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Hybrid Political Entities!

In the hustle of political and media work, and under the umbrella of a packaged democratic experience in most countries experimenting with new political systems, bizarre political entities emerge on the stage of its three authorities and its chaotic media. They resemble a strange mix resembling “the soup of the beggars,” presented by the ruling class at their tables and occasions through models created by their cooks, stirring laughter and tears at times, and grief and sorrow at others. The distinction between right and wrong has become blurred, colors have merged, and barriers have faded. Amid this chaos, men of religion have intruded into the political realm, leaving their pulpits, columns, or seminaries behind, breaking into the world of political circuses and the theater of contradictions and both legitimate and illegitimate interests. They engage with everything that intersects with the tenets of their creed, indulging in deception, fraud, lying, hypocrisy, embezzlement, black market trade, commissions, and bribes, thereby accepting to partner with those labeled as “fornicators, thieves, and drunks,” mingling with them to the point of intoxication, thus earning hypocrisy and debauchery, as defined in their religious texts.
From the far right to the far left and on another plank of the new democratic circus, another model, with unprecedented enthusiasm, rushed alongside our man of religion into the world of political vices. He continues to pound our heads with his leftist theories, opposing the Ba'ath regime, and rejecting socialist experiments that have tarnished his proletarian theory, claiming to be a champion of the oppressed class and a fighter for “the dictatorship of the proletariat,” all while sharing in the exploits of those who drain the blood of the poor and deprived, forgetting his theories and principles, allying with what he calls “the dregs of the proletariat,” as he classifies different societal segments.
Amid these two models, diverse creatures with varying genetics and backgrounds surged forth to form alternative systems that developed unparalleled political entities. They participate in governance and act as an opposition to extort the government. They have also succeeded in mixing opposing concepts, as you can hear or see a deeply corrupt individual speaking about integrity, another known for deceit and fabricating stories talking about honesty, a third who is tainted to the core claiming purity and chastity, and a fourth without roots speaking of authenticity and heritage. Strangely, they all agree amongst themselves and share the “cake” of corruption, boasting about it as an achievement or gain for themselves and their parties or for those who nominated them for positions in the ruling authorities!
Indeed, this is the tragedy of the top-down change that has befallen these countries and their peoples who awaited honorable leaders to govern after a dark era of authoritarian rule. They were surprised—except for a very few who do not conform to the general measurement—that a gang of thieves had robbed a bank, as the notable Egyptian writer and journalist Mohamed Hassanein Heikal so aptly described.
These gangs have made our countries some of the most corrupt and failed in the world, adept at manufacturing sharp contradictions and the disgusting mixes of corrupt individuals, adventurers, and self-proclaimed integrity advocates who both play the roles of the corrupt and the honest, the victim and the perpetrator, the oppressed and the oppressor, in the tragedy of the Arab Spring that has made us laugh until we cry and cry until we go mad!
**Levant: Kifah Mahmoud**
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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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