Opening dOOrs TO OppOrTuniTy For BahraIn`s BUsInEss

Transcription

Annual Report 2011
Opening doors
To opportunity for
Bahrain’s BUSINESS
AND financial leaders
Bahrain Institute of Banking
and Finance
2 Introduction
8 Chairman’s Statement
10 Vision, Mission and Values
11 Board of Directors
12 Director’s Report
14 Management Team
19 2011 Performance At A Glance
20 Centre Reports
31 Department Reports
38 Programme Details
45 BIBF Team
48 Guest Speakers / Lecturers 2011
50 Participating Organisations
54 Independent Auditors’ Report
56 Statement of financial position
57Statement of comprehensive income
58Statement of changes in fund balance
59Statement of cash flows
60Notes to the financial statements
His Royal Highness
Prince Khalifa bin
Salman Al Khalifa
The Prime Minister of
the Kingdom of Bahrain
His Majesty King
Hamad bin Isa
Al Khalifa
The King of the
Kingdom of Bahrain
His Royal Highness
Prince Salman bin
Hamad Al Khalifa
The Crown Prince
and Deputy Supreme
Commander of the
Kingdom of Bahrain
Since 1981 BIBF
has opened
the doors to
opportunity
for thousands
of people
locally and
across the
region.
We are the
regions
pre-eminent
business
and finance
training and
education
provider.
Originally named the Bahrain Bankers Training Centre, BIBF was
inaugurated in March 1981. Launched specifically for the banking
industry, our first year had 450 participants. In 1988 we changed
our name to Bahrain Institute of Banking and Finance. By the
end of 2011 BIBF had over 20,000 participants coming through
its premises. In the last three years alone there has been a 40%
increase in participants.
BIBF today has well over 300 unique programmes on offer.
We train not only in Banking but Accounting and IT, Insurance,
Islamic Finance, Leadership and Management disciplines
(including Marketing) and have a Centre dedicated to Academic
programmes and Executive development.
BIBF offers morning courses, custom programmes as requested
by clients, professional qualifications, diplomas and masters
qualifications both locally and internationally. Our faculty is diverse
and international.
We service the entire Bahrain Banking, Insurance and Financial
sector (which we define as members) and have serviced hundreds
of local and international non-member organisations including
corporate, ministries and regulatory bodies.
BIBF is almost unique in the world. While we are named
an Institute, we are much more than that. In addition to the above
we conduct Research, offer professional coaching and provide
an Assessment Centre.
4 | BIBF Annual Report 2011
BIBF is dedicated to
developing a new
generation of business
and financial leaders
by opening doors
to international
standards in training
and research,
international
seminars and guest
lecturers that
provider new skills
and opportunities.
BIBF Annual Report 2011
|
5
BIBF is a multi-lingual,
multi-cultural
organisation with
world class faculty.
We are committed
to developing
and enhancing
the careers of all
Bahraini nationals,
course participants
and our staff.
We are consistently recognised outside of Bahrain. For the last
four years we have been recognised as the ‘Best Global Training
Provider for Islamic Finance’. In September 2011, we were also
recognised as the ‘Best Educational Institute in Banking and
Insurance’ by the World Education Congress Asia
BIBF provides of an extensive range of internationally recognised
professional qualifications, including the CIA with PRC; CFAB in
collaboration with the ICAEW (UK); DipIFR with ACCA (UK); CPA
and CMA (Morgan) and ICDL within the Centre for Accounting
and IT; ACAMS, ACI, CFA, and PRM within the Centre for Banking;
Arabic PIC and PID plus ACII accreditation with the CII (UK) within
the Centre of Insurance; Marketing Accreditation with CIM (UK),
Management and Leadership Qualifications with CMI (UK) as well
as the HRP and LDP Professional Qualifications via CIPD (UK) and
Certificates in Management and Business Administration with
Edexcel and the University of Cambridge IDBE and ICFE.
BIBF has strong Academic partnerships with highly renowned
universities, including MBA and MSc programmes in Finance,
Islamic Finance, HR Management and Real Estate from De Paul
University (USA), as well as Darden’s Leadership Development
Programme (in collaboration with the Institute of Bankers, KSA).
BIBF has an undergraduate partnership with the University of Wales,
offering validated diplomas in Banking, Accounting and Islamic
Finance that lead to Bachelors completion at Bangor University.
BIBF Annual Report 2011 | 7
Chairman’s Statement
The Specific Council for Vocational Training (Banking Sector) is pleased
to present the Annual Report and Audited Financial Statements of the
Bahrain Institute of Banking & Finance (BIBF) for the year ended
31 December 2011.
The Council met four times during the year to review the activities
and monitor the progress and direction of the Institute towards the
achievements of its strategic objectives. It has been observed that BIBF has
continued to play a vital role as the leading training provider in the region.
A key council initiative of 2011 was the formal structuring of the Council
Audit committee with BIBF’s Internal Audit. This ensured the necessary
distinction between governance and management in regards to meeting
the combined objectives of BIBF management and Council, as well
as the tenets of the National Audit Court and its welcome drive for
organisational excellence and financial transparency.
H.E. Mr. Rasheed Mohammed Al Maraj
Chairman of the Specific Council for
Vocational Training (Banking Sector)
BIBF remains 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 2011 noted that the BIBF’s achievements have certainly
reinforced this resolve.
The Council notes BIBF’s continued development of its international
partnerships which lend global recognition to its qualifications, and
recognise the continued support of these partners and welcome the
new ones, including the Chartered Institute of Securities and Investment
(UK); UNIDO, QMF (UK), AAT (UK) and ICAEW (UK). BIBF also formed
extremely strong domestic partnerships with the Ministry of Labour,
Waqf Fund and Tamkeen in 2011. A number of collaborative
programmes aimed at development of local talent for the financial
services sector were undertaken.
Whilst BIBF Director Mr. Garry Muriwai will cover the more detailed
results of the 2011 year, there are performance highlights the Council
specifically note.
BIBF grew 5% in numbers of participants in 2011 versus the previous
year. This was a commendable result considering the regional political
issues and the still prevalent global financial crisis. The 2011 numbers
were the highest since BIBF commenced operations in 1981.
BIBF was the recipient of two international awards in 2011. BIBF’s
Centre for Islamic Finance won the CPI Financial global award for
Best Training Institute in Islamic Finance for the fourth year in succession.
CPI Financial Chief Executive Adam Broom commented that this broke
all records across all awards they offer. BIBF was named ‘Best Educational
Institute in Banking and Insurance’ by the World Education Congress Asia
Awards 2011. These awards showcased BIBF having both regional and
international recognition that positively contributes to the international
reputation of Bahrain.
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, The Prime Minister and His Royal
Highness, The Prince Salman bin Hamad Al Khalifa Crown Prince of the
Kingdom of Bahrain and Deputy Supreme Commander. I on behalf of
BIBF, thank them for their invaluable patronage and guidance.
I also extend my gratitude as Chairman to my colleagues on the Specific
Council for Vocational Training (Banking Sector) for valued support and
encouragement throughout the year, with a special mention to Jonathon
Morris from Standard Chartered, who made a valued contribution prior to
his move to Standard Chartered UAE late 2011. BIBF’s success could not
have been achieved without the support and co-operation of its member
organisations.
BIBF grew 5%
in numbers of
participants
in 2011 versus
the previous
year. The 2011
numbers were
the highest
since BIBF
commenced
operations
in 1981.
On behalf of the Specific Council for Vocational Training (Banking Sector),
thanks are extended to the Director and all BIBF staff. Their dedication
during the past year and their commitment to the training and education
of the financial services sector has ensured BIBF’s continued success.
H.E. Rasheed Mohammed Al Maraj
Chairman of the Specific Council for Vocational
Training (Banking Sector)
|
9
Vision: BIBF is the institute of choice for the development of business
professionals. Mission: Leadership through providing ongoing education for
business professionals. Values: At the heart of our organisational culture are
our values. Our values define the way we interact every day at BIBF. We call it
PRIDE in our performance:
Principled: We are all responsible for open, honest and direct two way
communication. We tell it like it is, give and receive honest feedback and listen
carefully. All our interactions have an outcomes focus and we operate with the
utmost integrity in our interaction with business, staff and other stakeholders.
Respect builds success: At BIBF we engage and support each other and
capitalise on the expertise and talents within the organisation. Everyone
makes a significant contribution and delivers on the communication we make.
Improve and innovate: To grow with business, we must anticipate and lead
change. We switch in to new ideas and possibilities and look for improvements
in all activities across our business. Deliver to succeed together: We succeed
when our stakeholders succeed. We develop and deliver the highest value
and quality tools and solutions to equip business and other stakeholders for
personal and business success. We can only achieve this though partnering
together across the business and seeking successful outcomes. Expect
the Best: We set our standards high and expect the best results across all
operations. We recruit and develop the best and strive to be the best in all our
markets. We set stretch goals and celebrate our achievements.
Board of Directors
1
2
3
4
5
6
7
8
9
10
1 H.E. Rasheed Mohammed Al Maraj
Governor; Central Bank of Bahrain
2 Mr. Murad Ali Murad
Chairman; Bank of Bahrain & Kuwait
3 Mr. Adnan Yousif
Chief Executive Officer; Al Baraka Banking Group
4 Mr. Yassir Al Baharna
Chief Executive Officer; Arab Insurance Group
5 Mr. Jean-Christophe Durand
Head of Territory; BNP Paribas
6 Mr. Jonathan Morris
Chief Executive Officer; Standard Chartered
7 Mr. Ashraf Bseisu
Chief Executive Officer; Solidarity Group
8 Mr. Redha Ahmed Hubail
Assistant Undersecretary for Training; Ministry of Labour
9 Mr. Ibrahim Al Qassab
Chairman of Bankers Union; General Federation for Bahrain Workers
10 Mr. Garry Muriwai
Director; BIBF
|
11
Director’s Report
BIBF was affected by external events during 2011. As well documented
in many forums, Bahrain was not immune to the events of the MENA
region. In fact, a number of Centres within BIBF experienced a decline
in attendance numbers, reflecting their mix of business being beyond
Bahrain’s borders. Two centres in particular were adversely affected – the
Centre for Academic and Executive was forced to withdraw classes due
to the US faculty being unavailable, and the Centre for Insurance was
affected by turmoil across the wider Middle East. Reflecting the flow on
effects of the financial crisis, many members curtailed their investment in
training during 2011.
Garry Muriwai
Director
It is to the credit of BIBF staff that overall participant performance numbers
increased, although profitability marginally declined, when considering
the aforementioned negative factors. There was some variability in
course participation with Open, External and Customised Programmes all
suffering declines versus 2010, off-set by significant growth in Professional
Qualifications. While the upward trend in Professional Qualifications is
positive, 2011 reinforced the requirement for BIBF to review carefully the
balance and relevance of programmes offered to the financial sector.
2011 attendance was the highest in BIBF history while participant hours
were the second highest in history.
In our annual strategic review of 2010 (leading into 2011) a number
of clearly defined objectives were identified. This led, in 2011, to the
introduction of new programmes and services, review and redevelopment
where required, of existing programmes, the proactive development
of new alliances, and an increased number of courses for member
organisations. A focus on research, assessment and development,
technology and international visibility were actioned.
Work continues on the design and development of our new state of the
art facilities. This will be a feature of my report next year.
BIBF both developed a number of new partnerships and reinforced
existing relationships in 2011. Results were excellent, with a 31% increase
in Professional Offerings participant numbers versus 2010 (an increase of
55% versus 2009) across all Centres offering these programmes. Increased
collaborations occurred with Ministry of Labour, Tamkeen, Waqf Fund, and
new international alliances with CISI, QMF, UNIDO, AAT (UK) and ICAEW
were implemented.
BIBF signed Memorandum of Understanding’s with Bahrain Development
Bank, Bahrain Chamber of Commerce and Industry, Royal Insurance
Academy, KSA, PCMA, Palestine; Mazaya, Libya, LPPI (Indonesia) and
Oman’s College of Business and Financial Studies.
Programme summary
Offerings titles
Number of participants
Total offerings
Total
Total
Participant
daysattendees
days
2011
2010
Total open courses
360
1,419
5,368
20,691
Total professional programmes
477
2,243
8,556
35,897
Total customised programmes
100 3751,7356,910
Total external programmes
Total academic programmes
Total offerings: BIBF 2011
377
2008
2007
1,049
32
5,077
53
18,111
86,797
2011 saw BIBF obtain two awards. The Centre for Islamic Finance won
‘Best Islamic Finance Training Institution’ for an unprecedented fourth year
running, and BIBF, was named ‘Best Educational Institute in Banking and
Insurance’ by the World Education Congress Asia Awards 2011, global
awards for excellence in education, leadership and teaching.
BIBF remains committed to Quality Assurance as an important part
of our strategy to be the institute of choice for the development of
business professionals
17,318
2009
1071,0092,399
22,921
5
+5.3% 18,111
15,102
15,773
11,052
2006
10,500
2005
10,000
2004
8,905
2003
7,792
2002
7,731
2001
6,350
2000
1988
1981
6,154
1,809
450
BIBF will continue its development of research capability, with staff
producing quality research outputs in 2011.
Appreciation
BIBF’s success is attributed mainly to the support it receives from its stake
holders and business allies combined with ongoing 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), and headed by H.E. Mr. Rasheed Mohammed Al Maraj,
Governor of the Central Bank of Bahrain.
Personally, I thank all CEOs and senior managers that I visited in 2011, for
their sharing of ideas and their support for BIBF.
Finally, I extend a thank you to all BIBF staff, external partners and
affiliates. Their commitment to BIBF was instrumental in ensuring the high
standards we place on ourselves, and our participants bode well for BIBF
and success in 2012. I would also like to acknowledge the efforts of
Dr Mohammed Al Khozai, who retired at the end of 2011 after
17 years of distinguished service.
Garry Muriwai
Director, BIBF
|
13
Management Team
Garry Muriwai
Director
Hussain Ismail
Deputy Director
B.Com, University of Auckland
M.Com, University of Auckland
Chartered Accountant
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)
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
Dr. Mohammad Omar Farooq
Head of Centre: Islamic Finance
and Head of Research
Kadri Rizk
Head of Centre: Leadership
and Management
BBA, Troy State University
ME, University of Central Florida
PhD, University of Tennessee,
Knoxville
Post-Doc, University of California,
Berkeley
Bachelor Degree in Management
University of Helwan
Diploma in Marketing, LCCI
Certified Assessor in Management
Development & Occupation Testing
CSHLD, University of Surrey
Khalid Al Medfaie
Head of Operations
MBA, De Paul University
DipEng, Blackpool College of
Higher Education
MCP, MCSA, MCSE, CCNA
|
15
Management Team
Dr. Mohammed Al Khozai
Head of Centre: Academic
and Executive
Namasiku D Liandu
Head of Centre: Accounting
and IT
BA, University of Cairo
MA, University of Leeds
PhD, University of London
Executive Management
Programme, Columbia University
BSc (Hons), Loughborough
University
MEd, Dundee University
PGDip, Educational Research
(Professional), Stirling University
Chartered Accountant (ACA)
Dr. Subhadra Ganguli
Head of Centre: Banking
BSc, Presidency College, India
MA, Jawaharlal Nehru University,
India
PhD, (Economics) University of
California
Buvana Muthuraman
Finance Manager
B.Com, Pondicherry University
ACA, Institute of Chartered
Accountants of India
Chris Carston
Marketing and Communications
Manager
Cath Hogan
Acting Head of Quality
Assurance
BBS, Massey University
BA (Hons), Linguistics & Philosophy,
University of Essex
|
17
BIBF has a robust
strategic planning
process from which
it works towards
achievement of its
five year strategic
plan. Within the
strategic plan,
BIBF has nine core
objectives.
