MANAMA: Khaleeji Commercial Bank (KHCB) has elected a new board of directors for the next three years.
The announcement follows yesterday’s annual general meeting (AGM) chaired by board member Hisham Al Rayes at the Al Areen Palace Resort and Spa.
The meeting was convened as the previous AGM held virtually in March did not have the facility for secret ballot.
This resulted in extending the work period of the current board of directors for another six months with the approval of the Central Bank of Bahrain and the relevant regulatory authorities.
Jassim Alseddiqi, Hisham Al Rayes, Musabbah Al Mutairi and Mustafa Kheriba have been named among five representatives of GFH on the board, which includes Fawad Khan, Shaikh Ahmed bin Isa Al Khalifa, Reyadh Al Yaqoob, Mazen Abdulkareem and Isa Zainal as elected members.
KHCB had previously invited nominations for five elected seats on the board for a period of three years (2020-2023) in accordance with article (24) paragraph (3) of the bank’s articles of association.
Mr Al Rayes addressed the attendees saying, “The new board is rich with banking and financial competencies and will surely have a positive impact on the bank, which has successfully issued sukuk worth $159 million recently, thanks to the approval from shareholders to issue the sukuk as part of additional tier 1 capital with a value of $200m, which strengthens the financial position and capabilities in providing the best banking solutions to support future growth and expansion.”
Mr Al Rayes continued, “KHCB is on the verge of a new stage of profitability, diversification of income and reinforcement of its capital, supporting the bank’s business growth for the coming years and enhance the returns to shareholders. Our firm financial base and flexible strategy will strengthen the bank’s capability to overcome all challenges, as well as the extraordinary circumstances due to the impact of Covid-19 on all sectors.”
Mr Al Rayes explained that the sukuk issued by KHCB will be the key supporter of the new capital restructuring process, with a focus on launching strategic projects and enhancing momentum in commercial and investment activities with rewarding returns, which are carefully studied and examined in a way that benefits all parties.
KHCB chief executive Sattam Algosaibi said, “Owing to the board of directors’ vision, the bank will continue to preserve its leading position among Islamic banks in Bahrain. This is accomplished through a high solvency ratio that enables it to fulfil all commitments and finance new projects, including supporting commercial activities, establishing bigger partnerships with strategic partners, opening new branches, and digital transformation.”
Mr Algosaibi added, “The management has worked through the past six months to achieve the new strategic interim objectives, which is reflected in positive results in the first half of this year. We will work in the next period on maintaining our performance under the directives of the new board.
“The bank will continue to invest in eBanking systems and the quality of services provided to clients through the latest technologies and development of an integrated bundle of innovative solutions to be launched in the future, including all platforms and smart applications. We will also work to establish more strategic relations with our partners in the business sector, in order to enter joint projects that reinforce our investment portfolio and benefit the bank’s financial position.”
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