BisB holds its ordinary and extraordinary General Assemblies

Having ascertained the quorum, the meeting was opened by Mr. Khalid Abdulla Al-Bassam, BisB Chairman. Mr. Al Bassam thanked the shareholders and the representatives of the government agencies for their attendance.

The ordinary meeting then started and discussed the agenda items, which included the approval of the minutes of the previous ordinary meeting held on 2nd Rabea Awwal 1429H corresponding to 10th March 2008, and discussion and approval of the Board's report on the activities and financial position of the Bank for the year ending 31st December 2008.

Also, it reviewed the report of the Sharia'a Supervisory Board for the year ending 31st December 2008, the Auditor's report for the year ending 31st December 2008, and the financial statements for the year ending 31st December 2008.

The General Assembly also approved the Board of Directors' recommendation on the allocation of the year's net profits, distribution of BD 6,623,540, i.e. 10% of the paid up capital, as cash dividends to the shareholders, and distribution of BD6,623,540 i.e. 10% of the paid up capital, in the form of bonus shares to the shareholders, leading to a total of 20% on 2008 weighted average capital.

In closing the meeting, Mr. Al Bassam expressed his thanks to the Board members for their unlimited contribution throughout their term of office, which has reflected in outstanding results for the Bank. He also thanked the members of the Sharia'a Supervisory Board for their contribution and guidance. The Chairman also thanked the shareholders, investors and customers for their continued support and confidence, and the executive management and staff for their diligence and dedication.

It should be noted that Bahrain Islamic Bank (BisB) has recently announced the achievement of outstanding financial results for the Year 2008, with a net profit of BD22.3m, after taking adequate provisions as a precaution against any adverse consequences of the continuing International financial crisis. These results were a culmination of the efforts exerted by the Board, Executive Management, and the sincere contributions and dedication of all the S