2011 Performance At A Glance
BIBF achievements v. strategic objectives – 2011
Centre for Academic &
Executive
Centre for
Accounting
Centre for
Centre for
Centre for
and IT
Banking
Insurance Islamic Finance
Centre for
Leadership &
Management
Strategic Objective 1:
Ensure the profile of BIBF positions the institute as the
institute of choice for business professional development
3
3
3
3
3
To maintain proactive business partnerships with our levy
payers and other clients to achieve successful results for
both their organisations and the individuals within
3
3
3
3
3
3
3
3
3
3
Build alliances with internationally recognised professional bodies
Ensure that all participants become BIBF ambassadors
Our programmes are recognised as world class
3
33
3
Promote Bahrain’s position as a Leading Regional Financial Centre
3
3
3
3
Attract and retain the best staff 3
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
33
3
3
For the purpose of the 2011 Annual Report, each Centre has reported on
its performance against these strategic objectives, as well as their trends,
growth potential and overall assessment of the year in regards to their
performance.
BIBF is pleased to note that in light of the ongoing financial crisis and the
regional political situation during 2011, BIBF performed positively. Participant
numbers, number of programmes offered by BIBF, growth in assessments to
over 1500 candidates, re-alignment of the Centre for Research, awards and
developing partnerships were all celebratory.
A marginal decline compared to 2010 in financial performance, attendance
hours and days suggests that BIBF had more participants and more courses,
however, they attended shorter format courses than in the previous year.
Areas requiring addressing include a reduction in the number of Open
Courses (previously Public Programmes) across all Centres (excluding
Centre for Leadership and Management), a continued decline in External
programmes (although BIBF itself tended to focus on Professional
Qualifications growth in 2011), a decline in DePaul Masters (attributed to
the US based DePaul faculty being unavailable) and the drop in Customised
Programmes (previously Special offerings), due in part to a tightening of
spend from within the financial sector.
|
19
Centre Reports
Centre for Academic & Executive
Education
Programmes and participants
Programme
2009 20102011
Professional Programmes 2,506
External Programmes
Total
2,665 2,399
35
0
0
2541 2,6652,399
Since 2004, the Centre for Academic and Executive Education has
provided the financial sector high quality international degrees
and executive programmes to support the vocational professional
development that they undertake with other areas of BIBF’s business.
The Centre has strategic partnerships with reputable and accredited
international universities in both the United States and the United
Kingdom, offering undergraduate diplomas and bachelor degrees
validated by the University of Wales, and in the postgraduate area,
a variety of Masters Degrees in conjunction with DePaul University
in Chicago.
Entry standards are very high into the academic programmes, with
placements being selected according to quality of candidate. This
premise has created an atmosphere of demand in the market, with the
financial sector recognising that those with degrees are extremely high
achievers that will make a difference to their workplace.
Wales
79%
DePaul
14%
LDP
7%
In the area of executive development, the BIBF-Darden-Institute of
Banking (SA) Leadership Programme was launched in late 2009
and has successfully contributed to the executive development of over
50 senior people in the last two years.
2011 summary
Maintained strategic alliances with:
- DePaul University
- University of Wales
- Darden Graduate School of Business of the University of Virginia
- Institute of Banking (IOB)
The DePaul Masters programme was significantly affected by the local
and regional political situation in 2011. Programmes were deferred and
not completed due to DePaul faculty (from the US) being unavailable.
The University of Wales Validated Diploma grew 4% in participant
numbers while maintaining existing standards of entry.
The Leadership Development Programme (LDP) grew by 55% from the
2010 intake, to 31 participants from both Bahrain and Saudi Arabia.
Professional +
Customised
Programmes
61%
Open Courses
39%
Looking forward
Undergraduate diplomas will be made more flexible and attractive
in terms of providing alternative pathway options to graduates.
This will include part-time study options and multiple admission
times for students.
Development of a suite of relevant executive offerings.
Centre for
Academic and
Executive
“DePaul’s MBA programme provided one of
the most valuable learning experiences
of my life. Other than the comprehensive
curriculum and excellent faculty, the
cultural diversity amongst my classmates
and professors offered a rich understanding
of different countries and cultures. It offered
flexible timings, allowing me to achieve a
postgraduate degree without interruption
to my career.”
Khalid Abdulghaffar MBA VIII
“The MSF-IF programme provided by DePaul at
BIBF is a unique programme that is set to meet
the arising demand of such field in the world
of finance. This programme is worth all the
difficulties and time to be spent on it. At the
end of the day, we want to be recognised and
this is where the MSF and MSF-IF programmes
come in because they gear you up with all the
knowledge, experience and passion required
to be the biggest fish in the finance pond.”
Mohammed Al Mokhdhabi
“The reason behind choosing University of
Wales Validated Diploma was the great
opportunity of studying abroad. BIBF in
addition for providing such an opportunity,
is one of the most reputable Institutes in the
field of Finance. Lecturers in this programme
not only possess the required academic skills,
but real market experience, hence providing
all the required guidance both to achieve
academic excellence and a successful career.”
Ali Ahmed Ali Al Qattan – 2nd Year
Student in Wales
Centre for Accounting and IT
Accounting has been a part of BIBF since its inception in 1981.
In 2008, Accounting was integrated with Information Technology,
to create the Centre for Accounting & IT.
With the changing financial economy, importance of strong
fundamentals in accounting and financial reporting has increased
significantly. For example, it has been essential to cater for the
changing international financial reporting environment by
strengthening the course portfolio by offering the ACCA’s
Diploma in International Financial Reporting (DipIFR).
Programme
2009 20102011
Professional &
Customised Programmes
External Programmes
Wales Accounting
DePaul
671
1456
2331
79%
29200
14%
Open Courses
LDP- Accounting 757 7% 598
537
Open Courses - IT
608
544
Total
677
2001 2,7513,476
The Centre for Accounting and IT (Accounting) takes great pride in
its partnership approach, ensuring students get access to the
best international qualifications locally. Its suite of partnerships
includes Morgan International (CMA and CPA), Power Resources
Corporation (CIA), Institute of Chartered Accountants in England
and Wales (CFAB), Association of Chartered Certified Accountants
(DipIFR), and Association of Accounting Technicians (AAT Certificate
and Diplomas).
The Centre for Accounting and IT (IT) has introduced both ICDL and
ICDL Advanced certification courses, with the principal aim of
enhancing productivity in the use of desktop computer applications.
It is the first ICDL GCC Foundation ICDL Academy in Bahrain.
IT training continues to be highly sought after with many Open
courses fully booked well in advance. The MS Office productivity
tools continue to lead the way.
Professional +
Customised
Programmes
61%
Open Courses
39%
2011 summary
Customised and Professional Programmes participants accounted
for 61% of total Centre participants; Open Courses 39% of total.
Overall participant hours were marginally improved versus 2010.
Two major External Offerings and the BIBF-BNQF project on the
Applied Accounting qualification were cancelled in 2011 due to
events in the MENA region.
There was an increased usage of courses in both Accounting and
IT by the Ministry of Labour, of which the Centre contributed the
Maths (Basic Numeracy) and ICDL component of the broader
BIBF-Ministry of Labour contract.
The ICDL (International Computer Driving Licence) courses were a
major success for the Centre, training 1734 candidates in 2011.
The Association of Accounting Technician (AAT) Certificate courses
were launched.
Professional +
Customised
Programmes
38%
Open Courses
60%
External Courses
2%
|
21
Centre for
Accounting
and IT
“I have attended several courses in BIBF in
various subjects over the years and all
have been extremely fruitful and rewarding.
The Project Management course was very
interesting and educational since it covered
the whole scheme of my work. I am confident
that this will increase my productivity and
efficiency and hence enhance my career
and enrich my life.”
Jassim Ali, Assistant Manager, Premises and
Procurement Department, Arab Bank plc”
“My experience at BIBF was very enriching.
The Islamic accounting course in the
Centre for Accounting & IT that I attended
was delivered with practical application
prominence, integrated with case study
based learning which led to dynamic
classroom discussions, which in turn
helped in understanding the real world
implications and broaden my horizons.”
Wasif Naeem (AAT, ACCA), Keypoint
Consulting WLL
“It was a great opportunity to participate in
BIBF’s learning programme. I gained a lot of
expertise that will enable me to step ahead
in my working career.”
Reem AL-Kangooni, Accounting
Representative, American Express
Centre Reports
The Centre for
Accounting and
IT has achieved an
overall full-time
rating of 4.34 / 5,
from 3,764 taught
hours in 2011.
Consolidated alliances with the:
- ICAEW(UK) to deliver their Certificate in Accounting,
Finance & Business
-ACCA (UK) to deliver their Diploma in International
Financial Reporting
- IIA(USA) to offer their internal audit professional
development courses
- ICDL GCC Foundation to deliver their ICDL and
ICDL Advanced courses
- Morgan International for CPA and CMA
- PRC for CIA
There was a reduction in numbers on the CIA, CMA and CPA courses
caused by the ready availability of the uniform CPA exams now being
able to be held outside the USA. Local competitors in Bahrain in 2011
began to offer CPA and CMA tuition.
Courses were delivered to participants’ satisfaction. The Centre
achieved an overall full-time rating of 4.34 / 5, from 3,764 taught
hours in 2011.
A member of the IT Faculty passed the Business Continuity Institute
exams and was admitted as a member.
Looking forward
Launch of the ICDL Advanced course, the ACCA professional
accountancy programme, and expected increased in numbers
on CFAB and AAT programmes.
The Centre will collaborate with the ICAEW to host an IFRS Update
seminar as well as publicising the CFAB qualification.
To investigate recommencing the BIBF-BNQF project (Applied
Accounting qualification).
A stronger focus of collaboration with Morgan to ensure the CPA /
CMA products continue to be attractive to professional learners.
Business Development growth opportunities will continue to be a
driver for the Centre. Business Development will be widened to
include exploring non-member training opportunities.
Wales
79%
DePaul
14%
LDP
7%
Centre for Banking
BIBF’s Centre for Banking has been providing regulatory qualifications
in collaboration with the Central Bank of Bahrain (CBB), internationally
recognised professional qualifications developed locally, preparatory
courses for sitting globally recognised professional qualifications,
and contributing to the teaching, developing and learning of BIBF’s
academic programmes.
The Centre collaborates with BIBF’s Centres for Leadership and
Management, Accounting and IT, Islamic Finance and Insurance in
developing and teaching cross-centre programmes. It has a team of
experienced and qualified faculty in areas including Risk, Compliance,
Regulation, Treasury, Economics and International Trade.
Programme
Professional + 2009 20102011
Customised
ProfessionalProgrammes
&
61%
Customised Programmes 1,558
841
653
Open Courses
39%
External Programmes
45
28
18
Open Courses
1,559
Total
3,162 2,2481,868
1,379 1,197
2011 summary
The Centre’s overall annual performance was negatively impacted due
to the global financial crisis and the regional political situation during
the first half of the year. The Centre showed promising results however,
in the last two quarters of 2011.
Significant emphasis was placed on implementation of BIBF’s Code
of Practice (COP), the development of new programmes, streamlining
delivery and the hiring of professionally and academically experienced
faculty and staff, both full-time and part-time. The Centre’s current
programmes were reviewed in collaboration with industry, comprising
curriculum committee members drawn from member organisations
in the financial services sector and CBB.
Professional +
Customised
Programmes
38%
Open Courses
60%
External Courses
2%
The number of professional courses delivered and revenues obtained
increased at a faster rate in the second half of 2011 due to the
introduction and implementation of the Financial Advice Programme,
a CBB mandatory programme for all entry-level financial advisors in
the kingdom.
The Centre delivered 43,336 hours, substantially lower than the
participant hours in 2010. Participant hours were:
Professional Programmes: 15,119
External Programmes: 972
Customised Programmes: 1,207
Open Courses: 26,062
Professional +
Customised
Programmes
61%
Open Courses
39%
|
23
Centre for
Banking
“The intensive ACI dealing course that BIBF
has to offer was definitely one of the best
and most interesting courses I’ve taken. The
flexible timings, in-class interaction, and
best of all the distinctive style of teaching
has helped me significantly to comprehend
complex material in a very short time and
enabled me to pass the exam on my first try.”
Ahmed J. Nasimi, Manager, Treasury
Operations, National Bank of Bahrain
“Pursuing Diploma in International Compliance
was a natural step as it is relevant to my field
of work and would obviously go a long way
in enhancing my career profile and growth.
My apprehensions over length of course were
taken care of by qualified professionals from
BIBF who provided support and guidance by
furnishing valuable advice and literature
time and again.”
Zubin Muriya, Deputy Head of Compliance
and AML , BMI Bank B.S.C.
“BIBF has the perfect teaching system, excellent
highly knowledge teachers and a great mix
of classmates from different organisations
which allows us to share work experiences
and to expand our knowledge. All services
provided are excellent, helpful staff, highly
qualified teachers and a quiet and friendly
environment.
Kamal Al Deen, Associate Junior Dealer,
Treasury, First Energy Bank
Centre Reports
The Centre for
Banking is very
optimistic about
expansion of
offerings in
2012 despite
continuing
financial
uncertainty.
Declines in participant numbers and hours were due to macroeconomic
factors beyond BIBF’s control, for example, the US Federal Reserve
programme was cancelled due to the travel restrictions to Bahrain for
periods in 2011.
Restructuring of the BSDP programme was discussed with the curriculum
committee members due to participant uptake continuing to fall.
Memorandums of Understandings were signed with Bahrain Development
Bank (BDB) and Bahrain Chamber of Commerce and Industry (BCCI).
22 compliance practitioners sat the International Compliance Association
(ICA), UK certification exam. The Bahrain group achieved the best
Diploma results globally in terms of highest number of passes, highest
number of distinctions and lowest number of fails compared to all
international jurisdictions.
Looking forward
The Centre for Banking is very optimistic about expansion of offerings in
2012 despite continuing financial uncertainty.
Increased numbers of participants are expected to enrol in the Financial
Advice, Risk, Compliance and Regulation related programmes.
Development of Career progression planning, linking open-enrolment
courses to career progression and continuous education through
international qualifications will occur.
Collaborations with international organisations including Global
Association of Risk Professionals (GARP) and Chartered Institute for
Securities and Investments (CISI) will add additional professional
development opportunities.
Senior-level programmes in Corporate Governance and Risk Management
will be developed in conjunction with international organisations.
Senior-level mandatory programmes for financial advisors and
risk professionals will be launched in collaboration with CBB.
Centre for Insurance
BIBF’s Centre for Insurance is recognised by the Insurance sector in
the Middle East as the leading insurance educator and trainer, in
collaboration with the Chartered Insurance Institute (CII) UK. As CII’s
sole regional strategic partner, the centre provides internationally
recognised certificate programmes, diploma programmes and
professional qualifications; the world’s first international qualification
in Takaful, jointly with CII; the Middle East’s only online exam centre
for CII certificate level exams, and the only institution in the world to
offer the ACII designation programme fully in Arabic.
Professional +
Customised
Programmes
61%
Open Courses
39%
Professional +
Customised
Programmes
38%
Programme
Open Courses2009
60%20102011
ProfessionalExternal
&
Courses 2%
Customised Programmes 1,501 3,320 3,185
Open Courses
Total
864
973
904
2,365 4,2934,089
The Centre prides itself on a well-qualified and experienced team with
industry experience, who provide world-class professional learning
experiences that improve insurance performance.
The Centre has a number of strategic alliances and MOUs with
regional insurance regulators and local development programmes in
conjunction with Bahrain’s Tamkeen and Ministry of Labour.
2011 summary
Improvement in registrations for Professional programmes linked to
increased need for qualified professionals.
Open courses and Customised programmes witnessed reduced
participants due to the unfavourable business environment within
Bahrain, Syria, Libya and Yemen during 2011.
