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Legitimate Libya, chaos and the voice of reason

Libya is once again witnessing political divisions after nearly a decade of chaos and returning to square one. Since 2014, many political forces, armed militias and Islamist groups have been fighting for power under two warring camps represented by two authorities competing over several gains including influence and wealth. Because of Parliament, Libya was divided in 2014 into two conflicting governments after Parliament rejected the decision of the Supreme Court and the highest constitutional authority.
The Libyan Parliament, which has the internationally recognised legislative authority, has legal eligibility to legislate any future conflict. Although it has been nearly a decade since the popular uprising against the regime of Muammar Gaddafi and the military intervention with the help of NATO to overthrow it, Libya did not witness any political stability, it rather became a battleground for armed militias competing for power there, the thing that required the intervention of regional and international powers, which turned the country into an arena of regional conflict and proxy wars. The intense raging competition between two rival parliaments, three governments, two central banks, two oil companies, and several armed groups is the dominant scene.
Those events led to an escalating political, economic and geographical division from time to time. The problem is there are three governments, one of which has UN legitimacy, which is the Government of National Accord headed by Fayez al-Sarraj, which is based on the support of militias in western cities and Islamist militias in eastern Libya and controls the eastern and some southern regions in the country, supported by the parliament based in the Libyan city of Tobruk and allied with Major General Khalifa Haftar, who returned by the Parliament and took the position of commander-in-chief of the army as he is supported by large sectors of the army, eastern tribes and scattered armed groups in the west and south of the country. On the other hand, we find that the government of Abdul Hamid Dbeibeh refuses to step down from power based on the outcomes of the Libyan dialogue which was supervised by the United Nations that gave an extendable time limit of a year and a half for the executive authority, although the House of Representatives and the majority of the State Consultative Council formed a new government headed by Fathi Bashagha who was a rival to Dbeibeh in the elections of the Political Dialogue Forum in February 2021, and also they both applied for the presidential elections that were scheduled to be held in late December, as Dbeibeh (supported by the Muslim Brotherhood in Libya and some southern tribes) refuses to cede power unless elections were held and a government was formed afterwards in Tripoli.
While Parliament insists on withdrawing confidence from him because his government failed in fighting corruption, unifying state institutions, especially the military and holding presidential elections on their scheduled date in the presence of two governments in the country; the first one has sworn in before the House of Representatives and the second one will hand over power only to an elected government. In the absence of an active Constitutional Court to adjudicate this dispute, Dbeibeh has nothing to do but object saying that the Parliament is taking unconstitutional steps, even though the Parliament is not faced by the State Council and the Presidential Council, and therefore things are all in Bashagha's interests.
What makes things complicated is that the three governments have arms, militants and foreign allies. All this happens and the international community is doing nothing to pressurise the parliament into installing the Dbeibeh government. Things now are dangerous in Libya, the crisis reached a dead end especially since a recent conflict (which might develop into a long one) sparked where light and heavy weapons were used amounts to war crimes through the indiscriminate bombing of populated neighbourhoods, which will impede the existence of real political initiatives that will make the parties meet at the negotiation table and make concessions that end this political stalemate which may make the civil war the solution.
As well, other factors may spark a war, such as the lack of current efforts to build the state & its institutions and the unstable social, political and economic conditions that pave the way for a civil conflict that will disrupt the process of completing the building of state institutions and the loss of Libya's capabilities for years to come especially since the international community is now facing its current global crises, such as the Russian-Ukrainian war and the US-Chinese conflict and the only thing it does for Libya is to call for peace, therefore, the Libyans have to be reasonable and wise to decide their fate.
By: Saad al-Hamid
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BENEFIT AGM approves 10%...
- March 27, 2025
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.
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