Inevitability of Change Requires Syrians to Rationalize State-Building
December 23, 2024, 11:51 am

Inevitability of Change Requires Syrians to Rationalize State-Building

أحمد منصور

Amidst the momentum of media, political, intellectual, and social events on the Syrian scene, it is essential to emphasize the necessity of releasing the fundamental rights that are a legitimate and legal entitlement for certain segments and individuals of Syrian society, who have been deprived of them for decades under unsubstantiated pretexts and justifications. In a country with institutions and laws, both have become paralyzed in favor of inciting strife and problems, ensuring—according to the thinking of obsolete regimes—the protection of power entities and their gains, their continuity, and their monopoly on authority, decision-making, and national wealth.

A wide range of Syrian society, including individuals, groups, and components, are deprived of their civil rights, including the right to obtain personal identification cards, passports, and other civil status documents.

Therefore, it is imperative to support the right of all individuals in society, without exception—men and women—to enjoy their full civil, political, economic, social, and cultural rights as equal citizens in a state governed by citizenship and law. No entity should deprive any citizen of their right to equality and justice under the constitution and law, which includes the right to employment, career advancement, work, trade, participation in public life, and access to all state services.

Human rights and citizenship form a fundamental pillar for initiating the process of state-building and its institutions, beginning with the protection of the right to life for all and the freedom of expression and choice, as well as participation in national decision-making. This includes the right to run for office and vote in a free and fair framework, in addition to the freedom of assembly and protest, and the establishment of associations and civil institutions, among other fundamental rights.

The role of the state is to provide public services and support the most vulnerable groups, such as families, the elderly, people with disabilities, women, youth, and children. The duties of citizens include respecting human rights, honoring the constitution and the law, and respecting all citizens, while actively participating in building and developing the state and its institutions. It is fundamental that there is no authority above the authority of the people, as expressed in the social contract and the constitution, which should inherently protect and respect the choices and expressions of Syrians in determining their national identity in Syria.

Lavant: Ahmad Mansour

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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.