Shiite Iranian-Lebanese mediation between Iraq's Sadr and his rivals
January 12, 2022, 6:32 am

Shiite Iranian-Lebanese mediation between Iraq's Sadr and his rivals

Moqtada al-Sadr/Facebook page

The Asharq Al-Awsat reported that the inaugural parliamentary session in Iraq underscored the sharp divide between the Sadrist movement, led by cleric Moqtada al-Sadr, and the pro-Iran Coordination Framework.

Information from behind the scenes in Iraq revealed that influential Shiite figures, some living in Iraq and others in Iran and Lebanon, will kick off a mediation to bridge the divide between the rival Shiite camps.

These figures fear that the situation in Iraq could spiral out of control if the inter-Shiite disputes are not resolved.

The tensions could lead to violence, which could raise concerns among other groups in Iraq, most notably the Kurds.

The Kurds have long declared their commitment to the historic alliance that tied them to the Shiites and they are worried that they could end up being the first victims of any Shiite-Shiite clash, whether in parliament, the government or contested regions.

Meanwhile, the dispute over who enjoys the largest bloc in parliament continues. The Coordination Framework, which is formed of parties that lost the October parliamentary elections, alleges that it has won 88 seats and that Sadr, who actually won the polls, only has claims to 75.

The Sunnis and Kurds do not want to become embroiled in the dispute over the largest bloc, hoping that the Shiites themselves could resolve it.

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The Kurds are meanwhile, divided over the position of president.

The Kurdistan Democratic Party (KDP) and the Patriotic Union of Kurdistan (PUK) are split over the reelection of President Barham Salih, with the latter in favor of the move and the former opposed to it.

Both of the parties would rather not become involved in the Shiite-Shiite dispute because they will need the Shiite vote to sway the presidential elections in their favor.

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The Federal Supreme Court has since ratified the results of the elections, confirming Sadr as the winner.

Sadr therefore, has enough power to form a new majority government, which the Coordination Framework believes is an attempt to cut them out of the political scene.

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As it stands, the Shiites are confronted with two options: The repeat of the 2018 scenario where no party boasts the largest bloc. Instead, a weak Shiite consensus would be reached and which the Sunnis and Kurds can join as the weakest link in the equation.

The other option is the Shiite disputes devolving into violence as many armed factions have blamed the Sunnis and Kurds for the divisions among the Shiites.

Source: aawsat

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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.