Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, has recently announced the signing of a Memorandum of Understanding (MoU) with Euro University of Bahrain. The agreement aims to offer tailored educational financing solutions to the university’s students and their parents, including products such as the “Ajyal” Accounts and educational financing facilities.
The signing ceremony took place at Khaleeji’s headquarters in GFH Tower, Manama, where the agreement was signed on behalf of the bank by Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, and on behalf of the university by Prof. Andrew Robert Nix, President of Euro University of Bahrain, in the presence of a number of managers and officials from both institutions.
This partnership underscores the bank’s commitment to strengthening its role as a partner in ambition for its diverse client base, particularly students. It also reflects Khaleeji’s continuous efforts to support the education sector through innovative and Shari’a-compliant banking products & services that cater to evolving needs and enhance the financial sustainability of the sector.
Under the MoU, Khaleeji Bank will offer an educational financing option that enables parents to secure funding for tuition fees with a convenient repayment plan, helping them manage their financial commitments while securing their children’s future aspirations. The collaboration also seeks to encourage students to explore a variety of financial products and offerings, especially the “Ajyal” Accounts, benefiting them throughout their academic and personal journeys. Additionally, regular workshops will be organised on campus to introduce students to dedicated banking products and financial management practices, fostering a culture of saving and financial responsibility among the youth.
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, stated “We are delighted to strengthen our partnership with Euro University of Bahrain. At Khaleeji, we believe that investing in education is the most important investment for the future of our nation. Through this partnership, we provide flexible and Shari’a-compliant financing solutions that enable students to focus on their studies without placing undue financial burdens on their parents, while also contributing to building a generation equipped with the tools for success and fostering a lasting trust between the bank and the academic community in the Kingdom of Bahrain.”
For his part, Prof. Andrew Robert Nix, President of Euro University of Bahrain, commented “This agreement marks a strategic step towards enhancing the learning environment at Euro University of Bahrain. It paves the way for innovative financial solutions that allow our students to pursue their academic programs with greater ease, encourages parents to invest in their children’s futures, and affirms our commitment to offering a holistic educational journey that combines quality with affordability, further strengthening our partnership with national players in the financial sector.”
Khaleeji Bank is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom, has been honoured with the Best Banking Account for Youth and Minors Award 2025 in Bahrain by International Business Magazine (IBMAG), the same publication that recently named the Bank’s “Salary” Account the Best Banking Product in Bahrain for 2025.
This accolade recognises Khaleeji’s dedication to enhancing the banking experience in Bahrain, demonstrating excellence and leadership in delivering innovative banking services tailored to all age groups, including youth and minors.
The “Ajyal” Account, specifically designed for minors below the age of 21, aims to instil sound financial habits such as saving and investing from an early age. The account is offered in three variants: “Ajyal” Savings Account, which promotes a saving culture through rewards on deposits and payments. Ajyal “Deposit” Account, which introduces investment fundamentals through a 12-month fixed deposit with an expected profit rate of up to 5%, as well the “Ajyal Al Wafer” Account, featuring dedicated prizes alongside those offered by the standard “Al Wafer” Account, including 60 prizes of USD1,000 each for its 2025 edition. This initiative seeks to equip the next generation early on with the tools and knowledge necessary to achieve financial security and independence in the near and far future.
Since its launch, the “Ajyal” Account has garnered significant and unprecedented interest from clients eager to open this account for their children, highlighting its success which was recently crowned with the 2025 IBMAG Awards.
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, expressed her pride in receiving this honour, stating “We are delighted to receive this prestigious award from IBMAG which acknowledges our ongoing commitment to providing innovative banking services. The launch of the “Ajyal” Account exemplifies our efforts to encourage young depositors to save and invest, offering comprehensive services through three dedicated versions: Savings, Deposit, and “Ajyal Al Wafer” Accounts. We are pleased with the growing demand from clients to open this account for their children.”
She added “We take pride in our performance and remain committed to enhancing innovation and excellence across all our banking services. Receiving this prestigious IBMAG award, following IBMAG’s recent crowning of our ‘Salary’ Account the Best Banking Product in Bahrain for 2025, motivates us to continue leading Bahrain’s banking sector by providing more innovative and distinctive products that meet the aspirations of all age groups.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has announced the launch of its new promotional campaign for its credit cardholders this summer. The campaign offers clients the chance to enjoy an amazing summer holiday with rewarding cashback opportunities and cash prizes up to BD 3,000, in addition to a host of exclusive and premium benefits for all Khaleeji credit cardholders.
