BisB declares 5pc dividend

Manama : The Ordinary Annual General Meeting of Bahrain Islamic Bank (BisB) yesterday approved the board’s recommendation to pay 5 per cent cash dividend for the fiscal year 2016.
As per the decision, the bank will distribute cash dividend of BD5,051,007 equivalent to 5 per cent of paid-up capital or 5 fils per share.
The meeting, headed by Dr. Esam Abdulla Fakhro, Chairman of the Board of Directors of Bahrain Islamic Bank, was held in the Bahrain Bourse’s Hall at Bahrain Financial Harbor Building yesterday.
The meeting approved all items in its meeting agenda including the proposal to distribute BD282,829 as remuneration to the board members for the financial year ended on 31/12/2016.
Approval were also given to the proposal to transfer BD842,144 from the net profit for the year ended 31 December 2016 to the statutory reserve and the transfer of BD 2,391,656 to retained earnings .
The bank’s 2016 Corporate Governance Report, proposal to absolve members of the Board of Directors of all their actions during the financial year ended on 31/12/2016 and the reappointment of the members of the Shari’a Supervisory Board and external auditors KPMG Fakhro for the financial year 2017 were approved among other decisions.