Kingdom of Bahrain – Manama 10 May, 2011

Bahrain Insurance Association (BIA) held its Annual General Assembly Meeting of shareholders at the Gulf Hotel in Bahrain yesterday 23^rd March 2011, in the presence of officials and representatives of the Central Bank of Bahrain.

On re-view of the Board’s report, the AGM has approved the year end results and the financials for 2010. The General Assembly also elected members of the Board for its next term 2011-2013 to continue providing the best services to the insurance sector.

The members of the Assembly have highlighted the role played by the Kingdom of Bahrain in developing the insurance sector, which contributes directly to strengthening the role of the Kingdom in enriching the economy regionally and globally.

During the meeting, Mr. Younis Jamal Al Sayed was elected as the Chairman of the Board of Directors in the presence of senior members, and Mr. Waleed Mahmoud has been elected as the Vice-Chairman. Also, Mr. Stephen Wagstaff has been assigned as the Board Secretary and Mr. Mohammed Radhi as Financial Treasurer. Additional five members of the board have also been elected which are: Mr. Khalid Al Shaikh, Mr. Joseph Rezo, Mr. Fadi Al Khateeb, Mr. Jaffar Jahrami and Mr. Fouad Aziz.

It is worth mentioning BIA plays a main role in discussing and coordinating with the insurance companies as well as the Central Bank of Bahrain, along with other Associations and specialized institutions. In addition, the BIA arrange different insurance activities such as organizing workshops and seminars, that aims to increase the awareness of the importance of the insurance, besides its role in building a firm Bahraini society. The Association also contributes by studies, plans and recommendations for the progress of the insurance industry in the Kingdom of Bahrain.

After being elected Chairman of the Board of Directors of the Bahrain Insurance Association, Mr. Younis Jamal said: "It is a great honor and privilege to be elected as the chairman by the board members and my colleagues in the insurance sector. I am confident that the growth of the association and its achievements till date in establishing a highly effective role in society is a result of the efforts of all of the previous members who have contributed in building the association and I would like to take this opportunity to thank them all.

Mr. Jamal assured all of his dedication to his new role as chairman and stated: "I will work in collaboration with all members and professional colleagues to provide the best for the insurance industry and innovate solutions that serve everyone and promote the Kingdom of Bahrain as a capital of the banking and insurance sector within the region.”