Professional +
Customised
Programmes
61%
Open Courses
39%
Launched the region’s first insurance regulatory qualification –
Certified Insurance Supervisor (CIS).
Retained CII accreditation for all course offerings.
Executed all existing contractual obligations in Bahrain, KSA, UAE,
Oman, Kuwait and Jordan.
Renewed major corporate contracts with Royal Center - UAE,
CMA - Oman, IBS - Kuwait, Insurance Commission - Jordan,
SISC - Syria and SABFS - Sudan.
Signed new agreements to carry out distance learning programmes
with Royal Insurance Academy - KSA, PCMA - Palestine and
Mazaya - Libya.
Professional +
Customised
Programmes
82%
Open Courses
16%
External Courses
2%
|
25
Centre for
Insurance
“The CII has had a successful and long standing
partnership with BIBF and is delighted to be
supporting BIBF in promoting the highest
professionals standards in Bahrain and
across the Middle East region.”
Steve Jenkins BSc FCII, Director – Financial
Services and Insurance Markets, The Chartered
Insurance Institute, United Kingdom
“It is important to put your trust in the right
partner. When we firmly believe that our
business is only ever as good as its people,
we chose to partner with BIBF in the training
and development of our human resources
– a decision that we are proud of.”
Tareq Al Sahhaf, General Manager,
Gulf Insurance, Kuwait
“The choices we make today affect the rest
of our lives. Starting my career with the
insurance programmes held at BIBF was
the best choice I made, as I gained all the
necessary qualifications and knowledge
to shape my future.”
Nafeesa Dawani, Technical Account
Specialist, Trust Re, Bahrain
Centre Reports
New exam
centres have
been established
in KSA, Oman
AND Qatar in
collaboration
with major
local training
institutions.
Established new exam centres in Dammam - KSA, Muscat - Oman
and Doha - Qatar in collaboration with major local training institutions.
This was driven by the increase in distance learning registrations from
1,800 to 2,200.
Executed CII’s minimum standard programmes – the Award in
General Insurance and the Award in Financial Planning for over
800 candidates in 10 MENA countries.
The BIBF - CII Takaful exam was undertaken by over 600
candidates globally.
Executed the Ministry of Labour sponsored BIID programme
for 16 candidates.
Collaborated with Tamkeen to launch the first ‘ACII Top-Up
Programme’ for Takaful International.
Introduced the following new courses:
-Advanced Underwriting (part of BIMD suite)
-Cargo & Goods in Transit Insurances; Commercial Property
& Business Interruption; and Risk Management (part of PID suite)
Actively participated in regional insurance forums including Middle East
Insurance Forum - Bahrain, GCC Insurance Forum - Abu Dhabi and
Gulf Insurance Forum - Oman. Participation included booths for brand
visibility and a panellist / speaker at the Muscat event.
Achieved average course faculty grading of 4.71 / 5 over 2,976
teaching hours in 2011.
Added one new administrative staff to enhance customer service.
Looking forward
Certified Insurance Supervisor (CIS) qualification to be set-up with
a bi-annual public examination schedule.
Classroom-based training to be offered as Customised Programmes
for regional regulatory commissions.
Expect improved performance for the distance learning programmes
(PIC & PID) via its 14 exam centres in 12 MENA countries.
Ongoing collaboration with Bahrain Insurance Association and Tamkeen
in offering the ‘ACII Top-Up Programme’ for Bahraini candidates.
Maintain agreed contractual obligations throughout MENA including
Trust Re - Bahrain, Takaful International - Bahrain, SAMA - KSA,
CMA - Oman, Royal Center - UAE, Kuwait, Insurance Commission
and PCMA - Palestine.
Professional +
Customised
Programmes
38%
Open Courses
60%
External Courses
2%
Successfully implement Graduate Development Programme negotiations
with five planned organisations in KSA, UAE, Oman and Kuwait.
Maintaining existing standards including:
- Well-balanced business portfolio of Open, Customised and
Professional offerings
- Meeting annual CII requirement for accreditation retention
of all insurance courses
- Enhanced customer services
-Renewing existing contracts
-Securing new retail and corporate businesses
Centre for Islamic Finance
Islamic Finance has taken centre stage in the world economy in
recent years. This sector has an extremely high potential for
development across the globe.
Amidst extensive public sector support from policymakers to
establish Bahrain as an Islamic Finance hub, the Centre was set up
in 1997 to establish training with a structured, privatised and regulated
framework for the industry.
Programme
Professional + 2009 20102011
ProfessionalCustomised
&
CustomisedProgrammes
Programmes 1,03661% 638
836
Open Courses
39%
External Programmes
133
86
Open Courses
Total
465
478
35
317
1,634 1,2021,188
Close partnerships are held with Central Bank of Bahrain and AAOIFI,
along with other key international institutions, such as Islamic Financial
Services Board (IFSB), International Islamic Rating Agency (IIRA) and
Islamic Development Bank (IDB).
Achievements of the Centre include Centre developed educational
material being used by global Islamic Finance Institutions, the Advanced
Diploma in Islamic Finance recognised internationally and addressing the
AAOIFI standards that arose in response to Basel and IAS.
The Centre remains committed to the growth and innovation of Islamic
Finance training. This includes training of Sharia scholars / personnel,
research, and development of Sharia consultancy and advisory services.
2011 summary
Received from CPI Financial the award for the ‘Best Training Institution
for Islamic Finance’ for the fourth year in a row.
Professional +
Customised
Programmes
82%
Open Courses
16%
External Courses
2%
Open Offerings participant numbers have returned to near pre-crisis
2008 levels.
The CIMA Certificate in Islamic Finance was launched through
sponsorship of the Ministry of Labour. Three batches of students
comprising of 90 students selected and sponsored by Ministry of Labour
were graduated.
The third batch of Waqf Fund Graduate Sponsored Programme was
implemented.
Professional +
BIBF Annual Report 2011 | 27
Customised
Programmes
79%
Centre for
Islamic Finance
“The Advanced Diploma in Islamic Finance
programme offers abundant information
and a unique selection of qualified and
cooperative professors, as well as an
organised flexible schedule.”
Isa Abdulla Al Dwaisan, Head of Shari’a
Department, Kuwait Finance House
“BIBF supports our professional development
through its high quality services in
providing international degrees to those
in the Islamic Banking sector. You won´t
find such quality elsewhere.”
Mai Al Hayki, Treasury Officer,
Gulf Finance House B.S.C
“I was impressed with the quality of
information presented by the lecturer
on the Introduction to Islamic Banking
course. Rich details on Islamic Shari’ah,
its current offerings and the future
direction of modern day Islamic Banking
& Finance. I recommend this course for
all professionals, even those not
related to the financial industry.”
Faiz Mian, Business Solutions
Manager, Arcapita Bank
Centre Reports
Islamic Finance
has taken
centre stage
in the world
economy in
recent years,
with very high
potential for
development
across the
globe.
A customised Advanced Diploma in Islamic Finance (ADIF) was
delivered for IDB-sponsored Senegal delegates.
Three new programmes were introduced in 2011:
-Advanced Diploma in Islamic Commercial Jurisprudence
-Shariah Reviewer Development Programme
-Chartered Institute of Management Accountants (CIMA) - Islamic
Waqf Fund continues to be an important sponsor of several of these
programmes. CIMA-Islamic was sponsored by the Ministry of Labour.
One new course was launched in 2011:
-Shariah Standards (English)
The Master’s degree in Islamic Finance through DePaul University was
discontinued at the end of 2011, due to reduced enrolment and a lack
of additional pathways for studies in Islamic finance at DePaul.
The number of participants in the professional diploma programme
ADIF declined considerably, which was unplanned due to previous
year’s growth patterns.
External offering performance was negatively impacted in 2011.
External offerings are fee-based and often more expensive due to
well-known experts teaching those courses. Reflecting the flow on
effects of the financial crisis, many members curtailed their
investment in training during 2011.
Customised offerings were similarly affected due to the regional
political situation. Planned developments in Algeria and Syria were
cancelled. International courses were taught in Palestine.
Development of contacts and partnerships with the Islamic Financial
Institutions in the region occurred, including:
- Dialogue with Baitual Mashura - Doha, Institute of Banking - KSA
and Al-Mujaz - KSA
- Memorandums of Understanding’s with LPPI - Indonesia and
College of Business and Financial Studies (CBFS) - Oman
- Face to face customer engagement with several countries including
Qatar, Malaysia, Maldives, Nigeria, Philippines and Turkey
Head of Centre Dr. Mohammed Omar Farooq was concurrently
appointed as Head of Centre for Research.
Dr. Mohammed Omar Farooq was published in a refereed journal
(Islam and Civilisational Renewal), contributed two essays in CPI
Financial Islamic Business and Finance magazine; participated in the
annual Harvard-LSE Roundtable on Islamic Finance, and conducted
presentations at conferences on Islamic finance in London (UK) and
Istanbul (Turkey).
External Courses
2%
Professional +
Customised
Programmes
61%
Open Courses
39%
Looking forward
The widened roll-out of ADIC, Shariah Reviewer Development Programme,
and CIMA-Islamic are expected to aid improving centre performance.
Enhancing existing local and regional relationships with organisations
including Waqf Fund, AAOIFI, IIFM, IIRA, BAB, and BCCI.
Validating the restructure of all current Open and External courses from
stand-alone courses into clusters leading to specialised certificates.
Centre for Leadership And
Management
The Centre for Leadership and Management plays a vital role training
and assessing members and other clients of BIBF.
The Centre is accredited by internationally recognised awarding bodies
Chartered Institute of Personnel & Development (CIPD), Chartered
Management Institute (CMI), Chartered Institute of Marketing (CIM),
and EdExcel of UK to conduct their programmes.
+
ProfessionalProfessional
&
CustomisedCustomised
Programmes 1,403 2,337 3,286
Programmes
82%
External Programmes
20
0
0
Open Courses
16%
Open Courses
1976 2%
1,781 1,805
External Courses
The Assessment and Development centre offers a wide range of
psychometric assessments using globally recognised tools of SHL
and the Facet 5 framework.
Total
Programme
2009 20102011
3,399 4,1185,091
2011 summary
The major achievement of 2011 was winning multiple tenders
from Tamkeen for conducting professional programmes of CIPD,
CMI, CIM and ILM leadership workshops.
The total number of participants for all programmes in the centre
increased by 24% from 2010, with professional programmes
registering an increase of 69%.
The Centre was a major contributor to BIBF’s 2011 performance,
contributing 27% of total participant hours.
Centre participant hours increased by 35% versus 2010, driven
by the 53% increase in demand for professional programmes. Increases
due to market demand for internationally accredited programmes
like CIPD, CIM and CMI. In addition CIPD level 5 qualifications were
launched in 2011.
Professional +
Customised
Programmes
79%
Open Courses
21%
Open courses increase of 7.5% was due to the introduction of six new
courses and sustained performance in existing Open courses. The new
programmes were:
- The Professional Manager
- Business Etiquette & Cross Culture Management
-Sales Reporting & CRM
- Key Account Management
-Organisational Behaviour
-Reward Management
|
29
Centre for
Leadership and
Management
“The Leadership Programme was a fruitful
experience where we have been trained to
become an influential leader through
various levels of communications from
simple conversations to complex conflicts
to accomplish team and organisation
alignment. The programme empowered us
to be high performing leaders who are
capable of uniting diverse members to
form an effective team and share common
goals toward creativity and innovation”
Dr. Khalid Al-Mutawah, Director of
Information Technology Center, Vice Chair
of ACM Professional Chapter Gulf Region,
University of Bahrain
“Returning to structured learning for
me was an experience after completing
my formal academic studies. BIBF has offered
very professional learning experience included
sessions which were full of discussions and
interactions. The group dynamic facilitated
to learn from each other experiences and
think of new approaches.”
Dr. Ehsan Ghurbal, Director – HRD
Advisory Services, BDO
“Apart from being one of the best institutes
in the region, BIBF can also be proud for
having some of the best faculty with
hands-on experience strong work ethic,
persistence, and intellectual integrity.”
Sushil Sasheendran, HR – Officer,
KPMG Bahrain & Qatar
Centre Reports
The Centre for
leadership and
management
was a major
contributor
to BIBF’s 2011
performance,
contributing
27% of total
participant
hours.
Nine open courses were introduced in Arabic:
- Managing Change
- The Professional Manager
- Emotional Intelligence
- Influencing Behaviour
- Winning with Customer Service
-Stress Management
- Marketing Communications
-HR Management for non-HR Managers
- Employee Training & Development
There was a 26% decrease in the participant hours for customised
courses primarily due to the after effects of the economic crisis and
impact of the local and regional political climate. Organisations put
budgetary constraints on staff training and development which affected
enrolment numbers for these fee paying courses.
Customised programmes were provided for major clients
including Bahrain Airport Company; Bank of Bahrain and Kuwait;
Gulf Aviation Academy; HSBC; INDEVCO Group of Companies;
Ministry of Labour; Ministry of Works; Qatar National Bank;
Shura Council and the US Embassy.
The Administration Assistant Diploma for Ministry of Labour to
train 100 Bahrainis continued. Two groups graduated in 2011.
The Basic Skills programme for Ministry of Labour to train 1,000
Bahrainis continued with graduations in 2012.
Looking forward
Increase our international partnerships to meet the increasing market
trend of achieving globally recognised professional qualifications.
Obtain the Institute of Leadership & Management [ILM] accreditation.
Enhance relationships with the Centre’s current international partners.
Execute the major contracts of Tamkeen and Ministry of labour
successfully.
Organise seminars to be delivered by global speakers.
Provide additional customised programmes for the financial sector.
Department Reports
Quality Assurance Department
The Quality Assurance Department was established in 2008 as part
of BIBF’s strategy to ensure internal QA procedures and controls meet
international standards.
Quality assurance and enhancement in education and training involves
both policy development and its implementation. In BIBF this work is
framed by the Code of Practice, which covers all programme-related
activities and related BIBF policies and procedures.
Internally, the department formulates policy and supports
implementation by collaborating with all BIBF centres and
departments, supporting the delivery of high quality education and
training. It works to develop awareness through workshops and
briefings and provides practical support to faculty and staff on best
practice relating to all aspects of programme activity. This includes
development / validation of new offerings, admissions, assessments,
certifications, and annual monitoring.
In 2011, the QA
Department
continued
to progress
awareness and
commitment
to principles
of quality
assurance and
enhancement.
Externally, the QA Department acts as BIBF’s liaison with external
quality assurance agencies for compliance and enhancement
purposes, reports to Higher Education Council and Ministry of
Education on BIBF’s academic programmes, participates in the Higher
Education Strategy for achieving 2030 Vision for Bahrain initiated
by EDB and manages BIBF’s provision by working with academic and
strategic partners globally.
In 2011, the QA Department continued to progress activities
supporting its objectives. Specifically within BIBF, awareness of and
commitment to principles of quality assurance and enhancement
have grown.
Work on development of BIBF policy, structures and procedures to
support our professional provision and our academic offering has
progressed and will continue in 2012.
The QA Department’s responsibilities have been increased to provide
additional internal support with plans to recruit new staff in 2012 to
meet these obligations.
|
31
Departments’ Report
A new profile
book has been
developed to aid
BIBF in building
awareness of
its educational
training
and services
available.
Marketing and Communications Department
The Marketing and Communication Department purpose is to build
the profile and awareness of BIBF. The primary focus is locally and
regionally, with international exposure when relevant to BIBF activity.
This is achieved by aligning the marketing mix and activities to the
needs of BIBF, our members and those potential users of BIBF services
who are unaware of the breadth of BIBF educational training and
services available.
Key highlights of 2011 included:
Development of new website to pre-launch stage
There were delays in implementation versus the initial project launch
timings due to greater than expected migration and checking of
information.
