Bank’s business activities for the year ended 31 December 2021, the Shari’a Supervisory Board (SSB) and external auditors’ reports were discussed and approved.
The Group's shareholders approved the consolidated financial statements for the financial year ended 31 December 2021 and 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. They also viewed the Corporate Governance report for the year ended 31 December 2021, alongside the Bank's compliance with other requirements of the Central Bank of Bahrain (CBB).
The General Assembly then approved the Board of Directors’ recommendations to transfer US$11,274,985 (10% of the net income attributable to equity holders of the Parent) to the Statutory Reserve, allocate US$ 346,967 as Zakat on behalf of all shareholders and to transfer US$ 101,474,868 to the retained earnings.
Shareholders approved the disbursement of US$ 1.5 million as remuneration to the Members of the Board of Directors for the financial year ended 31/12/2021. They also approved the aggregate benefits and remuneration of US$105,000 to the members of the Unified Shari’a Supervisory Board for the financial year ending 31 December 2021.
The AGM shareholders approved the delisting of Al Baraka Banking Group’s shares from Nasdaq Dubai, effected through a cancellation of the admission of the ordinary shares of the Group to the Official List of Securities maintained by the Dubai Financial Services Authority and the removal from trading on Nasdaq Dubai, subject to obtaining the necessary regulatory approvals. They also approved to authorize and empower the Board of Directors or its delegate to undertake the necessary steps and to implement or execute any documents necessary in order to implement the resolution of the ordinary general assembly, including signing the forms or documents required by the relevant regulatory authorities.
The General Assembly absolved the Directors from liability for the Financial Year ended on 31/12/2021 then approved the recommendation of the Board of Directors to appoint Messrs. PricewaterhouseCoopers as External Auditors for Al Baraka Banking Group for the financial year ending on 31/12/2022; shareholders also approved to authorize and empower the Board of Directors or its delegate to determine their remuneration subject to the approval of the CBB.
The Extraordinary General Meeting began with the approval of the minutes of their previous meeting held on 30 November 2020, after which the attendees approved the amendments of Al Baraka Banking Group’s memorandum and articles of association in accordance to the legislative decree no. (3) of the year 2022, legislative decree no. (20), (63) and (64) of the year 2021, and the legislative decree no. (28) of the year 2020 in relation to the Commercial Companies Law (“CCL”) issued by the legislative decree no. (21) of the year 2001 and its amendments, subject to the approvals of the relevant regulatory authorities; the Meeting also approved to authorize and empower the Board of Directors or its delegate to undertake the necessary steps and to implement or execute any documents necessary in order to implement the resolution of the extraordinary general assembly, including signing the fully amended memorandum and articles of association before the notary public and any forms or documents required by the relevant regulatory authorities.
On this occasion, Mr. Mohammed Alshroogi, Vice 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 their cooperation since the Group was established. They also extended their thanks to all Central Banks in the countries in which the 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 that contributed to the Group’s results and performance in 2021.
About Al Baraka Banking Group
Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank which has recently converted to an investment firm, category (1) license 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 more than 650 branches.
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 'B+' on March 8, 2022 and the outlook remains “Negative” while reaffirming the 'B' short-term rating of the Group.
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.
Contact details:
Nadera Abuali
Vice President - Corporate Communications & Branding
+973 17541122 extension 242
Email: [email protected]
Website: www.albaraka.com
The Meeting began with the approval of the minutes of the Ordinary General Assembly meeting held on March 25, 2021. The Board of Directors’ report on the Bank’s business activities for the year ended 31 December 2021, the Shari’a Supervisory Board (SSB) and external auditors’ reports were discussed and approved.
The Group's shareholders approved the consolidated financial statements for the financial year ended 31 December 2021 and 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. They also viewed the Corporate Governance report for the year ended 31 December 2021, alongside the Bank's compliance with other requirements of the Central Bank of Bahrain (CBB).
The General Assembly then approved the Board of Directors’ recommendations to transfer US$11,274,985 (10% of the net income attributable to equity holders of the Parent) to the Statutory Reserve, allocate US$ 346,967 as Zakat on behalf of all shareholders and to transfer US$ 101,474,868 to the retained earnings.
Shareholders approved the disbursement of US$ 1.5 million as remuneration to the Members of the Board of Directors for the financial year ended 31/12/2021. They also approved the aggregate benefits and remuneration of US$105,000 to the members of the Unified Shari’a Supervisory Board for the financial year ending 31 December 2021.
The AGM shareholders approved the delisting of Al Baraka Banking Group’s shares from Nasdaq Dubai, effected through a cancellation of the admission of the ordinary shares of the Group to the Official List of Securities maintained by the Dubai Financial Services Authority and the removal from trading on Nasdaq Dubai, subject to obtaining the necessary regulatory approvals. They also approved to authorize and empower the Board of Directors or its delegate to undertake the necessary steps and to implement or execute any documents necessary in order to implement the resolution of the ordinary general assembly, including signing the forms or documents required by the relevant regulatory authorities.
The General Assembly absolved the Directors from liability for the Financial Year ended on 31/12/2021 then approved the recommendation of the Board of Directors to appoint Messrs. PricewaterhouseCoopers as External Auditors for Al Baraka Banking Group for the financial year ending on 31/12/2022; shareholders also approved to authorize and empower the Board of Directors or its delegate to determine their remuneration subject to the approval of the CBB.
The Extraordinary General Meeting began with the approval of the minutes of their previous meeting held on 30 November 2020, after which the attendees approved the amendments of Al Baraka Banking Group’s memorandum and articles of association in accordance to the legislative decree no. (3) of the year 2022, legislative decree no. (20), (63) and (64) of the year 2021, and the legislative decree no. (28) of the year 2020 in relation to the Commercial Companies Law (“CCL”) issued by the legislative decree no. (21) of the year 2001 and its amendments, subject to the approvals of the relevant regulatory authorities; the Meeting also approved to authorize and empower the Board of Directors or its delegate to undertake the necessary steps and to implement or execute any documents necessary in order to implement the resolution of the extraordinary general assembly, including signing the fully amended memorandum and articles of association before the notary public and any forms or documents required by the relevant regulatory authorities.
On this occasion, Mr. Mohammed Alshroogi, Vice 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 their cooperation since the Group was established. They also extended their thanks to all Central Banks in the countries in which the 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 that contributed to the Group’s results and performance in 2021.
About Al Baraka Banking Group
Al Baraka Banking Group B.S.C. (“ABG”) is licensed as an Islamic wholesale bank which has recently converted to an investment firm, category (1) license 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 more than 650 branches.
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 'B+' on March 8, 2022 and the outlook remains “Negative” while reaffirming the 'B' short-term rating of the Group.
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.
Contact details:
Nadera Abuali
Vice President - Corporate Communications & Branding
+973 17541122 extension 242
Email: [email protected]
Website: www.albaraka.com