A Glimpse of Hope… OIC’s Women Organization
July 10, 2021, 7:39 am

A Glimpse of Hope… OIC’s Women Organization

Dalia Ziada

Women’s rights in Muslim-majority countries have been improving greatly, over the past few years, thanks to the unprecedented interest of the political leaders, either individually or collectively, in empowering women. However, there is still a gap between the brave steps taken by decision-makers and the actual reality of women living in those countries. The suffering of women in the Islamic world is not limited to gender-based discrimination, like other women worldwide. Most of the sufferings of women in Islamic countries stems from political instability and lack of security. A good example on this is Arab women’s suffering under the unbearable civil wars and terrorist organizations wreaking havoc all over the Middle East.

Amidst this gloomy reality, a glimpse of hope emerged in Cairo, on July 8th. The Organization of Islamic Cooperation (OIC), held its eighth special ministerial meeting to launch the “Women Development Organization (WDO). The ministerial meeting was chaired by the Egyptian National Council for Women. The Egyptian President Abdel Fattah El-Sisi took spoke at the opening session of the meeting and announced the official launching of WDO. El-Sisi stressed that Egypt will dedicate an entire independent building, in Cairo, for the headquarters of WDO. In addition, Egypt will create a think tank to be attached to the organization. President El-Sisi, also, confirmed that Egypt will pay the WDO annual contributions, on behalf of the 22 less-developed countries, who are members of the organization.

ODW’s importance stems from being the first specialized transnational organization to be founded by OIC for the specific purpose of empower women in Islamic countries. The organization’s mission to challenge religious taboos and social stereotypes that kept women suffering for decades, is not an easy task. Ironically, there are many cultural, religious and social diversity among the women living in OIC member countries. However, the only thing that connects them together is that they all suffer from discrimination because of extremists’ misinterpretations of religious texts to justify unfair social norms and traditions against women.

In the ministerial meeting, Dr. Yousef bin Ahmed bin Abdul Rahman Al-Othaimeen, Secretary-General of OIC, commented on the abuse of religion in justifying discrimination against women. “This meeting is a clear message to our citizens in the Islamic world, and to the whole world, that pure, true, moderate Islam empowers and respects women. Women are honored in the Holy Qur’an and the authentic hadiths of the Prophet Muhammad;” said Al-Othaimeen. “Should we not rely too much on the rhetoric of extremists who have irresponsible and deviant interpretations of the rituals of our holy religion. They deny women their basic rights, while Islam made women equal to men in rights and duties.”

The fact that he comes from Saudi Arabia, where he is a citizen and OIC is based, adds glamour to the impressive speech of Dr. Yousef Al-Othaimeen. Not long ago, the status of women in Saudi Arabia has witnessed a huge leap, as part of the state’s 2030 comprehensive development project. Since he came in power, the Crown Prince Mohammed Bin Salman, courageously, took upon himself the mission to destroy the outdated and barren traditions that delayed the progress of the Kingdom. That included ending the severe discrimination against women in Saudi Arabia and encouraging them to participate in public life. Before Mohammed Bin Salman, Saudi women were deprived the basic right to drive a car or buy a home. Now, Saudi women are leading development side by side with men in various government and non-governmental sectors. Saudi women’s percentage in the labor market doubled from 17% to 31%, in the last two years.

We can imagine the difficulty of the mission assigned to the OIC’s Women Development Organization, especially under the many political and security challenges in member Islamic countries. Yet, the level of pollical support and popular attention given to the new organization tells that it may be the glimpse of hope that we badly need to see in

the midst of the painful and dark reality of women in the Muslim world.

Dalia Ziada

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.