Rest in peace your Majesty; long may he reign over us
September 13, 2022, 2:25 pm

Rest in peace your Majesty; long may he reign over us

Ian Black

Last week saw tumultuous events in Britain; and that of course is a very British understatement! On Tuesday the new Conservative prime minister Liz Truss, replacing Boris Johnson, met Her Majesty the Queen, Elizabeth II, at Balmoral, her much-loved castle near Aberdeen in Scotland. On Thursday the Queen, aged 96, died, just 48 hours after having received her 15th premier since Winston Churchill in her seven decades on the throne.

It was a landmark event in the life of the United Kingdom, with long-lasting implications. The Queen was officially Head of State, in line with Britain defining itself as a constitutional monarchy. It feels like a fully-fledged democracy as well, though her eldest son, Prince Charles, now aged 73, has succeeded his late mother, and will be known as King Charles III. And his second wife, formerly Camilla Parker-Bowles, will be officially referred to as Queen Consort.

Outside Buckingham Palace in London, Britain's new monarch was met with cheers, applause and a crowd singing "God Save the King" as he made his first public appearance since ascending the throne last Friday. It was confirmed - for the first time ever on TV – in an elaborate and highly-choreographed ceremony at nearby St James Palace on Saturday morning.

The Queen’s death will affect people across the country: barristers will be referred to formally as king’s counsels (KCs) rather than queen’s counsels (QCs). On postage stamps and banknotes images of the Queen will be replaced by portraits of her eldest son. BBC presenters and reporters wore black clothes and ties in covering the grim but hardly surprising news of the death. Many sports events and concerts were postponed as an “act of respect.”

The Queen’s extraordinary life story is now being told in thousands of obituaries prepared years in advance by British and international media. Her main achievement is that she never once used her poorly-defined royal prerogative. From Churchill to Truss, who is roughly half the Queen’s age, Elizabeth II never forgot that her kingdom was a democracy. It was quite amusing that she met the current Conservative prime minister the day before she passed away – leading to disrespectful comments on social media.

Not only did she never intervene, she was always at her government’s disposal as a vastly influential diplomatic and public relations tool across the Commonwealth and the wider world. Unlike her predecessors, her father George VI included, Elizabeth was very perceptive about her role. Not only did she never give orders, she understood that she and her family had to be regularly exposed to the public eye. “She realized that she served as Britain’s spiritual grandma, a grandma who never retired,” as one foreign correspondent observed.

Six former prime ministers praised her contribution, from Conservatives John Major, David Cameron, Theresa May and Boris Johnson to Labour’s Tony Blair and Gordon Brown. All described emotionally their weekly but private audiences with the Queen.

With a tribute to his “darling mama” the new King on Friday evening, made an encouraging start. “We will have to get used to this. King Charles III has popped into our living rooms to say hello for the first time as King,” wrote one newspaper columnist. “It was a little startling to see a picture of the Queen on his desk, just as she often had a picture of King George ….on hers when she went on television. It was a smart touch, sharing the moment with her.”

For the 70 years of her reign, Britain turned from a global empire into just another post-war European country. Not only did the imperial space vanish, the private sphere narrowed with relentless cruelty – with the media dissecting every detail of the failed marriages of three of her four children. Then there were the racist jokes from her husband Prince Philip and the soap opera produced by her younger grandson, Prince Harry, and his American starlet wife. The Queen bore it all in silence, save for one time: with the marriages of two of her sons falling apart, she said with typical understatement: “1992 is not a year on which I shall look back with undiluted pleasure.”

“It does feel like the end of an era as we move into a harsher time with questionable leaders, spiralling debt, a gasping planet and power-hungry bastards threatening world peace and order,” observed one financial analyst.

Eight years ago, the unconfirmed rumour that the Queen very much opposed Scotland’s departure from her realm was enough to decide the referendum against independence. It’s highly doubtful that her successor will be able to provide Britain with as much independence and cohesion. The new King is likely to generate much more controversy than his beloved mama.

Over what has been described as a “50-year apprenticeship”, King Charles has championed his causes, from better training and opportunities for young people to pollution and the climate crisis. The reputation of “the Firm”, as the royal family is sometimes called, is an extremely important element of Britain’s history from the early 17th century to now. The Queen has left a void that the UK will struggle to fill.

BY: IAN BLACK

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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.