Britain’s Historic Crossroads
April 13, 2021, 8:31 am

James Denseiow

Too often it is a cliché to describe a country at a crossroads or major point in its history but increasingly it seems that Great Britain is in exactly that place. The death of the Duke of Edinburgh, Prince Philip, just shy of his 100th birthday, has reminded the country that some of its seemingly most permanent figures exit the stage. His death follows a fraught year for the Royal Family who have had to batten down the hatches due to Covid as well as weather the storm from the departure of Harry and Megan, the Duke and Duchess of Sussex, from being working royals.

A crisis of sorts within the royal family is just one of the factors that brings Britain to this historic crossroads. Although Brexit and the departure from the EU has got ‘done’, its legacy continues to shape the country. Such a divisive referendum split the country into two camps whose identities continues to shape politics today.

More dramatically the shockwaves of Brexit are being felt in Northern Ireland and Scotland leading to serious challenges for the maintenance of the Union itself. Indeed, Scottish elections in May are projected to be dominated by the Scottish Nationalist Party who are all primed to push for another Independence Referendum that their vote share would be it difficult to deny.

Number 10 has denied that it would be bounced into granting another vote and put out a statement that “calling for a referendum in this way in the middle of a pandemic is not right.” However, the pandemic won’t last forever and indeed the success of the UK’s vaccine campaign may be a uniting factor in any future argument for keeping Great Britain together. Nevertheless, it seems that the discord generated by Brexit will force the question of Scotland’s splitting from the Union to be put to the vote in some form or other in the years to follow.

Meanwhile in Northern Ireland successive nights of violence have seen over 55 police officers injured in a level of unrest “not seen in years”. The triggers of these events are myriad and linked to Republican leaders flouting Covid regulations to attend a funeral and feelings of being over policed, but the single biggest context change to what has been a period of peace in Northern Ireland, has been Brexit and the introduction of a border in the Irish Sea as part of the agreement made with the EU.

Whilst Wales remains the least likely to succeed from the United Kingdom, record-breaking numbers of people in Wales are in favour of independence, a new poll suggests. Conducted for ITV News Tonight by Savanta ComRes, the new survey found just under 40 per cent of Welsh citizens to be in favour of separating from the UK, representing the highest levels of support for Welsh independence ever recorded.

The 2019 UK election, won by Boris Johnson’s Conservatives, promised the ‘levelling up’ of northern areas of the country previous dominated by the Labour Party. However, Covid and the massive amount of Government spending on the health service and furloughing the economy has meant that serious questions remain as to whether those promises can be kept in the post-Covid period, meaning that another large chunk of the country may feel that their expectations have been badly managed.

The mantra of the original Brexit advocates was that people should vote to ‘take back control’, it would seem that the nations of the UK, as well as the regions too, are increasingly feeling that way towards their own political future that may not involve the Union. However, that the Royal Family, the rock of so much of the country’s identity, is now morning the loss of the Duke of Edinburgh may be a catalyst towards a greater shared collective identity.

This would be moving against the headwinds described earlier in this article and sadly for those advocates of the Union the current Covid restrictions mean that there will not be a huge public turnout around the Duke’s funeral which will be a small family affair. Yet the polling in favour of Scottish independence declined recently supposedly linked to scandals within the Scottish Nationalist Party as well as the success of the Covid vaccination programme, a reminder that the depth of feeling towards these issues is perhaps somewhat shallow and open to influence meaning that the crossroads the country is facing is all to play for.

by: James Denselow

James Denselow,

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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.