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Shaping tomorrow’S financial leaderS

today AnnuAl RepoRt

2009

Shaping tomorrow’S financial leaderS today AnnuAl RepoRt 2009
Shaping tomorrow’S financial leaderS today AnnuAl RepoRt 2009
Shaping tomorrow’S financial leaderS today AnnuAl RepoRt 2009
Shaping tomorrow’S financial leaderS today AnnuAl RepoRt 2009
Shaping tomorrow’S financial leaderS today AnnuAl RepoRt 2009
Shaping tomorrow’S financial leaderS today AnnuAl RepoRt 2009

02

Introduction

34

Research Department

04

Chairman’s Statement

35

Special projects

06

BIBF Vision

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BIBF team

07

Board of Directors

40

BIBF Guest Speakers / lecturers 2009

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Director’s Report

41

participating organisations

10

Management team

44

Glossary

14

trends and growth potential

46

Independent Auditors’ Report

16

Review and highlights

48

Statement of financial position

19

Strategic objectives

49

Statement of comprehensive income

29

Centre Reports

50

Statement of changes in fund balance

32

Quality Assurance Department

51

Statement of cash flows

33

Marketing and Communications Department

52

notes to the financial statements

51 Statement of cash flows 33 Marketing and Communications Department 52 notes to the financial statements
51 Statement of cash flows 33 Marketing and Communications Department 52 notes to the financial statements
51 Statement of cash flows 33 Marketing and Communications Department 52 notes to the financial statements
51 Statement of cash flows 33 Marketing and Communications Department 52 notes to the financial statements
his royal highness prince Khalifa bin Salman al Khalifa the prime Minister of the Kingdom

his royal highness prince Khalifa bin Salman al Khalifa the prime Minister of the Kingdom of Bahrain

al Khalifa the prime Minister of the Kingdom of Bahrain his majesty King hamad bin isa

his majesty King hamad bin isa al Khalifa the King of the Kingdom of Bahrain

hamad bin isa al Khalifa the King of the Kingdom of Bahrain his royal highness prince

his royal highness prince Salman bin hamad al Khalifa the Crown prince & Deputy Supreme Commander of the Kingdom of Bahrain

the Bahrain institute of Banking and finance (BiBf) has played a critical role in Bahrain’s long-term success as the region’s leading financial centre. Since its inception in 1981, BiBf has been committed to providing the highest levels of training, education and professional development programmes to the financial services industry in the Kingdom of Bahrain and the region. our breadth of training, education and professional development programmes includes accounting; Banking; finance; insurance; islamic finance; it; management and leadership expertise. BiBf also provides academic qualifications and executive level development.

clients range from banking professionals to private corporate clients to ministries, chambers of commerce, world class oil companies and manufacturing companies of differing sizes.

BiBf provides of an extensive range of internationally recognised professional qualifications. these include the cia, cpa, and cma within the centre for accounting; acamS, aci, cfa, and prm within the centre for Banking, arabic pic and accreditation with the chartered insurance institute (UK) within the centre of insurance; accreditation with the chartered institute of marketing (cim), the chartered management institute with its tamkeen leadership Skills programme as well as professional qualifications in cpp and ctp via cipd.

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BIBF

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Annual Report 2009

BiBf has strong academic partnerships with highly renowned universities including the highly accredited mBa and mSc programmes in public administration and human resource management from de paul University USa, as well as the darden leadership development programme (in collaboration with the institute of Bankers, KSa) and the University of cambridge international diploma in management.

BiBf provides an assessment centre of which its services are provided in partnership with global agencies and include english placement testing, training needs analysis, personality assessments, leadership Styles and team efficiency evaluations, competency Based interviewing, career guidance, and executive coaching.

BiBf is a multi-lingual, multi-cultural organisation with a world class faculty, most of whom hold internationally recognised professional and academic qualifications, combined with extensive market experience.

we are committed to hiring, developing and enhancing the careers of Bahraini nationals, both our course participants and our staff. we have an impressive 78% Bahrainis on staff and management.

BIBF

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Annual Report 2009

3

chairman’s Statement

chairman’s Statement h.e. mr. rasheed mohammed al maraj Chairman of the Specific Council for Vocational training

h.e. mr. rasheed mohammed al maraj Chairman of the Specific Council for Vocational training (Banking Sector)

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BIBF

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Annual Report 2009

on behalf of the Specific Council for Vocational training (Banking Sector), I am pleased to present the Annual Report and Audited Financial Statements of the Bahrain Institute of Banking and Finance (BIBF) for the year ending 31st December 2009.

the Council met three times during the year to review all the operational aspects of BIBF. the Council contribution is wide ranging, extending from supplying insight, feedback and approval of both strategic deliverables and the financial mix, to reviewing all tactical activity and monitoring the progress and direction of the Institute.

Since its inception, BIBF has played a leading role in the professional development of the Bahrain market. Since its early days of focus on Banking and Insurance to todays breadth of offerings across Academic and executive development, Islamic Finance and the non-financial but equally important leadership and Management learning, BIBF has remained true to its purpose. BIBF continues to remain focused on its vision of being the Institute of choice for professional development and deepening Bahrain’s strength in human capital in supporting the growth of the financial services sector. the Council of 2009 noted that BIBF’s achievements have certainly reinforced this resolve.

BIBF has two clear areas of focus, firstly ensuring the human capital of Bahrain grows via professional development, and secondly, instigating this through its ability to obtain international partnerships that give that extra quality and global approach to education. this is of course a win-win-win situation: the people of Bahrain win, the partnerships grow the BIBF reputation, and the partners themselves experience the benefit of being a part of the regions financial hub. We recognise the continued support of the many affiliate partners at BIBF and welcome the new ones, specifically the Association of Certified Anti-Money laundering Specialists (uS); the International Compliance Association (uS); and the Chartered Institute of personnel and Development (uK).

While our Director Mr. Garry Muriwai will cover the more specific highlights of the 2009 year, there are three highlights in particular I would like to mention.

Firstly, the global financial crisis impacted us all; however, as well documented in the media, Bahrain dealt with and managed the adversity particularly well. As Governor of the CBB and Chairman of BIBF, I am better placed than many to see both the supply and demand side of how the crisis affected BIBF. As our member organisations

The 2009 Financial crisis aFFecTed us all. BiBF dealT wiTh The markeT Forces and impacT on parTicipanT numBers BeTTer Than mosT. iT is a crediT To BoTh The hisTory oF BiBF and The supporT oF BoTh sTaFF and memBers ThaT we were aBle To weaTher The Financial sTorm well.

streamlined their processes and carefully reviewed their strategies, human capital development, while never neglected, was in the short term removed from the strategic “must-do” especially in the areas of high cost specialised training.

I was pleased that the flexibility of BIBF allowed our members to take full advantage of BIBF’s morning courses. this achieved two significant outcomes.

It allowed organisations to

ensure staff development continued and achieved with

little additional impact on their financial bottom line; and also showed BIBF’s flexibility in being able to adjust its approach to training and development to reflect the market demands. this meant BIBF was able to achieve

a comparable net financial performance as 2008

Secondly, the BIBF Islamic Finance Centre won the CpI Financial global award for Best training Institute in Islamic

Finance for the second year in succession. to have received this award for the second year in

a row is an acknowledgement

of BIBF (Islamic Finance) not only in investing intellectual and monetary resources in Islamic Finance education, but

their continued innovation in delivering Islamic Finance solutions,”

last but not least, the launch of the Assessment Centre under leadership and Management was clearly designed to add value to all decision-makers in organisational recruitment. BIBF has ensured that organisations can now have the full spectrum of tools taught locally which

filters down into improved recruiting decisions. ultimately this creates a harmonious environment for both the business sector and the employees within it.

In closing, BIBF is honoured to have been encouraged by the support and vision of His Majesty, King Hamad bin Isa Al-Khalifa,

His Royal Highness, prince Khalifa bin Salman Al-Khalifa and His Royal Highness, the Crown prince of the Kingdom of Bahrain and Deputy Supreme Commander, prince Salman bin Hamad Al Khalifa. I, on behalf of the BIBF, thank them for their invaluable patronage

and guidance. I also extend my

gratitude to my colleagues on the Specific Council for their insight and support. BIBF’s success in 2009 could not have been

achieved without the support of all the member organisations. Whether in their commitment to professional development of their staff or as direct learning support for the many students who come through the doors and halls of BIBF, their contribution to excellence is recognised, not only to BIBF but to the development of Bahraini talent. Finally, on behalf of the Specific Council, I take this occasion to thank the Director and his staff at BIBF for their professionalism and dedication in the past year and I see this continuing into the future.

in the past year and I see this continuing into the future. h.e. rasheed mohammed Al

h.e. rasheed mohammed Al Maraj, Chairman

BIBF

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Annual Report 2009

5

ViSion:

BiBf iS the inStitUte of choice for the deVelopment of BUSineSS profeSSionalS. miSSion:

leaderShip throUgh proViding ongoing edUcation for BUSineSS profeSSionalS.

6 BIBF | Annual Report 2009

Board of directors

Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
Board of directors 1 2 3 4 5 6 7 8 9 10 1 h.e. rasheed
1 2 3 4 5 6 7 8 9 10
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3
4
5
6
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1 h.e. rasheed mohammed al maraj Governor; Central Bank of Bahrain

2 mr. adnan yousef Chief executive officer; Albaraka Banking Group

3 mr. garry long Chief operating officer; Investcorp Bank

4 mr. ibrahim al Qassab Chairman of Bankers’ union; General Federation for Bahrain Workers

5 mr. Jean-christophe durand Head of territory; Bnp paribas

6 mr. murad ali murad Chairman; Bank of Bahrain & Kuwait

7 mr. redha ahmed hubail Assistant undersecretary for training; Ministry of labour

8 mr. takuya furuya president; nomura Investment Banking

9 mr. yassir al Baharna Chief executive officer; Arab Insurance Group

10 mr. garry muriwai Director; BIBF

BIBF

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Annual Report 2009

7

garry muriwai Director 8 BIBF | Annual Report 2009 director’s report the BIBF over-arching strategy

garry muriwai

Director

8

BIBF

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Annual Report 2009

director’s report

the BIBF over-arching strategy has been to ensure that we fully support Vision 2030 and the development of the economy and the people of Bahrain.

once again we have looked outward, both nationally and internationally, to see how BIBF can best serve the financial sector. this has led to new programmes and services, reviewing and redeveloping our existing programmes, a number of new alliances and an increased number of courses for our member organisations.

BIBF provided 33 new public and external offerings during 2009. We forged new or stronger partnerships including the Institute of Banking (Saudi Arabia) in development of the leadership programme; the Kuwait Institute of Banking Studies to provide BIBF three classroom-based insurance diplomas in Kuwait; the Waqf Fund and the new Graduate Sponsorship programme; and the British psychological Society which enabled international accreditation of two of our Assessment Centre programmes. ties were also set up with various international organisations in the development of new or revised professional qualifications as well as diploma level qualifications

BIBF has had another very successful year with over 15,000 participants on our programmes which has been achieved by providing a breadth of services to the financial sector that has no equal in the region. this includes assessment, coaching, consulting, tailor made courses, graduate development programmes, an international leadership Development programme and

distance learning programmes to complement our existing professional and academic programmes.

It has been very pleasing to note that our member organisations have increased their attendance on BIBF public courses by 11%. We have continued to grow our staff during the year to support this increased usage. We have been successful in recruiting in the areas of Banking, leadership and Management and Insurance.

there is no doubt that the Global Financial Crisis affected BIBF. the effect was felt by many organisations decreasing their discretionary spend on fee paying external courses, which resulted in a small decrease in overall participation in 2009. this was not surprising given how many others in the sector performed in 2009.

I am very pleased to report that for

the second year BIBF Centre for Islamic Finance won the CpI Islamic Business and Finance Award for the “Best training Institute” globally. It is appropriate that I take this opportunity to acknowledge the leadership of the Centre by Mahmood Al Shehabi.

Research is another area that BIBF has developed this year with the setting up of the Research Department to support the development of research across centres. We have focused our research activities on research that supports the development of the financial sector and have been running workshops to develop our internal capability.

I would like to thank all the Ceos

and senior managers that I have visited this year for their time, ideas and support in ensuring

The Bahrain insTiTuTe oF Banking & Finance (BiBF) conTinues To play a crucial role in supporTing The Financial secTor oF Bahrain. our remiT remains aiding The developmenT oF world class people For all The Financial insTiTuTions in Bahrain.

that BIBF provides the education and training to support Bahrain’s Vision 2030 and ensuring that BIBF remains the Institute of choice for the financial sector.

appreciation

our success is mainly attributed to the support we receive from our stake holders and business allies added to the continuous support from the Government of the Kingdom of Bahrain. this success would not have been possible without the guidance and encouragement of our Board of Directors represented by the Specific Council for Vocational training (Banking Sector) headed by H.e. Mr. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain.

