James Denselow

This week the Taliban held military parades and a big gathering in Kandahar to mark their first year in charge of the country. Few will forget their sudden and surprising victory last August with the images of chaos at Kabul airport and the tragedy of those falling from American planes rushing to leave before the Taliban arrived, but what has the last twelve months meant for the country of some 40 million?

Contrary to the hopes of optimists, no “Taliban 2.0” has emerged. The regime hasn’t really reformed, and is as hardline as it was when it ruled the country from 1996 to 2001. Over twenty years since the US invasion the fundamental tenants of the Taliban’s legitimacy served it well for taking back control of the country. An anti-occupation campaign underpinned by religion won it Afghanistan, but the leadership always must shore themselves up against more radical elements hence the continued draconian approach.

The Taliban have not forgotten the legacy of the American supported Government in Kabul and more than a quarter of translators who helped the United States military in Afghanistan say they or their family members have faced direct threats from the Taliban within the past month alone. Back in the US the chaos of the Afghanistan withdrawal saw President Biden’s polling plummet despite the Democrats arguing that the genesis of events was linked to the former U.S. President Donald Trump signing a withdrawal agreement with the Taliban in 2020, before total collapse erupted last August into scenes of desperation and almost unimaginable tragedy.

The return of the Taliban has seen them frozen from the international banking and financial systems, collapsing the economy and plunging the country into poverty. Six months after the American withdrawal, GDP fell by a third. Now, Afghanistan is near universal poverty and starvation. Some 24 million Afghans need humanitarian assistance today including almost 10 million Afghan children who are going hungry.

Economic conditions have been exacerbated by drought, the wider effects of climate change and individual cases of disaster such as the earthquake in eastern Afghanistan that killed over a thousand people in June. The conditions for ethnic minorities have worsened as it has for women. Indeed, Amnesty put out a report accusing the Taliban of having “decimated the rights of women and girls in Afghanistan”. Activists have counted thirty separate restrictions on the lives of women.

Despite the collapsing economy the leadership of the Taliban have been propped up by the flow of illegal drugs, now including methamphetamine, economically benefitting the regime but not doing much good for anyone else.

The US originally invaded the country to stop it harbouring terrorists linked to the 9/11 attacks. It was almost ironic that only after they left were they able to locate and kill al-Qaeda leader Ayman al-Zawahiri in Kabul. Since the Taliban’s takeover of the Afghan government last August, the new regime has presented us with the same set of problems we faced in the 1990s, namely their support for and harbouring of terrorists.

The outlook is not entirely bleak, however. Indeed, it is important to recognise that there is a peace dividend to the Taliban’s time in power. Villagers who lived on the frontlines of the conflict, in provinces such as Helmand and Kandahar, are safer than they have been in years. A new report by International Crisis Group, a think-tank, suggests violent incidents in the ten months to mid-July were down 87% compared with the same period a year earlier.

Yet if the Taliban continue to run the country into the ground there is a real prospect not only of mass migration away from poverty and famine, but of a return to internal violence that predated the US invasion of 2001. “If everybody could find a way to leave Afghanistan, they would take it” said Soraya a former aid worker from Herat to the media. More than 6 million Afghans have already fled the country’s previous tragedies, the third-largest displaced population in the world.

The spectre of civil war of various forms and intensity has loomed large across decades of modern Afghan history, and most be assessed as a realistic prospect again for the future of the country and its beleaguered population.

BY: James Denselow

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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.