Iraq MPs tied to populist cleric Moqtada al-Sadr declare sit-in at parliament
October 27, 2019, 10:10 am

Iraq MPs tied to populist cleric Moqtada al-Sadr declare sit-in at parliament

Al-Sadr’s Saeroon bloc, parliament’s largest, declare sit-in amid widespread protests in Iraq. (Al Rasheed TV/Al Arabiya)

Iraqi lawmakers linked to populist cleric Moqtada al-Sadr began an indefinite sit-in on Saturday night at parliament headquarters, two MPs told AFP, amid widespread anti-government protests.

A second wave of demonstrations demanding an end to corruption and an overhaul of the political system have rocked the capital Baghdad and the south since late Thursday.

Al-Sadr has already demanded the current government resign, but on Saturday members of his Saeroon bloc - parliament’s largest with 54 MPs - said they would escalate.

“We are on our way now to parliament for the sit-in, until the enactment of all reforms the Iraqi people are demanding,” said MP Badr al-Zayadi.

Saeroon lawmakers were in touch with others to persuade them to join the move, he added.

Al-Zayadi told AFP the bloc had sent an “official request” to Iraqi President Barham Saleh who, according to Iraq’s constitution, could then ask parliament to withdraw confidence from the premier.

MP Raed Fahmy, a member of Iraq’s Communist Party who is allied to al-Sadr, confirmed the sit-in.

“We have joined the opposition and we demand the government resign,” Fahmy told AFP.

Protests first erupted in Iraq on October 1, over unemployment, poor services and perceived government graft.

More than 150 people died in the initial six-day wave of protests, and another 63 have lost their lives since the rallies resumed this week.

Al-Sadr has called for early elections under the supervision of the United Nations.

But he himself was effectively kingmaker of the current government, after his bloc secured 54 seats in the May 2018 legislative elections.

At least 63 people have died in two days of anti-government protests in Iraq’s capital and across its south, a national rights watchdog said Saturday.

In a related development, the heads of powerful Iraqi paramilitary factions threatened they would take “revenge” on Saturday after their offices in the south of the country were torched during deadly protests.

source:AFP

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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.