Khaleeji Commercial Bank declares 15% dividend, elects new Board of Directors

Shareholders also elected a new Board of Directors for a three year term, reflecting the new shareholding structure of the Bank.

Making an official statement after the Bank's Annual General Meeting, Dr. Fuad Al Omar, Chairman of KHCB said, 'We derive strength from the excellent support and trust of our shareholders. We are confident of their continued support in the execution of our clearly defined strategy to deliver innovative Islamic financial products and services to customers in the GCC and MENA regions.'

He added that the dividend of 15% declared by the Bank is the direct outcome of the Bank's ability to create value for its customers and shareholders; and a sign of its operational revenues. The Bank also expects to widen and diversify its shareholder base by listing on regional stock exchanges, subject to regulatory approvals.

KHCB recently announced that it had earned a net income of BD21m, an increase of 164% over the previous year, in addition to increasing its assets by 180% to BD269m. The return on average equity was 23.4% for 2007, following an increase in paid up capital from BD30m to BD100m.

Addressing the shareholders, Dr. Al-Omar said that KHCB has made enormous progress in the first years of its operations. '2007 was an important year in the growth and development of KHCB. We increased the paid up capital from BD30 m to BD100 m and also secured several new shareholders as strategic partners, enhancing the Bank's ability to pursue its strategy more aggressively. The financial results were excellent, reflecting growth in all areas of business and operations.'

Key highlights of the agenda of the AGM included approval of the financial statements for the year ended December 31 2007, as well as the presentation of the reports of the external auditors and Shari'a Supervisory Board and the election of the members of Board of Directors.

The shareholders elected new members to the Board of Directors for a three year term. The members are: Dr. Fuad Al Omar; Esam Yousif Janahi; Abdul Latif A. Al Meer; Hesham Abdullatif Al Jaber; Talal Alghalib; Rashad Yusuf Janahi; Abdulrahman M. Al Shared , Abdulla Showaiter Abdullateef Moosa Al Abdul Razzaq and Ebrahim Hussain Ebrahim.

The AGM also showed its appreciation of the contribution made by the out-going Board of Directors, as well as the teamwork and contribution of the management and staff of the Bank in achieving impressive results.