The department at the end of 2011 has confidence the final product
will improve BIBF’s standing in the region as an education provider
(from a web perspective), with timing for launch early January 2012.
Implementation of major publications (Annual Report and
Course Catalogue)
Delivered Catalogue and the Annual Report. The Catalogue was
released early to market (October 2011) ensuring members were able
to plan more effectively for their 2012 training requirements. The
Annual Report was late to market in 2011 due to translation quality
issues. Plans will be put in place to address for 2012.
Launch of BIBF profile book
A new corporate profile book was developed and released in October
2011. Created as a component of the wider BIBF publications strategy,
the profile book will aid BIBF in building awareness of its educational
training and services available.
Other activities
Good coverage in local media for all relevant BIBF newsworthy
material – 100+ specific BIBF press release placements were published
across both English and Arabic newspapers in 2011.
Advertising placements of Centre specific programmes were actioned
in English and Arabic newspapers throughout 2011.
Electronic Direct Emails (eDMs) actioned monthly (total database);
and “as required” for segmented (targeted emails) on behalf of
the centres. This improved awareness of BIBF’s programmes to the
financial sector throughout 2011.
Commenced the development of a photographic image library
ensuring BIBF has a store of imagery that reflects Bahrain,
its participants and BIBF. Significant costs benefits have accrued
from internally developed photography.
Marketing materials, event support as required by the Centres,
centre-specific graduations, meetings and signing ceremonies
were supported by the department, ensuring consistent application
of BIBF brand standards.
Articles written by BIBF’s Director were published in external
publications including The Bahrain Banker and Oxford Business
Group - The Report (Bahrain).
BIBF’s Centre
for Research
is driven to
facilitate
research
capability
building in
the GCC.
Improved BIBF visibility and profile by creation and maintenance
of a Linked In (web) section.
Events participated in 2011 included: Bahrain University
Career Expo, Batelco Education Exhibition and Shaikh Abdulla
Secondary School Career Fair.
School visits both off-site and on-site were undertaken.
Centre for Research
Introduction
Originally named the Research Department, the Centre for Research
was launched in September 2009.
Objectives
To be the one stop solution provider for research needs in
the GCC (business or academic research).
To achieve a balance between business and academic research.
To facilitate research capacity building in Bahrain and the GCC.
To deliver high-quality, independent research and actively
promote public debate and discussion on economic and financial
frameworks within the GCC.
To build research partnerships / collaborations with the financial
services industry, government and research bodies locally and
internationally.
2011 summary
Dr. Mohammad Omar Farooq was named Head of Centre
for Research in September 2011.
A Research Coordinator / Analyst was appointed.
|
33
High-quality,
independent
research,
public debate
and discussion
on economic
and financial
frameworks
within the GCC
are actively
promoted.
Notable activities in 2011 included:
Engaging BIBF Academic staff internally:
Provided support and guidance to those who are currently involved
in research as part of their academic projects.
Collaborated with the Centre for Banking and the Centre for
Academic and Executive, integrating resources such as BankScope
database into students’ / trainees’ academic assignments.
Provided an internal peer review service for those who have requested
as such for their research papers, prior to submitting for publication to
journals or presentations at conferences.
Engaging external researchers as BIBF External Research
Associates:
Development of a framework to engage external researchers was
undertaken and is expected to be in place the first half of 2012.
A list of active external researchers was prepared, with the purpose
to invite them to be part of research proposals and projects pursued
and / or undertaken by the Centre.
Research activities of BIBF staff 2011
Dr. Ahmad ASAD, Senior Lecturer, Centre for Islamic Finance
“The Role of Islamic Banking in the Palestinian Economy: Businessmen’s
Perspective,” Journal of Islamic Finance and Business Research (accepted
for publication, forthcoming 2012)
Dr. Mohammad Omar FAROOQ, Head of the Centre for Islamic
Finance / Head, of the Centre for Research
“Analogical Reasoning (Qiy’s) and the Commodification of Women:
Applying Commercial Concepts to the Marital Relationship in Islamic
Law,” Islam and Civilisational Renewal, Vol. 3, No. 1, October 2011,
pp. 155-180.
“QardHasan, Wadiah/Amanah and Bank Deposits: Applications and
Misapplications of Some Concepts in Interest-free Banking, Arab Law
Quarterly, Vol. 25, No. 2, 2011, pp. 115-146.
(co-authored with Sayd Z. Farook). “Incentive Based Regulation for
Islamic Banks,” Journal of Islamic Accounting and Business Research,
Vol. 2, No. 1, 2011, pp. 8-21.
“The Real Sector and Pitfalls of Financialization” Islamic Business and
Finance, October 2011.
“Training and Pursuit of Excellence,” Islamic Business and Finance,
March 2011.
Dr. Vijaya MOOVALA, Senior Lecturer, Centre for Leadership
and Management
“Award winning leadership: A case study of Saudi Chamber of
Commerce, Eastern Province,” in Warrick, D.D. and Mueller, Jens (Eds),
Lessons in leadership: Learning from real world cases, Chicago: Rossi Smith, 2011.
Dr. Jyoti VENKATESH, Senior Lecturer, Centre for Banking
(co-authored with Dr. Sat Parashar). “GCC Banking and Global
Financial Crisis - A Disaggregated Study” submitted for publication
to International Journal of Banking and Finance.
IN 2012, a
Distinguished
Lecture Series
will be run in
conjunction
with the Centre
for Research.
Looking forward
Networking with relevant institutions
A number of research-focused MOU’s will be pursued.
Research related training activities
To develop research related training modules as an aid to the financial
sector in Bahrain, ensuring professional development opportunity
exists for those wanting applied research skills. The modules are
expected to be offered in late 2012.
BIBF has been approached through EDB regarding the need to support
an international research-based organisation looking to locate its GCC
office in Bahrain. BIBF is expected to train this organisation’s human
resources with research skills.
Other activities
A Distinguished Lecture Series will be run in conjunction with
the Centre for Research.
Operations Department
Technology improvements
Continuance of e-Portal SunGard Project
-Signed school license agreement with Microsoft
- Implemented Hardware requirements for the e-Portal
-Negotiations with Al Hilal Computers. Standardised all hardware
to be Dell Brand
- PowerCAMPUS database, Portal and Self Service installed on
test and production servers
- Implemented Epsilen – a Global e-Learning Environment
-Carried out Group Training on Portfolio and Epsilen Environment
including Course Creation
Microsoft Live@edu implementation – Co-Branded (BIBF and
Microsoft) – BIBF staff, members and students were provided with free
email account from Microsoft (live@edu) using cloud technology
|
35
The operations
department
made excellent
progress during
2011, completing
a number of
vital projects
for bibf.
Implementation of leased internet line from Batelco
Assessment Centre hardware and software upgrade
Upgraded two computer labs to support ICDL requirements
– new capacity 23 workstations
New mobile lab
CCTV – security camera upgrade
Upgraded BIBF Resource Scheduler to a new version (PeopleCube)
New Avaya telephone system upgraded from Batelco
Facilities management
New office and staff / faculty locations created
Other activity
Meetings with Emirates Institutes of Banking showcasing BIBF’s
e-Portal and technology strategy
UK article published about BIBF and PeopleCube on the
implementation of PeopleCube Resource Scheduler
SunGard and BIBF e-Portal (PowerCAMPUS Digital Campus Project)
Signing Ceremony
Participated in SunGard City Day
Reports
Ministry of Education, Directorate of Scholarship and Cultural report
for students sponsored by the Ministry
Higher Education Council reports on Academic Students
Ministry of Labour Quarterly Statistical Report
Training and development
e-Portal discovery sessions, including system admin training
Epsilen training for BIBF staff
Two operations staff members completed MBA’s in Project
Management with Distinction.
Special Projects
Two special projects were launched in 2011 in collaboration with the
Central Bank of Bahrain (CBB).
In June the CBB mandated “Financial Advice Programme (FAP)” was
launched. FAP is a mandatory qualification endorsed by the CBB for all
entry level professionals in the area of financial advice or those who are
aspiring to become financial advisors in the Kingdom of Bahrain.
By the end of 2011, 149 participants attended the programme, of
which 101 of them successfully completed the programme
requirements.
The “Fundamentals of Financial Risk Management Programme (FFRM)”
was launched in October for delivery in 2012 in collaboration with CBB.
The programme is a recommended minimum qualification recognised by
the CBB for entry-level risk management professionals and those who
are aspiring to become risk managers in the Kingdom of Bahrain.
Two special
projects were
launched
in 2011 in
collaboration
with THE
Central Bank
of Bahrain,
with more
planned for
the future.
Graduates of both FAP and FFRM are entitled to automatic annual
membership of the Chartered Institute for Securities and Investments
(CISI), enabling them to benefit from Continuing Professional
Development (CPD) events.
The CISI grew out of the London Stock Exchange 20 years ago.
A registered UK charity, it exists to serve its 40,000 members
in 89 countries.
In October 2011, BIBF, in collaboration with Organisation for Economic
Co-operation and Development (OECD), Paris and the Mena Centre for
Investment under the Economic Development Board (EDB), presented
the “SME’s Role in Job Creation in the MENA Region” seminar. A special
discussion concentrating on the true place and impact of SMEs in the
MENA Region was looked at by in-house and external speakers. The
event highlighted the potential contributions of small and medium sized
enterprises around the world and especially in the MENA Region for
development.
|
37
Programme Details
Offerings Titles
Total Offerings
Total
Total Participant
DaysAttendees
Days
Centre for Academic and Executive
Professional Programmes
LD
Leadership Development Programme
Total Professional Programmes
1
1
53
53
31
31
1,655
1655
1
1
6
6
17
15
109
96
1
1
1
1
1
7
8
8
7
7
27192
13
98
30
225
19
137
17
121
1
5
35
175
1
1
1
1
7
7
7
7
34
26
26
37
231
173
190
252
Academic Programmes
DEPAUL - Masters
Management Accounting for
Decision Making
Operations Management
Management of Information
Technology
Investment Analysis
Leadership in Organizations
Applied Quantitative Analysis
Financial Accounting
Managing Effective and
Ethical Organizational Behavior
Strategic Management of
Human Resources
Special Topics in Corporate Finance
Problems in Corporate Financial Policy
Special Topics in Islamic Finance
Derivatives: Pricing & Risk
Management
Special Topics in Private Equity
Special Topics in Islamic
Investment Banking
Special Topics in Islamic Treasury,
Risk Management and
Capital Markets
Compensation
Training and Career Development
Negotiation Skills
1 6
1
6
38243
37
237
1
7
12
1
1
1
1
6
6
7
7
12
77
1277
18
117
34
241
80
Budgeting - Preparation & Control
2
6
49
147
Cases in Finance
1
5
2
10
Evaluating Company Performance
2
6
25
75
Evaluation of Commercial
Bank Performance
1
3
7
21
Finance for the Non-Financial Manager 3
15
39
195
Financial Analysis
2
10
27
135
Financial Modeling with Excel Introduction
4 20 51255
Financial Statement Analysis
4
20
60
300
Internal Audit
1
5
22
110
Islamic Accounting Standards
1
5
10
50
Managing Finance
1
5
8
40
Project Management Accounting
1
5
6
30
Understanding Bank Financial
Statements
1 3 1133
Understanding the External
Auditor’s Report
1
2
7
14
Understanding Financial Statements
5
15
68
204
Understanding Insurance Company
Financial Statements
1
3
6
18
Understanding Islamic Bank
Financial Statements
2
6
17
51
Valuation of Companies
2
6
19
57
Total Open Courses
45
220
537
2540
AAT
AAT Level 2: Certificate in Accounting
AAT Level 2: Professional Ethics
1
1
6
4
3
4
17
16
Basic Numeracy
CFAB
Management Information - Module 2
Business & Finance - Module 1
11
31
253
708
1
1
10
10
5
6
50
61
1
1
1
1
5
6
6
4
7
5
3
6
38
30
19
22
CIA
12
34
29
12
106
115
329
270
114
955
253
672
662
322
2368
2420
6517
6202
3059
21266
Total Offerings: Centre for
Academic and Executive
107
1009
2399
22921
Centre for Accounting and IT (Accounting)
Open Courses
Total
Total Participant
DaysAttendees
Days
Basic Skills - Ministry of Labour
WALES
Wales 5
Wales 6
Wales 7
Wales 8
Total Academic Programmes
Accounting 1 : Recording Financial
Transactions
Accounting 2 : Maintaining Financial
Records & Accounts
Accounting 3 : Drafting Financial
Statements
Accounting 4 : Introductory
Managerial Accounting
Accounting in Banks
Advanced Financial Modeling
with Excel
Analyzing Bank Financial Statements
Offerings Titles
Total Offerings
3 30
32320
2
16
20
110
160
8 80
1
1
5
5
6
13
30
65
1
1
5
5
18
10
90
50
Internal Audit Process - Paper 1
CMA
Financial Planning, Control &
Performance
Financial Decision Making
2 17
2
23
19167
9
103
1
1
1
5
5
11
10
9
7
48
43
78
1
1
1
12
5
6
17
5
4
204
24
26
1
5
8
38
Money Exchange Programme - Ministry of Labour
Book Keeping
1
7
31
178
23
403
161
1854
CPA
Auditing and Attestation
Business Environment & Concepts
Financial Accounting & Reporting
Financial Accounting &
Reporting (FARE)
Auditing & Attestation (AUD & ATT)
Regulation (REG)
Business Environment &
Concepts (BUS. ENV.)
Offerings Titles
Total Offerings
Total
Total Participant
DaysAttendees
Days
Customised Courses
FOR Kuwait Investment Authority (KIA)
Financial Analysis & Forecasting
1
7
18
117
Total Customised Courses
7
18
117
Centre for Accounting and
IT (Accounting)
1
77
405
958
4511
Centre For Accounting and IT (IT)
ICDL - Ministry of Labour
Information & Communication
Technology
Presentation
Spreadsheet
Using Computer & Managing Files
Using Database
Web Browsing & Communication
Word Processing
8 36144
2
7
14
2
23
46
8
36
144
4
13
52
8
22
88
4
11
44
16
53
212
32
105
420
36
138
552
4
12
48
8
37
148
8
19
76
4
13
52
4
14
56
1
2
2
8
7
39
14
156
2
43
10
168
23
608
115
2381
1
2
2
2
2
4
7
7
7
6
18
24
25
23
26
72
87
91
79
83
21 64 321989
18 52 202596
18 52 231670
20
64
295
959
18
54
189
567
16
32
214
428
18
54
290
870
138
403
1858
5493
Customised Courses
FOR Bahrain Airport Company
MS Excel 2007 - Basic
1
4
3
15
8
52
24
200
Accounting and IT (IT)
185
586
2518
8074
Centre for Accounting and IT
(Accounting and IT)
262
991
3476
12585
Open Courses
2
1
1
2
1
2
1
4
8
9
1
2
2
1
1
AAD - Ministry of Labour
MS Access 2007 MS Excel 2007
MS Outlook 2007
MS PowerPoint 2007
MS Word 2007 - Intermediate
FOR VIVA
MS PowerPoint Advanced 2010
Total
Total Participant
DaysAttendees
Days
Centre For Banking
Open Courses
Business Continuity Management BCM
Ethics in Information Technology
Document Control & Archiving
IT Project Management
Management of Information Security
MS Access 2007 - Basic
MS Access 2007 - Intermediate
MS Excel 2007 - Advanced
MS Excel 2007 - Basic
MS Excel 2007 - Intermediate
MS Outlook 2007
MS PowerPoint 2007
MS Project 2007
MS Word 2007 - Basic
MS Word 2007 - Intermediate
Principles of Customer Relationship
Management (A Technology View)
Project Management - Fundamentals
Project Management - Scheduling &
Cost Control
Total Open Courses
Offerings Titles
Total Offerings
2
8
19
76
FOR Trust International Insurance Co.