The campaign runs from 1st June until 31st August 2025, granting one winner the chance to win a cashback of up to BD 3,000 when spending BD 500 or more during the campaign. Additionally, four other winners will have opportunities to win cashback of up to BD 500 each, provided they spend any amounts using Khaleeji’s credit cards for summer travel expenses, booking airline tickets, hotel stays, shopping, and all other international transactions while travelling abroad during the summer holidays.
In addition to this exceptional offer, clients will enjoy a range of other exclusive benefits when transferring their outstanding credit card balances to Khaleeji. These benefits include a free three-month grace period, no down payment or minimum payment required, as well as the opportunity to earn up to 3% cashback. This includes 3% cashback on foreign currency expenditure, 2% on subscription services, and 1% at all other merchants.
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, commented “At Khaleeji Bank, we are always keen to enhance our valued clients’ experience throughout the year, responding to their aspirations and providing added value by offering the best banking initiatives and services. In this regard, we are pleased to announce the launch of our credit card campaign for the 2025 summer season, through which we aim to make Khaleeji cards the first choice for our clients during their travels, enabling them to enjoy a fun and rewarding summer holiday.”
She continued “This new promotional campaign reflects Khaleeji’s ongoing commitment to providing banking solutions tailored to our clients’ needs all year round, encouraging them to maximise the benefits of their Khaleeji credit cards. I would like to take this opportunity to urge our valued clients to take advantage of this outstanding campaign, which includes exceptional opportunities for cashback and prizes of up to BD 3,000, as well as many other exclusive benefits and offers when transferring their outstanding credit card balances to Khaleeji. These benefits include a free three-month grace period, with no down payment and no minimum payment required, as well as the opportunity to earn up to 3% cashback. What sets the Khaleeji credit cards apart from others is that they are the only cards that allow clients to benefit from cashback in addition to earning Gulf Air miles, simultaneously. We wish all clients the best of luck and a wonderful summer using their Khaleeji credit cards during the holidays.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic Banks in Bahrain, has recently received the Best Banking Product Award in the Kingdom of Bahrain for 2025 for its “Salary Account”, as part of the prestigious annual International Business Awards presented by International Business Magazine (IBMAG), which is recognised worldwide.
Khaleeji receiving this new prestigious award for its distinguished banking product, the “Salary Account”, continues its ongoing successes and numerous regional and international awards in recent years. These accolades reflect and crown its diligent and continuous efforts in serving clients and providing the best and highest quality banking products & services that meet their aspirations.
This recognition also serves as further proof of the “Salary Account’s” excellence, which provides clients with the best comprehensive banking experience in compliance with the principles of Islamic Shari’a. The account offers exclusive benefits such as the ability to transfer a person’s monthly salary to this account, with an Expected Profit Rate of up to 4% of the salary amount without a minimum balance. Additionally, clients are also entered into monthly raffles with a chance to win one of five cash prizes totalling BD 5,000 each month. They can also obtain one of Khaleeji’s premium credit cards, either Platinum or Infinite, which offer numerous benefits including cashback, free travel miles, exclusive discounts and many other advantages.
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, expressed her happiness and pride in winning this prestigious award, stating “We are very proud to win the Best Banking Product Award in the Kingdom of Bahrain for 2025 for the ‘Salary Account’ from IBMAG. Undoubtedly, our continuous collection of awards and international recognitions affirms our leadership as one of the leading Islamic Banks in Bahrain. This new award highlights our excellence and success in providing the highest quality and most innovative banking products & services to our valued clients, including the ‘Salary Account’ which features numerous exclusive benefits and offers clients a unique and rewarding banking experience. We greatly value the trust of our loyal clients, and winning this award motivates us to continue delivering excellent services, and to develop and enhance all our banking offerings to better meet their diverse needs and aspirations.”
