Alizz Islamic AGM approves bank’s financial statements for 2017
Times News Service
MUSCAT: Alizz Islamic Bank, held its fifth Annual General Meeting (AGM) for 2017 on Thursday (29 March 2018), at the Crowne Plaza Muscat. The meeting was chaired by His Highness Al Sayyid Taimur Bin Asa’d Al Said, the Chairman of Alizz Islamic Bank and attended by the board members, senior management of the bank and the shareholders. The AGM was also attended by the Sharia Supervisory Board members including its Chairman Sheikh Dr Mohamed Abdul Raheem Sultan Al Ulamaa.
During the meeting, the Board of Directors presented the Bank’s financial statements for the year ended December 31, 2017, which were reviewed and approved. In addition, the Sharia Supervisory Board presented their annual report to illustrate the extent of the bank’s compliance with the Sharia rules and principles and with the Fatwa and resolutions of the Board. Related parties transactions during 2017 and expected transactions during 2018 were also presented in the AGM which were duly approved by the shareholders.
Commenting on the financial performance, the chairman said that 2017 marked a successful year for the bank as we achieved a quarterly net profit of OMR154.000 for the first time since its inception during the fourth quarter of the year. The bank witnessed solid growth in all core business areas while maintaining the quality of its assets.
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