I would like to take this opportunity to thank all the members of BIBF staff as well as the Vocational Council and the many external partners and affiliates we have. their commitment to BIBF was instrumental in ensuring the high standards we not only place on ourselves, but on our many and varied students and participants, boding well for both BIBF and our participants continued success in 2010 and beyond.

I am looking forward to working

with you all in the years ahead, and to the opportunities that this will bring to BIBF.

and to the opportunities that this will bring to BIBF. mr. garry muriwai Director BIBF Total

mr. garry muriwai Director BIBF

Total BIBF Offerings Summary 09 416048 08 445076 07 363415 Public 06 327824 Offerings 53%
Total BIBF Offerings Summary
09
416048
08
445076
07
363415
Public
06
327824
Offerings
53%
Total
Special
Offerings
24%
09
213884
Professional
Qualifications
21%
08
237111
External
Programmes
2%
07
205144
06
143455
Professional Qualifications
09
6324
08
8710
07
9045
2008
06
10377
External Programmes
09
75850
Public
Offerings
51%
08
91016
Special
Offerings
29%
07
54118
Professional
Qualifications
28%
06
66645
External
Special Offerings
Programmes
2%
09
119990
08
108239
07
95108
06
107347
Public Offerings
2009

BIBF

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Annual Report 2009

9

management team

garry muriwai hussain ismail director deputy director B.Com - university of Auckland M.Com - university
garry muriwai
hussain ismail
director
deputy director
B.Com - university of Auckland
M.Com - university of Auckland
Chartered Accountant (CA)
MBA - university of Durham
Graduate programme for executives -
Carnegie Mellon university
executive Management programme -
Columbia university
Fellow Member of the Chartered
Institute of Bankers (FCIB)

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BIBF

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Annual Report 2009

Institute of Bankers (FCIB) 10 BIBF | Annual Report 2009 dr. mohammed alKhozai head of centre:

dr. mohammed alKhozai head of centre: academic and executive

BA - university of Cairo MA - university of leeds phD - university of london executive Management programme Columbia university

namasiku liandu head of centre: accounting and it BSC (Hons) - loughborough university Med -

namasiku liandu head of centre: accounting and it

BSC (Hons) - loughborough university Med - Dundee university pGDip educational Research (professional), Stirling university Chartered Accountant (ACA)

Stirling university Chartered Accountant (ACA) dr. Sat paul parashar head of centre: Banking M.Com - Delhi

dr. Sat paul parashar head of centre: Banking

M.Com - Delhi School of economics phD - university of Delhi

M.Com - Delhi School of economics phD - university of Delhi husain al ajmi assistant director

husain al ajmi assistant director and head of centre: insurance

BSC - Insurance and Real estate, Arkansas State university ACII - Associate of Chartered Insurance Institute GeDp Darden School of Business, university of Virginia BIID - Intermediate Insurance Diploma, BIBF BAID - Advanced Insurance Diploma, BIBF

BIBF

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Annual Report 2009

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management team

management team mahmood al Sheahabi head of centre: islamic finance MBA - Strathclyde university DipBus -

mahmood al Sheahabi head of centre: islamic finance

MBA - Strathclyde university DipBus - Al Hedaya Commercial School RSA II Certificate in Advanced Accounting

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BIBF

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Annual Report 2009

in Advanced Accounting 12 BIBF | Annual Report 2009 Kadri rizk head of centre: leadership and

Kadri rizk head of centre: leadership and management

Bachelor Degree in Management university of Helwan Diploma in Marketing lCCI Certified Assessor in Management Development & occupation testing CSHlD university of Surrey.

& occupation testing CSHlD university of Surrey. Khalid almedfaie operations manager MBA - De paul

Khalid almedfaie operations manager

MBA - De paul university Dipeng - Blackpool College of Higher education MCp, MCSA, MCSe, CCnA

dr. Subhadra ganguli head of Quality assurance phD (economics) university of California ali abdulla Zubari

dr. Subhadra ganguli head of Quality assurance

phD (economics) university of California

Quality assurance phD (economics) university of California ali abdulla Zubari finance manager MSF - De paul

ali abdulla Zubari finance manager

MSF - De paul university BSDp - BIBF tCMDp - BIBF

manager MSF - De paul university BSDp - BIBF tCMDp - BIBF chris carston marketing and

chris carston marketing and communications manager

BBS - Massey university

BIBF

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Annual Report 2009

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BIBF has multiple Centres of excellence across differing disciplines. As a part of our management responsibilities, each Head of Centre has undertaken a review of 2009 in regards to trends and growth opportunities as well as an overall snapshot of performance for the year. BIBF has a robust strategic planning process from which we work towards achievement of our existing five year strategic plan. Within the strategic plan BIBF has nine core objectives. For the purpose of the 2009 Annual Report, each Centre has reported on its performance directly against these strategic objectives. the over-arching themes that follow make reference to already well documented issues facing not only BIBF but the financial sector, specifically the financial crisis. BIBF is pleased to note that in light of the varied performances of our members, BIBF itself weathered the impacts particularly well. Whether numerically in regards to financial performance, participant numbers, number of offerings and number of attendance hours we either marginally declined versus 2008 or achieved parity. two key differences to these general findings were the substantive increase in public programme numbers, and the positive assertions made by the Centres on growth opportunities.

14 BIBF | Annual Report 2009

trends and growth potential

centre for academic and executive

expectations of increases in number of students and applicants to all our programmes;

Forming a new partnership with an internationally accredited uS university to replace our Bentley undergraduate programme.

centre for accounting and information technology

Increased use of our training and educational offerings by non-member organisations;

Increased use of professional offerings in accounting;

Innovative program development within the Centres Special offerings;

new partnerships with international professional organisations.

centre for Banking

our public offerings remain the only relatively predictable product in its portfolio as these are primarily designed to meet training needs of our member organisations;

professional qualification programmes, external programmes and special programmes were, and will be, highly volatile and influenced by the business environment within the regional banking industry.

centre for insurance

led by Bahrain, many countries in the region have given considerable emphasis on insurance regulations, thus ensuring a well-conceived future to the industry. For example: double-digit growth rates occurred last year throughout many of the GCC insurance markets;

the introduction of takaful business – insurance according to Islamic principles has emerged as an engine of growth. the CBB, for example has taken the lead in introducing minimum standards for representatives of insurance companies in Bahrain;

With takaful playing an important role in the region’s rapid growth in insurance businesses, the Centre is validating a focused takaful Insurance Diploma;

the Motor Insurance technician Certificate (MItC) programme; and Insurance Accounting and Finance Certificate (IAFC) programme are planned to be launched in the second half of 2010;

Introducing programmes such as Anti Money laundering and Corporate Governance for the insurance industry; and a certificate programme in Actuarial Science with external partners is being scoped;

the launch of the Associate of Risk Management programme in Arabic in association with the American Institute of Chartered property Casualty underwriters (AICpCu) is being prepared for 2010;

ongoing promotion of its CII accredited professional qualifications – pIC and pID, which are Arabic distance learning programmes.

centre for islamic finance

extending its geographical reach to provide its services to the Commonwealth of Independent States (CIS countries), Africa, and the Far east;

Diversification of its scope of work. For example increasing our involvement in consulting and research services for the Islamic banking industry;

offering the Advance Diploma in Islamic Finance in Arabic as well as the Sharia’a Auditing Diploma;

establishment of the online Islamic Diploma.

centre for leadership and management

Additional Accredited Qualifications with International bodies;

Strengthening our partnerships in Bahrain with tamkeen and BDo;

extending our unique programmes such as the Graduate Development programme to the private sector and executive Secretaries Diploma for the Ministries;

Significant value added opportunities for the Bahrain market through the BIBF Assessment and Development Centre.

BIBF

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Annual Report 2009

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review and highlights

centre for academic and executive

A year of mixed results for the Centre for Academic and executive education. We saw a combination of growth in academic intake and decline in the uptake of executive education.

our partnership with Depaul university witnessed an increase in number of applicants in the MBA, MSF, and the MSHR. the year also witnessed the introduction of the new Master of Science in Islamic Finance.

our university of Wales validated Diploma is an undergraduate degree of three years of study at BIBF with the fourth year completed at the Bangor university of Wales. now in its sixth cohort, we are increasing in numbers annually.

2009 saw the final intake of students into the Bentley

programme. Six classes graduated with a B.Sc. in Business Administration. We are proud to have offered such a programme and assisted in fulfilling ambitions of many young students in attaining a

uS Degree in Business.

the international financial crisis heavily affected our expected performance in executive education. We cancelled a number of offerings due to low demand. Despite this, we are developing a new range of executive programmes in conjunction with international providers in order to mean the upward curve post crisis of executive education demands.

December 2009 saw the launching of the new leadership Development programme (lDp) in an alliance with our sister Institute, the Institute of Banking in (IoB) in Riyadh and partnering with our long standing ally, the Darden Graduate School of

Business of the university of Virginia. the inaugural programme was to commence in early 2010 with a Foundation week in Bahrain to be followed by a leadership workshop in Riyadh. the final residential part of the programme was planned for late in March

2010 for a period of three weeks. the programme

was revamped after 10 years of the very successful Gulf executive Development programme in order

to meet the changing demands of market and participant expectations. Intake numbers were positive for the first intake.

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BIBF

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Annual Report 2009

Internally, the Centre saw a minor change in its set up with the relocation of the Business english programme to the Assessment Section of the Centre for leadership and Management.

centre for accounting and it

During 2009 the Centre delivered courses in Business Continuity Management, Business and professional ethics, Special offerings in Information technology and external offerings in Accounting and Finance for the first time. the Centre developed eighteen new courses (13 in Accounting and Finance and five in Information technology), for delivery during 2010.

While our public offering participant hours increased by nearly 13%, 2009 saw a reduction of 10% in overall participant hours. this was largely due to a reduction in Special offerings and a decline in professional offerings. We expect through the development of new courses and other strategic changes during 2009, a recovery in 2010.

2009 saw an addition of one full-time member to

the Accounting and Finance faculty to strengthen the development and delivery of audit courses. A new country manager was appointed to focus on growing

the professional courses provided through Morgan International.

the Centres financial performance in 2009 was lower than 2008. As most participants on our programmes are sponsored by companies we can logically infer the economic downturn affected companies to some degree in regards to staff training and development. this ultimately reduced our planned revenue targets.

centre for Banking

the performance of the Centre for Banking for

2009 was much lower than budgeted. the Centres

expectation when setting the 2009 budget at the end of 2008 was for the sector to show in the second half of 2009 some signs of halting and perhaps mild recovery. this did not occur.

Actual versus planned performance based on the aforementioned factors did, as expected, negatively affect external programmes and professional qualification programmes like ACI, pRM, and CFA. From the Centres perspective the magnitude of the

external environment was felt in declines in numbers of the flagship BSDp programme. the correlation in reduced numbers was clear as bank and other organisations’ sponsorships of their staff substantially reduced.

Bank nominations of non-Bahraini‘s to our public offerings also substantially reduced, effecting the Centres public offering participant hours, despite three new public offerings added during the year. the decrease in non-levy participants also added to reduction in public offering participant hours.

the Centre however experienced an increase in uptake of Special offerings. the actual participant hours in Special offerings increased by 38% in 2009 compared to 2008.

centre for insurance

the Centre for Insurance grew significantly in the year 2009 compared to the previous year with all targeted objectives achieved. the centre successfully executed the training and examinations of CBB’s minimum qualifications initiative for life and general insurance agents. over 500 candidates from across the region undertook CII’s Award in General Insurance and Award in Financial planning courses followed by examinations. this initiative by the insurance regulator in Bahrain has attracted attention from other regulatory authorities in the region and the centre may soon be involved in taking these programmes beyond Bahrain.

the centre established authorised examination centres in 11 countries in the region for its flagship Arabic distance learning programme – professional Insurance Certificate (pIC), thus enabling over 1,200 candidates to undertake exams in their home countries. Successful completion of the enhanced pIC certification enables candidates to directly achieve CII’s Diploma in Insurance via accreditation of prior learning scheme, which is also CII’s second highest professional qualification.

the numeric response to the pIC programme encouraged the soft launching of its professional Insurance Diploma (pID) during the year that will enable successful candidates to achieve the prestigious ACII qualification from CII by year 2011.

the major regional projects executed in 2009 included an exclusive agreement with the Kuwait Institute of Banking Studies to provide BIBF’s three classroom-based insurance diplomas in Kuwait; signed strategic contracts with a number for companies in the region to deliver customised training programmes at their locations; and establishing a strategic relationship with the Arab Forum of Insurance Regulatory Commissions (AFIRC) as part of executing the Certified AFIRC Supervisor programme.

locally, we continued our initiatives including the tamkeen sponsored Graduate Development programme for 12 candidates; the Ministry of labor Insurance Diploma programme for another 12 candidates that included on-the-Job learning programme at local insurance companies; and the HRD Fund ACII programme for 30 candidates.

the Centre also witnessed growth in its participation rates in public programmes; revamped five insurance diploma courses; revised the CII takaful textbook in english and translated the same to Arabic in order to be ready for April 2010 CII exams.

of keynote significance we enhanced the BIBF relationship with CII to a more strategic level. We now are the largest partner in the Middle east.

