Prime Highlights
- Al Baraka Islamic Bank held its 43rd AGM in March, approving the 2025 financial statements and clearing the board of liability.
- Shareholders reappointed the Board of Directors for a three-year term from 2026 to 2029, pending central bank approval.
Key Facts
- The bank reduced its net loss for 2025 to BHD 2.957 million, down from BHD 7.6 million in the previous year.
- The meeting was held virtually through the Bahrain Clear eAGM platform due to the current regional situation.
Background
Al Baraka Islamic Bank held its 43rd Annual General Meeting in March to review its financial results for the year ending December 2025. The meeting was held online through the Bahrain Clear eAGM platform to make it safe and easy for shareholders to attend.
During the meeting, shareholders looked at the Board of Directors’ report on the bank’s activities for 2025. They also reviewed the Sharia Supervisory Board report and the external auditors’ report. The consolidated financial statements for 2025 were also approved.
The meeting also approved zakat payable on behalf of shareholders, cleared the board of liability for the 2025 financial year, and authorised the appointment of external auditors for 2026, subject to regulatory approval.
On the governance front, shareholders approved the election and reappointment of the Board of Directors for a new three-year term covering 2026 to 2029, subject to the approval of the Central Bank of Bahrain. The bank’s previous board term had already been extended by six months with central bank approval, pushing its end date to April 2026.
The financial results told a story of gradual recovery. The audited accounts show the group cut its net loss for 2025 to BHD 2.957 million from BHD 7.6 million a year earlier, while total comprehensive loss narrowed to BHD 2.803 million from BHD 7.193 million.
While the bank remains in loss-making territory, the improvement signals progress. Commenting on the meeting, Dr Adel Salem, Chief Executive Officer, said the AGM reflects the bank’s ongoing commitment to strengthening transparency and governance while maintaining effective engagement with shareholders under all circumstances.