MS Access
1
4
25
100
Elements of Banking
6
36
97
582
Negotiable Instruments
4
12
59
177
Anti Money Laundering Awareness
Program
10 30 206618
Anti Money Laundering Compliance
Officers Program
2
10
42
210
Introduction to Bankcard Industry
1
2
11
22
BIBF Branch Manager Program Part I
1
10
8
78
SME Financing
1
5
25
125
Project Appraisal & Financing
2
8
24
96
360° Negotiation Skills for Bankers
1
3
22
66
Real Estate Investment and Financing
2
10
23
115
Consumer and Small Business Lending
1
4
6
24
Consumer Loan Collection Techniques
1
4
13
52
The BIBF Credit Program
1
10
18
180
The BIBF Advanced Credit
Program Level I
1
10
13
130
The BIBF Advanced Credit Program
Level II
1
10
7
70
BIBF Advanced Credit Program
Level III
1
10
7
70
Corporate Credit Risk Analysis
2
10
35
175
Bank and Country Risk Analysis
1
4
6
24
Fundamentals of Corporate Finance
2
10
20
100
Commercial Loan Documentation
1
5
15
75
Banking Law and Practice
1
5
29
145
Economics for Bankers
1
5
6
30
Developing a Ready-To-Use
Compliance Officers Framework
1
2
27
54
Business of Money Exchange & AML
1
3
11
33
Corporate Governance
1
2
28
56
Introduction to International
Trade Finance
2
10
47
235
UCP 600 & URDG
2
10
24
120
Documentary Letter of Credit
2
10
26
130
Introduction to Basel II
2
6
50
150
Introduction to Foreign Exchange
(ACI Dealing Part I)
3
15
45
225
Foreign Exchange and Money Markets
(ACI Dealing Part II)
3
15
23
115
Introduction to Back Office Operations
(ACI Operations Part I)
2
8
21
73
Market Technical Analysis
1
3
9
27
Introduction to Derivatives
(ACI Operations Part I)
2
10
24
120
Introduction to Asset Liability
Management
1 4 2080
Private Equity & Venture Capital
2
10
25
125
Asset Valuation
1
5
11
55
|
39
Programme Details
Offerings Titles
Total Offerings
Portfolio Management
2
Foundations of Investment Analysis
1
Fixed Income Management
1
Risk Management and Value at Risk
2
Finance Skills for All
1
Repo Market - Techniques & Strategies 1
Interest Rate & Cash Money
Market Calculations
2
Total Open Courses
80
Total
Total Participant
DaysAttendees
Days
10
5
5
8
4
2
18
16
16
20
16
8
90
80
80
80
64
16
4
364
20
1197
40
5212
AAD - Ministry of Labour
Basic Corporate Finance
3
12
44
176
ACI
ACI Level 1 - Dealing Certificate
1
10
8
80
BSDP
Managing People in Organizations
Marketing, Sales & Customer Service
Introduction to Economics
Structure of Accounts
Management and Organization
Marketing Management
Advanced Macro Economics
Accounting, Analysis & Planning
Risk Analysis and Evaluation
FAP
Module 1 - Financial Services
Environment and Regulation
Module 2 - Banking and
Investment Firms
FAP - BBK
Module 2 - Banking and
Investment Firms
1
1
1
2
1
1
1
2
2
9
9
10
20
10
10
10
20
20
17
15
17
15
9
17
18
27
25
153
135
163
145
86
163
173
263
245
4
17
94
404
4
17
62
260
1
4
16
64
1
4
19
76
4
4
20
16
80
64
ICA - ADC
ICA - International Diploma in Compliance1
6
13
73
Money Exchange Program - Ministry of Labour
Business of Money Exchange
1
7
Anti Money Laundering
1
3
31
203
22
22
496
154
66
3024
Customised Courses
1
1
15
15
FOR Arab Exchange Co.
Anti-Money Laundering Program
1
1
9
12
FOR Bahrain Businesswomen Society
Keys to Effective Management IIII
1
1
38
46
FOR Bahrain Defence Force
Applied Trade Finance
1
Introduction to International Trade Finance1
Documentary Letter of Credit
1
2
5
5
23
3
6
41
15
30
Total
Total Participant
DaysAttendees
Days
FOR Societe Generale Wealth Management
1
1
4
4
FOR State Bank of India
2
2
45
45
1
10
2
21
14
157
34
241
1
1
11
11
18
18
194
194
122
599
1868
8672
Advanced Claims (English)
1
Engineering Insurance
CAR/EAR (English)
1
CAR/EAR (Arabic)
1
Fire & Loss of Profits Insurance (Arabic) 1
Fire & Loss of Profits Insurance (English) 3
Insurance Corporate
Management (Arabic)
1
Insurance Corporate
Management (English)
1
Insurance Marketing (English)
1
Introduction to Insurance &
Insurance Documentation (Arabic)
2
Insurance Documentation (English)
8
Liability Insurance (English)
2
Life Assurance &
Bancassurance (Arabic)
1
Life Assurance &
Bancassurance (English)
2
Medical Insurance (Arabic)
2
Medical Insurance (English)
2
Miscellaneous Accident
Insurance (Arabic)
2
Insurance (English)
3
Motor Insurance (Arabic)
2
Motor Insurance (English)
3
Reinsurance (Arabic)
1
Reinsurance (English)
3
Risk Management (Arabic)
1
Risk Management (English)
1
Transportation Insurance (Arabic)
1
Transportation Insurance (English)
2
Underwriting Management (Arabic)
1
Underwriting Management (English)
1
Total Open Courses
50
5
17
85
5
22
110
5
5
15
16
13
69
80
65
345
5
7
35
5
5
15
13
75
65
10
49
245
40
10
153
45
765
225
5
8
40
10
10
10
42
30
54
210
150
270
10
27
135
15
10
15
5
15
5
5
5
10
5
5
250
60
37
61
8
60
6
26
15
30
7
14
904
300
185
305
40
300
30
130
75
150
35
70
4520
FOR United Arab Bank
Contract Financing
External Courses
Investment Representative
Program (Series 7)
Total External Courses
Total Offerings:
Centre for Banking
FAP - BSB
1
Module 2 - Banking and Investment Firms 1
FOR APICOPR - Saudi Arabia
Offerings Titles
Total Offerings
Open Courses
Offerings Titles
Total Offerings
Total
Total Participant
DaysAttendees
Days
Award
Preparation for Award in
General Insurance (English)
CIS
School 2: Operations of
Insurance Companies
PIC
Preparation for P05 Insurance
Law (Arabic)
Preparation for Principles of Takaful
Preparation for Principles of
Takaful (Arabic)
Preparation for Risk Management
Preparation for P05 Insurance
Law (English)
Preparation for Insurance Business &
Finance (Arabic)
Preparation for Insurance Business &
Finance (English)
PID
Preparation for LOMA - Principles
of Insurance
Preparation for LOMA - Insurance
Companies Operations
Preparation for LOMA - Insurance
Marketing
Preparation for Life Assurance (Arabic)
AWARD - Examinations
Award in Financial Planning
Examination (Arabic)
Examination (English)
Award in General Insurance
Examination (English)
Examination (Arabic)
CIS - Examinations
School 1: Fundamentals of
Insurance Examination
PIC - Examinations
Principles of Takaful Examination
Insurance Law Examination
Insurance Business and Finance
Examination
Motor Insurance Examination
Examination
PID - Examinations
Principles of Insurance Examinations
Insurance Company Operations
Examination
Insurance Marketing Examination
Risk Management Examination
Life Assurance Examination
1
4
12
53
Offerings Titles
Total Offerings
Total
Total Participant
DaysAttendees
Days
Examination
Reinsurance Examination
110
59
13
2164
2086
5
18
86
1
1
5
5
25
20
125
100
4
2
64
Customised Courses
1
5
14
70
2
1
10
5
42
8
210
43
1
1
5
4
20
34
96
136
4
30
75
472
2
10
46
230
3
16
62
302
1
7
21
139
1
5
21
105
1 6
1
3
21126
35
105
4
56
5
295
5
121
3
21
1
4
2
2
283
169
2
2
158
88
4
327
1
24
1
2
1
3
24
33
34
44
FOR Abu Dhabi National Insurance Company
Insurance Workshop for
ADNIC Senior Executives
1
FOR ACE Group of Companies
Insurance Regulations
Property and Casualty Insurance
Advanced Property and
Casualty Insurance
1
5
20
100
FOR Al Madina Gulf Insurance
Insurance (Arabic)
1
5
14
70
FOR Arab Insurance Institute
1
5
30
150
1
1
1
5
5
5
24
20
20
120
100
100
1
1
1
5
5
5
22
22
23
110
110
115
1
1
5
5
19
24
95
120
4
5
4
29
32
28
116
160
112
4
4
29
29
116
116
4
13
57
5
4
6
5
13
13
14
13
65
55
77
65
7
18
117
1
5
11
55
1
1
5
5
7
20
35
100
FOR Capital Market Authority
Liability Insurance (Arabic)
CAR/EAR (Arabic)
Fire & Loss of Profits Insurance (Arabic)
Insurance (Arabic)
FOR Insurance Regulatory Commission
Introduction to Insurance & I
nsurance Documentation (Arabic)
1
1
Insurance (Arabic)
1
1
FOR Kuwait Institute of Banking Studies
Liability Insurance (Arabic)
1
CAR/EAR (Arabic)
1
1
1
Life Assurance (Arabic)
1
FOR Kuwait Investment Authority - KIA
1
FOR Ministry of Labour
Motor Insurance (English)
|
41
Programme Details
Offerings Titles
Total Offerings
Fire & Loss of Profits Insurance (English)
Fire & Loss of Profits Insurance (English)
Insurance (English)
Medical Insurance (English)
Total
Total Participant
DaysAttendees
Days
1
1
5
5
30
17
150
85
1
1
5
5
17
16
85
80
FOR Motion Al-Saudia
General Certificate in Insurance (Arabic) 5
General Certificate in Insurance (English) 3
25
15
123
61
615
305
4
22
88
3
2
6
6
18
12
FOR Royal Center
1
FOR Saudi Arabia Monetary Agency (SAMA)
1
FOR The William Davidson Institute
Offerings Titles
Total Offerings
ADIC
Waqf - The Theory of Contracts
and Its Legal Maxims
1
5
24
115
ADIF - BIBF
Treasury, Capital Markets and
Risk Management
Islamic Banking Operations
Islamic Commercial Jurisprudence
Trust and Banking Law
Takaful Islamic Insurance
1
1
1
1
1
1
10
9
8
9
9
8
24
25
22
24
26
31
230
235
167
216
229
254
ADIF - SENEGAL
Islamic Banking Operations
Trust and Banking Law
Islamic Insurance (Takaful)
1
1
1
1
8
10
10
10
11
11
11
11
90
110
110
110
3
1
1
29
9
9
74
13
26
714
122
229
2
2
5
5
11
11
28
28
FOR Trade Union Insurance Company
1
1
5
5
12
22
60
110
FOR Trust International Insurance Co.