In light of the Centre growth, additional resource was added to the Centre in 2009 by the placement of a Business Development Manager. His significant professional insurance industry experience will aid the Centre for Insurance in meeting the growing demands of its customers across the region.

centre for islamic finance

In 2009, the Centre retained its position as the ‘Best Islamic Finance training Institution’ in the annual Islamic Business and Finance Awards in Dubai.

the revenue of the Centre declined by 10 percent due to lower participant hours as compared to 2008. this was mainly due to the global economic downturn which had affected most business areas as a whole. We believe anecdotally, that most Islamic financial institutions tightened their budgets for high cost training, increased in-house training and increased the “free to levy” public courses for their staff. this was the primary impact on the change in mix of demand for our Centre.

BIBF

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Annual Report 2009

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review and highlights

the declines in Special offerings and external offerings in (-50% and -42% respectively) were nearly offset by the growth in public offerings and professional qualifications (+54% and +25% respectively).

Key 2009 developments and initiatives included:

• Launch of the DePaul BIBF Masters in Science in Islamic Finance

• Launch of the Wales Validated Islamic Finance Diploma

• Establishment of the Waqf Fund Graduate Sponsorship programme

• Completion of the National Commercial Bank development programme on Islamic Finance and Sharia’a Auditing

• Establishment of the Public Seminar Series on Islamic Finance

centre for leadership and management

Five new public offering courses were introduced by the Centre due to market demand and feedback from training Managers. the result of these additions contributed to the public offering increase of 6% vs. 2008.

In September 2009, the Assessment and Development Centre at BIBF was transformed with an additional range of services. this included placement testing, training needs Analysis, personality Assessments, leadership Styles and team efficiency evaluations, Competency Based Interviewing, Career Guidance, and Coaching. the Centre launched three new courses, of which two are accredited by the British psychological Society, to support HR and training professionals in Bahrain and the region. the objective was to raise awareness about the importance of psychometric tools in pre-training and post-training assessment.

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BIBF

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Annual Report 2009

our Business english programme introduced a Foundation level to compliment the needs of the market. this was designed as a preliminary to the four levels and provides a balance of skills development and graded language practice taking the learner to intermediate level. During the three Bep terms a total of 17 classes were conducted with a total of 342 students.

After becoming a Corporate partner of the Chartered Management Institute (CMI) uK in early 2008, the Centre for leadership and Management ran the leadership Skills programme (an International Diploma in Management) which was sponsored by tamkeen. this programme was for Bahraini business owners and upper level managers, using action-based training methodologies to allow them to develop and implement their management and leadership capabilities for improved productivity and success in the work place. 2009 saw the successful growth of the programme and to date, 35 candidates have successfully completed and graduated from the programme and a further 112 are enrolled and actively participating.

In addition, the first three cohorts of the Certificate in personnel practice (Cpp) and the first cohort of the Certificate in training practice (Ctp) programmes of CIpD, uK successfully completed the course. the net result of this contributed to increase in professional programme offerings by 70% vs. 2008.

strategic objective:

01

EnsurE thE profilE of BiBf positions us as thE institutE of choicE for BusinEss profEssional dEvElopmEnt.

In 2009 the BIBF Centres contributed to this objective by:

centre for academic and Executive

• Ensuring that all courses were delivered at a high standard and measured by actioning and applying learning’s from class assessments;

• Continuously improving the teaching and learning aspect of our courses, through reviews and modifications suggested by Moderators, External Examiners and QA managers.

centre for accounting and it

• Ensuring that all courses were delivered at a sufficiently high standard to uphold the good reputation currently enjoyed by the BIBF. This was achieved by enabling the lecturers to attend relevant both subject specifying and delivery methodology, continuing professional development courses and by class observation, peer review, and analysis of participant feedback;

• Creating active liaisons with reputable international organisations, for example IIA (USA), ICAEW (UK) and BPP Learning Media to seek to provide the best there is;

• Continually improving how we deliver courses in response to feedback from course participants and their organisations. This has included actions such as changing the financial statements used for delivering a given course as a result of feedback from participants.

centre for insurance

• Being the only institution authorised by CBB to conduct minimum

standards qualification for

appointed life and general insurance representatives;

• CII’s only strategic partner in the

region offering fully accredited

professional insurance qualifications;

• Offering courses and programmes based on insurance industry requirement.

centre for islamic finance

• Increasing the amount of available courses for both external and public offerings including Islamic Economics for Bankers; Murabahah finance for retail; Istisna’ for retail; Sharia’ for bankers; Islamic Credit Cards; Islamic Funds Management; Real Estate Advisory; Islamic Mutual Funds; Economic Efficiency for Waqf Products; and the ICMA Primary Market Certificates.

01

EnsurE thE profilE of BiBf positions us as thE institutE of choicE for BusinEss profEssional dEvElopmEnt.

centre for Banking

Creating new public offerings:

• Project Appraisal and Financing

• Economics for Bankers

• Quantitative Methods for Risk Management Launching new external programmes:

• Value Advisory - A New Toolkit for Corporate Bankers

• Corporate Governance - Challenges and Best Practices

• Global Financial Crisis - Surviving and Thriving Strategies for 2009

• Implementation of Basel-II (Pillar II)

• Debt Restructuring

• Investment Representatives Programme (Series-7)

• Implementation of Basel-II (Pillar I)

• Real Estate Investment

• Counter party Risk Measurement and Management

• Advanced Financial Modeling

• Credit Risk Measurement and Management

• Market Risk Measurement and Management

• Forex online Trading

Offering new professional qualifications:

IDC-ICA, UK

ACAMS, USA

APRM, USA

A

revamp of the BSDP qualification by

revising study material and providing

a pathway forward for BSDP

participants to Newcastle University,

UK to obtain a combination of

international experiences and an

undergraduate degree.

centre for leadership and

management

• Offering a variety of customised

special offerings tailor made to Banks and organisations to fit their

requirements and future plans

and success of their businesses.

These included Standard Chartered Bank, Khaleeji Commercial Bank,

Yokogawa, BDO Jawad Habib, and

APM Terminals.

20 BIBF | Annual Report 2009

strategic objective:

02

to maintain proactivE BusinEss partnErships with our lEvy payErs and othEr cliEnts to achiEvE succEssful rEsults for Both thEir organisations and thE individuals within.

In 2009 the BIBF Centres contributed to this objective by:

Centre for Academic and Executive

• Maintaining regular contact with training managers and discussing courses high demand in nature eg, Corporate Governance.

Centre for Accounting and IT

• Continually talking with training managers responding to their requests and seeking to meet them at their ‘point of training need’. This included developing new Public Offerings in response to their requests and as a proactive step to provide courses the Centre believed was useful to them;

• Approaching existing clients offering them new courses in response to feedback from the participants of

a recently delivered course. For

example during 2009 this resulted in two new special offerings to existing clients;

• Creating unique products for clients; either in response to a specific request or by analysis of course participant feedback. An example

is a course delivered to one of our

long standing clients in 2009 that was completely different from that delivered over the previous four / five years, as a result of assessing the comments made by participants.

Centre for Banking

• Networking for proactive business partnerships with our levy payers

and other clients to achieve

successful results for both their organisations and the individuals within was regularly undertaken through meeting with training managers, bank professionals at

BIBF and during conferences.

Centre for Insurance

• Conducting regular visits to local insurance organisations in connection to their training requirements and offering assistance to relevant individuals for CII accreditation of prior learning as a value added service;

• Holding discussions with insurance professionals in connection to

launching new programmes and

revising existing ones;

• Providing tailor made long-term training programmes via mutual

agreements.

02

to maintain proactivE BusinEss partnErships with our lEvy payErs and othEr cliEnts to achiEvE succEssful rEsults for Both thEir organisations and thE individuals within.

Centre for Islamic Finance

• Conducting a number of direct contact visits to the Islamic Financial Institutions in Bahrain and Dubai. We utilised these visits to meet functional Heads of HR or Training and obtain feedback on existing levels of service performance as well as highlighting our new products. Client visits included Al Baraka Islamic Bank, Gulf Finance House, Dubai Islamic Bank, Bahrain Islamic Bank, Ajman Islamic Bank, and Noor Islamic Bank;

• Facilitating various special offerings in Bahrain, the Gulf, and Eastern Europe. Clients included National Commercial Bank, Saudi Arabia; Abu Dhabi Islamic Bank, UAE; Caspian International Investment Company, Azerbaijan; Commercial Bank of Qatar, Qatar; Islamic Development Bank, Saudi Arabia; Standard Chartered Bank, Bahrain; and Khaiji Bank, Qatar.

Centre for Leadership and Management

• Introducing five new public offerings to deliver upon market requirements. These included:

- Emotional Intelligence;

- Problem Solving and Decision Making Techniques;

- Human Resources Planning Techniques;

- HR Management for Non-HR Managers;

- Employee Training and Development.

• The Centre also regularly met with member organisations and other clients to discuss special offerings as updates or new requests.

22

BIBF

|

Annual Report 2009

strategic objective:

03

Build alliancEs with intErnationally rEcognisEd profEssional BodiEs.

In 2009 the BIBF Centres contributed to this objective by:

centre for academic and Executive

• Maintaining our strategic alliances with:

- DePaul University

- Bentley University

- University of Wales

- Darden Graduate School of Business of the University of Virginia

• Whilst not new, we strengthened formally our ties with our sister Institute, the Institute of Banking (IOB) in Riyadh in developing the new Leadership Development Programme (LDP) in conjunction with Darden.

centre for accounting and it

• Building alliances with the IIA (USA) to offer their internal audit courses;

With ICAEW (UK) to deliver their Certificate in Accounting, Finance and Business;

With ACCA (UK) to deliver their Diploma in International Financial Reporting;

With ICDL GCC Foundation with the view to delivering ICDL courses from

2010;

With BPP Learning Media to use their world class course materials for

in-house accounting and finance courses;

With Morgan International for the

world class course materials for CPA

and CMA.

centre for Banking

• Forming new alliances during the

year with Newcastle University, UK;

ACAMS, USA and ICA, UK;

• Renewing alliances with professional bodies like CFA, PRM, and ACI which were also strengthened by achieving space on their web pages as education partners.

centre for insurance

• Maintaining and strengthening our alliances with The Chartered

Insurance Institute (UK) and The American Institute for Chartered Property Casualty Underwriters / Insurance Institute of America (USA).

centre for leadership and management

• Maintaining and building upon existing alliances with International bodies such as CIPD, CMI and SHL.

strategic objective:

04

EnsurE that all participants BEcomE BiBf amBassadors.

In 2009 the BIBF Centres contributed to this objective by:

centre for academic and Executive

• Receiving very positive feedback about the quality of our students and other graduates who regularly participate in the seminars, workshops and youth conferences in Bahrain and globally.

centre for accounting and it

• Delivering courses to the participants’ satisfaction.

centre for Banking

• As a matter of practice, inviting all passing out participants of the public offerings, special offerings, professional qualification programmes and external programmes to stay in touch for any further assistance in their journey and application of knowledge;

• Organising a BSDP Alumni meet to hear their views on strengthening the existing BSDP qualification.

centre for insurance

• Creating practical case studies that enable shadowing of actual work atmosphere. This aided relevant participants to become ready for employment with most minimum on-the-job training. This strategy has been promoted by our trainees at all levels;

• Aiding trainees’ careers by helping them to get their CII credits as an ongoing support service. This service has led us to gain newer clients via

word of mouth from existing trainees and graduates.

centre for islamic finance

• Delivering courses to the participants’ satisfaction.

centre for leadership and

management

• Continuously following up on course evaluations to modify and action activity applicable to not only programme quality improvement, but in direct response to customer needs.

