The shareholders of Bahrain Islamic Bank (BisB) have approved the issuance of more than 9.3 million shares with a nominal value of 100 fils each which equals to BD939,673.5 ($2.4 million) to establish a special purpose vehicle (SPV).

The SPV will administer the shares granted to staff according to the new incentive scheme amended in accordance with Central Bank of Bahrain (CBB), said a report in the Gulf Daily News (GDN), our sister publication.

The announcement follows a joint annual and extraordinary general meeting held yesterday at the bank's headquarters in Al Salam Tower, Diplomatic Area, Manama.

The appointment of Mohamed Hedi Mejai as a new board member representing the Islamic Development Bank (IDB) in place of the previous director Dr Sherif El Sayed Ayoub was also approved by the shareholders as was the new bank incentive scheme amended according to directions from CBB.

The board has also been empowered to put in place the rules for implementing the scheme.

Shareholders also approved the board recommendation to transfer BD929,682 to the Legal Reserve, and not to distribute any dividend to shareholders for last year.

Remuneration of BD368,688 for the board of directors and plough back of BD8.3 million as retained earnings have also been approved.

It was resolved that an amendment is being introduced to the bank's Articles of Association so as to be in line with Royal Decree No 50 for 2014 which introduced some amendments to some company's law articles issued in accordance to Royal Decree No 21 for the year 2001.

The chairman or his deputy have been empowered to see to it that all the required amendments to the Articles of Association are introduced in accordance with resolutions. - TradeArabia News Service