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A Virus Threatens Freedoms and Globalization!

Several countries have taken stern measures to prevent Coronavirus from spreading. These initiatives also place substantial restrictions on the free movement within and between countries. Many states have triggered laws of emergency; others have gone beyond that by triggering laws of defense that come close to martial laws. Freedoms
In general, these measures have negatively affected some human rights, but most people did not object to this, as they considered that these firm measures safeguard their most important right, the right to life.
Specialized international organizations, including the World Health Organization, emphasized that such rigorous steps are the only way to counter the spread of the disease, which legitimizes such measures and makes them acceptable to almost all. Freedoms
In the last decade, we have seen the emergence of conservative interests at the expense of liberal and social groups in many nations. People’s fear of competition from outside the border for job opportunities was one of the most significant reasons for the success of these movements. Citizens have elected groups and people who reject the concept of freedom of movement as a means to counter the concerns of refugees and migrants entering their countries. In other words, citizens have chosen the political forces that call for the closure of borders to restrict the movement of labor. Such movements were nothing but populist, nationalist forces.
In the United Kingdom, for example, people's fear of foreigners competing with them for jobs and access to health care was a significant justification for politicians to gain influence in favor of exiting the European Union.
The political powers that call for restrictions on freedom of movement, which are hostile to migrants and refugees, will not miss the opportunity to benefit politically from the Corunavirus crisis Such forces would claim that the cause of the disease spread was mainly linked to an indulgence in freedom of movement, and the weak health sector was the product of its tiredness due to the large number of non-citizens who had drained it over the years. Unfortunately, this argument may find many supporters.
The main concern is that radical nationalist forces will take advantage of the Corona crisis and move on to decision-making positions, and that they will take advantage of people's temporary acceptance of negative liberty measures to make extensive use of them. Freedoms
The world after the Corona epidemic can find itself under the rule of forces that believe in isolation, reject freedom of movement, reject the human side of globalization and seek to separate their people from the rest of the world. This form of policy is aggressive and can trigger significant global tension. This is what history has taught us.
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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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