BIBF

|

Annual Report 2009

23

24

BIBF

|

Annual Report 2009

strategic objective:

05

EnsurE that our programmEs arE rEcognisEd as world class.

In 2009 the BIBF Centres contributed to this objective by:

centre for academic and Executive

• Ensuring that our linkages with world class universities and institutes remained strong. Our partnerships are in place to ensure our graduates not only have a place within any relevant role within Bahrain but has a globally appealing undergraduate or post graduate qualification.

centre for accounting and it

• Making linkages with world class organisations in terms of qualifications or course materials.

centre for Banking

• Positioning our programmes through newspaper ads as world class and adopting world class pedagogy and a high class faculty;

• Obtaining recognition as the EXCLUSIVE educational partners in Bahrain for leading International professional bodies like Association of Certified Anti-Money Laundering Specialists (ACAMS), USA and International Compliance Association (ICA), UK.

centre for insurance

• Producing CII qualifications for Takaful (Islamic Insurance), which is now part of ACII level units;

• Our class-room based insurance diplomas (English and Arabic) earn 210 credits from CII, the highest for any institution in the region;

• Earning CII’s Diploma in Insurance certification via accreditation of prior learning through our Arabic distance learning programme, the Profession Insurance Certificate (PIC).

centre for islamic finance

• Receiving the internationally acclaimed ‘Best Islamic Finance

Training Institution’ award in the

annual Islamic Business and Finance Awards for the second year running.

centre for leadership and

management

• Providing accredited programmes including Cambridge, CMI, CIPD and CIM.

strategic objective:

06

promotE Bahrain’s position as a lEading rEgional financial cEntrE.

In 2009 the BIBF Centres contributed to this objective by:

centre for academic and Executive

• Using case study examples from the Bahrain market in teaching materials and exams;

• Promoting the Islamic Diploma and referencing Bahrain as a world leader in Islamic Financial Products and Services.

centre for accounting and it

• Using examples from Bahrain in course materials, including those delivered outside Bahrain, whenever possible. For example by using the TAIB analysis report of SABIC when delivering a course at Saudi Aramco;

• Making reference to the Bahrain Stock Exchange in appropriate contexts, while delivering courses or developing course materials.

centre for Banking

• Having every programme, particularly public offerings and professional qualification programmes designed, launched and delivered with an express aim to contribute to promote Bahrain’s position as a leading regional financial centre;

• Aiming to provide the latest knowledge and skills in every functional area of the banking industry, across all our public offerings, professional qualification programmes and external programmes.

centre for insurance

• Defining the Centre for Insurance and its strong affiliations as the foremost insurance learning and qualifications provider in the region. This has contributed to Bahrain’s position as a leading regional financial centre.

centre for islamic finance

• The benefit of receiving the ‘Best Islamic Finance Training Institution’ award reinforced the strength of Bahrain’s Islamic Finance education authority. This supports our drive to align where possible the 2030 vision in regards to financial sector expertise.

centre for leadership and

management

• Delivering our products to new markets (for the Centre) such as Qatar. This was a tailor made programme for high caliber management trainees in the Central Bank of Qatar over three phases in different areas such as Leadership and Management, Banking, Finance and Islamic courses. A total of 22 courses were successfully completed by the trainees.

26

BIBF

|

Annual Report 2009

strategic objective:

07

attract and rEtain thE BEst staff.

In 2009 the BIBF Centres contributed to this objective by:

centre for academic and Executive

• Retaining staff with international qualifications and local and international experience. In 2009 our turnover was 0%.

centre for accounting and it

• Employing international caliber staff with local experience in the required areas. Retention has been near enough 100% in 2009. One administrative staff member left the Centre, however there were no faculty departures.

centre for Banking

• Adding one new full-time faculty who came with excellent qualifications and significant international banking experience. The part-time faculty includes top notch professionals with wide industry experience. It is worth mentioning that despite these persons having other opportunities, they prefer to continue teaching at BIBF.

centre for insurance

• Employing high caliber ACII certified training staff and industry experienced support team to provide its services.

centre for islamic finance

• Employing two international caliber faculty members and an additional member within the Administrative function to support the planned growth in the Centres offerings.

Retention has been near enough 100% in 2009. One faculty staff member departed BIBF in 2009, with extended leave on medical grounds for the Head of Islamic Finance also occurring mid-year. In the interim, the Centre was led by the Deputy Director;

• Increasing the use of industry experts by the Centre.

centre for leadership and

management

• Recruiting specialised and experienced lecturers, and providing them with a motivating package as well as an opportunity to directly affect the human capital development of all participants. The breadth of programmes the Centre offers also provides the scope for significant staff professional development and teaching both locally and internationally.

strategic objective:

08

to Expand thE BusinEss scopE of thE institutE, and sustain our compEtitivE diffErEntiation, through continuous innovation and improvEmEnt of products, sErvicEs and rEsourcEs – human, tEchnological and physical.

In 2009 the BIBF Centres contributed to this objective by:

centre for academic and Executive

• Continuously updating and reviewing the teaching and learning materials to meet international standards;

• Identifying staff development needs annually and putting required plans in to place to achieve these development initiatives.

centre for accounting and it

• Identifying the appropriate staff development needs during the annual review and putting appropriate plans in place to achieve their developmental needs;

• Continually improving our materials and modes of delivery to meet our course participants at their point of need. This is done by updating materials that have naturally become out of date (for example due to change in financial reporting regulations or just the passage of time – eg, replacing old financial statements with more recent ones.

centre for Banking

• Ensuring the faculty is continu- ously encouraged to add new programmes and undertake self development. Most faculty members of the Banking Centre attended at

least one public offering programme at BIBF. One of the faculty members obtained Trade Finance Specialist Certificate, another qualified CFA

level –I and the third, Series-7 programme of the BIBF. Technological and infrastructural support is provided as required by each faculty.

centre for insurance

• Expanding its business development and customer service team during 2009 due to meeting increased demand from individual insurance

personnel and companies for our

programmes and services;

• Closely working with the industry to launch six new programmes in 2010.

centre for islamic finance

• Extending its geographical reach and expanding its menu of products. The Centre for Islamic Finance has extended its geographical reach by having new clients in Qatar and the CIS countries, specifically Azerbaijan. We also launched the Masters of Islamic Finance programme with De Paul and the Wales Validated Islamic Diploma.

28

BIBF

|

Annual Report 2009

strategic objective:

09

providE infrastructurE for EffEctivE and EfficiEnt opErations.

In 2009 BIBF achieved the following:

The establishment of the Customer • BIBF’s new online library system and

Service section that deals with

all written (whether email, or

online) participants’ feedback was a vital step towards supporting BIBF’s strategy in aligning its quality assurance framework to International standards. The Customer service area had additional registration staff placed whose role was to more directly interact with our members’ organisations.

In order to meet the growth in

new participants, a parking zone which accommodates over 80 cars was provided by BIBF. The location immediately across from the front entrance reduced the level of

concern of availability and proximity

of parking to BIBF.

To meet growing demand staff were added to BIBF in 2009 necessitating

the need for additional office space.

A building extension was added as

well as redesigning existing offices to meet staffing requirements.

students centre was made available

to all members to browse the BIBF catalogue and library contents.

• The BIBF registration department continued to visit member organisations, introducing the online registration system, which will aid the training managers in monitoring their employee progress.

centre for academic and executive

the mission of Academic and executive learning Centre is to provide world class programmes in the area of Academic and executive education via strategic partnerships with reputable and accredited international universities from the united States and the united Kingdom.

the Centre offers academic programmes at undergraduate and post-graduate level, as well as executive education development for senior management.

Participant Hours

09

 

124802

 

08

 

132267

07

 

121765

 

06

 

78590

Total

 

09

762

 

08

2208

07

1216

06

513

 

External Courses06 513   1%

1%

External Courses

 

WalesExternal Courses   11%

11%

 

GMAT  6%

6%

09

69723

DePaul09 69723 26%

26%

08

53756 57790
53756
57790
 

Bently08 53756 57790   0%

0%

07

English07 56%

56%

06

Wales

40489

09

315

 

08

1248

08 1248  
 

07

1782

06

486

 

GMAT

   

09

33029

08

31847

 
 

2009

07

16398 3497
16398
3497

06

DePaul

 

09

7104

08

4896

07

7056

06

7488

Bently

 

09

 

08

38312

07

13869
13869

26117

37523

 

06

English

centre for accounting and it

the Centre for Accounting and It has been in existence as a stand-alone entity since January 2008. It delivers courses in Accounting, Finance and Information technology to member organisations employees (public offerings), by specific request to any organisation (Special offerings), for professional qualifications to all individuals (professional offerings), and of a specialist nature using external specialists (external offerings). the public offerings can be attended by non-member organisation employees for payment of the appropriate course fee. this is what generates the revenue reported under public offerings.

our Information technology courses are in the main, standard Microsoft application courses. they

are offered by a wide variety of competitors and

appear price sensitive in customer decision making.

the Centre is diversifying its offerings in Information technology to cater for demand for courses in areas such as ethics, business continuity management, and project management to the extent that these are impacted upon by information technology.

Participant Hours

09 48559 08 53972 07 48489 06 42188 Offerings Public 60% Total Offerings Special 25%
09
48559
08
53972
07
48489
06
42188
Offerings
Public
60%
Total
Offerings
Special
25%
09
6740
08
11999
Qualifications
Professional
14%
External
07
9163
Programmes
1%
06
9558
Professional Qualifications
09
528
08
0
07
0
06
0
External Programmes
09
12322
08
16284
2009
07
14314
06
14125
Special Offerings
09
28969
08
25689
07
25012
06
18505

Public Offerings

BIBF

|

Annual Report 2009

29

centre for Banking

the Centre for Banking is the leading provider of training and education services to banking and financial services industry in Bahrain, Qatar and Saudi Arabia. our programmes are aimed at both organisations and individuals within the financial sector and range from entry level executives to top and senior level managers across all Banking functions and disciplines.

Participant Hours

09 75326 08 100644 07 96081 06 87885 External Total Programmes 09 29531 Offerings Public
09
75326
08
100644
07
96081
06
87885
External
Total
Programmes
09
29531
Offerings
Public
08
57539
Offerings
Special
07
54934
06
40221
Qualifications
Professional
Professional Qualifications
09
1413
08
1170
07
4251
06
5582
External Programmes
09
11322
08
8185
07
10572
2009
06
9611

09

08

07

06

Special Offerings 33060 33750 26324 32471
Special Offerings
33060
33750
26324
32471

Public Offerings

30

BIBF

|

Annual Report 2009

2%

44%

15%

39%

centre for insurance

the Centre for Insurance is dedicated to the advancement of insurance as a professional service in Bahrain and the broader Middle east region, providing world-class professional learning opportunities that improve insurance performance. We work closely with our customers to deliver tailor-made packages that help their staff achieve corporate goals. Whether our clients seek to improve the quality of their service or increase revenues, we can provide solutions.

the Centre for Insurance at BIBF is today, the largest specialised insurance training and

professional qualifications provider in the Middle

east. to underpin the many vital initiatives of

the insurance regulators and to capitalise on the

growing demand to qualify the insurance personnel

in the region, BIBF and the uK based Chartered

Insurance Institute (CII) have entered into strategic

partnership towards adding professional advantage for insurance people.

Commencing from the minimum standard qualifications, all of BIBF insurance certificate programmes, diploma programmes and professional qualifications fetch maximum number of accreditations from the CII, which is unique to the Middle east region. the centre’s professional activities have earned BIBF the membership of the Institute for Global Insurance education (IGIe), which is an uS-based association, comprised of selected independent international insurance institutes.

09

08

07

06

09

08

07

06

09

08

07

06

Participant Hours

56747 39962 Special Offerings 44283 Public Offerings 61708 Total 35073 22569 24090 31083 Special Offerings
56747
39962
Special Offerings
44283
Public Offerings
61708
Total
35073
22569
24090
31083
Special Offerings
21674
17393
20193
2009
30625

Public Offerings

61708 Total 35073 22569 24090 31083 Special Offerings 21674 17393 20193 2009 30625 Public Offerings 62%

62%

38%

centre for islamic finance

the Centre for Islamic Finance is the total solution provider for Islamic Finance learning in the region. the Centre has a comprehensive range of services that are superior, contemporary and relevant to the needs of the industry, all of which is drawn upon the support of the Central Bank of Bahrain, the Waqf Fund, the Islamic banking community, and the Islamic infrastructure institutions. the Centre focuses on the provision of professional courses and academic qualifications at the diploma, undergraduate, or post-graduate level that is delivered by a mix of the Centre’s own internal faculty or by our world- wide industry experts.

