Pilgrims in Saudi Arabia are now able to touch ancient Black Stone
August 3, 2022, 6:19 pm

Pilgrims in Saudi Arabia are now able to touch ancient Black Stone

A handout picture provided by Saudi Ministry of Media on July 31, 2020 shows pilgrims circumambulating around the Kaaba, the holiest shrine in the Grand mosque in the holy Saudi city of Mecca. (AFP)

A barrier around the Kaaba that was set up at the start of the Covid-19 pandemic has now finally been removed, President of the General Presidency for the Affairs of the Two Holy Mosques Dr. Abdulrahman bin Abdulaziz al-Sudais announced in a statement.

For Umrah season, pilgrims in the Great Mosque of Mecca can once again touch and kiss one of Islam's most revered relics, the Black Stone set in the sacred Kaaba building.

The Umrah season started on July 30 and comes at a time when Saudi Arabia eased measures previously taken to face the coronavirus pandemic.

The Umrah pilgrimage can be undertaken at any time of the year and attracts millions from around the world. Pilgrims may also visit the holy city of Medina, according to the BBC.

Al-Sudais said that the decision to remove the protective barriers reflects on the leadership’s interest in facilitating the holy journey for visitors and to provide the safest spiritual environment for them, The Alarabiya English reported.

Saudi Arabia said Saturday (Apr 9) it will permits one million Muslims from inside and outside the country to participate in this year's hajj (File photo: Pixabay)

“The presidency is working with all sectors operating at the Grand Mosque to welcome pilgrims and to provide them with all services based on the leadership's aspirations,” al-Sudais said in the statement.

Saudi Arabia dropped most of its stringent Covid-19 restrictions earlier this year, which meant that the Hajj pilgrimage last month was nearly back to normal for the first time since the pandemic started.

Saudi Arabia announces successful and safe Hajj season

The Black stone is a rock set into the eastern corner of the Kaaba, the ancient building in the center of the Grand Mosque in Mecca, Saudi Arabia. According to Muslim tradition, it dates back to the time of Adam and Eve.

It was already held as sacred before the rise of Islam, and is said to have originally been white, but turned black through receiving the sins of those who touched it, the BBC noted.

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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.