Risk Management (English)
1
Insurance Marketing (English)
1
1
Advanced Claims (English)
1
53
ADIF - WALES
Islamic Economic Thought
Islamic Commercial Jurisprudence
6
6
6
6
248
24
27
24
22
1021
134
151
134
123
4954
Total Offerings:
ADIF - WAQF
Waqf - Islamic Commercial
Jurisprudence
Waqf - Banking Business and
Trust Regulations
Waqf - Islamic Insurance (Takaful)
608
4089
11560
10
15
75
45
2
125
21
625
42
3
2
4
17
11
21
51
22
42
2
4
8
2
2
6
8
12
16
2
8
16
2
6
12
167
Open Courses
Introduction to Islamic
Banking (Arabic)
2
Introduction to Islamic
Banking (English)
9
Islamic Leasing - IJARAH - (English)
1
Islamic Liquidity and Treasury
Management (English)
1
Islamic Credit Cards (English)
1
Sharia for Bankers (English)
2
Murabaha Finance for Retail
Executives (Arabic)
1
Murabaha Finance for Retail
Executives (English)
1
Islamic Economics for Bankers (English) 1
Skills of Convincing & Influencing
others in Negotiation (Arabic)
1
Introduction to Global Economys &
Islamic Financial Markets (Arabic)
1
Introducing Accounting to
Non-Accountants for Islamic
Banking (English)
1
Intermediate Islamic Banking (English)
4
Total Open Courses
26
4
12
92
9
66
317
36
198
1155
Total
Total Participant
DaysAttendees
Days
CIMA
Islamic Jurisprudence
Islamic Banking & Takaful
Islamic Capital Markets
Islamic Accounting
SHARIA REVIEWER - WAQF
Waqf - Business, Banking and
Trust Law
1 10
17163
1
1
9
10
17
17
153
163
6
6
6
6
36
36
36
36
96
88
97
92
576
528
582
552
1
44
5
320
7
764
34
5684
4
24
94
Customised Courses
FOR Agricultural Development Association
Introduction to Islamic Takaful
1
FOR Gulf Bank - Algeria
Introduction to Islamic Banking &
Finance
1 6
2
10
48269
72
362
1
1
1
7
3
5
10
9
9
70
27
43
1
4
6
21
7
35
42
182
76
442
1188
7383
External Courses
Islamic Documentation Structure
Structuring Islamic Transactions (English)
Islamic Trade Finance (English)
Islamic Banking Supervision Basel II and Capital Adequacy (English)
Total External Courses
Total Offerings:
Offerings Titles
Total Offerings
Total
Total Participant
DaysAttendees
Days
Offerings Titles
Total Offerings
Centre for Leadership and Management
Open Courses
AAD
AAD Bridge Program - Business English
Building High Performance Teams
Building Self Esteem & Business Etiquette
Business Etiquette & Cross
Cultural Management
Business Report Writing
Career Planning & Interviewing Skills
Communication Skills
Customer Care & Positive
Telephone Skills
Effective Business Writing
Effective Office Management
Effective Presentation Skills
Emotional Intelligence
Human Resources Management for
Non-Human Resources Managers
Introduction to Human Resources
Marketing
Problem Solving & Decision
Making Techniques
Public Relations
Sales & Marketing
Effective Supervisory Skills
6
The Professional Manager (Arabic)
1
The Professional Manager
4
Managing Change
1
Managing Quality
1
Performance Management and
Effective Appraisals
2
Effective Office Management (Arabic)
1
2
Leadership Skills
7
Managing People Problems
3
Winning with Customer Service (Arabic) 2
Winning with Customer Service
9
Effective Time Management
7
9
8
Business Report Writing
5
Sales Reporting & CRM
1
Conflict Management
1
6
Coaching for Success
2
Effective Recruitment & Selection
1
Emotional Intelligence (Arabic)
1
Emotional Intelligence
2
Building High Performance
Teams (Arabic)
1
Building High Performance Teams
4
Stress Management (Arabic)
1
Stress Management
3
Negotiation Skills
3
Train the Trainer
2
Talent and Retention Management
1
Strategic Business Planning
1
Managing Marketing Activities
1
The Key Elements of Successful Selling
1
Public Relations
1
Marketing Communications (Arabic)
1
Marketing Communications
1
Influencing Behaviour (Arabic)
1
Influencing Behaviour
2
Relationship Marketing
1
Human Resources Planning Techniques 2
Human Resources Management for
Non-Human Resources Managers
2
Employee Training & Development
1
Organisational Behaviour
1
Reward Management
1
Business Etiquette & Cross
Culture Management
1
Key Account Management
1
Total Open Courses
116
18
3
12
3
2
116
14
80
13
25
348
42
240
39
50
6
2
4
21
6
6
27
14
18
32
20
2
3
24
6
3
2
4
30
23
36
114
57
27
138
147
176
109
63
11
20
64
23
8
13
33
90
46
72
342
114
81
414
294
352
436
252
22
60
256
69
24
26
66
3
12
2
6
6
6
3
3
2
2
2
2
2
3
6
2
6
15
52
15
58
53
19
5
14
10
16
7
15
18
9
31
21
18
45
156
30
116
106
57
15
42
20
32
14
30
36
27
93
42
54
6
3
3
2
19
13
9
16
57
39
27
32
2
3
325
18
14
1805
36
42
4883
Total
Total Participant
DaysAttendees
Days
2
4
2
24
11
6
32
61
27
384
174
86
1
3
2
3
3
12
8
7
18
54
27
48
58
216
108
115
3
3
2
1
1
10
12
6
4
2
47
45
29
10
19
150
180
93
40
30
2
6
35
112
2
6
26
83
1 2 1946
3
3
2
7
5
6
44
44
26
106
70
83
1
5
4
22
1
1
1
1
3
5
4
7
9
13
5
1
11
108
153
59
12
22
188
249
76
13
273
2256
2914
896
156
546
CIM
Market Information and Research
Stakeholder Marketing
1
1
7
9
4
4
29
35
CIMA - Business English
CIMA Business English
2
24
42
504
1
6
19
114
1
3
16
48
4
24
37
222
1
3
16
48
4
12
73
219
4
1
12
4
72
21
216
84
AD
Occupational Testing (OT) - Level A
Occupational Personality
Questionnaire (OPQ) - Level B
Competency Based Interviewing (CBI)
BASIC SKILLS - Ministry of Labour
BEP Foundation Level
BEP Level 1
BEP Level 2
BEP Level 3
Business Ethics (Arabic)
CIPD
Business Issue & the Context of
Human Resources
Contributing to the Process of
Job Analysis
Delivering Learning and
Development Activities
Developing Coaching and Mentoring
within Organisations
Developing Coaching Skills for
the Workplace
Developing Mentoring Skills for
the Workplace
Developing Professional Practice
|
43
Programme Details
Offerings Titles
Total Offerings
Developing Yourself as an Effective HR
or Learning & Development Practitioner
Evaluating Learning and
Knowledge Managmenet
Managing and Coordinating
The Human Resources Function
Meeting Organisational
Development Needs
Preparing and Designing Learning and
Recording, Analyzing and Using
Human Resources Information
Resourcing Talent
Support Good Practice in Performance
Management & Reward
Supporting Good Practice in
Managing Employment Relations
Understanding Organisations and
the Role of Human Resources
Undertaking a Training Needs Analysis
Using Information in Human Resources
CMI
Developing Personnel &
Personnel Performance
Financial Control
Human Resource Development
Information Based Decision Making
Managing Marketing Activities
Marketing Planning
Meeting Stakeholder and Quality Needs
Performance Management
Recruitment & Selection
Resource Management
Work Based Project
Offerings Titles
Total Offerings
Total
Total Participant
DaysAttendees
Days
Customised Courses
3
12
84
336
2
1
6
3
7
17
21
51
1
6
20
120
1
3
5
15
1
3
3
9
3
3
6
18
73
64
146
384
3
18
50
300
4
24
61
366
3
1
1
12
3
4
75
4
17
300
12
68
2
2
2
2
2
2
2
2
1
2
4
GEP
General English Program (GEP) - Level 1 1
IDBE
IDBE Level 1
2
IDBE Level 2
4
IDBE Level 3
5
IDBE Level 4
5
169
Total
Total Participant
DaysAttendees
Days
7
10
7
10
5
10
7
10
2
10
24
30
30
31
46
29
30
34
34
16
33
55
108
144
112
221
70
144
122
163
38
158
330
12
14
168
24
48
60
60
1028
24
74
91
94
2871
288
888
1092
1128
17757
FOR Bahrain Airport Company
1
Leadership Skills
1
Winning with Customer Service (Arabic) 1
1
FOR Bahrain Institute of Banking & Finance Train the Trainer
1
2
3
3
2
2
8
5
5
11
9
16
15
15
22
FOR Bank of Bahrain & Kuwait
Personal Effectiveness
Service Quality
People Management
1
1
1
4
2
4
16
18
18
58
43
65
FOR Gulf Aviation Academy
Team Building
3
4
41
57
FOR HSBC
Introduction to Mentoring Workshop
1
1
17
17
FOR INDEVCO Group of Companies
1
3
9
25
FOR Ministry of Labour
Customer Service Skills
1
3
18
54
FOR Ministry of Works
Technical Report Writing
Effective Time Management
2
2
3
10
5
11
37
41
38
178
98
137
FOR Qatar National Bank
Leadership Skills for Bankers
2
6
25
75
FOR Shura Council
Service Excellence (Arabic)
1
3
9
27
FOR Taib Bank
Performance Management
2
3
21
29
FOR US Embassy
Decision Making & Ethics in the Workplace4
30
5
75
69
415
83
1036
1428
5091
23676
Leadership and Management
315
22
BIBF Team
Director’s Office
Garry Muriwai
Director
Administration
Ebtisam A. Saad
Executive Assistant
[email protected]
Farayi Patrick Chikwanda
Internal Auditor
[email protected]
BCompt; ICAZ
Human Resources
Hussain Ismail
Deputy Director
[email protected]
Centre for Academic
and Executive
Dr Mohammed Al Khozai
Head of Centre: Academic &
Executive
[email protected]
Faculty
Waseem Mirza
Senior Lecturer / Academic
coordinator
[email protected]
BCom; MCom; MBA; AAT
Administration
Administration
Zahra Tabbara
Academic & Executive
Coordinator
[email protected]
Hassan G. Abbas
HR Officer
[email protected]
Lameea Mohammed
Administration Coordinator
[email protected]
Mariam Rasool
HR Assistant
[email protected]
Parween Haji
[email protected]
Centre for Accounting
and IT
Namasiku D. Liandu
Head of Centre: Accounting
and IT
[email protected]
Faculty - Accounting
Administration
Hafiz Qaisar Raza Khan
Senior Lecturer
[email protected]
BCom; MCom; CMA; ACMA
Khulood Al Thaqafi
[email protected]
Syed Amir Zahid
Senior Lecturer
[email protected]
BA; ACA; CIPA
Jalila Fadhul
Morgan Country Manager
[email protected]
Mahmood Abdulla
Lecturer
[email protected]
BSc; MBA; CPA
Morgan
Ahmed Taqi
Morgan Administration
Assistant
[email protected]
Faculty - IT
Centre for Banking
Yousif Faraj
Senior Lecturer
[email protected]
BSc; MBA; AMBCI
Dr. Subhadra Ganguli
Head of Centre: Banking
[email protected]
Faculty
Najma Ghuloom
Lecturer, Business
Development Manager
[email protected]
BSc; MBA (hons); PhD; CTP
Dr. Jyothi Venkatesh
Senior Lecturer
[email protected]
BCom; MCom; PhD
Nedhal Al-Faraj
Lecturer
[email protected]
BSDP; NVQ; Dip (Business
Administration); CTP; ICDL
Naheel Al-lababidi
Senior Lecturer
[email protected]
BCom; ACI Dealing Certificate;
ACI Dealing Diploma
|
45
BIBF Team
Anuradha Shaw
Lecturer
[email protected]
BA; MA (Distinction); ACAMS
Chithra Suresh
Lecturer
[email protected]
BA; MA; MPhil; Certified Trade
Finance Specialist; Professional
Diploma for Trainers and
Tutors
Krishnan Subramanian Iyer
External Consultant
[email protected]
MMS; Dip. In IFRS; APRM
Administration
Khulood Al Thaqafi
[email protected]
Amani Al Tublani
Special Projects Coordinator
[email protected]
Husain Al Ajmi
Assistant Director & Head of
Centre: Insurance
[email protected]
Faculty
Ali Mohsen
Lecturer
[email protected]
BSc; ACII; CIP
Manal Mohammed
Mashkoor
Lecturer
[email protected]
BSC (Hons); MSHR (Hons);
ACII
Yousif Darwish
Lecturer
[email protected]
BSC; ACII; DLHI
Administration
Mahesh B.J. Prabhu
Business Development
Manager
[email protected]
BBM; MBA; PGDIT; Dip CII
Mohamed Alshamlawi
Administrative Assistant
[email protected]
Wafa Al Durazi
[email protected]
Zainab Bucheery
[email protected]
Centre for Islamic
Finance
Dr Mohammad Omar
Farooq
Head of Centre: Islamic
Finance
[email protected]
Faculty
Dr. Ahmed Assad Mahmoud
Senior Lecturer
[email protected]
BA; MA; PhD; Post Doctorate
PhD; CSAA
Nedal El-Ghattis
Senior Lecturer
[email protected]
BCom; MBA; Dip (NeuroLinguistic Programming); CIPA;
CSAA
Alfatih Gessan Pananjung
Aryasantana
Senior Lecturer
[email protected]
BEng; MBA; CDIF
Administration
Sumaya Zainalabedin
[email protected]
Centre for Leadership
and Management
Kadri Rizk
Head of Centre: Leadership
and Management
[email protected]
Faculty
Amal A. Jabbar Al Awadhi
Consultant & Trainer
[email protected]
BSC
Madhavi Tiwary
Senior Lecturer
[email protected]
BA; MA(English Literature);
MA (Education); Certificate in
Instructional Skills
Dr Muneer Mohammed
Saeed
Senior Lecturer
[email protected]
BSC; MBA; PhD; PG Dip
(Marketing); Chartered
Marketer
Dr Vijayalaxmi Moovala
Senior Lecturer
[email protected]
B.Com (Hons); MBA; PhD; PG
Dip (Personnel Management);
Certified Master Trainer
(Neuro-Linguistic Psychology);
Accredited Facet 5 User;
Chartered MCIPD
Dr Vivek Kumar
Senior Lecturer
[email protected]
BSc; MBA (HR); PhD;
Bader Abbas Al Nasser
Lecturer
[email protected]
BSC
Philip Mukhwana
Lecturer
[email protected]
BSC (Hons); Dip (Education);
PG Dip (ICT); Advanced
Diploma (Learning and
Development; Accredited
Facet 5 User
Siddika Sabooni
Business English Consultant
[email protected]
BA; MEd; Diploma TEFL
Naeema Al-Aali
Lecturer
[email protected]
Bed; CELTA
Administration
Dr Victoria Ghurbal
Business Development
Manager
[email protected]
BA (Hons); MPhil; PhD
Sameera Ahmed Ali
Special Projects & Business
Development
[email protected]
BSc; CMI
Sameera Al Khal
[email protected]
Sana Sarwani
[email protected]
Sara Mohammed
Assessment Specialist
[email protected]
Ellen Cubacub
Administration Assistant
[email protected]
Finance Department
Buvana Muthuraman
Finance Manager
[email protected]
Cristine S. Al Arayedh
Finance Officer
[email protected]
Mahdi Abdulnabi
Finance Officer
[email protected]
Redha Mohammed
Finance Officer
[email protected]
Marketing and
Communications
Department
Chris Carston
Marketing and
Communications Manager
[email protected]
Amal Al A’ali
Marketing Officer
[email protected]
Ameera Qaedi
Marketing Coordinator
[email protected]
Gerry Palad
Web Master/Graphic Designer
[email protected]
Operations Department
Khalid Al Medfaie
Head of Operations
[email protected]
Nawal Saif
Registrar
[email protected]
Administration Operations
Fadheela Al Sharaf
Operations Officer
[email protected]
Allan Mauleon
IT Support
[email protected]
Noora Buhazza
Librarian
[email protected]
Dana Kamal
[email protected]
Administration –
General Services
Hassan Khamis
Supervisor
[email protected]
George Epen
Office Assistant
[email protected]
Hussain Askari
Office Assistant
[email protected]
Kakkarattu Kunnummal
Rajan
Office Assistant
[email protected]
Mohammed AbdulKhaliq
Driver
[email protected]
Administration Registration
Sarah Saade
Assistant Registrar
[email protected]
Afnan Ali Sahwan
[email protected]
Ahmed Al Alawi
[email protected]
Farooq AbdulQader
[email protected]
Centre for Research
Dr Mohammad Omar
Farooq
Head of Research
[email protected]
Sowmya Vivek
Research Analyst/ Coordinator
[email protected]
Fulbright Scholar
Lauren Vriens
Fulbright Scholar
To shape new
leaders, you
must first
be a leader
yourself. AT
BIBF, we recruit
and develop
the best.
Marwa Ahmed
[email protected]
Muqtada Al Oraibi
[email protected]
Bader Al Ameer
Information Desk Attendant
[email protected]
Mohammed Taqi
[email protected]
Nasser Al Khayat
[email protected]
Abdul Mutaleb Abdulla
Receptionist
[email protected]
Quality Assurance
Department
Cath Hogan
Acting Head of Quality
Assurance
[email protected]
Nasreen Aqeel
Academic QA Coordinator
[email protected]
|
47
Guest Speakers / Lecturers 2011
Centre for Academic and
Executive
Dr. Nicholas Mathys
Professor of Management
Centre for Accounting
and Finance
Muna Al Merri
Ministry of Education
DePaul University
Dr. Owais Succari
Associate Professor of
Management
CFAB
Nasreen Amiri
Dr. Ali Fatemi
Alumni Professor & Chairman
of Finance
Dr. Daniel Heiser
Associate Dean & Associate
Professor
Dr. Delvin Brewer
Associate Professor - Program
Coordinator MIS Undergraduate
Dr. Elijah I. Brewer
Associate Professor in Finance
Dr. Gilles Reinhardt
Management
Dr. Jack Mosevich
Visiting Associate Professor of
Finance
Dr Jamie Bochantin
Adjunct Faculty
Dr. Jin Choi
Economics
Dr. John Ahern
Accountancy and Management
Information Systems
Dr. Karim Pakravan
Associate Professor of Finance
Dr. Kenneth Thompson
Professor of Economics
Dr. Lori Cook
Management
Dr. Marty Martin
Director, MSHR & Associate
Professor of Management
Dr. Michael S. Miller
Chairman of Department of
Economics
Dr. Nabil A. Ibrahim
Grover C. Maxwell Professor of
Business/Adjunct Faculty
Dr. Ramon Codina
Visiting Assistant Professor of
Finance
Dr. Thomas Berry
Associate Professor of Finance
Hammad Mohiy ud Din
Meinhardt Bahrain
CIA
Jamal Al Moutawa
GOSI
CMA / CPA
Dr. Thomas Mondschean
Professor of Economics
Ahmed Al-Sulaiman
Qatar National Bank (QNB)
Dr. Timur Gok
Visiting Assistant Professor of
Finance
Ahmed Rifath
Kuwait Finance House
Dr. Timothy Opiela
Economics
University of Wales
Agnel Pereira
Private Consultant
Ahmed Rifath
KFH
Ali Abbas
BBK
Badriya Ameen
Ministry of Health
Bob Thacker
National Trading House
Khalid J. AlBayat
BBK
Mellissa Macapagal
Private Consultant
Nic Polley
Charles Russell
Rashmi Ramachandran
Private Consultant
Saeeda Nasir
Private Consultant
Yasser AI Mandeel
AI Jawhara Medical Centre
Ayman Khamdan
Elaf Bank
Isa AI-Motawaj
Central Bank of Bahrain
Khalid Mohammed Turani
Aluminum Bahrain (ALBA)
Kishore Dash
NoorCap Investment BSC
Centre for Banking
Banking Studies Diploma
Programme
Ahmed Bumtaia
CBB
Nader Al Soufe
CrediMax
Ron Howard
Private Consultant
Vince Coyle
Ministry of Works
Other Offerings
T.R. Venkatesh
Bahraini Saudi Bank BSC
Ronald William Howard
DPM FACT FZC. (DPM)
Ayman Al Ajmi
Chartis Takaful Enaya
Rushdi Kikhia
Deloitte & Touche ME
Dr. Mohammed Farid Al Sahn
Samar Agaiby
Housing Bank
Jaffer Mazaal
Dar Al Takaful
Minstry of Labour – Basic
Skills Programme (ICDL)
Nader Al Mandeel
CBB
Abdulla Mahdi
Yolla El-Khoury
ACE Group of Companies
Ahmed Khayamy
Yousif Al Kareh
Solidarity General Takaful
Dr. Ali Al Mouwawi
Dr. Mahmood Nasser
Dr. Melissa MacapagalAgsalud
Ministry of Interior
Dr. Shaker Hasan Rashed
Hussain AbulAmeer Taradah
Mohammed Al Ramil
Ministry of Oil
Sana Sayed Hasan Al Noaimi
BTI
Centre for Islamic
Finance
Abdulazeem Abozaid
Emirates Islamic Bank - UAE
Abdulnasser Bu Kamal
Own Business
Akhtar AIi
Elaf Bank
Arif Khalifa
Hussain Abdul Haq
AI Salam Bank
Jehad AI Alawi
Oasis Capital Bank
Ruqaiyah Yusuf Abdulla
Sharif
Safiya Mustafa Mohd
Sajida Jassim Swar
Ministry of Education - Retired
Taiba Mohd Ali Jassim
Wael Bakry Meligy Jad
Minas Ahmed Hasan
CIM
Mustapha Hamat
International Islamic University
of Malaysia
Huzeifa Adamally
Third Wave
Osama Mukhtar
The Arab Investment Company
S.A.A.