As the Islamic banking industry endeavours to maintain its resilience in the face of the global financial crisis, the stable growth of Islamic finance training and education has continued internationally. Being strategically located in Bahrain, which is the hub of Islamic Banking, the Centre has used this competitive advantage by establishing itself as a prominent contributor in the dissemination of Islamic finance knowledge in the region. the strategic location, coupled with the Centre’s access to Islamic Finance industry experts, has distinguished the Centre as compared to other primary Islamic finance learning providers within the MenA region, South east Asia, or the uK.

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Participant Hours

51537 External Programmes 56% 57409 Offerings Public 19% 24501 Special 22658 Offerings 19% Total
51537
External
Programmes
56%
57409
Offerings
Public
19%
24501
Special
22658
Offerings
19%
Total
Qualifications 6%
Professional
28558
22784
14396
11024
Professional Qualifications
3058
5332
3450
3432
2009
External Programmes
9994
22781
2635
5809
Special Offerings 9927 6512 4020 2393
Special Offerings
9927
6512
4020
2393

Public Offerings

centre for leadership and management

At the Centre for leadership and Management, we truly believe and practice the philosophy of “the greatest assets of any organisation are its people”. our belief is that leadership is everyone’s business. our objective is to add value in transferring classroom learning to the workplace.

We are focused on developing and improving human resources to build individual and organisational capability and efficiency. leadership and Management courses are designed to improve competencies by developing the knowledge, skills and attitude of people. We adopt a professional approach to leadership and Management development by ensuring that a positive learning environment is established and maintained in the classroom.

Participant Hours

09

28296 34795
28296
34795

08

07

06

Total

09

25015

08

14730 6102 4575
14730
6102
4575

07

06

Professional Qualifications

09

563

08

0

07

128

06

850

External Programmes

09

7139 2507 6017
7139
2507
6017
 

08

21197

07

06

Special Offerings

09

26360

08

24895

24895

07

19559

06

23353

Public Offerings

Public 59077 Offerings 45% Offerings Special 60822 42% External Programmes 12% Qualifications Professional
Public
59077
Offerings
45%
Offerings
Special
60822
42%
External
Programmes
12%
Qualifications
Professional
1%
2009

BIBF

|

Annual Report 2009

31

Quality assurance department

the department, set up in 2008 to tackle the growth of BIBF in the upcoming years, created a set of codes of practice in several areas of academic quality benchmarked to the Quality Assurance Agency, uK. these codes of practice provide the framework for benchmarking current systems in BIBF against international standards and provide guidance for constant improvement. the department is also responsible for implementing code of practice for BIBF as a whole, organising academic infrastructure for the institute and maintaining all QA related committee structures in BIBF. the department conducts annual review of programmes in all centres and provides action plan and implementation timelines in agreement with the centres. the department is responsible for working with Centres and their international collaborators in seeking equivalence of BIBF systems with theirs and adopting BIBF systems, where applicable. the department is responsible for complying with all local and international QA authorities supervising BIBF in the area of Quality Assurance.

the department lies at the heart of BIBF’s core business – learning and teaching. Academic QA is involved in everything that BIBF does to provide quality training and education for its clients and students. BIBF is the pioneering organisation in the region which has created a fully developed QA system benchmarked to international standards. It is also the only organisation which has started implementing such international best practices in most of the areas of learning and teaching. In this respect, BIBF enjoys an unparalleled position of competitive advantage over similar organisations in the region. this also means that BIBF is ready to create a consulting division for providing such guidance and advice to other organisations to help them develop international best practices and their implementation. Future growth of BIBF will enhance the important role of QA even further.

the department’s role and importance will increase in the future as the importance of achieving high quality training and education seems to be a national agenda for the government of Bahrain through various organisations like

32

BIBF

|

Annual Report 2009

Quality Assurance Agency for education and training (QAAet) and Ministry of education (Moe). QA in BIBF will be actively working with Bahraini counterparts for complying with national regulations but nevertheless aim to continue with its annual review of programmes by an international panel of QA experts from around the globe. BIBF plans to invite participation from Bahrain’s QAAet and Moe in such initiatives to strengthen its ties with the local bodies. the annual review is important for BIBF’s self reflection and in evaluating its achievements against an international framework developed in-house on the one hand and for its international collaborators to value the important role of QA in BIBF on the other.

the aim of BIBF to achieve taught Degree Awarding power Status (tDAp) will further enhance the role of QA as BIBF systems, benchmarked to international standards, will be ready and functioning at par with those of its partners for this purpose.

By the end of 2009, QA became a fully developed department working with all centres of the organisation in implementing our codes of practice. A uniform brochure for all centres has been developed; work is in progress for achieving a uniform registration/ application form for the institute. lesson plans, feedback mechanism, customer service functions, collaborative provision, faculty and staff development, recruitment and promotions process, programme review and design implementation, robust and rigorous assessment mechanisms etc have been initiated. Most importantly, annual review of all programmes has taken place in BIBF for the first time where centres have agreed to implementation timelines of QA action plan.

marketing and communications department

BIBF employed a Marketing and Communication Manager at the start of 2009. BIBF identified the need for an independent department whose responsibility was to not only integrate all elements of the marketing and communications flows inwards and outwards to / from BIBF, but to do so in a planned and coherent manner.

there were a number of strategic and tactical initiatives undertaken in 2009. these included:

• The development of a Marketing and Communications Strategic plan, which was submitted to and approved by the Board.

• Development of an annual tactical plan including by initiative, activity, associated budget implications and specific budget reporting codes in order to create transparency of marketing expenditure.

• The revising of all current role profiles of the department staff. this achieved the benefit of allowing staff to have a clearer view of their roles and responsibilities as well as identifying the specific volume of planned work that was needed to improve BIBF’s profile. the benefit by the end of 2009 was that staff had a much clearer sense of their performance and more specifically how this would translate into not only remuneration for 2010, but areas of professional development.

• The tendering for an advertising agency to support all new BIBF creative work. the successful agency came on board to partner with BIBF in March 2009. the scope of their work ranged from Annual Report to preliminary recommendations for developing brand standards for all BIBF material which to date were not in existence.

• We formed a one year strategic relationship with GDn for the purpose of showcasing the thought leadership talents of the BIBF Management team in their various areas of expertise, as well as a mechanism to update the market with our relevant offerings available for training needs. this translated into 24 articles of one page each

every two weeks. We also looked at improving the profile of the BIBF brand by placement daily on the front page of the GDn Business page. this initiative was directly attributed to the successful negotiation of two new business development opportunities within the Accounting Centre.

• We revamped our website and more specifically the home page as an interim solution to better provide users a more friendly and assessable experience. ultimately the outcome of this exercise translated into tendering for a website provider who would be able to align the strategic marketing objectives in written form into technologic output in regards to the website. In november 2009 tenders were released by BIBF seeking a technology partner. the provider was assessed and announced in April 2010.

• We also in the latter half of 2009 began to address our e-communications. the majority of the vast database of participant’s details was centralised between Marketing and operations

(Registration). It has always been the core of the Registration Department but there had been limited usage by the marketing and Communications team. We initiated in october

2009 the first branded email campaign to both

members and non-members. this provided us with an opportunity to clearly highlight all our programmes on a consistent and planned basis, allowing us to send both bulk and segmented email communications. By year end we had no substantive results on effectiveness, however, we did find that the market was comfortable in receiving specific emails from us, with less than a 1% unsubscribe rate on emails sent. this was

with a preliminary database size of 4500.

• The department also oversaw the implementation of the Annual Report and both the 2009 and

2010 Course Catalogue.

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research department

Research is an area that BIBF developed in 2009 with the setting up of the Research Department in September. Dr S p parashar, Head of the Banking Centre was assigned Head of this new department. the mission, vision, and strategic plan of the Research Department for 2009-11 were finalised.

the mission of the Research Department is to provide research services to the banking and business community of Bahrain and the region. Its vision is to be the single window for academic and applied research, research capacity building and enhancement, and research publications focused on and of interest to banking and business community of Bahrain and the region.

the strategic plan of the Research Department finalised for 2009-11 aims at

(i)

creating a research culture at BIBF

(ii)

organising research methodology workshops

(iii)

organising case writing workshops

(iv)

seeking International partnerships

(v)

networking with leading researchers, research funding bodies, and publishers

(vi)

supporting presentation and publication of quality research.

It was also decided to constitute a research advisory committee comprising all professional Centre heads and industry representatives including CBB, eDB, BSe, Waqf Fund, BCCI, BAB, to advise and support the development of the BIBF research department.

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A Research Methodology workshop occurred on november 12, 2009, and a Case Writing Workshop on november 19, 2009. 15 faculty members of BIBF participated and benefited from these workshops.

the workshop presentations were video recorded and kept in the BIBF library for reference.

the Research Department has plans to organise more such workshops in 2010 to benefit BIBF faculty and financial services industry players interested in research.

Special projects

In the aftermath of the 2009 financial crisis, BIBF has gathered a group market participants in collaboration with CBB to create a strong pool of Risk professionals geared up for the post crisis era. this initiative culminated in the development of a Risk Certification programme for all entrants into the Risk profession of Bahrain’s financial services sector. this programme will provide the minimum qualification recognised by CBB and designed and delivered by BIBF as the sole provider of the qualification. the programme is unique and one of its kind – encompassing all the different areas of Risk in conventional, Islamic and Insurance areas and their mitigation thereof. the programme has been developed by BIBF’s visiting professor Dr. Sudhakar Raju who has a joint appointment with Helzberg School of Management in Kansas City and Kennedy School Government in Harvard university in the uS. the programme will be launched in June 2010 and is the only programme in the region for setting minimum entry criteria for Risk professionals by a central bank and the only one globally covering all the three different aspects of Risk in the financial services sector. In the post crisis era, focus on Risk Management is considered to be essential for the creation of a sound and robust financial system against random shocks— endogenous or exogenous.

the CBB Risk Certification programme is the first component of a series of upcoming risk management programmes, in BIBF, of varying levels of complexity. the CBB Risk Certification programme represents the first level of the programme. the second level of the programme will be an explicit partnership between BIBF and pRMIA to offer a more advanced programme

in risk management. the third and final step is for candidates of these programmes to attain international qualifications like the pRM and FRM.

providing financial advice is considered a very crucial aspect of the financial sector growth. professionals who are responsible for providing such a service need to be thorough in the knowledge base of the products they are selling and the various repercussions of investments in those products by varying client/investor profiles. Selection of qualified professionals for such an important task as financial advice becomes a challenge for any regulator and more so for Bahrain markets which are, similar to other regional markets, evolving continuously and progressively. the Central Bank of Bahrain commissioned BIBF to take the lead in setting and monitoring such standards for the regulator. BIBF has worked with market participants and international partners in collaboration with CBB, to develop an all encompassing minimum qualification for an entry level financial advisor in all areas namely conventional, Islamic banking and Insurance sectors. under the guidance of prof. Sudhakar Raju, the programme development has been commissioned to pWC, ltd Bahrain. As per agreement with pWC, the programme will be ready for delivery in September 2010.