Ms. Al Abbasi further added “The ‘Salary Account’ from Khaleeji Bank offers a range of exclusive benefits tailored to our clients’ needs. Clients can benefit from an Expected Profit Rate of up to 4% of the salary value without a minimum balance, participate in monthly raffles with a chance to win one of five prizes totalling BD 5,000 each month, and obtain one of Khaleeji’s credit cards from the Platinum or Infinite tiers, which provide benefits such as cashback, free travel miles, and exclusive discounts with over 100 commercial outlets, adding value to our clients’ banking experience. This reflects our commitment to delivering the best banking services and ensuring clients satisfaction at all times. As we share in our clients’ joy of winning this valuable award, we take this opportunity to invite all citizens and residents of the Kingdom of Bahrain to transfer their salaries to the ‘Salary Account’ with Khaleeji Bank to enjoy the many exclusive and exceptional benefits this account offers, which will add a new dimension to their banking experience, along with opportunities to earn profits and win monthly cash prizes.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain B.S.C. (Trading Code: KHALEEJI), announced its financial results for the period ended 31st March 2025. The Bank achieved a net profit attributable to shareholders of BD 3.243 million, compared to BD 3.008 million in the first quarter of 2024, an increase of 7.81%. Earnings per share for the period ended 31st March 2025 decreased to 3.00 fils, compared to 3.69 fils for the first quarter of last year. Total income increased to BD 15.056 million, compared to BD 12.902 million in the first quarter of 2024, an increase of 16.70%.
Total comprehensive income attributable to the shareholders of the parent company increased to BD 3.466 million, compared to BD 2.925 million for the period ended 31st March 2024, an increase of 18.50%. This increase is mainly attributable to an increase in income from financing contracts and a decrease in financing expenses during the first quarter of 2025. Total assets for the same period decreased slightly by 2.91% to reach BD 1.452.65 million as at 31st March 2025, compared to BD 1.496.13 million for the period ended 31st December 2024. Sukuk investments decreased by 9.01% to reach BD 456.91 million compared to BD 502.14 million as at 31st December 2024, while financing contracts increased to BD 764.54 million compared to BHD 721.17 million as of 31st December 2024. Total equity attributable to the shareholders of the parent company for the period ended 31st March 2025 decreased by 2.12% to reach BD 125.35 million, compared to BD 128.06 million as at 31st December 2024.
In a related context, Khaleeji Bank announced the appointment of Mr. Yousif Taqi as the new Chairman of the Board of Directors, succeeding Mr. Hisham Alrayes, who has chosen to focus on GFH Financial Group. Mr Taqi’s appointment comes following his nomination by GFH Financial Group and his extensive experience of over 35 years in Bahrain’s banking sector, during which he has held several leadership positions at leading financial institutions in the Kingdom. He holds a Bachelor’s degree in Accounting (1990) from Husson University, USA, and is a Certified Public Accountant.
On this occasion, Mr. Hisham Alrayes, Chairman of Khaleeji Bank, welcomed the appointment of Mr. Yousif Taqi as the new Chairman of the Board, praising his extensive expertise in Islamic banking and expressing full confidence in his ability to lead the bank into the next phase of implementing its new strategic growth objectives. He also emphasised that Mr Taqi’s experience, vision and strong relationships within the banking sector, both locally and regionally, will be key drivers of growth and development for the bank in the coming period.
He continued: “My decision to step down as Chairman of Khaleeji Bank aims to allow me to focus more fully on my responsibilities at GFH Financial Group and continue to drive its growth and shareholder aspirations. The five years I spent chairing Khaleeji Bank were filled with both challenges and opportunities, during which the bank achieved many important milestones, most notably the launch of its new corporate identity in 2023, as well as strengthening the bank’s foundations and developing renewed strategies aligned with the rapid changes in the banking sector and clients’ needs. We focused during this period on providing innovative and advanced banking solutions tailored for the digital era, which contributed to reinforcing the bank’s position as a leading financial institution capable of keeping pace with future developments. I extend my sincere thanks to all members of the Board and the team for their support and cooperation, which played a significant role in these successes. I wish Mr Yousif Taqi every success in leading the bank to further growth and prosperity.”
Commenting on the financial results, Mr Alrayes said: “We are delighted to announce these strong financial results for Khaleeji Bank’s operations during the first quarter of 2025, which reflect our ongoing efforts to achieve our strategic goals and deliver the best services to our valued customers. These promising results mark a positive start, reinforcing confidence in our growth and positively impacting the group’s market value.”
