Ceasefire Agreement Between Hezbollah and Israel Takes Effect
November 27, 2024, 11:41 am

Ceasefire Agreement Between Hezbollah and Israel Takes Effect

المعبر الحدودي اللبناني مع سوريا

As the ceasefire agreement between Hezbollah and Israel came into effect this morning, Lebanese Defense Minister Maurice Sleem stated that any talk of Israel's freedom of movement within Lebanon contradicts the provisions outlined in the 13-point agreement, which does not address this issue.

In a statement prior to the Cabinet meeting on Wednesday, Sleem emphasized that the agreement stipulates both parties' right to self-defense. He asserted that the Lebanese Army will take all necessary measures to implement the agreement and that the Army will be a fundamental pillar in all the steps that will be undertaken.

Regarding the timing of the Army's implementation of the deployment plan, Sleem mentioned, "This plan will be discussed today in the Cabinet, and the Army Commander will present a comprehensive overview of all phases." He confirmed that the Army will increase its numbers gradually.

In a related context, Israeli officials have recently reiterated that Israel has the right to take action should any violations of the agreement occur, a point that presents an issue of contention as it represents a breach of Lebanese sovereignty.

The Israeli Army also stated earlier today that it is prepared to act against any party attempting to breach the agreement, which has an initial duration of 60 days. Media sources indicated that a side message from the United States has assured Israel's right to respond to threats originating from Lebanese territory according to international law. It also noted that the Israeli side retains the right to act at any time against violations in southern Lebanon.

Notably, the Israeli security cabinet approved the ceasefire agreement last night. Among the key provisions of the 13-point agreement are a phased ceasefire lasting two months, during which the Israeli military will gradually withdraw from border villages, and the deployment of approximately 5,000 Lebanese soldiers in these areas, enhancing their presence as they are already stationed in several locations. Additionally, the agreement mandates the withdrawal of all armed groups, notably Hezbollah, with oversight from an international committee led by the United States.

EU Imposes Sanctions on Three Ministers from Assad's Government Hamas Declares Readiness to Forge Ceasefire Agreement After Lebanon Truce

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.