Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, held its Annual Ordinary and Extraordinary General Meetings on Monday 17th March 2025 with a quorum of 86.59%.
The meeting was chaired by Mr. Hisham Ahmed Al Rayes, Chairman of the Board, and attended by Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer, and several members of the Executive Management team, along with shareholders, representatives of the Shari’a Supervisory Board, external auditors, and regulatory authorities.
The meeting commenced with the approval of the Minutes from the previous Ordinary General Meeting held on 25th March 2024. This was followed by discussions on the Board of Directors’ Report regarding the bank’s activities for the financial year ended 31st December 2024, which was subsequently approved. The Board also reviewed the Shari’a Supervisory Board’s Report regarding the bank’s operations, as well as the External Auditors’ report on the bank’s financial statements for the same period.
After thorough discussions, the attendees approved the Financial Statements for the year ending 31st December 2024. The recommendations from the Board were endorsed to allocate BD 1,050,288 to the Statutory Reserve, BD 3,210,735 to Retained Earnings, and BD 827,593 for the Zakah Fund.
Additionally, the proposal to distribute Cash Dividends at a rate of 5% of the nominal value per share—equivalent to 5 Fils per share, totalling BD 5,414,264—was also approved. Consequently, the last trading day for entitlement to the dividends will be 18th March 2025, with non-entitlement trading resuming on 19th March 2025. Shareholders whose names are registered as of 20th March 2025 will be eligible for the dividends, which will be distributed on 3rd April 2025.
Furthermore, the meeting approved a proposal for a total remuneration of BD 114,050 to Board Members for the financial year ended 31st December 2024, following regulatory approval. The meeting has also ratified and approved all transactions with related parties conducted during the financial year ending 31st December 2024, as detailed in Financial Statement disclosure number (30) of the Consolidated Financial Statements, in accordance with Article (189) of the Bahrain Commercial Companies Law.
Attendees have also discussed and approved the Corporate Governance Report for the financial year ending 31st December 2024, confirming the bank’s compliance with the requirements of the Central Bank of Bahrain “CBB”. Furthermore, the Board Members were discharged from any liability regarding their actions during the same financial year.
The reappointment of external auditors for the year 2025 was also approved, along with authorisation for the Board to determine their remuneration, following the CBB’s approval of the same.
In light of the CBB approval dated 11th December 2024, attendees have approved the following appointments:
a) Mr. Dawood Mohammed Al Ghul as a member of the bank’s Board of Directors per paragraph (a) of Article (179) of the Bahrain Commercial Companies Law, with his term complementing that of his predecessor.
b) Mr. Salah Abdullah Sharif as a member of the bank’s Board of Directors according to Article (175) of the Bahrain Commercial Companies Law, with his term lasting throughout the current session of the board.
Additionally, participants have endorsed the appointment of a liquidity provider at Bahrain Bourse “BHB” following the necessary regulatory approvals, allowing the Board to determine said provider and the duration of their contract, along with other relevant details.
Afterwards, the Extraordinary General Meeting convened, where the Minutes from the previous meeting held on 4th March 2024 were approved. The attendees have then agreed to the issuance of Tier 1 financial instruments (including, but not limited to, the Mudaraba Structure) and/or Sukuk (Additional Tier 1 Capital) totalling to a value not exceeding BD 100 million or its equivalent in other currencies, through one or multiple issues to enhance the bank’s capital ratios in line with financial and strategic requirements, while delegating the Board of Directors to handle all necessary formalities regarding this issuance.
On this occasion, Mr. Hisham Ahmed Al Rayes, Khaleeji’s Chairman of the Board of Directors, stated “We take pride in the bank’s achievements during 2024, attaining positive results across all dimensions of our operations. This performance underlines our commitment to a sustainable profitability strategy that ensures the growth of our banking operations and provides greater returns to our esteemed shareholders and investors.”
He further added “The General Assembly’s approval of a 5% cash dividend is a clear testament to our financial stability and capital efficiency. We look forward to continuing this positive trend in the future, achieving further milestones and successes.”
For his part, Mr. Sattam Sulaiman Algosaibi, Khaleeji’s Chief Executive Officer, stated “The year 2024 has been exceptional for the bank as we continued our diligent efforts to build on our accomplishments, particularly the launch of our new identity which reflects our commitment to creativity and innovation. We have developed a new strategy that aligns with the evolving market needs, enabling us to serve our partners and clients more effectively while enhancing our competitiveness and growth capacity, thus fully harnessing our capabilities to remain a key driver of sustainable economic development in the Kingdom of Bahrain.”
Elaborating further, Mr. Algosaibi said “We are diligently working to expand the scope of our activities and enhance our role in commercial and investment flows, while consolidating our presence in the Bahraini market. We aim to achieve significant accomplishments that align with our strategic priorities, build on the successes we have achieved, and offer more high-quality and distinctive services and solutions that satisfy our clients and serve the interests of our partners and shareholders.”
He concluded saying “We remain focused on building a future-ready bank that adheres to the highest standards of practice and realises sustainable value for our shareholders over the long term. We seek to capitalise on new opportunities to serve our shareholders, clients, and employees, reinforcing Khaleeji Bank’s position as a leading financial institution that supports our ambitious aspirations.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions 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.