He added: “The positive results achieved in the first quarter provide further motivation to maintain this positive momentum and continue on an upward trajectory for further growth during the remainder of the year. Our aim is to achieve greater accomplishments to meet the aspirations of our shareholders and valued customers, and to contribute effectively to the comprehensive development journey witnessed by the Kingdom of Bahrain under the prosperous reign of His Majesty King Hamad bin Isa Al Khalifa, King of the Kingdom of Bahrain, and in alignment with the diligent efforts of the government led by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince and Prime Minister, to further elevate the banking sector.”
For his part, Mr Yousif Taqi, the new Chairman of Khaleeji Bank, expressed his deep gratitude and appreciation to the former Chairman, Mr Hisham Al Rayes, for his sincere efforts during his tenure and for his trust and continuous support. He also thanked GFH Financial Group for their valued confidence, affirming his commitment to working diligently to achieve the bank’s vision and strategic objectives, adding that he looks forward to building on the past years’ achievements to continue the journey of growth and progress, strengthening the bank’s position in the sector, and emphasised his keenness to work closely with the team and Board of Directors to support Khaleeji Bank’s growth and prosperity.
Mr. Taqi added: “I am honoured and delighted to be chosen as Chairman of Khaleeji Bank at this important stage of the bank’s journey. I look forward to building on its achievements, and working with fellow Board members and the executive management to develop innovative strategies that enhance the bank’s position in the sector and meet the aspirations of our valued customers. Our goal is to achieve sustainable growth and enhance value for our shareholders, and we are confident that we can achieve this through dedicated teamwork.”
Mr Sattam Algosaibi, CEO of Khaleeji Bank, said: “We are pleased to welcome Mr Yousif Taqi in his new role as Chairman of Khaleeji Bank, given his exceptional track record in the Islamic banking sector. We are confident that his leadership will be a significant asset in supporting our ambitious growth and expansion strategies. The bank’s plans in the next phase are firmly focused on digitising services and adopting the latest banking technologies, requiring forward-looking leadership and a culture of innovation at all levels. We are certain that Mr. Taqi’s expertise will be a solid foundation supporting this vision and strengthening the bank’s leadership in this area.”
Commenting on the financial results, Mr. Algosaibi said: “The financial results for Q1 2025 demonstrate the continued success of the bank’s robust business model and effective strategy, with a focus on financial discipline, improving income, and driving sustainable growth to enhance profitability. This was reflected in the growth of net profit attributable to shareholders by 7.81% to BHD 3.243 million, compared to BHD 3.008 million in Q1 2024. We also achieved an increase in financing contracts revenue, contributing to growth in both total and comprehensive income attributable to the parent company’s shareholders. These positive results embody our commitment to delivering positive returns and profits for our esteemed shareholders.”
He added: “These positive results achieved by Khaleeji Bank in the first quarter, most notably the increase in net profit, coincide with the ongoing launch of many innovative banking initiatives, services, and products to enhance the customer experience. Among the most important of these is the launch of the new edition of the ‘Al Waffer Account’, with total prizes this year exceeding USD 4 million, and the introduction of a new category, ‘Ajyal Al Waffer’, dedicated to young depositors under 21. We also continued to offer more exclusive real estate financing offers, most recently the launch of the new ‘Tashil+’ programme as part of the Ministry of Housing and Urban Planning and Eskan Bank’s plan to expand financing options and housing solutions for citizens. We have ensured to provide unique, exclusive financing offers as part of our ongoing support for all initiatives aimed at providing innovative, accessible housing solutions for citizens. This is alongside the continued launch of many innovative promotional campaigns, from the Ramadan purchases campaign to, most recently, Khaleeji Bank’s interactive platform at City Centre Bahrain, which enjoyed great success and turnout.”
The full financial results and press release are available on Bahrain Bourse website www.bahrainbourse.com.
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, has launched a special promotional stand at City Center Bahrain between 24th – 28th 2025, to showcase the many benefits of its “Al Waffer” Account and Khaleeji Credit Cards.
This initiative builds on Khaleeji’s interactive campaigns designed to introduce clients and visitors to its latest innovative banking services, with particular focus on the advantages of the “Al Waffer” Account and Credit Cards.