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BiBf team

BiBf team director’s office garry muriwai Director garry.muriwai@bibf.com ebtisam a. Saad executive Assistant

director’s office garry muriwai Director garry.muriwai@bibf.com ebtisam a. Saad executive Assistant ebtisam@bibf.com

human resources

hussain ismail

Deputy Director

hismail@bibf.com

hassan abbas

HR officer

hgabbas@bibf.com

BiBF learning centres

centre for academic and executive dr. mohammed al Khozai Head of Centre: Academic and executive malkhozai@bibf.com

Faculty

waseem mirza

lecturer

waseem@bibf.com

MBA in Finance and Marketing - IMS, Lahore, Pakistan; M.Com in Advance Accounting - University of New South Wales; B.Com - University of the Punjab, Lahore, Pakistan; Member - “Association of Accounting Technicians” (AAT), Australia

administration Zahra tabbara Academic and executive Coordinator ztabbara@bibf.com lameea mohammed Administration Coordinator lameea@bibf.com parween haji Administration Coordinator phaji@bibf.com

centre for accounting and iT namasiku liandu Head of Centre: Accounting and It ndliandu@bibf.com Faculty hafiz Qaisar raza Khan Senior lecturer hafiz@bibf.com

MCom in Accounting from Hailey College of Commerce, University of the Punjab, Lahore, Pakistan CMA - Certified Management Accountant, USA ACMA - Associate of Cost & Management Accountants, Pakistan

Syed amir Zahid Senior lecturer amir@bibf.com

BA Corporate Secretaryship University of Madras, India ACA - The Institute of Chartered Accountants of India CIPA - Certified Islamic Professional Accountant, AAOIFI, Bahrain

yousif faraj

Senior lecturer

yousiffaraj@bibf.com

MBA, Strathclyde University, UK

farayi patrick chikwanda lecturer farayi@bibf.com

BCompt (Accounting Science):

University of South Africa (UNISA) Diploma in Accountancy, Southern Africa Association of Accountants (SAAA), Member of the Institute of Chartered Accountants, Zimbabwe (ICAZ)

mahmood abdulla

lecturer

mahmood@bibf.com

BSC in Accounting University of Bahrain, Bahrain CPA - American Institute of Chartered Public Accountants (AICPA), Colorado, USA

nedhal al-faraj

lecturer

nalfaraj@bibf.com

BSDP BIBF, Bahrain NVQ in Business Administration, UK, Diploma in Business Administration, BTI, Bahrain

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BiBf team

administration Khulood al thaqafi Administration Coordinator khulood@bibf.com

centre for Banking dr. Sat paul parashar Head of Centre: Banking parashar@bibf.com Faculty dr. Jyothi Venkatesh Senior lecturer jgrao@bibf.com

PhD in Finance from the Indian Institute of Science, Bangalore

Subramanian ravi

Senior lecturer

s.ravi@bibf.com

MA. C.A.I.I.B in Public Administration from Madras University, Chennai

anuradha Shaw

lecturer

s.ravi@bibf.com

MA in Economics (Distinction) Bangalore University, Karnataka, India

chithra Suresh

lecturer

chithra@bibf.com

MPhil in Applied Economics, Jawaharlal Nehru University, India MA in Economics, Calicut University, India, Certified Trade Finance Specialist, Indian Institute of Bankers Professional Diploma for Trainers and Tutors, Cambridge University, UK

inuwa g. affa lecturer iaffa@bibf.com

ACAMS, Miami FL, USA; PGD in Financial Management at A.T.B. University, Bauchi Nigeria

administration Khulood al thaqafi Administration Coordinator khulood@bibf.com

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centre for insurance husain al ajmi Assistant Director, Business Development and Head of Centre: Insurance halajmi@bibf.com Faculty dr. tarek Seif Senior lecturer tseif@bibf.com

centre for islamic Finance mahmood al Sheahabi Head of Centre: Islamic Finance msheahabi@bibf.com Faculty dr. ahmed assad mahmoud Senior lecturer asad@bibf.com

PhD in Maritime Transport from Arab Academy for Science Technology and Maritime Transport ACII - Associate of Chartered Insurance Institute, UK

Completing Post Doctorate PhD PhD in Islamic Commercial Jurisprudence, International Islamic University, Malaysia MA in Islamic Economy, Yarmouk University, Jordan, BA in Sharia’a

ali mohasen

Mutah University, Jordan

lecturer

huma Sodher

BCom (Commerce & Law):

amohsen@bibf.com

Senior lecturer

BSC Mechanical Engineering, University of Bahrain, Bahrain

manal mohammed

huma.sodher@bibf.com

ACII - Associate of Chartered Insurance Institute, UK

University of Karachi, Pakistan LLM (Law): University of Karachi, Pakistan, ACA - Institute of

mashkoor

Chartered Accountants of Pakistan,

lecturer

CIPA - Certified Islamic Professional

manal@bibf.com

Accountant, AAOIFI, Bahrain

BSC Business Information System,

nedal el-ghattis

Bahrain University ACII - Associate of

Senior lecturer

Chartered Insurance Institute, UK

nedal@bibf.com

yousif darwish

MBA Royal Melbourne Institute of

lecturer

Technology (RMIT), Australia

ydarwish@bibf.com

Diploma in Neuro-Languastic

BSC Chemical Engineering, University of Bahrain, Bahrain ACII - Associate of Chartered Insurance Institute, UK

Programming from INLPTA, UK CIPA - Certified Islamic Professional Accountant, AAOIFI, Bahrain, CSAA - Certified Sharia’a Adviser

administration

and Auditor, AAOIFI, Bahrain

mahesh prabhu

alfatih gessan pananjung

MBA in Islamic Finance:

Business Development

aryasantana

Manager

lecturer alfatihgp@bibf.com

mahesh@bibf.com

MBA, Washington International University, USA, P.G. Dip. in Information Technology, Manipal

International Islamic University of

University, India, BBM (HR), Mangalore University, India

wafa al durazi Administrative Assistant wafa@bibf.com

Malaysia, Kuala Lumpur, Malaysia BEng Bogor Agricultural University, Bogor, Indonesia

administration marwa ahmed Administrative Assistant marwa@bibf.com Sumayya Zainalabedin Administrative Coordinator sumayazain@bibf.com

centre for leadership and management Kadri rizk Head of Centre: leadership and Management krizk@bibf.com Faculty amal a. Jabbar al awadhi Consultant and trainer amal@bibf.com

BSC in Psychology with Clinical Psychology, University of Kent, UK

madhavi tiwary

Senior lecturer

mtiwary@bibf.com

MA in English Literature: Lucknow University, India MA in Education: Annamalai University, India Certificate in Instructional Skills:

Oakland Schools, USA

martin Smithies Senior lecturer martin.smithies@bibf.com

MA in Applied Linguistics and Language Teaching from the University of York

muneer mohammed Saeed Senior lecturer muneer@bibf.com

Completing PhD MBA University of Durham, UK BSC Beirut Arab University, Lebanon, P.G. Dip. in Marketing:

Chartered Institute of Marketing, UK, Chartered Marketer

dr. Vijayalaxmi moovala Senior lecturer vijaya@bibf.com

PhD in Business Management:

Osmania University, India MBA: Nagarjuna University, India P.G. Dip. in Personnel Management: Indian Institute of Management Studies, India B. Com (Hons): Osmania University, India, Certified Master Trainer in Neuro-Linguistic Psychology – National Federation of Neuro-Linguistic Psychology, USA, Accredited Facet 5 User:

Facet 5, N.L. Bukley, Australia

BiBf team

dr. Vivek Kumar Senior lecturer vkumar@bibf.com

PhD in Management from the University of Indore, India MBA (HR) from University of Indore, India

Bader abbas al nasser lecturer bader@bibf.com

BSC Management, University of Bahrain

philip mukhwana

lecturer

phillip@bibf.com

BSC (Hons), (Physics and Mathematics): Makerere University, Kampala, Uganda, Diploma in Education: Makerere University, Kampala, Uganda, Business application of ICT (Post Grad Diploma):

University of Cambridge, Advanced Diploma: Strategic Development of Human Resources: Institute of Commercial Management (ICM), UK, Professional Development Scheme, Chartered Institute of Personnel and Development (CIPD) UK

administration Sameera al Khal Administration Coordinator sameera@bibf.com

Sana Sarwani Administration Coordinator ssarwani@bibf.com

BiBF Business departments

Finance department ali abdulla Zubari Finance Manager azubari@bibf.com administration christine S. al arayedh Finance officer c_alarayedh@bibf.com redha mohammed Finance officer rhassan@bibf.com mahdi abdul nabi Accounts Assistant mahdi@bibf.com

marketing and communications department chris carston Marketing and Communications Manager chris.carston@bibf.com amal al a’ali Marketing officer - Youth and Digital aalaali@bibf.com eman al Khayat Marketing officer - pR publications & Internal Branding ealkhyat@bibf.com gerry palad Web Master/Graphic Designer gerry@bibf.com

operations department Khalid al medfaie operations Manager kalmedfaie@bibf.com nawal Saif Registrar nsaif@bibf.com administration hassan Khamis Supervisor, General Service’s hak@bibf.com afnan ali Sahwan Administrative Assistant afnan@bibf.com fadheela al Sharaf Administrative Assistant fadheela@bibf.com farooq abdulQader Administrative Assistant farooq@bibf.com muqtada al oraibi Administrative Assistant Muqtada@bibf.com nasreen aqeel Administrative Assistant nasreen@bibf.com Sarah Saade Assistant Registrar ssaade@bibf.com ahmed al alawi Information Desk Attendant alalawi@bibf.com

Bader al ameer Information Desk Attendant alameer@bibf.com nasser al Khayat Information Desk Attendant nasser@bibf.com Sultan al rumaihi Information Desk Attendant infodesk@bibf.com allan mauleon It Support amauleoun@bibf.com abdul mutaleb abdulla Receptionist aali@bibf.com george epen General Service’s infodesk@bibf.com hussain askari office Assistant haskari@bibf.com Kakkarattu Kunnummal rajan General Service’s infodesk@bibf.com mohammed abdulKhaliq Driver infodesk@bibf.com

Quality assurance department dr. Subhadara ganguli Head: Quality Assurance sganguli@bibf.com

visiting professor Sudhakar raju Visiting professor sudhakar.raju@bibf.com

MA Economics University of Toldeo, Ohio, USA sudhakar.raju@rockhurst.edu PhD Economics & Finance, Northern Illinois University, USA MPA Public Administration, Harvard University, USA FRM, (GARP)

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BiBf guest Speakers / lecturers 2009

centre for academic and executive

Bentley college

dr. Bill Starner dr. Bill Vanderclock dr. Bob mcnulty dr. Sue newell

Business english programme

a.aziz al Qassimi: College of Health & Sciences - Retire gopika Beri: Gulf Air naeema al a’ali: Ministry of education reem Jaberi: Gulf polytechnic Shireen heidari: College of Health & Sciences Siddika Sabooni: Ministry of education

depaul university

dr. adam gehr dr. animesh ghoshal dr. Bill Jedlicka dr. Bob greene dr. Bruce newman dr. daniel deli dr. elijah Brewer dr. gilles reinhardt dr. helen lavan dr. humayon dar dr. Jaejoon woo dr. Jin choi dr. John ahern dr. Karim pakravan dr. Keith howe dr. Kevin Stevens dr. marty martin dr. mike miller dr. moh omar farooq dr. nabil ibrahim dr. ramon codina dr. Sanjay deshmukh

university of wales

ali abbas: BBK dr. Batool asiri: university of Bahrain Bob thaker: national trading House dr. mohammed al wosabi:

university of Bahrain Sadiya S. hashmi

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centre for accounting and iT

eliot Stenzel: Consulting hameed Salman: Delmon Management Consulting isa al-mutawaj: Central Bank of Bahrain Jamal al mutawa: GoSI Kishore dash: Gulf Finance House lakshmi lakshman: private Consultant pol robert tansens: Consulting

cpa / cma

abdulla al-madhoob: private Consultant ahmed al-Sulaiman: StC dr. gagan Kukreja: Al-Ahlia university hameed Salman: Delmon Management Consulting isa al-motawaj: Central Bank of Bahrain lakshmi lakshman: private Consultant Kishore dash: Gulf Finance House manal al-Sarraf: Batelco mohammed al-mulla: Gulf Air rushdi Kikhia: Deloitte & touche Samar agaiby: Housing Bank Shadi Zahran: Ahli united Bank Venkat maravan: Gulf 1 Bank

centre for Banking

Jose paul martin: Venture Capital Bank nader al Soufi: CrediMax Saleh hussain: Saleh Hussain Consultancy Savitha ragjavan:

priceWaterHouseCooper Surendra Barsode: Aptivva Consulting Solutions (p) ltd

centre for insurance

ayman al ajami: AIG enaya dr. farid al Sahn: university of Bahrain Jaffer Jahromi: Iran Insurance Jaffer mazaal: CII mohammed radhi: AIG enaya nader mandeel: CBB Sadiq al aali: AXA Insurance

centre for islamic Finance

a Sattar abu ghuda: Al Baraka Group ahmad al Saad: Yarmouk university ahmad nassar: CIBAFI arif Khalifa: Kuwait Finance House chris o’malley: ICMA Centre – university of Reading eman Bu rashid: Keynotes Consultants gohar Bilal: Bnp paribas hussain a. haq: Al Salam Bank Jaafar al omran: Al Baraka Banking Group mahmoud a.Bari: Qatar national Bank mohammed Belgami: Bahrain Islamic Bank nathif adam: First Community Bank taha al tayeb: Badr Al Islami

centre for leadership and management

managing productivity, Quality & processes within Banks & insurance co. alan Speed: Management Improvements ltd

The leadership challenge tom flatau: teamworking

Facet 5 david davenport: Gulf World Institute

parttime lecturers / consultants for various public offerings abdulla al moosa: private Consultant geetu Kalani: private Consultant glenn Van Kessel: private Consultant greg white: private Consultant hind idris: private Consultant lakshmi lakshman: private Consultant omneya Badr: private Consultant omran Khayami: private Consultant Vincent Koyle: private Consultant yosr fareed: private Consultant

participating organisations

member organisations comprise financial services institutions in Bahrain which financially support and actively use the services provided by BIBF.