IDBE
Caroline Hannam
Private Consultant
Professor Frnak Vogel
Harvard University
Deborah Rose
Private Consultant
Shaban Barwari
Taazur Company
Khulood AI Baluchi
Taha El Tayeb
Financial Investment Bank Sudan
Sarah Masoud
Centre for Leadership
and Management
Shireen Heidari
College of Health Science
Other Offerings
Business English
Programme
Shay McConnor
Teamworking International
Abdul Razaq Sassi
Ministry of Labour - AAD
Ahmed Abdul Rahman Mohd
Ahmed
Jassim Naser Hasan Matrook
Majeda Ahmed Khamis
BIBF welcomes
guest speakers
from all over
the world
every year,
who come To
share their
expertise and
knowledge.
Ameer Abbas
Private Consultant
Hind Idris Ahmed
Private Consultant
Dr. Nasser Hussain
Private Consultant
Mariam Mohd Sami
|
49
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
Acacia Investment BSC
Addax Investment Bank
Ahli United Bank (AUB)
Al Khabeer International Bank
Al Salam Bank (FCB)
Al Yousuf Exchangers
Albaraka Banking Group
Albaraka Islamic Bank
Allianze Global Investors
Allied Banking Corporation
Alpine Wealth Management
Alubaf Arab International Bank
Amex (Middle East)
Arab Bank Plc
Arab Banking Corporation
(ABC)
Arab Exchange Company
Arab Financial Services (AFS)
Arcapita Bank
Askari Bank Ltd
Bahrain Bourse (BSE)
Bahrain Credit
Bahrain Development Bank
(BDB)
Bahrain Express Exchange
Bahrain Financing Company
Bahrain International Bank
Bahrain Islamic Bank (BISB)
Bahraini Saudi Bank (FCB)
Bank Al Habib Limited
Bank Alfalah Limited
Bank Alkhair (Unicorn)
Bank of Bahrain & Kuwait
Bank of Baroda
BMB Investment Bank
BMI Bank
BNP Paribas
Canara Bank
Capinnova Investment Bank
Capital Management House
Capivest
CIMB Middle East BSC
Citibank N.A.
Credimax BSC
Credit Agricole Corporation &
Investment Bank
Credit Libanais
Daiwa Capital Markets Europe
Ltd
Deniz Bank
Deustche Bank
Dexia Private Bank
Elaf Bank
Eskan Bank
European Islamic Investment
Bank
Family Bank BSC Closed
Finansbank AS
First Energy Bank
First Investment Bank
First Leasing Bank
FORITS Bank GSC
Future Bank BSC
Global Banking Corporation
Global Investment House
Gulf Custody Company
Gulf Finance House ES
Gulf International Bank
Gulf One Investment Bank BSC
Habib Bank Ltd.
HDFC Bank Limited
HSBC Bank Middle East Ltd
HSBC Bank Middle East Ltd
Wholesale Bank
ICICI Bank Limited
ING Bank AS
Instrata Capital BSC
International Investment Bank
Investcorp Bank
Investment Dar Bank Closed
Investors Bank
Investrade Co BSC Closed
Islamic International Rating
Agency
Ithmaar Bank
JPMorgan Chase Bank
Khaleeji Commercial Bank
Korea Exchange Bank
Kuwait Turkish Participation
Bank Inc
LGT Bank In Liechtenstein Ltd
Liquidity Management Centre
LMG (Bahrain) (ME)
Marsh (Bahrain) Company SPC
Mashreq Bank
Maybank
MCB Bank Limited
McLarens International Limited
Merrill Lynch International Bank
Ltd
Mizuho Corporate Bank Ltd
National Bank of Abu Dhabi
National Bank of Bahrain
National Bank of Kuwait SAK
National Bank of Pakistan
National Finance & Exchange
Company
National Finance House
NCB Capital
Nexus Financial Services WLL
Nomura Investment Banking
(ME)
Nonoo Exchange Company
Oasis Capital Bank
Reef Bank
Sakana HHS BSC
Securities & Investment
Company
Seera Investment Bank
Standard Chartered Bank
State Bank of India
T. Vakiflar Bankasi TAO
Tadhamon Capital
Taib Bank E.C.
Tharawat Investment House
The Arab Investment Company
(TAIC)
The Bank of Tokyo-Mitsubishi
UFJ Ltd
The Benefit Company
The Family Office Company
The Housing Bank for Trade &
Finance
The Islamic Bank of Asia Limited
The Saudi National Commercial
Bank (SNCB)
TSKB Industrial Development
Bank of Turkey
Turk Ekonomi Bankasi
Turkiye Halk Bankasi A.S.
Turkiye IS Bankasi A.S.
UBS AG
United Bank Ltd
United Gulf Bank
Vakif Bank
Venture Capital Bank
Wealth Management Group
Woori Bank
Yapi Ve Kredi Bankasi A.S.
Insurance Companies
ACE Insurance Brokers WLL
ACE Insurance MENA
ACR ReTakaful MEA BSC
AF Willis Faber EC & . WLL
Al Ahlia Insurance Company
Al Hadaf Insurance
Al Zayani Insurance Brokers
Company
Allianz Mena Holding Company
Allianz Takaful Bahrain
American Life Insurance
(METLIFE)
Aon Re Middle East
Arab Insurance Group (ARIG)
Arab War Risk Insurance
Syndicate
Arabia Insurance Company LTD
Armour Insurance Services WLL
AXA Insurance (Gulf) BSC
AXIS International
Bahrain Kuwait Insurance Co
(BKIC)
Bahrain National Holding Co
(BNH)
Chartis Takaful Enaya - AIG
Crescent Global Insurance
Services
Cumberland Insurance &
Reinsurance
Cunningham Lindsey Middle
East Ltd
Ensurion WLL
Fakhro Insurance Services
Gulf Union Insurance & Projects
Management Holding
Gulf Union Insurance &
Reinsurance Company
Hannover Retakaful
ICICI Prudential Life Insurance
Company Ltd
Insure Direct Brokers Bahrain
Intershield WLL
Iran Insurance Company
Kane Insurance Management
WLL
Labuan Reinsuance Ltd
Legal and General Gulf Takaful
Medgulf Insurance-BH
New Hampshire Insurance - AIG
New India Assurance Company
Ltd
Oryx Insurance Services
Patrick York Ireland Insurance &
Reinsurance Broker Company
Protection Insurance Services
Royal & Sun Alliance Insurance
(Middle East)
Saudi Arabian Insurance Co
(SAICO)
Saudi National Insurance (SNIC)
Solidarity Family Takaful
Solidarity General Takaful
Solidarity Group Holding
Takaful International Company
T’azur Company BSC
Trade Union Insurance Company
Trust International Insurance &
Reinsurance Company
United Insurance Company
Zurich Insurance Company
Zurich Insurance Services (ME)
Zurich International Life
Insurance Ltd
BIBF is proud
to play a role
in the ongoing
success of
many leading
companies in
Bahrain and
across the
region.
|
51
Participating Organisations
Non-member organisations comprise institutions other than our Members
who use the services provided by BIBF.
Algeria
Gulf Bank
Egypt
International Turnkey
Jordan
Amman Stock Exchange
Insurance Regulatory
Commission
Middle East Insurance Company
Kingdom of Bahrain
2Connect Bahrain W.L.L.
3D International W.L.L.
Abdulla Yousif Fakhro Group
Abdullatif Al Aujan Group
Afaq Institute of Avaition
Technology
Agility Logistics
AIRMECH
Al Arayedh Investments
Al Baqea Construction
Al Enma’a House R.E.
Al Faisal Logistics & Transport
W.L.L
Al Hassanain Company
Al Manaratain Company
Al Moayyed International Group
Al Nooh Wood Design
Al Zayani Investment Group
Aluminium Bahrain (ALBA)
Americana
APM Terminals Bahrain
Arexco (Arab Exchang)
ASRY
BAFCO
Bahrain Air
Bahrain Airport Company
Bahrain Business Women’s
Society
Bahrain Chamber of Commerce
and Industry
Bahrain Defence Force
Bahrain Financing Company
Bahrain Institute of Political
Development
Bahrain Mumtalakat Holding
Company
Bahrain Olympic Committe
Bahrain Plumbing
Bahrain Polytechnic
Bahrain Royal Flight
Baker Hughes EHO Ltd
BALEXCO
BANAGAS
BANOCO
BAPCO
Batelco
BMMI
BDF Medical Services
Easy Process
Jawad Habib & Co
Royal Family Council
Tamkeen
The Court of HRH Prime
Minister
Waqf Fund
Capitaland Bahrain Business
Services W.L.L
Chemist in Al Hoty Analytical
Services
Coca-Cola Botteling Company
Crown Prince Court
Dalkia
Dar Akhbar Al Khaleej Press
Delmon Attorneys
Direct Middle East
Diyar Al Muharraq
Durrat Khaleej Al Bahrain
Ebrahim Khalil Kanoo
Economic Development Board
Edamah (Bahrain Realestate
Investment Co.)
Education Global Specialist
eGovernment Authority
Electricity & Water Authority
Embassy of the United States
EMCOR
Emerson
Ernst & Young
Evili Public Relations & Real
Estate
Fakhro Electronics W.L.L
Fakro Resturants Co. WLL
FedEx Express
GCC Commercial Arbitration
Center
Genernal Organization for
Youth
German Orthopendic Hospital
GOSI
GPIC
Grant Thornton
Gulf Air
Gulf Aviation Academy
Gulf Closures W.L.L.
Gulf Corporation for Technology
Gulf Electronic Management
System
Gulf Industrial Investment
Company
HAJ Gulf
Haji Hassan Group
Haldor Topsoe International
Hempel Paints
INOVEST
Institute of Public Administration
Internationall Turnkey Systems
Isa Cultural Centre
Keypoint Consulting W.L.L.
KPMG Fakhro
Land Gulf Insurance
LMRA
M.A.Y. Al Mezeal Construction
and Sevices
MAF Investments Bahrain
Majaz Construction
Marina Club
Maza Food Packing
Mechanical Contracting. &
Services Co. W.L.L.
MedNet Bahrain W.L.L
Midal Cables Ltd
Ministry of Works
Ministry of Finance
Ministry of Housing
Ministry of Industry and
Commerce
Ministry of Labour
Ministry of Social Development
Ministry of State
Mohammed Ali Zainal (MAZA)
Mohammed Salahudin
Consulting
Morgan International
MYFO
Naseej B.S.C. (c)
NOGA Holding
North Star Technologies
Nuetel
Oil Spill Response Limited
Premier Group W.L.L.
Pricewaterhousecoopers
PTTEP Bahrain Company Limited
Quality Assurance Authority for
Education and Training
Rafie Jewellers
Ramsis Engineering
Robeco-WPG
Rosemount Tank Gauging
Royal Charity Organization
Royal Family Council
Sabre Travel
Salah Al Qaed Contracting
Company
Sale Co.
Scott Wilson Ltd
Seef Properties
SEL Middle East B.S.C.
Sheraton Hotel
Shura Council
Social Insurance Organization
Societe Generale Wealth
Management
Solios Services Al A’ali
Southern Area Municpality
Specific Council for Training in
Retail
Supreme Council of Youth and
Sports
Survey and Land Registration
Bureau
Synergy Middle East
Terna Constructing
The Sultan Center Retail Bahrain
Travelex Bahrain W.L.L
U.S Navy
UAE Exchange Center
UCO Engineering W.L.L.
VIVA
Western Gulf Advisory B.S.C.(c)
Y.K. Al Moayyed & Sons
Company
Zain Group
Kuwait
Central Bank of Kuwait
IBS Kuwait
Kuwait Investment Authority
United Real Estate Company
Warba Insurance Company
Oman
Al Madina Gulf Insurance
BankMuscat
CMA Oman
Muscat Insurance Company
Oman Arab Bank
Oman Insurance Authority
Oman Sail LLC
Palestine
Agricultural Development
Association
Palestine Capital Market
Authority
Qatar
Masraf Al Rayan
Nasser Bin Khaled Al Thani &
Sons Holding Company
Patton Boggs LLP
Qatar Islamic Bank
Qatar National Bank
Qinvest
The Commercial Bank of Qatar
(Q.S.C.)
Trust International Insurance
Saudi Arabia
ACE Insurance
Al Ahlia Insurance Company
Ali Zaid Al Quraishi & Partners
Alinma Bank
APICORP
AXA Insurance (Gulf)
Banque Saudi Fransi
Dynamic Energy for Trading &
Contracting Company
Gulf International Bank
Gulf Co-operative Insurance
Company
INDEVCO Group of Companies
International Islamic Insurance
Company
Maaden Phosohate Company
Malath Cooperative Insurance &
Reinsurance Co.
MEDGULF
Motion Al Saudia
NESMA Holding Company Ltd.
Rabigh Refining and
Petrochemical Company
Royal & Sun
SABIC
SAMA
Saudi Belgian Reinsurance
Broking Co.
Saudi Electric Co
Saudi Hollandi Bank
Saudi Industrial Property
Authority
Saudi Readymix Concrete Co.
Shuaa Capital
SNCB
Solidarity Saudi Takaful
Takafol Islamic
Tawuniya
Trade Union Insurance Co.
United Cooperative Assurance
Co.
Wahah Electric Supply Co.
Zain
Sudan Insurance Supervisory
Authority
United Capital Bank
Syria
Arab Insurance Institute
Arab Orient
Insurance Supervision
Commission
UAE
Abu Dhabi Investment House
Abu Dhabi National Insurance
Company
Bin Shabib and Associates (BSA)
LLP
Royal Institute
Dubai Islamic Insurance &
Reinsurance Company
Nexus Group
Royal Center
United Arab Bank
Yemen
Tadhamon I. I. Bank
United Insurance Company
Yemen Islamic Insurance
Company
Senegal
Embassy of Senegal
Sudan
Sudan Academy
Islamic Insurance Company
|
53
Independent Auditors’ Report to the Specific Council
for Vocational Training (Banking Sector)
Bahrain Institute of Banking and Finance
Report on the financial
statements
We have audited the
accompanying financial statements
of Bahrain Institute of Banking
and Finance (the Institute) which
comprise the statement of financial
position as at 31 December
2011 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
and for such internal control as
the management determines
is necessary to enable the
preparation of financial statements
that are free from material
misstatement, whether due to
fraud or error.
