Khaleeji Commercial Bank (KHCB), one of the leading Islamic banks in the Kingdom, held its Ordinary General Meeting on Wednesday, March 13th, 2018, chaired by Shaikh Ahmed bin Isa Al Khalifa, Vice Chairman of the Board of Directors. The meeting was held in the presence of shareholders, members of the Board of Directors, members of the Executive Management Team, representatives of the Shari’a Supervisory Board, Auditors and the regulatory bodies.
During the Ordinary Meeting, shareholders listened to the respective reports of the Board of Directors, the Shari’a Supervisory Board and the Auditors on the Bank’s activities during the financial year ended 31st of December 2018. The financial statements for the year ended December 31st, 2018, were then discussed and approved, after which the Board of Directors’ recommendation to deduct 10% of the net profit for the statutory reserve amounted to BD 65, 876, as per Article 224 of Bahrain Commercial Companies Law, and the transfer of BD 405, 576 to retained earnings was ratified.
Furthermore, the Corporate Governance report regarding the bank’s compliance with the Central Bank of Bahrain’s (CBB) requirements was approved. Additionally, the Board members were released from any liability for their conduct during the ended financial year. The meeting also witnessed the reappointment of auditors for the year 2019 and authorized the Board to specify their fees after obtaining the necessary approval from CBB. KHCB’s Ordinary General Meeting also approved the completed transactions with any related parties or key shareholders during the financial year ended on December 31st, 2018.
In his report to the shareholders, Chairman of the Board of Directors, Mr. Jassim Mohamed Alseddiqi assured satisfaction of the board with the financial results achieved by the bank, where it managed to maintain profitability despite the challenges of the economic situation, which resulted from the continued instability in the financial markets. However, the year 2018 was another step forward for the bank to realize remarkable achievements in various fields. Most significantly was the strengthening of the Bank’s financial position and the quality of its assets.
The report also stated that despite the unfavorable conditions that have prevailed over the past year, KHCB has faced and overcame many challenges thanks to the bank’s strategic and conservative approach. As an emerging Islamic financial institution, the bank has been able to offer innovative financial solutions and provide added value to all stakeholders. KHCB will continue to pursue its expansionary policy at all levels, through the adoption of a number of initiatives and development plans aimed at enhancing the Bank’s position, increasing its market share and competitiveness.
The report went on to praise the efforts of the Board of Directors, the Executive Management and the bank’s staff for their constant efforts and contributions to these financial results for the year 2018, as well as all customers and shareholders for their continued trust and support.
On his part, Mr. Sattam Sulaiman Algosaibi, CEO of KHCB, expressed his satisfaction of the results achieved by the bank during the year 2018, pointing out that this came as a result of the commitment to the Bank’s strategic goals and continued efforts dedicated by staff members, who believed in these goals and spared no effort to achieve them.
Mr. Algosaibi added: “Throughout the past year, the Bank has worked on increasing its balance sheet and consolidating its financial position through the growth of assets and liquidity, as well as the development of services provided to the Bank’s customers. We have also adopted an ambitious strategy to enhance the revenues of the bank on the short and long runs. Accordingly, attention has been focused by the management on directing funds and balance sheets towards existing local and regional projects that are characterized by the robustness and quality of its assets.”
Headquartered in the Kingdom of Bahrain, KHCB is a fast growing Islamic retail bank that endeavors to achieve its vision to be a leading domestic and regional Islamic Bank, providing a comprehensive range of high quality Shari’a compliant banking products, services and investment opportunities to their customers and corporate clients.