ahlibank holds its Annual Extraordinary General and Ordinary General meetings

Muscat: ahlibank held its Annual General Meeting (AGM) and an Extraordinary General Meeting (EGM) on March 27 via an electronic platform for general meetings through Muscat Clearing and Depository’s website.

Presided by Hamdan Ali Nasser Al Hinai, Chairman of the Board of Directors, at ahlibank, the meeting was attended by the board members, senior management, and shareholders.

During the extraordinary general meeting, the shareholders approved the amendments to the Articles of Association of Ahli Bank. In addition to this, the shareholders have also approved the issuance of a total number of up to 100 million Perpetual Additional Tier 1 Capital Instruments in the form of perpetual bonds, by way of either a private or public issue at face value of One Rial per bond plus issues expense in one or multiple tranches. Issuance tranches are to be determined by the Bank’s Board of Directors after taking all the required procedures and obtaining the approval of the Central Bank of Oman and the Capital Market Authority.

During the annual general meeting, shareholders approved the Board of Directors’ Report on the bank’s activities and its financial position for the financial year ended December 31, 2022. Shareholders also approved the bank's Organisation and Management Report (Corporate Governance Report), Auditor's Report on the Bank's Audited Financial Statements and the Sharia Compliance Report of Ahli Islamic for the year ended December 31, 2022.

Moreover, the bank’s shareholders approved the distribution of a cash dividend of 9 baisas per share. Further, the general assembly was informed of related party transactions the Bank completed during the previous fiscal year.

Speaking on the sidelines of the AGM, Hamdan Ali Nasser Al Hinai, Chairman of the Board of Directors, said, “The bank has completed 15 years since its establishment as a commercial bank. As a team, we have been able to unlock our true potential and experience competitive success despite market challenges. We have already established our credentials in the country with a rich portfolio of products and services, and are now buoyed by the consistent growth in our customer base, which is equally complemented by investor confidence.”

The AGM also conducted an election to acclimate new members to the Board of Directors of the bank for the coming period. It approved the Board’s Performance Report and criteria for the Performance Approval of the Board of Directors. Additionally, a third party was appointed to appraise the board’s performance for the financial year ending on 31 December 2023 and determine their fees. External auditors and external Sharia auditors were also appointed for the same period.

Highlighting the bank’s strategy to focus on a lower cost-cutting base by introducing new products and expanding retail branches, Al Hinai added, “Our vision to be a vibrant and innovative centre of banking through our customer-centric approach to business, has helped us amplify our market presence and bolster our relationships with our patrons. We will ensure that the year unfolds several new innovative products and digital technologies to strengthen our key performance indicators. Our intent to stay connected with our customers and to meet their changing requirements will further augment our growth curve. Our commitment is, first and foremost, to our people and our country.”