The event coincides with the announcement of the 2025 edition of the “Al Waffer” Account, the largest and most generous since the account’s inception. This edition features cash prizes totalling over USD 4 million, including 11 Grand Prizes for account holders, the largest being USD 1 million to be raffled in December.
Moreover, the promotional stand at City Center Bahrain offers visitors the chance to learn about “Ajyal Al Waffer”, launched under the 2025 edition. For the first time this year, Khaleeji is awarding unique prizes to young savers under the age of 21, in a bid to foster a saving culture and encourage financial literacy from an early age.
During this five‑day event, visitors and clients may open a new “Al Waffer” Account or top up their existing accounts and may also open an “Ajyal Al Waffer” Account for their children. All participants will have the chance to claim instant cash prizes of up to BD 1,000, alongside a host of other valuable gifts and rewards that will be presented throughout the campaign. “Everyone’s a Winner” with Khaleeji Bank!
On this occasion, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, commented “We are delighted to launch Khaleeji’s first promotional stand of the year at City Center Bahrain. This platform presents an excellent opportunity to engage directly with our valued clients and visitors, and to introduce them to the exclusive benefits of the ‘Al Waffer’ Account and our Credit Cards.”
She continued “This campaign underlines our ongoing commitment to strengthening direct communication with our clients and to offer the very best in innovative banking services. We look forward to welcoming our clients at the stand, providing them with exclusive information and showcasing our latest products & services.”
Ms. Al Abbasi added “We are pleased to enrich our clients’ banking experience by rewarding them with immediate cash prizes of up to BD 1,000, alongside many other valuable gifts. We hope this initiative will encourage everyone to save and to embed sound financial principles across Bahraini society. We therefore urge both new and existing clients to seize this opportunity and open an ‘Al Waffer’ account or increase their savings quickly and easily by visiting our stand at City Center Bahrain. This will enhance their chances of winning grand prizes in this year’s raffles. We wish all participants the best of luck.”
Khaleeji Bank is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, a leading Islamic bank in the Kingdom of Bahrain, has announced the launch of its Visa+ service, enabling users to send money to Visa cardholders in the GCC using only the recipient’s phone number. This initiative positions Khaleeji Bank among the first banks globally to offer Visa+, a milestone underscoring the market’s readiness to embrace next-generation financial solutions to enhance digital experiences.
Visa+ allows Khaleeji Bank customers to transfer funds to Visa debit and prepaid cardholders in other GCC countries using just a phone number. This innovation eliminates the need to exchange sensitive information such as the 16-digit card number or International Bank Account Number (IBAN), making transactions more secure and convenient.
Ms. Ameera Al Abbasi, Head of Retail Banking at Khaleeji Bank, commented on the launch: “Given our constant endeavour to be at the forefront of innovative banks, we are excited to introduce the Visa+ service, which represents a significant advancement in the field of money transfers. At Khaleeji Bank, we are committed to providing modern and secure banking solutions that align with our customers’ aspirations and evolving needs.”
She continued: “This service simplifies the process of sending money to Visa cardholders in the GCC, requiring only a phone number, thereby eliminating the need to share sensitive card or account information, offering a streamlined and secure transfer experience. We encourage all our customers to explore this unique feature that combines convenience, security, and speed, embodying the future of digital banking transactions.”
Visa+ enhances the money transfer experience for financial institutions while enhancing privacy protections for both senders and recipients. It serves a variety of applications, including direct person-to-person (P2P) payments, financing disbursements, and cross-border money transfers.
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, a leading Islamic bank in the Kingdom of Bahrain, has announced the launch of a promotional stand for its innovative “Ajyal” Account, designed for children and youth under 21 years of age. The stand will take place at Al Liwan in Hamala during the Eid Al Fitr holiday, from March 31 to April 4, 2025.
Khaleeji Bank aims to introduce visitors to the benefits of the “Ajyal” Account, which encompasses three key offerings: the “Ajyal” Savings Account, The “Ajyal” Deposit Account, and the “Ajyal Al Waffer” Account. To encourage participation, the bank will also provide valuable prizes for those who open an “Ajyal” account tailored to their needs.
