Sequence No: 38/2020
ISIN: BH000A0KEZD7PUBLISHED ON NOVEMBER 30, 2020 BY AL BARAKA BANKING GROUP

The EGM of Al Baraka Banking Group B.S.C (“Group”) was held virtually on Monday 30^th Nov 2020 at 11:00 AM Manama, Kingdom of Bahrain with a quorum of 74.54 %. The following items in the agenda have been approved:

1-      The recommendation of the Board of Directors to voluntarily surrender the Group’s Islamic wholesale banking license and obtain a Category 1 Islamic Investment Firm license, subject to the approval of the relevant regulatory authorities.

2-      The change of the Group’s commercial name from Al Baraka Banking Group B.S.C. to Al Baraka Group B.S.C., or any other name approved by the relevant regulatory authorities.

3-      The amendments of the objectives and activities of the Group in the current Memorandum and Articles of Association to those of a Category 1 Islamic Investment Firm as described in the draft Amended and Restated Memorandum and Articles of Association distributed to the Shareholders, subject to the approvals of the relevant regulatory authorities, in addition to the approval of any subsequent amendments requested by the Central Bank of Bahrain and any other related regulatory authorities.

4-      The full amendments and restatements of the Group’s memorandum and articles of association reflecting the required changes as per the amended commercial companies law, the Central Bank of Bahrain Rulebook Volume 4 (Investment Business), the HC Module of the Central Bank of Bahrain Rulebook Volume 6 (Corporate Governance Code) as well as the Ministerial Order No. 19 of 2018 promulgating the Corporate Governance Code and to consolidate all previous amendments into the amended and restated Memorandum and Articles of Association subject to the approvals of the relevant regulatory authorities, in addition to the approval of any subsequent amendments requested by the Central Bank of Bahrain and any other related regulatory authorities.  

5-      To authorize and empower the Board of Directors or its delegate to undertake the necessary steps and to implement or execute any documents necessary in order to implement the resolutions of the extraordinary general assembly on the foregoing items, including signing the fully amended and restated memorandum and articles of association before the notary public and any forms or documents required by the relevant regulatory authorities.