As a Public Shareholding Company, GFH’s corporate governance framework is based on the guidelines for Islamic banks and financial banks and institutions issued under the Bahrain Commercial Companies Law promulgated by Decree No. (21) for the year 2001 (”Companies Law”). It is also governed by the regulations of corporate governance of companies in the Kingdom of Bahrain (”Governance Regulations”) and the instructions issued by the Central Bank of Bahrain and the Bahrain Stock Exchange Law (”the Regulations”).
GFH’s Corporate Governance Philosophy
The corporate governance framework – the way in which the Board and management are organized and how they operate in practice – is focused on assisting GFH to successfully meet its strategic objectives and maintain steady growth whilst remaining fully cognisant of our clients’ and shareholders’ interests.
GFH believes that compliance with corporate governance principles enhances its value through providing a suitable framework for the Board of Directors, board committees and executive management to perform their duties in a manner that serves the interests of the bank and its shareholders. For this reason, GFH strives to achieve the highest levels of transparency, accountability and management by adopting and executing the strategy, goals and policies that are aimed at complying with the Bank’s regulatory and supervisory responsibilities.
Compliance with Regulations (HC Module – CBB Rulebook, Vol.2)
In 2012, GFH continued the implementation of the Corporate Governance Law and compliance with the requirements of the ‘High Level Control Module of the CBB Rulebook (Vol. 2)’.