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Iraq passes electoral reforms but deadlock remains

Iraq’s parliament approved on Tuesday a new electoral law, a key demand of protesters to make elections fairer, but political deadlock is still holding up the selection of an interim prime minister, threatening renewed unrest.
Mass protests have gripped Iraq since October 1 and protesters, most of them young, are demanding an overhaul of a political system they see as profoundly corrupt and keeping most Iraqis in poverty. More than 450 people have been killed.
“In the name of Iraq, and in the name of the Iraqi people, in the name of the martyrs, in the name of all those who sacrificed, in the name of the displaced, the law has been approved,” Council of Representatives Speaker Mohammed al-Halbousi said after the vote.
The new election law passed by parliament will allow voters to elect individual lawmakers instead of choosing from party lists, and have each member of parliament represent a specific electoral district instead of groups of legislators representing entire provinces.
“This decision is the decision of the people; the people who were patient here in Tahrir Square. They made their decision known, which is for elections to be individual 100 percent,” said protester Dawood Salman, 58, speaking from the central Baghdad square that has become the uprising’s epicenter.
Protesters have demanded not just a new electoral law, but also the removal of the entire ruling elite seen as enriching itself off the state and serving foreign powers - above all Iran - as many Iraqis languish in poverty without jobs, healthcare or education, and an independent premier with no party affiliation.
“Hopefully this is a sign of things to come, this is the first step towards meeting our demands. We now want the actualization of the other demands: to have a president, prime minister, and speaker who all do not belong to any party,” said protester Hashim Mohammed.
‘Rock bottom’
Since Saddam Hussein was toppled in a 2003 US-led invasion, power has been shared along ethno-sectarian lines among parties from Iraq’s largest three communities.
The most powerful post, that of prime minister is held by a Shiite Arab, the speaker of parliament by a Sunni Arab and the presidency by a Kurd.
“We call on all politicians who came after 2003 to leave government and hand over power. All politicians with loyalties to Iran or to Gulf countries need to go. We need a true Iraqi, someone honest and honorable,” said Mohammed. “They dragged Iraq into rock bottom, those traitors who came after 2003.”
Infighting between political parties who are clinging on to power has fueled the crisis and threatens to cause more unrest as protesters lose patience with a deadlock in parliament that is holding up the selection of an interim prime minister.
Prime Minister Adil Abdul Mahdi resigned last month under pressure from the street demonstrations, but has remained in office in a caretaker capacity. The constitutional deadline to name a replacement expired on Thursday.
Two blocs of political parties, one backed by Iran and the other populist and anti-Iranian, are closely involved in backroom deals to agree on a candidate.
Any agreement on thorny political issues looks unlikely. The protests have shaken the country out of two years of relative calm following the defeat of ISIS insurgents.
SOURCE: Reuters
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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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