James Denselow

Iraq has not had a government for eleven months since the elections in October of 2021, yet there is a danger of political paralysis mutating into violence as the intra-sect politics combines with aggravating regional dynamics. Indeed, parts of Iraq descended into deadly street clashes this week as followers of powerful cleric Muqtada al-Sadr traded fire with security forces and fellow Shia Muslim militias. In response last Friday non-partisan protesters streamed into west Baghdad’s Al Nusoor square, demanding a complete political overhaul for the country.

Iraq’s body politic is weak and fragmented with political parties, their associated militias and external backers holding greater relative power in the country. The Government itself often appears to act as a clearing house for patronage, prestige and corruption. October’s elections were predated by anti-government sentiment that would see more independents elected, but little else has appeared to change with 35% of the country’s young unemployed and the country’s infrastructure on the brink. Transparency International has said that Iraq's ranking is 157 in its global Corruption Perceptions Index (CPI) from a total of 180 countries.

Much of the current violence seems to be based on the agency of one powerful Iraqi figure. It has been just over a week since Muqtada al-Sadr announced his decision to take a “definitive retirement” from politics and close all institutions linked to his movement. This single tweet mobilised attacks on Government infrastructure, including the infamous ‘Green Zone’, and triggered the army to announce a nationwide curfew.

Sadr has a loyal base that is proven to mobilise quickly with dramatic effects. Despite being described as a political chameleon who has reversed decisions over the years, he’s generally held a checkered relationship with Iran and has fallen out with other long term Iraqi politicians, most particularly Nouri al-Maliki. In June, his 73 lawmakers quit, and Sadr called for fresh elections. This failed to move events and Sadr was further threatened when Ayatollah Kadhim al-Haeri announced recently that he would step down as a religious authority, Sadr likely realised that he was facing a challenge to his own standing within the Shia community in Iraq.

Some speculate that Iraq could be about to plunge into renewed civil war. Sadr loyalists have already been engaged in skirmishes with Iran-aligned Popular Mobilization Forces. The focus of the US and Tehran on attempts to renew the Iran nuclear deal may be distracting them from giving Iraq the focus it needs. However Iranian media reported over the weekend that the Iraqi parliament’s staff returned to work for the first time since late July as part of a “agreement among various factions to hold national dialogue to resolve an ongoing political stalemate in the country”.

Recent events have shown that it is less of a stalemate and more of a political vacuum that sucks into it chaos and violence. The fundamental issues have not been resolved by the abating of this week’s violence, but rather the pressure to address them has simply been raised. There is of course the prospect that personalities and politics are simply unable to find an agreement – even of the course of another eleven months – to get to a stable government.

Grand Ayatollah Ali Al-Sistani said nothing in public about the unrest that erupted on Iraq's streets. But government officials and Shi'ite insiders say it was only Sistani's stance behind the scenes that halted a meltdown. Sistani has played this role of ultimate mediator before but at 92 years old Iraq’s body politic can’t rely on him to do it forever.

It would seem that the fragility within Iraq currently cannot handle Sadr refusing to engage with the democratic processes as they are. Will the country’s Iran backed factions back down and find compromise or will they see this as the point of departure in which Sadr has to be defenestrated for good? Early elections may again prove a means of reducing tensions, at least in the short term, but analysts also highlight that this may be bad news for those independent candidates who ran on anti-corruption tickets last year.

Meanwhile reminders of the independents mandate are never far away as the country’s ongoing power cuts are a testimony too. In July the country’s grid essentially failed as a heatwave saw temperatures rise about 50 degrees Celsius, Iraq’s population will be hoping for lower political temperatures in the weeks ahead.

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.