The “Ajyal” Account is a vital part of Khaleeji Bank’s strategy to promote financial literacy among children and youth. This initiative seeks to instil the importance of saving and cultivate sound financial habits, equipping young people with the skills to manage their money wisely and prepare for future financial challenges. The promotional stand reaffirms the bank’s commitment to raising awareness among the new generation about making informed financial decisions.
The “Ajyal” Savings Account offers an anticipated profit rate of up to 3.025%, with incentives including a minimum monthly deposit of BD 10 and five monthly withdrawals using an ATM card. The “Ajyal” Deposit Account operates on the principle of “Mudharaba” and offers a profit rate of up to 5% for a 12-month tenor. Meanwhile, the “Ajyal Al Wafer” Account provides youth the chance to participate in raffles for valuable cash prizes. This year, the bank has allocated 60 prizes, including a special draw in March for 15 prizes worth BD 1,000 each, along with a monthly draw for five prizes in the subsequent months, giving “Ajyal Al Waffer” customers a fantastic winning opportunity.
On this occasion, Ms Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, stated: “We are delighted to launch the promotional stand for the “Ajyal” Account at Al Liwan during the Eid Al Fitr holiday. This initiative aims to promote financial literacy, the values of saving, and financial responsibility among the younger generation.”
She added: “The “Ajyal” Account offers children and youth an engaging way to learn about savings. We believe that investing in the mindsets of younger generations is an investment in their future, and we are eager to inspire them to adopt healthy financial habits that can enhance their lives.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic banks in the Kingdom of Bahrain, held its Annual Ordinary and Extraordinary General Meetings on Monday 17th March 2025 with a quorum of 86.59%.
The meeting was chaired by Mr. Hisham Ahmed Al Rayes, Chairman of the Board, and attended by Mr. Sattam Sulaiman Algosaibi, Chief Executive Officer, and several members of the Executive Management team, along with shareholders, representatives of the Shari’a Supervisory Board, external auditors, and regulatory authorities.
The meeting commenced with the approval of the Minutes from the previous Ordinary General Meeting held on 25th March 2024. This was followed by discussions on the Board of Directors’ Report regarding the bank’s activities for the financial year ended 31st December 2024, which was subsequently approved. The Board also reviewed the Shari’a Supervisory Board’s Report regarding the bank’s operations, as well as the External Auditors’ report on the bank’s financial statements for the same period.
After thorough discussions, the attendees approved the Financial Statements for the year ending 31st December 2024. The recommendations from the Board were endorsed to allocate BD 1,050,288 to the Statutory Reserve, BD 3,210,735 to Retained Earnings, and BD 827,593 for the Zakah Fund.
Additionally, the proposal to distribute Cash Dividends at a rate of 5% of the nominal value per share—equivalent to 5 Fils per share, totalling BD 5,414,264—was also approved. Consequently, the last trading day for entitlement to the dividends will be 18th March 2025, with non-entitlement trading resuming on 19th March 2025. Shareholders whose names are registered as of 20th March 2025 will be eligible for the dividends, which will be distributed on 3rd April 2025.
Furthermore, the meeting approved a proposal for a total remuneration of BD 114,050 to Board Members for the financial year ended 31st December 2024, following regulatory approval. The meeting has also ratified and approved all transactions with related parties conducted during the financial year ending 31st December 2024, as detailed in Financial Statement disclosure number (30) of the Consolidated Financial Statements, in accordance with Article (189) of the Bahrain Commercial Companies Law.
Attendees have also discussed and approved the Corporate Governance Report for the financial year ending 31st December 2024, confirming the bank’s compliance with the requirements of the Central Bank of Bahrain “CBB”. Furthermore, the Board Members were discharged from any liability regarding their actions during the same financial year.
The reappointment of external auditors for the year 2025 was also approved, along with authorisation for the Board to determine their remuneration, following the CBB’s approval of the same.
In light of the CBB approval dated 11th December 2024, attendees have approved the following appointments:
- Dawood Mohammed Al Ghul as a member of the bank’s Board of Directors per paragraph (a) of Article (179) of the Bahrain Commercial Companies Law, with his term complementing that of his predecessor.
- Salah Abdullah Sharif as a member of the bank’s Board of Directors according to Article (175) of the Bahrain Commercial Companies Law, with his term lasting throughout the current session of the board.
