Iraq between consensus and the absence of state
May 26, 2022, 11:28 am

Iraq between consensus and the absence of state

Saad Al Hamid

The recent Iraqi elections and their results have recently caused great turmoil in the Iraqi political life, especially the Iranian-backed militias. As well, the house of Iraqi Prime Minister Mustafa Al-Kadhimi was targeted by a drone due to questioning the election results, even though they were under the auspices of international, Arab and regional countries. Moreover, unelected parties and movements most of which allied with Iranian-backed movements protested at the Green Zone. These elections were the fifth since the 2003 invasion of Iraq.

The Sadrist bloc led by Muqtada al-Sadr won the largest number of votes, but it failed to form a majority government alone because the political system is based on partisan consensus. Since the fall of the regime of the former President Saddam Hussein, power has been traditionally shared among the country's various ethnicities i.e. a confessionalism system similar to Lebanon. The president is a Kurd, the prime minister is a Shiite because the Shiites are the largest ethnicity and the speaker of the parliament is a Sunni Arab. The reason behind the Iraqi political crisis is that Muqtada al-Sadr who (along with his allies) wants to save Iraq (in his words) rejects the coordination framework for forming the next government and the eligibility of the consensus to form it. Al-Sadr rejects participating with the framework forces in forming the largest parliamentary bloc and going with his allies from the Sunni and Kurdish forces to the parliament to nominate his candidate to be the prime minister. While the coordination framework pushes the one-third blocking minority to elect the President in the House of

Representatives to pressurise al-Sadr to yield and form the alliance together. As long as this obstructionism between the Sadrist movement and the coordination framework (which represent the Iranian-backed forces), Iraq is approaching the difficult and complicated options including dissolving the parliament and going to new legislative elections. According to Article 72 of the current Iraqi constitution, the parliament elects the president in 30 days at maximum, while the parliament did not succeed in holding a session to vote on candidates. Moreover, this complexity helps the militias to retain their control over the country to keep infiltrating into society taking advantage of the weakness of the state. Many observers believe this obstructionism is the strongest since 2003. Although it has been more than five months since the early elections, the political forces have not been able to elect a president or form a new government in the presence of two projects based on a national majority or a consensual government.

Perhaps the options offered to the opposed blocks are either to agree, make concessions and reach compromise or resort to the Federal Court to amend some paragraphs of the constitution that would remove the one-third blocking minority from the presidential election session to end the current political vacuum that paralyses the governance system and serves the interests of the corrupting militias that steal the country in addition to the Iranian and Turkish interference in Iraqi affairs which may increase in the absence of a strong authority in Baghdad and the ongoing frequent attacks from the Turkish borders on Iraq from time to time is a clear example of this. As well, the great danger from the Islamic organisations or their sleeper cells and their return to terrorist activities may find this vacuum a favourable environment to reposition themselves. Iraq now is very similar to Iraq in 2014, when it took

long months to form a government because Nouri al-Maliki refused to step down and Iraq was insecure the thing that made ISIS expand. All this and more happen at a time when Iraq is trying to rise again and restrengthen its regional position as it hosted an Arab summit and then an international conference in cooperation with France in which the KSA and Iran participated; observers consider this move enhances Iraq's position and returns its regional role as a mediator between Riyadh and Tehran as Iraq held several initial talks to find points of convergence between the parties in the outstanding issues of the region. There are fears this obstructionism will lead to suspension of the

political life for a longer time and may cause a direct clash and confrontation in the street between those blocs the thing that will affect the future and stability of political life in Iraq. What will happen in Iraq may be an inspiring model for a solution in neighbouring countries such as Lebanon. Will the voice of reason prevail over the logic of confrontation in the absence of consensus and the state

BY: Saad Al Hamid

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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.