Financial sector Abu Dhabi Investment House Addax Investment Bank Ahli united Bank Al Khabeer International Bank Allied Banking Corporation Alpine Wealth Management Al Salam Bank Alubaf Arab International Bank Al Yousuf exchangers Albaraka Banking Group Allianz Global Investors Allianz MenA Holding Co. AMeX (Middle east) Arab Bank plC Arab Banking Corporation Arab Financial Services Arab Investment Company Arcapita Bank Askari Bank ltd Awal Bank Bahrain Credit Bahrain Development Bank Bahrain express exchange Bahrain International Bank Bahrain Islamic Bank Bahrain Stock exchange Bahraini Saudi Bank Bank Al Habib ltd Bank AlFalah limited Bank Muscat International Bank of Bahrain & Kuwait Bank of tokyo - Mitsubishi ltd BMB Investment Bank BMI Bank Bnp paribas Calyon Bank (Credit Agricole) Capinnova Investment Bank Capital Management House CApIVeSt Central Bank of Bahrain Citibank n.A. CrediMax Credit libanais Daiwa Securities SMBC europe ltd Denizbank

Deutsche Bank Dexia private Bank elaf Bank eskan Bank european Islamic Investment Bank Family Bank Finansbank A.S. First energy Bank First Investment Bank First leasing Bank Future Bank Global Banking Corporation Gulf Custody Company Gulf Finance House Gulf International Bank Habib Bank ltd HDFC Bank HSBC Bank Middle east ltd HSBC Bank Middle east ltd - Wholesale Bank ICICI Bank ltd InG Bank A.S. InStRAtA Capital BSC International Investment Bank Investcorp Bank Investment DarBank Investors Bank Ithmaar Bank JpMorgan Chase Bank Khaleeji Commercial Bank Korea exchange Bank Kuwait Finance House Kuwait turkish participation Bank lGt Bank In liechtenstein ltd liquidity Management Centre Mashreq Bank Maybank MCB Bank ltd Merrill lynch International Bank ltd Mizuho Corporate Bank ltd national Bank of Abu Dhabi national Bank of Bahrain national Bank of Kuwait national Bank of pakistan national Finance House

nCB Capital neXuS Financial Services nomura Investment Banking (Me) oasis Capital Bank Reef Bank Sakana Holistic Housing

Securities & Investment Co. Seera Investment Bank Shamil Bank of Bahrain Standard Chartered Bank State Bank of India

t.

Vakiflar Bankasi tAo

t.

Halk Bankasi A.S.

tadhamon Capital tAIB Bank tharawat Investment House the Benefit Company the Housing Bank for trade and Finance the International Banking Corporation the Islamic Bank of Asia ltd the Saudi national Commercial Bank tSKB (Industrial Development Bank of turkey) turk ekonomi Bankasi turkiye IS Bankasi A.S. unicorn Investment Bank BSC united Bank ltd united Gulf Bank uBS AG Venture Capital Bank Wealth Management Group Woori Bank Yapi Ve Kredi Bankasi

insurance companies ACe Insurance ACR Retakaful MeA BSC AF Willis Faber AIG - new Hampshire Insurance Al Ahlia Insurance Company Allianz (takaful) Bahrain American life Insurance (AlICo) Arab Insurance Group (ARIG) Arabia Insurance Co.

AXA Insurance (Gulf) BSC AXIS International Bahrain Kuwait Insurance Co Bahrain national Holding Co Bahrain national Insurance Company Bahrain national life Insurance CHARtIS - takaful enaya (AIG) Cunningham lindsey Middle east Fakhro Insurance Services Gulf union Insurance & projects Management Holding Co Gulf union Insurance &

Reinsurance Co. ICICI prudential life Insurance Co ltd Intershield Wll Iran Insurance Co. labuan Reinsurance ltd life Insurance Corporation (International) Medgulf-Bahrain new India Assurance Co ltd oryx Insurance Services protection Insurance Services Royal & Sun Alliance Ins. Me Royal & Sun Alliance Ins. plc Saudi national Insurance (SnIC) Solidarity Family takaful Solidarity General takaful Solidarity Group Holding takaful International Co. t’azur trade union Insurance Co trust International Insurance Co united Insurance Co. Willis Faber Zurich Insurance Services (Me) Zurich International life Insurance Co

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participating organisations

non-member organisations comprise institutions other than Members who use the services provided by BIBF.

azerbaijan Caspian International Investment Company pASHA Bank

Bahrain AAoIFI Ahmed Mansoor Al A’ali Al Faraj trading Al Hassanain Company Al Kooheiji electrical Contractors Al nabaa Commercial Services Al Rashid Group Al taweel Group Ali turk establishment Aluminium Bahrain (AlBA) ApICoRp ApM terminals Bahrain Arabian Gulf Associates Aramex International ASRY Atkins Awal express Awal Gulf Manufacture Bahrain Institute of public Administration Bahrain Mumtalakat Holding Company Bahrain polytechnic Bahrain precast Concrete Company Bahrain Royal Flight BAnAGAS BApCo Barwa Bahrain BAtelCo BBWA BDF Medical Services Bemco International Bahrain Bhatia Company BMMI Chevron CIBA Speciality Chemicals Civil Aviation Affairs Coldwell Banker Constitutional Court

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Council of Representatives Crown prince Court DHl Aviation Service Diyar Al Muharraq Durrat Al Bahrain Durrat Resort Management edamah (Bahrain Real estate Investment Co.) electricity & Water Authority eSB International esterad Investment euro Motors Wll expressions General organization for Youth GFH Support Services Global Intellectual plus Global payment Services GoSI GpIC Gulf Diabetes Specialist Center Gulf electronic Management System Gulf Industrial Investment Company H. Q. Bahrain Defence Force HAJ Gulf Haji Hassan Group Hannover Re takaful Hempel paint HRD Fund IFp Middle east Consulting InoVeSt Intercol International turnkey System Bahrain Ithmaar Bank Kooheji Contractors KpMG Fakhro land Gulf Insurance lMRA M.H. Al Mahroos BSC(C) Maalem Holding MAF Investments Bahrain Marina West MAZA

Mednet Bahrain Wll Midal Cables ltd Ministry of education Ministry of electricity & Water Ministry of Finance Ministry of Health Ministry of Industry & Commerce Ministry of labour Ministry of Municipality Ministry of Social Development Ministry of Work national Audit Court national Motor Company national occupational Safety & Health Centre nonoo exchange Co Sp northern Municipality ohad trusts Corporation omrania & Associates oriental press prime Minister Court pttep Bahrain Company limited Qays H. Zubi office Ramsis engineering Remza Investment Company Robeco-WpG Royal Charity organisation Royal Court Royal Family Council Sabre Safe Hand Health System Holding Sayyar trading Agencies Sh. Isa Bin Mohammed law office Shaheen Group Shura Council - Bahrain Specific Council for Vocational training in Construction Sunni Waqf tAIB Bank e.C. tamkeen tender Board the Family office Company the Islamic Association

united Arab Construction universal Rolling Y. K. Al Moayyed Yokogawa Middle east Zain Group Zayani Motors

iran

Bank tejarat

Bank Sepah

Jordan Jordan Insurance Regulatory Middle east Insurance Company

kuwait Boubyan Bank Central Bank of Kuwait BKIC Gulf Insurance Company united Insurance Bureau Warba Insurance Company Al-Sayer est. Kuwait Investment Authority

libya

Mazaya Centre

oman Bank Sohar oman Arab Bank oman Insurance Authority public Authority For Social Insurance

Qatar Al Mal Bank Bank of tokyo-Mitsubishi uFJ Barwa Bank Bnp paribas Commercial Bank of Qatar Masraf Al Rayan Qatar Islamic Bank Doha Insurance Company Conxion logistics & Heavy equipments

participating organisations

non-member organisations comprise institutions other than Members who use the services provided by BIBF.

saudi arabia A. A. turki Corporation Al Anood Investments Al Rajhi Insurance Company Al Rushaid petroleum Investment Company Alinma Bank Assets Financial House AXA Insurance Bank Albilad Banque Saudi Fransi eniRepSa Gas limited Fransi tadawul llC Gulf Co-operative Insurance Company Islamic Development Bank Alturki Group Malath Cooperative Insurance & Reinsurance Company Marsh MeDGulF nCB pan Gulf Holding payong Rawabi Holding Company Riyadh Bank Sabb takaful SABIC-Saudi Arabia Sahm Al nour project SAMA Saudi Aramco Saudi British Bank Saudi electricity Company Saudi Hollandi Bank Saudi national Insurance Saudi Re. Saudi Readymix Concrete Company Saudi telecom SaudipanGulf trading tawuniya unicorn Capital Saudi Wahah electric Supply Company

united arab emirates Abu Dhabi Islamic Bank Arab trade Financing programme Bank of tokyo-Mitsubishi uFJ Bnp paribas AlICo Dubai Islamic Insurance & Reinsurance Company emirates Insurance Company tokio Marine & nichido Fire Insurance Co. ltD Abu Dhabi Investment Council Arqaam Capital Health Authority of Abu Dhabi Royal Centre

united kingdom Bank of tokyo-Mitsubishi uFJ

yemen united Insurance Company Yemen Islamic Insurance Company

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glossary

acamS: Association of Certified Anti- Money laundering Specialists

acca: Association of Chartered Certified Accountants

aci: International Compliance Association

arm: Associateship in Risk Management

assessment centre: Is a Centre designed to aid in placement of new staff or assessment of existing potential. testing includes It / Microsoft level Determination; english language placement and occupational Ability tests

Bahrain institute of Banking and finance (BiBf):

one of the leading providers of training, education and professional Development programmes to the financial industry in the Gulf and the Middle east.

Bep: Business english programme

BSdp: Banking Studies Diploma programme

cBB regulation: Central Bank of Bahrain rules/laws

centre for academic and executive: Specific department focused on Masters (De paul) and undergraduate (Wales) programmes and includes specific executive development offerings (incl. leadership programme)

centre for accounting and it: Specific department focused on Accounting (CpA and CMA in conjunction with Morgan) and other specialised areas and partnerships including IIA, ICAeW and ACCA. the department also develops multiple programmes in It specifically office applications training

centre for Banking: Specific department focused on Banking specialisation and partnerships / qualifications including ACAMS, ACI, AMl, ICA and pRM. the department also leads the BSDp programme with pathways to the university of newcastle

centre for insurance: Specific department focused on Insurance specialisation with the key partnership being CII. It delivers the only fully Arabic Insurance qualification (pIC)

centre for islamic finance: Specific department focused on Islamic Finance specialisation.

centre for leadership and management: Specific department focused on leadership and Management and other specialised areas and partnerships including CIpD (Cpp and Cpt) and CIMA. the department also runs the stand-alone Assessment Centre.

