Tunisia’s Ennahda rejects new government proposal
January 28, 2020, 11:51 am

Tunisia’s Ennahda rejects new government proposal

Tunisia’s prime minister designate Elyess Fakhfakh speaks during a news conference in Tunis, Tunisia January 24, 2020.(Reuters)

The biggest party in Tunisia’s parliament on Monday rejected the idea of a government that excludes other parties, adding that it was ready to contest another election.

The statement by the moderate Islamist Ennahda threatens to upend a second attempt to form a coalition government since elections in October, which fragmented the political establishment.

“We reject the government coalition being confined to some parties,” said Abd Karim Harouni a senior official of Ennahda, which has been part of recent unity coalitions that included most parties.

Ennahda’s nominee for prime minister failed to push his proposed government through parliament on January 10, allowing President Kais Saied to nominate his choice for premier, the former finance and tourism minister Elyes Fakhfakh.

Fakhfakh said last week he would not seek to replicate recent unity coalitions, but would instead build a cabinet only from those, including Ennahda, that was “aligned with the values of the revolution.”

Ennahda’s rejection of that proposal means Fakhfakh could struggle to assemble majority support in parliament, risking a new parliamentary election.

It points to a tussle for influence between Ennahda and Saied over the shape of the next government, analysts say, with the party’s rejection of Fakhfakh’s proposal showing its fear that he will overtake it as the major political force.

Although Ennahda, the best-established party in Tunisia and a key part of successive coalition governments, came first in October’s election with 53 of the 217 seats, its vote share declined from previous polls.

Saved won the second-round run-off vote of a separate presidential election in a landslide, but as an independent, he lacks a parliamentary base of his own.

Tunisia’s prime minister and government are primarily answerable to the parliament, but the president also has a veto over new legislation they introduce.

The second-largest party, Heart of Tunisia, whose leader was defeated by Saied in the presidential election, but which is also an opponent of Ennahda, was one of those which Fakhfakh ruled out of joining the government.

It said his decision contradicted the will of voters and accused Saied of seeking to seize powers and move towards a presidential system of government.

Ennahda’s Harouni said all parties needed to be in the government to make it strong enough “to deal with major challenges and carry out necessary reforms.”

source: Reuters

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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.