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The Annual General Meeting (AGM) of Ithmaar Holding B.S.C was held on 25 March 2024. The meeting had a quorum of 51.6% and approved several items on the agenda. These included the approval of the minutes from the previous AGM, the Directors' Report on the company's financial position for 2023, the Sharia Supervisory Board's Report, and the External Auditors' Report. The company's Consolidated Financial Statements for 2023 were also approved. The board recommended transferring the losses of USD 9,311,000 for 2023 to the accumulated losses. Transactions with related parties or major shareholders were reported. The company's compliance with the Central Bank of Bahrain and Bahrain Commercial Companies Law was discussed and approved. The board was discharged from any liability for their duties in 2023. The benefits and remuneration of the Sharia Supervisory Board for 2024 were reviewed and approved. The appointment of Mr. Juma Hasan Ali Abul as a board member and the appointment of the external auditors for 2024 were ratified, subject to approval by the Central Bank of Bahrain.
Amlak Finance PJSC has announced the opening of nominations for its Board of Directors. The nomination period will run from Tuesday, March 26, 2024, to Thursday, April 4, 2024. Interested shareholders who meet the specified conditions can nominate themselves by submitting an electronic application to the company. The application form can be downloaded from the company's website. There are seven board member positions available. The nominations will remain open for ten days from the date of the announcement. Nominees must comply with the conditions stipulated in Federal Decree Law No 32 of 2021 and the Chairman of Securities and Commodities Authority's Board of Directors' Decision No. (3/R.M) of 2020. The names of nominees will be posted on the company's website on April 19, 2024.
On March 25, 2024, a letter was sent to Mr. Hamed Ahmed Ali, the CEO of Dubai Financial Market, from Alan Williamson, the CEO of Taaleem Holdings PJSC. The letter informed Mr. Ali about a scheduled Board of Directors meeting for Taaleem Holdings PJSC. The meeting is set for March 28, 2024, at 3:00 pm, at the company's office premises and will also be accessible remotely. The agenda includes reviewing and approving the Interim Condensed Consolidated Financial Statements for the three-month period ended on February 29, 2024, discussing routine business matters, following up on the company's activities, and addressing any other topics approved by the Chairman. A copy of the letter was also sent to the Securities and Commodities Authority.
On March 25, 2024, Takaful Emarat - Insurance PSC informed Mr. Hamed Ahmed Ali, the CEO of the Dubai Financial Market, that the permitted percentage of foreign ownership in the company's capital has been increased from 25% to 49%. This change is in accordance with Article 7 of the company's articles of association. The last trading date for the 25% limit will be on March 26, 2024, and the increase will be effective from March 27, 2024. The information was conveyed by Rayan Omer, the Board Secretary of Takaful Emarat - Insurance PSC.
On March 22, 2024, the Board of Directors of the Islamic Arab Insurance Co. – SALAMA P.S.C approved the invitation and agenda for the Annual General Assembly scheduled for April 25, 2024. The approval, which was supported by 85.75% of the board members, is subject to regulatory approvals from the Central Bank of the United Arab Emirates and the Securities and Commodities Authority. The decision was signed by Khaled Barakat, the company's General Counsel.