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Afghanistan’s Year Zero

Whilst it was often said in the last few months that Washington was keen to avoid a ‘helicopters from Saigon’ moment, something remarkably similar has taken place with a series of iconic events following each other in quick succession.
In July President Biden explained that “the Taliban is not the … North Vietnamese army. They’re not — they’re not remotely comparable in terms of capability. There’s going to be no circumstance where you see people being lifted off the roof of
Around the world and at the UN Security Council, the majority of political leaders have appeared stunned. Whilst the Russians and the Chinese celebrated the largely peaceful final transfer of power, the Americans and their allies scrambled to agree a unified position. Meanwhile planned efforts to evacuate translators or allied Afghans have been rapidly overtaken by events and the wider picture for refugees is made all the more bleak by the closure of borders and safe routes as well as all of the Covid restrictions.
An almost twenty year effort, a cost estimated to be between $1-2 trillion dollars and tens of thousands killed and maimed have seen the Taliban return to power and a sense that the country’s politics and near history has come full circle. When the Khmer Rouge marched into Phnom Penh in Cambodia in 1975 it was proclaimed a ‘Year Zero’ and a reset of the country’s history that would result in a radical purging of the population and exodus from cities eventually resulting in the ‘Killing Fields’ and the deaths of up to 2.5 million people.
This time there is a strange familiarity of course to the Taliban being in control in Kabul following the exit of a superpower from the country that is famously the ‘graveyard of empires’. When they first rose to prominence and power in the mid-1990s before the mass public had ever heard of al-Qaeda the group was seen a radical irrelevance in a country that had become strategically insignificant in the post-Cold War era.
Banning music and television, and enforcing strict and narrow roles on what women could do and wear were seen as bizarre and eccentric but any threat appeared confined to Afghanistan’s own borders before the events of 9/11 and its aftermath. So what will happen this time? Saudi Arabia on Monday urged Taliban insurgents who seized Afghanistan's capital Kabul, completing a sweep across the country, to preserve lives, property and security as stipulated by "Islamic principles".
Whilst the immediate focus is of course on how the new rulers of Afghanistan will act, particularly towards those affiliated with the previous Government, women and minorities, the ripples of what has happened will reverberate across the region and globally. Indeed the potential for destabilizing effects for Central Asia, South Asia, and the MENA is very real but by no means guaranteed.
In the global sphere Britain’s Prime Minister Boris Johnson is pushing for a unified position towards recognition and engagement with the Taliban government with a focus on the condition around the group not harbouring terrorist groups. Meanwhile the Taliban themselves have pushed questions around their governance structure down the road to when ‘all foreigners have left the country’, to presumably give themselves some breathing space after the hyperventilation of the events of the past ten days.
Reporters in Kabul said that it was anyone’s guess what will happen in two hours let alone beyond that. Yet there are historical trends that we can look to for potential next steps. The need to consolidate the newly won authority is an obvious next step as the group moves from fighting to the harder task of governance. Running basic services in the 7th poorest country in the world will be a challenge and reports out of the earlier captured Kunduz suggest the Taliban are already struggling at it.
Managing the impact of any further exodus from the country is another immediate challenge. Let us not forget that this year 400,000 Afghans have already been forced from their homes. There are almost 2.5 million registered refugees from Afghanistan. They comprise the largest protracted refugee population in Asia, and the second largest refugee population in the world. The scenes from Kabul airport only hint at the larger numbers of Afghans who could now want to leave the country.
Controlling this exodus may ironically prove a facet in the group’s search for international legitimacy. The fear Western states have of uncontrolled flows of people across their seas and borders may give the Taliban leverage on their search for recognition beyond their borders, arguably the one trump card the international community has left. This may place Afghans in a double bind suffering directly under the Taliban and more nefariously through the restrictions of those who’d be happy for them to prevent them leaving the country as this new phase of its history begins.
by: James Denselow

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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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