An international battle with ISIS on the banks of Chad Lake
June 26, 2019, 4:24 pm

An international battle with ISIS on the banks of Chad Lake

ISIS has expanded its operations in the centre of Africa to include seven countries in the Sahel area and Chad Lake region.

A joint multinational force in West Africa killed 42 of ISIS fighters in the Chad Lake area, which includes Chadians, Cameroonians, Nigerians, and fighters from Niger as well.

The terrorist ISIS has previously carried out its operations in northern Mali and Niger but has expanded its geographic area to Chad Lake and Burkina Faso.

After the formation of a 20-nation military alliance led by the French army and UN forces, ISIS faced a series of defeats in northern Mali, in the area of a control conflict with Al Qaeda organization.

Terrorist acts have increased in the African coastline, which starts from Sudan in the east and ends in Senegal in the west, where the armed groups show a willingness to create a wide range of movement and open paths for operations from the Red Sea to the shores of the Atlantic Ocean.

According to observers, these groups, led by ISIS, Baku Haram, al-Qaeda and Ansar al-Din, after being attacked in Libya, northern Mali, Niger and Nigeria, are determined to expand their movement to provide roads and routes from east to west for the flow of their fighters after the successive defeats in Iraq and Syria.

Since ISIS lost its existence and the dreams of establishing a state in Iraq and Syria, its tactic has shifted to simulate and compete Al-Qaeda in spreading cells around the world to create a virtual state by its supporters, according to the observers.

The battle of Chad Lake confirms the determination of the extremist organization to expand its activities in an area that was exclusive for Boko Haram, and that confirms the intentions of ISIS, which observers worry of exploiting the tension in Sudan, which represents a barrier between ISIS and its followers in East Africa especially in Somalia.

Observers expected ISIS to make from Chad Lake a new place for its military operations because of its closeness to Libya, where funds flow from Tripoli militias that are funded from Qatar and Turkey to extremist groups in the region.

The United States has criticized the war on terrorism in the Sahel region, as it took a long time additionally the unprecedented increase in terrorist acts after the international presence, and the influx of large numbers of extremists into the region.

The unrest has destabilized the entire Sahel region in West Africa with the failure of national armies and special Western forces, and the United Nations mission including 15,000 troops to take the control there.

An international battle with ISIS on the banks of Chad Lake

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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.