Shareholders of Al Baraka Banking Group (ABG) have approved the board of directors’ recommendation to transfer $14,311,590 (10 per cent of the net income) to the statutory reserve, allocate $609,589 as zakat on behalf of all shareholders and to transfer $128,804,312 to the retained earnings.
The announcement follows annual and extraordinary general meetings (EGM) yesterday held via e-AGM audiovisual communication technology with a quorum of 76 .
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