TII settles share transfer issues with Dallah
At its meeting in July 2002, The Board of Directors of TII agreed a number of resolutions which include the preferred route to settling outstanding issues with Dallah Albaraka Group; the release of 2001 financial statements; and TII's future strategy.
Outstanding issues with Dallah Albaraka Group
The TII Board resolved to refer all outstanding contractual issues with Dallah Albaraka Group to arbitration. The Board considers that arbitration is the quickest, fairest and most transparent way to reach a settlement. It will be in the best interests of the two parties and also, very importantly, the best way of protecting the rights and interests of all shareholders. The use of arbitration in the event of any disagreements or differences of opinion was agreed as part of the share transfer agreement regarding Dallah Albaraka Group's assets in nine regional Islamic banking subsidiaries, signed by both parties in October 2001. The arbitration shall be held and the award issued in London, in accordance with the Arbitration Rules of the International Chamber of Commerce.
2001 Financial Statements
The Board directed TII's auditors to finalise TII's financial statements for the year ended 31 December 2001. Following finalisation by the auditors, the financials will be submitted to the Central Bank of Kuwait for approval. TII will then present the 2001 financials to a general assembly of TII shareholders for ratification, and subsequently request the Kuwait Stock Exchange to resume trading of TII shares as soon as possible.
The Board approved plans designed to speed up TII's strategy of expanding the scope and size of its activities in the GCC and other potential markets in the MENA region. Commenting on TII strategy, TII chairman and managing director, Adnan Al-Bahar said: "We are actively holding discussions with a number of interested parties throughout the region, and will continue to explore all possible opportunities and options.
“In today's rapidly changing and increasingly competitive marketplace, the option to stand still simply does not exist. This is why we are continuing to refine and evolve our strategy at the same time as we seek a resolution to the outstanding issues with Dallah.
“TII will remain a proactive and innovative player in the Islamic marketplace. We will use the valuable experience gained in our recent Albaraka & TII integration activities to further our strategy in all possible ways, to the benefit of TII shareholders and the Islamic financial sector as a whole," stressed Adnan Al-Bahar