Alinma Bank approves SR745m dividend

10/04/2017 05:57 AST

ALINMA Bank approved the distribution of SR745 million in dividends to shareholders for the 2016 fiscal year at its first extraordinary general assembly, held last April 6.

The dividend payment equals 5% of the bank’s capital after deductions for Zakat. All registered shareholders as of the date of the assembly are eligible to receive their share of the dividend payment. Disbursements are set to begin on April 19, 2017.

Furthermore, the assembly approved that an amount of not more than 1% of the bank’s net profit would be allocated annually to a reserve account designated for corporate social responsibility efforts. Use of the funds will be subject to the oversight and approval of the Alinma Bank Board of Directors.

Additionally, the assembly approved all other agenda items presented during the course of the meeting, among them, the discharge of the members of the board of directors; Formation of the bank’s audit committee (which began its 3-year term on May 21, 2016) along with definitions of its functions and procedures, and remuneration for its members; the amendment of the Alinma Bank Articles of Association in accordance with new corporate regulations; appointment of independent auditors for the 2017 fiscal year, along with fees for their services; and business and contracts between the Alinma Bank and Alinma Tokio Marine for the coming year.


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