From 6 Figures.. Transitional President Forms National Security Council in Syria
The Council's composition lacks any representation of civil society or various ethnic and religious components, raising concerns about the return of security establishment dominance over political dec
March 12, 2025, 11:19 pm

From 6 Figures.. Transitional President Forms National Security Council in Syria

The Transitional President of Syria, Ahmad Al-Sharaa, has issued a presidential decree establishing the National Security Council, amid questions about the extent to which this step aligns with aspirations to build a pluralistic state and a system that overcomes the negatives of the past.

Presidential Decree No. (5) of 2025 includes a predominantly security and military composition, with the President himself heading the Council, ostensibly aiming to coordinate and manage security and political policies, without clarifying oversight mechanisms or transparency in the work of this new institution.

According to the decree, the Council's membership consists of six parties including the Minister of Foreign Affairs, Minister of Defense, Director of General Intelligence, Minister of Interior, in addition to two advisory seats appointed by the President based on competence and experience, and a specialized technical seat, in clear disregard for representation of civil society, political forces, or different ethnic and religious components.

The decree specifies that Council meetings will be held periodically or upon invitation from the President, with decisions related to national security and challenges made through consultation among members, but without clear specification of voting mechanisms or how to handle disagreements, leaving the door open for presidential dominance over decisions.

The decree stipulates that the tasks of the National Security Council and its working mechanism are determined by directives from the President in line with the supreme national interest, raising concerns about the continuation of a centralized approach to decision-making instead of adopting effective participatory mechanisms appropriate to the nature of the transitional phase.

This decision coincides with major security and political challenges facing Syria, especially following the wave of violence in the coastal region, raising questions about the timing of establishing this Council and whether it represents a response to recent events rather than being part of a comprehensive vision for institutional reform.

The decree indicated that it takes effect from the date of its issuance on 12 Ramadan 1446 AH, corresponding to March 12, 2025 CE, without any reference to prior consultations with political forces or civil society organizations regarding the formation of this important institution, reinforcing fears of unilateral decisions that do not reflect the aspirations of all Syrians.

The effectiveness of this Council in facing complex security and political challenges remains contingent on its ability to overcome traditional authoritarian models and open up to various components of Syrian society, ensuring the building of a governance system that involves everyone in decision-making and prevents the monopolization of power by a particular group or institution.

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.