Kuwait parliament passes COVID-19 relief bill after govt takes oath
March 30, 2021, 9:21 am

Kuwait parliament passes COVID-19 relief bill after govt takes oath

Kuwait's Emir Nawaf al-Ahmad Al Sabah attends a parliament session, in Kuwait City, Kuwait October 20, 2020

Kuwait’s parliament approved laws guaranteeing bank loans for businesses hit by the COVID-19 pandemic after the government took its oath of office on Tuesday, but rejected an amnesty pardoning people charged with storming parliament in 2011.

Dozens of protesters and lawmakers gathered outside parliament in a sign of lingering tensions after a months-long standoff between the elected assembly and the appointed prime minister.

Only 33 of 50 members of parliament attended the session, the number required for a quorum.

In its first session since Emir Sheikh Nawaf al-Ahmad Al Sabah suspended it for a month, parliament approved a draft law to end pre-trial detention in freedom of speech cases and sent it for government approval, the assembly said.

In addition to passing draft bills guaranteeing local bank loans for small and medium businesses affected by the pandemic, it approved a law deferring loan payments for citizens for six months.

But parliament rejected “in principle” proposals for an amnesty law that included pardoning people charged with storming parliament, including former parliamentarians in self-exile abroad.

After December elections, a majority of lawmakers backed a motion to question Prime Minister Sheikh Sabah al-Khalid Al Sabah on various issues, including his choice of ministers.

The cabinet responded by resigning, and Sheikh Sabah named a new cabinet this month.

Tensions remain high after Kuwait’s constitutional court this month nullified the membership of opposition lawmaker Bader al-Dahoum. Dahoum, who was among protesters outside parliament, was one of two lawmakers who filed a new request to question the premier.

A government priority now is to push through a debt law allowing Kuwait to tap international markets to strengthen finances hit by low oil prices and the pandemic.

Kuwait’s parliament has the power to block legislation and question members of government, in which senior posts are held by ruling family members.

source: Reuters

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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.