Investment Bank Appoints New External Auditor, Discusses Strategic Priorities at Annual Meeting

The Investment Bank held its annual meeting at the bank’s main headquarters in Sharjah on Monday. The meeting, chaired by Acting Idris Muhammad Al-Rafi, Vice Chairman of the Board of Directors, was attended by the rest of the members of the Board of Directors, shareholders, and executive management.

During the meeting, the General Assembly discussed and approved several items on the agenda. This included presenting the Board of Directors’ report on the bank’s activity and financial position for the fiscal year ending on 12/31/2023, as well as reviewing external auditor’s report for the same year. The Assembly also discussed budget and profits and losses account for that fiscal year and ratified these items. Additionally, they agreed to discharge members of both Board of Directors and External Auditor for that year.

One significant item on the agenda was appointing PwC Middle East as an external auditor for fiscal year 2024. Mohammed Obaid Al Shamsi was appointed as a new member to complete current term in vacant position board member. All other items were approved unanimously by assembly after thorough discussions.

Ahmed Abu Eida, CEO of Investment Bank expressed satisfaction with progress made towards achieving strategic priorities. He highlighted historic milestone achieved in restructuring bank’s capital in 2023 which led to operating profits for first time in years.