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cfa: Chartered Financial Analyst

cii: Chartered Insurance Institute

cia: Certified Internal Auditor

cima: Chartered Institute of Management Accountants

cipd: Chartered Institute of personnel and Development

cma: Certified Management Accountant

cmi: Chartered Management Institute

cohorts: a group of people who are enrolled in the same programme at the same time

cpa: Certified public Accountant

cpp: Certificate in personnel practice

ctp: Certificate in training practice

curriculum: the prescribed classes or course work needed to complete a programme of study leading to a degree or certificate

customised programmes: see Special offerings

darden School of Business: uS based institution that partners with BIBF in the leadership programme

depaul University: Depaul university is a private institution of higher education and research in Chicago, Illinois, uSA.

executive education: an education enabling executives to undergo transition from a functional to a general management role

external offering: Courses facilitated at BIBF by local and International private Consultants with prominent market experience

financial Services Sector: the financial services sector encompasses a broad range of organisations that deal with the management of money. Among these organisations are banks, credit card companies, insurance companies, stock brokerages, investment funds and some government sponsored enterprises. (eg, central banks and insurance supervisory authorities

grcdp: Graduate recruitment and career development programme

iBdf: Islamic Banking Diploma in Finance

Guest Speakers/lecturers: part time instructors and lecturers

ica: International Compliance Association

icaew: Institute of Chartered Accountants of england and Wales

igie: Global Insurance education

iia: Institute of Internal Auditors

insurance association of insurance Supervisors (iaiS): an international organisation represents insurance regulators and supervisors of some 190 jurisdictions in nearly 140 countries

internationally accredited: the course or certificate which is granted credit or recognition from institute, body or university that maintains suitable international standards

lp: the leadership programme is the revised and successor to the previous Gulf executive Development programme

learning centres: a specialised division of a BIBF devoted to specific filed of training (eg: BIBF learning centre.)

members: comprise financial services institutions in Bahrain which financially support and actively use the services provided by BIBF

morgan international: partner. Co-collaborators in providing CpA and CMA qualifications

non-members: comprise institutions other than Members who use the services provided by the BIBF

participant hours: total participants hours attended by all BIBF programme participants during the year. participant hours are calculated by multiplying the total number of participants into numbers of hours attended by them (no. of people x no. of hours)

participating organisations: organisations that participated at BIBF

pdfSm: is a qualification that provides the foundation knowledge and skills in financial services management

prima: professional Risk Manager’s Association

private Sector: organisations and entities that are not part of any governmental structure. owned by shareholders or individuals

prm: professional Risk Management is the global standard for the world’s top financial risk professionals

professional offering: BIBF offers a wide range of banking, finance, insurance, management, marketing, Academic and executive programmes, english and information technology courses to assist participants in their professional development

professional Qualification: is a designation earned by a person to assure qualification to perform a job or task

programmes: a programme designed or offered by BIBF for training in specific skills or knowledge including training, Development and professional Courses

public offerings: Courses designed to meet the financial sectors training needs and they are open to individuals and groups. these course are offered free of charge for levy payers

public Sector: all enterprises and activities owned and funded by the government

Special offerings: Customised, company specific programmes designed to meet specific organisational needs and accommodate operating hours

Specific council: Board members of the Council for Vocational training (Banking Sector) which was established upon Amiri Decree no.20 of 1975

takaful insurance: an alternative to conventional insurance observing the rules and regulations of Islamic law (Sharia’a)

tamKeen: is a semi-autonomous yet independent authority which formulates strategic and operational plans to enhance the overall prosperity of Bahrain by investing in Bahraini employability, job creation, and social support

University of cambridge: prestigious uK based university offering the Cambridge Diploma through the Centre for leadership and Management

University of wales: prestigious uK (Wales) based university offering its Validated Diploma through the Centre for Academic and executive

waqf fund: A Bahrain-based specialist fund which supports education and training in Islamic finance

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45

independent auditors’ report to the Specific council for Vocational training (Banking Sector)

report on the financial statements

We have audited the accompanying financial statements of Bahrain Institute of Banking and Finance – BIBF (the Institute) which comprise the statement of financial position as at 31 December 2009 and the statements of comprehensive income, changes in fund balance and cash flows for the year then ended and a summary of significant accounting policies and other explanatory notes.

management’s responsibility for the financial statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards. this responsibility includes: designing, implementing and maintaining internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error; selecting and applying appropriate accounting policies; and making accounting estimates that are reasonable in the circumstances.

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auditor’s responsibility

our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. the procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

opinion

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Institute as at 31 December 2009, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

year then ended in accordance with International Financial Reporting Standards. 16 March 2010 Manama, Kingdom of

16 March 2010 Manama, Kingdom of Bahrain

Shaping tomorrow’S financial leaderS today BIBF FInancIal StatementS 2009

Shaping tomorrow’S financial leaderS today BIBF FInancIal StatementS 2009
Shaping tomorrow’S financial leaderS today BIBF FInancIal StatementS 2009
Shaping tomorrow’S financial leaderS today BIBF FInancIal StatementS 2009
Shaping tomorrow’S financial leaderS today BIBF FInancIal StatementS 2009

Statement of financial position

(All amounts expressed in Bahrain Dinars unless otherwise stated)

As at 31 December

 

Note

2009

2008

Assets

Non-current assets

Property, plant and equipment

5

665,685

716,388

Current assets

Receivables, advances and prepayments

6

861,654

873,426

Cash and cash equivalents

7

8,219,207

6,789,209

 

9,080,861

7,662,635

Total assets

9,746,546

8,379,023

Fund balance and liabilities

Fund balance

Accumulated surplus

6,396,466

5,183,929

Special reserve

8

1,893,119

1,856,187

 

8,289,585

7,040,116

Non-current liabilities

Employees’ terminal benefits

9

71,246

42,609

Current liabilities

Accounts payable and accruals

10

1,385,715

1,296,298

Total fund balance and liabilities

9,746,546

8,379,023

The financial statements were approved by the Specific Council for Vocational Training (Banking Sector) on 16 March 2010 and signed on its behalf by:

Sector) on 16 March 2010 and signed on its behalf by: Rasheed Al Maraj Garry Muriwai
Sector) on 16 March 2010 and signed on its behalf by: Rasheed Al Maraj Garry Muriwai

Rasheed Al Maraj

Garry Muriwai

Chairman

Director

The notes on pages 52 to 62 form an integral part of these financial statements.

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Statement of comprehensive income

(All amounts expressed in Bahrain Dinars unless otherwise stated)

Year ended 31 December

 

Note

2009

2008

Revenue

Tuition fees

4,147,768

4,404,649

Less: Direct tuition costs

(1,976,570)

(2,022,276)

Net tuition fees

2,171,198

2,382,373

Levy

2,000,909

1,637,632

Contribution

15,000

15,000

Other

15,046

19,258

 

4,202,153

4,054,263

Expenses

Staff cost

11

(2,633,336)

(2,329,849)

General and administrative expenses

12

(464,101)

(496,105)

Depreciation

5

(144,649)

(139,716)

 

(3,242,086)

(2,965,670)

Operating profit for the year

960,067

1,088,593

Interest income

289,402

181,580

Profit for the year

1,249,469

1,270,173

Other comprehensive income

-

-

Total comprehensive income for the year

1,249,469

1,270,173

The financial statements were approved by the Specific Council for Vocational Training (Banking Sector) on 16 March 2010 and signed on its behalf by:

Sector) on 16 March 2010 and signed on its behalf by: Rasheed Al Maraj Chairman Garry

Rasheed Al Maraj Chairman

Garry Muriwai
Garry Muriwai

Director

The notes on pages 52 to 62 form an integral part of these financial statements.

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49

Statement of changes in fund balance

(All amounts expressed in Bahrain Dinars unless otherwise stated)

 

Accumulated

Special

 

Note

surplus

reserve

Total

Balance at 1 January 2008

3,998,867

1,771,076

5,769,943

Total comprehensive income for the year

1,270,173

-

1,270,173

Transfer from accumulated surplus

8

(85,111)

85,111

-

Balance at 31 December 2008

5,183,929

1,856,187

7,040,116

Balance at 1 January 2009

5,183,929

1,856,187

7,040,116

Total comprehensive income for the year

1,249,469

-

1,249,469

Transfer from accumulated surplus

8

(36,932)

36,932

-

Balance at 31 December 2009

6,396,466

1,893,119

8,289,585

The notes on pages 52 to 62 form an integral part of these financial statements.

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Statement of cash flows

(All amounts expressed in Bahrain Dinars unless otherwise stated)

Year ended at 31 December

 

2009

2008

Cash flows from operating activities

Profit for the year

1,249,469

1,270,173

Adjustments for:

Depreciation

144,649

139,716

Interest income

(289,402)

(181,580)

Provision for doubtful debts

-

48,837

Changes in operating assets and liabilities:

Receivables, advances and prepayments

11,772

(243,128)

Accounts payable and accruals

89,417

100,716

Employees terminal benefits

28,637

33,235

Net cash (used in)/provided by operating activities

1,234,542

1,167,969

Cash flows from investing activities

Purchase of property, plant and equipment

(93,946)

(343,919)

Interest income received

289,402

181,580

Proceeds from held-to-maturity investment

-

667,290

Net cash provided by investing activities

195,456

504,951

Net increase in cash and cash equivalents

1,429,998

1,672,920

Cash and cash equivalents, beginning of the year

6,789,209

5,116,289

Cash and cash equivalents, end of the year

8,219,207

6,789,209

The notes on pages 52 to 62 form an integral part of these financial statements.

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Notes to the financial statements

for the year ended 31 December 2009 (All amounts expressed in Bahrain Dinars unless otherwise stated)

1 General information

The Bahrain Institute of Banking and Finance (the “Institute”) was formed in the Kingdom of Bahrain by the approval of the Specific Council for Vocational Training (Banking Sector). The Institute is an unregistered non-profit entity and commenced its first training year on 1 September 1990.

The objective and principal activity of the Institute is to provide training to employees working in the financial sector of the Kingdom of Bahrain.

Major sources of finance of the Institute consist of:

a. Tuition fees in respect of various courses conducted by the Institute.

b. Mandatory levy equal to 1% of staff base payroll cost of all financial institutions licensed by the Central Bank of Bahrain.

c. An annual contribution of BD 15,000 is received from the Central Bank of Bahrain (the “CBB”). The utilisation of the contribution is at the discretion of the Institute.

2 Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation

The financial statements of the Institute have been prepared in accordance with International Financial Reporting Standards (IFRS). The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Institute’s accounting policies. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are included in Note 4.

Standard amendments and interpretations to published standards effective from 1 January 2009.

The following amendment and interpretations to existing standards that have been published are effective for the Institute’s accounting period commencing 1 January 2009:

IAS 1 (revised), ‘Presentation of financial statements’ (effective from 1 January 2009). The revised standard prohibits the presentation of items of income and expenses (that is, ‘non-owner changes in equity‘) in the statement of changes in equity, requiring ‘non-owner changes in equity’ to be presented separately from owner changes in equity. All non-owner changes in equity are required to be shown in a performance statement, but entities can choose whether to present one performance statement (the statement of comprehensive income) or two statements (the income statement and statement of comprehensive income). Where entities restate or reclassify comparative information, they will be required to present a restated statement of financial position as at the beginning of the comparative period in addition to the current requirement to present the statement of financial position at the end of the current period and comparative period. The Institute has applied IAS 1 (revised) from 1 January 2009 and has used the statement of comprehensive income as performance statement.

IAS 39 (amendment), ‘Financial instruments: Recognition and measurement’. The amendment was part of the IASB’s annual improvements project published in May 2008. The definition of financial asset or financial liability at fair value through profit or loss as it relates to items that are held for trading was amended. This clarifies that a financial asset or liability that is part of a portfolio of financial instruments managed together with evidence of an actual recent pattern of short term profit taking is included in such a portfolio on initial recognition. Adoption did not have a significant impact on the Institute’s financial statements.

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2 Summary of significant accounting policies (continued)

Basis of preparation (continued)

Standard amendments and interpretations to published standards effective from 1 January 2009 (continued)

IFRS 7 (amendment), ‘Financial instruments – Disclosures’ – effective 1 January 2009). The amendment requires enhanced disclosures about fair value measurement and liquidity risk. In particular, the amendment requires disclosures of fair value measurements by level of a fair value measurement hierarchy. The Institute does not have financial instruments measured at fair value and accordingly, the adoption of this revised standard did not have any impact on the Institute’s financial statements.

IAS 32 (amendment), ‘Financial instruments: Presentation’, and IAS 1 (amendment), ‘Presentation of financial statements – Puttable financial instruments and obligations arising on liquidation’. The amended standards require entities to classify puttable financial instruments, or components of instruments that impose on the entity an obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation as equity, provided the financial instruments have particular features and meet specific conditions, including that all financial instruments in the class of instruments that is subordinate to all other instruments have identical features. The adoption of these amendments did not have any impact on the Institute’s financial position.

Standards, amendments and interpretations affective on 1 January 2009 but not relevant for the Institute’s operations

• IAS 23 (amendment), ‘Borrowing costs’;

• IAS 39 and IFRIC 9 (amendments), ‘Embedded derivatives’ (effective for all period ending on or after 30 June

2009);

• IAS 39 and IFRS 7 (amendments), ‘Reclassification of financial assets’;

• IFRS 1 (amendment), ‘First-time-adoption of IFRS’, and IAS 27, ‘Consolidated and separate financial statements’;

• IFRS 2 (amendment), ‘Share-based payment’;

• IFRS 8, ‘Operating segments’; and

• IFRIC 15, ‘Agreements for construction of real estates’.

Standards, amendments and interpretations to published standards that are not yet effective and not relevant for the Institute’s operations

The following interpretations are mandatory for the Institute’s accounting periods commencing on or after 1 July 2009 or later periods but are not relevant for the Institute’s operations:

• IAS 27 (Revised), ‘Consolidated and separate financial statements’, (effective from 1 July 2009);

• IAS 39 (amendment), ‘Financial instruments; Recognition and measurement’ (effective from 1 July 2009);

• IFRS 1 (amendments), ‘Group cash-settled share-based payment transactions’ (effective from 1 January

2010);