Additionally, participants have endorsed the appointment of a liquidity provider at Bahrain Bourse “BHB” following the necessary regulatory approvals, allowing the Board to determine said provider and the duration of their contract, along with other relevant details.
Afterwards, the Extraordinary General Meeting convened, where the Minutes from the previous meeting held on 4th March 2024 were approved. The attendees have then agreed to the issuance of Tier 1 financial instruments (including, but not limited to, the Mudaraba Structure) and/or Sukuk (Additional Tier 1 Capital) totalling to a value not exceeding BD 100 million or its equivalent in other currencies, through one or multiple issues to enhance the bank’s capital ratios in line with financial and strategic requirements, while delegating the Board of Directors to handle all necessary formalities regarding this issuance.
On this occasion, Mr. Hisham Ahmed Al Rayes, Khaleeji’s Chairman of the Board of Directors, stated “We take pride in the bank’s achievements during 2024, attaining positive results across all dimensions of our operations. This performance underlines our commitment to a sustainable profitability strategy that ensures the growth of our banking operations and provides greater returns to our esteemed shareholders and investors.”
He further added “The General Assembly’s approval of a 5% cash dividend is a clear testament to our financial stability and capital efficiency. We look forward to continuing this positive trend in the future, achieving further milestones and successes.”
For his part, Mr. Sattam Sulaiman Algosaibi, Khaleeji’s Chief Executive Officer, stated “The year 2024 has been exceptional for the bank as we continued our diligent efforts to build on our accomplishments, particularly the launch of our new identity which reflects our commitment to creativity and innovation. We have developed a new strategy that aligns with the evolving market needs, enabling us to serve our partners and clients more effectively while enhancing our competitiveness and growth capacity, thus fully harnessing our capabilities to remain a key driver of sustainable economic development in the Kingdom of Bahrain.”
Elaborating further, Mr. Algosaibi said “We are diligently working to expand the scope of our activities and enhance our role in commercial and investment flows, while consolidating our presence in the Bahraini market. We aim to achieve significant accomplishments that align with our strategic priorities, build on the successes we have achieved, and offer more high-quality and distinctive services and solutions that satisfy our clients and serve the interests of our partners and shareholders.”
He concluded saying “We remain focused on building a future-ready bank that adheres to the highest standards of practice and realises sustainable value for our shareholders over the long term. We seek to capitalise on new opportunities to serve our shareholders, clients, and employees, reinforcing Khaleeji Bank’s position as a leading financial institution that supports our ambitious aspirations.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.
Khaleeji Bank, one of the leading Islamic Banks in the Kingdom of Bahrain, is celebrating the advent of the Holy Month of Ramadan with its valued clients by launching exclusive and distinctive offers for Khaleeji Credit Card holders, offering the chance to receive a full 100% Cashback for 100 lucky winners, in addition to many other benefits.
This unique Ramadan offer enables the bank’s Credit Card holders to enjoy 100% Cashback on purchases made during the Holy Month using their Khaleeji Credit Cards at supermarkets, restaurants, cafés, and through mobile applications. This includes both the primary Credit Card and any supplementary cards issued. The campaign will run throughout Ramadan, reflecting Khaleeji’s commitment to sharing the joy of various national and Islamic occasions with its clients, particularly during Ramadan which is considered an ideal opportunity to encourage generosity and sharing.
Commenting on this initiative, Ms. Ameera Ahmed Al Abbasi, Head of Retail Banking at Khaleeji Bank, stated “We are delighted to share the joy of the Holy Month with our valued clients by launching this rewarding campaign, which embodies Khaleeji’s dedication to providing exceptional banking services that meet our clients’ expectations and offer financial solutions during this blessed month.”
She added: “We encourage all our valued clients to seize this unique opportunity during the Holy Month and apply for their Credit Cards today, using them for their purchases at supermarkets, restaurants, cafés, and through mobile applications to stand a chance of being among 100 lucky winners of a full 100% Cashback, as well as enjoying many exclusive benefits that include discounts at over 100 commercial outlets in the Kingdom of Bahrain during Ramadan.”
Khaleeji is a leading Islamic Bank that strives to achieve clients’ ambitions through an Islamic Banking model that offers a comprehensive range of high quality Shari’a-complaint banking services and investment opportunities to individuals and companies.