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 2011 and its
financial performance and its cash
flows for the year then ended
in accordance with International
Financial Reporting Standards.
22 July 2012
Manama, Kingdom of Bahrain
Financial Statements 2011
Opening doors
To opportunity for
Bahrain’s BUSINESS
AND financial leaders
Bahrain Institute of Banking
and Finance
Statement of financial position
(All amounts expressed in Bahrain Dinars unless otherwise stated)
As at 31 December
Note 20112010
Assets
Non-current assets
Property and equipment
5
949,103649,709
Long term deposit
6
2,000,000
2,949,103649,709
Current assets
Trade and other receivables
7
1,582,6371,014,734
Cash and cash equivalents
8
8,454,0579,887,547
10,036,69410,902,281
Total assets
12,985,79711,551,990
Fund balance and liabilities
Fund balance
Accumulated surplus
9,016,4747,734,738
Special reserve
9
1,952,2431,936,541
10,968,7179,671,279
Non-current liabilities
Employees’ termination benefits
10
152,453109,479
Current liabilities
Accounts payable and accruals
11
1,864,6271,771,232
Total fund balance and liabilities 12,985,79711,551,990
The financial statements were approved by the Specific Council for Vocational Training (Banking Sector) on 19 May
2012 and signed on its behalf by:
Rasheed Al Maraj
Garry Muriwai
ChairmanDirector
The notes on pages 60 to 68 form an integral part of these financial statements.
Statement of comprehensive income
Year ended 31 December
Note 20112010
Revenue
Tuition fees
Less: Direct tuition costs
Net tuition fees
3,385,4333,973,985
(1,062,343)(1,400,980)
2,323,0902,573,005
Levy
2,127,9652,086,140
Contribution
15,00015,000
Other
12,3809,009
4,478,4354,683,154
Expenses
Staff costs
12
(2,845,060)(2,887,943)
General and administrative expenses
13
(421,003)(483,621)
Depreciation 5
(159,527)(163,631)
(3,425,590)(3,535,195)
Operating profit for the year
1,052,8451,147,959
Finance income
244,593233,735
Profit for the year
1,297,4381,381,694
Other comprehensive income
--
Total comprehensive income for the year
1,297,4381,381,694
The financial statements were approved by the Specific Council for Vocational Training (Banking Sector) on 19 May
2012 and signed on its behalf by:
Rasheed Al Maraj
Garry Muriwai
ChairmanDirector
|
57
Statement of changes in fund balance
AccumulatedSpecial
Note
surplus reserve
Total
At 1 January 2010
Transfer from accumulated surplus
9
6,396,466
1,381,694
(43,422)
1,893,119
-
43,422
8,289,585
1,381,694
-
At 31 December 2010
7,734,738
1,936,541
9,671,279
At 1 January 2011
7,734,738 1,936,5419,671,279
1,297,438
-1,297,438
Transfer from accumulated surplus
9(15,702) 15,702
At 31 December 2011
9,016,474
1,952,243
10,968,717
Statement of cash flows
Year ended at 31 December
Note 20112010
Cash flows from operating activities
Profit for the year
1,297,4381,381,694
Adjustments for:
Depreciation5
159,527163,631
Interest income
(244,593)(233,735)
Charge for the employees’ end of service benefits
10
56,45239,679
Changes in operating assets and liabilities
(445,440)(126,535)
Accounts payable and accruals
93,395385,517
Employees’ end of service benefits paid
10
(13,478)(1,446)
Net cash generated from operating activities
903,3011,608,805
Cash flows from investing activities
Purchase of property and equipment
5
Investment in long term deposit 6
Interest income received
Net cash (used in)/generated from investing activities
(458,921)(147,655)
(2,000,000)122,130174,680
(2,336,791)27,025
Net (decrease)/increase in cash and cash equivalents
(1,433,490)1,635,830
Cash and cash equivalents at the beginning of the year
9,887,5478,251,717
Cash and cash equivalents, end of the year
8,454,0579,887,547
8
|
59
Notes to the financial statements
for the year ended 31 December 2011
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 1980.
The objective and principal activity of the Institute is to provide training to employees working in the financial
sector of the Kingdom of Bahrain.
The 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; and
c. an annual contribution of BHD 15,000 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) and 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.
(a) New and amended standards adopted by the Institute
There are no IFRS or IFRIC interpretations that are effective for the first time for the financial year beginning on or
after 1 January 2011 that would be expected to have a material impact on the Institute.
(b) New standards, amendments and interpretations issued but not effective for the financial year
beginning 1 January 2011 and not early adopted
IAS 19, ‘Employee benefits’ was amended in June 2011.
IFRS 9, ‘Financial instruments’, addresses the classification, measurement and recognition of financial assets and
financial liabilities. IFRS 9 was issued in November 2009 and October 2010. It replaces the parts of IAS 39 that
relate to the classification and measurement of financial instruments. IFRS 9 requires financial assets to be classified
into two measurement categories: those measured as at fair value and those measured at amortised cost. The
determination is made at initial recognition. The classification depends on the entity’s business model for managing
its financial instruments and the contractual cash flow characteristics of the instrument. For financial liabilities, the
standard retains most of the IAS 39 requirements. The main change is that, in cases where the fair value option is
taken for financial liabilities, the part of a fair value change due to an entity’s own credit risk is recorded in other
comprehensive income rather than the Statement of comprehensive income, unless this creates an accounting
mismatch.
IFRS 10, Consolidated financial statements’ builds on existing principles by identifying the concept of control as
the determining factor in whether an entity should be included within the consolidated financial statements of the
parent company. The standard provides additional guidance to assist in the determination of control where this is
difficult to assess.
2
Summary of significant accounting policies (continued)
Basis of preparation (continued)
(b) New standards, amendments and interpretations issued but not effective for the financial year
beginning 1 January 2011 and not early adopted (continued)
IFRS 12, ‘Disclosures of interests in other entities’ includes the disclosure requirements for all forms of interests
in other entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet
vehicles.
IFRS 13, ‘Fair value measurement’, aims to improve consistency and reduce complexity by providing a precise
definition of fair value and a single source of fair value measurement and disclosure requirements for use across
IFRS. The requirements, which are largely aligned between IFRS and US GAAP, do not extend the use of fair value
accounting but provide guidance on how it should be applied where its use is already required or permitted by
other standards within IFRS or US GAAP.
There are no other standards or interpretations that are not yet effective that would be expected to have a material
impact on the Institute.
Foreign currency translations
(a) Functional and presentation currency
Items included in the financial statements are measured using the currency of the primary economic
environment in which the entity operates (the functional currency). The financial statements are prepared in
Bahraini Dinars (BHD), which is the functional currency of the Institute, and is also the currency in which the
financial statements are presented.
(b) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing
at the dates of the transactions or valuation where items are remeasured. Foreign exchange gains and losses
resulting from the settlement of such transactions and from the transactions at year-end exchange rates
of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of
comprehensive income.
Property and equipment
Property and equipment are stated at historical cost less accumulated depreciation. Historical cost includes
expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only
when it is probable that future economic benefits associated with the item will flow to the Institute and the cost
of the item can be measured reliably. Repairs and maintenance are charged to the statement of comprehensive
income during the financial period in which they are incurred.
Depreciation is calculated using the straight-line method to allocate their cost to their residual values over their
estimated useful lives as follows:
Building
Furniture and fixtures
Machinery and equipment
Motor vehicles
Training materials
Computer software
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting period.
20 years
5-7 years
3- 5 years
5 years
3 years
3 years
|
61
Notes to the financial statements (continued)
2
Property and equipment (continued)
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is
greater than its estimated recoverable amount.
Gains and losses on the disposal of property and equipment are determined by comparing the proceeds with the
carrying amount and are recognised in the statement of comprehensive income.
Financial assets
The Institute classifies its financial assets as loans and receivables. The classification depends on the purpose for
which the financial assets were acquired. Management determines the classification of its financial assets at initial
recognition.
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted
in an active market. They are included in current assets, except for maturities greater than 12 months after the
statement of financial position date. These are classified as non-current assets. The Institute’s loans and receivables
comprise ‘long term deposits’, ‘trade and other receivables’ and ‘cash and cash equivalents’ on the statement of
financial position.
Trade receivables are initially recognised at fair value and subsequently measured at their anticipated realisable
values. A provision for impairment of receivables is established when there is objective evidence that the Institute
will not be able to collect all amounts due according to the original terms of receivables.
The carrying amount of the asset is reduced through the use of an allowance account, and the amount of the loss
is recognised in the statement of comprehensive income as impairment of loss. When a receivable is uncollectible,
it is written off against the allowance account. Subsequent recoveries of amount previously written off are credited
against bad debt expense in the statement of comprehensive income.
Provisions
Provisions are recognised when the Institute has a present legal or constructive obligation as a result of past events,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation
and a reliable estimate of the amount of the obligation can be made. Provisions are measured at the present value
of the expenditures expected to be required to settle the obligation.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term highly liquid
investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown
within borrowings in current liabilities on the statement of financial position.
Employee benefits
Employee benefits and entitlements to annual leave, holiday, air passage and other short-term benefits are
recognised as they accrue to the employees. The Institute contributes to the pension scheme administered by the
General Organisation for Social Insurance in the Kingdom of Bahrain. This is a defined contribution pension plan
and the Institute’s contributions are charged to the statement of comprehensive income in the year to which they
relate. In respect of this plan the Institute has a legal and constructive obligation to pay the contributions as they
fall due and no obligations exist to pay the future benefits.
The expatriate employees of the Institute are paid leaving indemnity in accordance with the provisions of the
Bahrain Labour Law. The Institute accrues for its liability in this respect on an annual basis.
2
Revenue recognition
Revenue comprises the fair value of compensation received or receivable for the sale of services in the ordinary
course of the Institute’s activities.
The Institute recognises revenues when the amount of revenue can be reliably measured, it is probable that future
economic benefits will flow to the entity and when the specific criteria have been met for each of the Institute’s
activities as described below:
-
-
-
-
The amount of revenue is not considered to be reliably measureable until all contingencies relating to the sale have
been resolved.
3
Financial instruments and risk management
The Institute’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value
interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The Institute’s overall
risk management focuses on the unpredictability of financial markets and seeks to minimise potential adverse
effects on the Institute’s financial performance. The Institute’s aim is, therefore, to achieve an appropriate balance
between risk and return and minimise potential adverse effects on its financial performance.
The Institute’s risk management is based on a simplified framework with non-complex transactions to identify
and analyse these risks, to set appropriate risk limits and controls, and to monitor the risks and adherence to
limits by means of realisable and up-to-date information systems. Risk management is carried out by the senior
management.
tuition income is recognised as and when the services are provided.
contributions are recognized when the right to receive payment is established.
levy and interest income are recognised as it accrues.
other income is recognised when the services are provided.
3.1 Market risk
3.1.1Foreign exchange risk
Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate
due to changes in foreign exchange rates.
The Institute’s assets and liabilities are denominated primarily in Bahraini Dinars. Accordingly, the Institute is
not exposed to foreign exchange risk as at 31 December 2011.
3.1.2Interest rate risk
Interest rate risk is the risk that the value of a financial instrument will fluctuate due to change in market
interest rates. As at 31 December 2011, the Institute is not exposed to interest rate risk arising from its
deposits since all short term deposits have a maturity of less than 3 months and long term deposits have
fixed rate of interest.
3.2 Credit risk
The Institute is exposed to credit risk, which is the risk that the counterparty will cause a financial loss to the
Institute by failing to discharge an obligation.
The Institute’s credit risk arises from long term deposits, cash and bank balances and trade and other receivables.
For long term deposits and cash and bank balances, only independently rated parties with a good credit rating
are accepted. The Institute has adopted a policy of only dealing with creditworthy customers in addition to the
standard process of receivables review.
The Institute’s receivables are concentrated in the Kingdom of Bahrain.
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63
3
Financial instruments and risk management (continued)
3.3 Liquidity risk
Liquidity risk is the risk that the Institute is unable to meet its payment obligations associated with its financial
liabilities when they fall due and to replace funds when they are withdrawn.
Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an
adequate amount of committed credit facilities. The liquidity risk management process, as carried out by senior
management, includes:
•
monitoring the cash flow and funding requirements on a daily basis; and
•
establishing credit lines with banks and financial institutions to be drawn upon in case of need.
At 31 December 2011, all the financial liabilities of the Institute are payable within one year.
3.4 Capital management
The Institute’s objective when managing its capital, which comprises Fund balance, is to maintain a strong capital
base to support the development of its business. In addition, the Institute may adjust the amount of annual
appropriations made from the profit for the year. Refer to Note 8 for further details.
3.5 Fair value estimation
Fair value is the amount for which an asset could be exchanged, or a liability settled between knowledgeable,
willing parties in an arm’s length transaction. The Institute does not fair value any financial assets or liabilities.
However, in the view of the Institute’s management the fair values of assets and liabilities are not materially
different from their carrying amounts.
3.6 Financial instruments by category
As at 31 December 2010 and 31 December 2011 all the Institute’s financial instruments were classified as either
loans and receivables or financial liabilities at amortised cost.
4
Critical accounting estimates and judgements
Estimates and judgements are continually evaluated and are based on historical experience and other factors,
including expectations of future events that are believed to be reasonable under the circumstances.
The Institute makes estimates and judgements concerning the future. The resulting accounting estimates will,
by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of
causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are
discussed below:
Impairment of trade and other receivables
The impairment charge reflects estimates of losses arising from the failure or inability of the parties concerned to
make the required payments. The charge is based on the ageing of the customers’ accounts, customer defaults,
the customers’ credit worthiness and the historical write off experience. Changes to the estimated impairment
charge may be required if the financial condition of the customers was to improve or deteriorate.
5 Property and equipment
Machinery
Capital
Furniture
and
Training
Motor Computer
work in
Building and fixtures equipment
materials
vehicles
software
progress
Total
Cost
At 1 January 2011
1,813,715 536,955 619,487 201,543
33,705
11,789
- 3,217,194
Additions
- 8,88556,34317,078
-30,614
346,001
458,921
Transfers (35,011)-----
35,011 At 31 December 2011
1,778,704545,840675,830218,621 33,705 42,403381,012
3,676,115
Depreciation
At 1 January 2011
1,405,441 458,196 537,059 146,372
18,538
1,879
Charge for the year
15,70222,14959,34739,880 6,74115,708
At 31 December 2011 1,421,143 480,345 596,406 186,252
25,279
17,587
- 2,567,485
-
159,527
- 2,727,012
Net book amount
At 31 December 2011357,56165,49579,42432,369 8,42624,816
381,012
949,103
Cost
At 1 January 2010
1,768,129 521,876 576,009 169,820
33,705
-
Additions
45,58615,07943,47831,723
-11,789
At 31 December 2010 1,813,715 536,955 619,487 201,543
33,705
11,789
- 3,069,539
-
147,655
- 3,217,194
Depreciation
At 1 January 2010
1,362,019
Charge for the year
43,422
At 31 December 2010 1,405,441
- 2,403,854
- 163,631
- 2,567,485
436,097
22,099
458,196
480,663
56,396
537,059
113,278
33,094
146,372
11,797
6,741
18,538
-
1,879
1,879
Net book amount
At 31 December 2010408,27478,75982,42855,17115,167 9,910
-
649,709
The building is built on land donated by the Prime Minister on behalf of the Government of the Kingdom of Bahrain
and is registered in the name of the Central Bank of Bahrain.
6
Long term deposit
Long term deposit comprises a wakala deposit with Alsalam Bank with matures on 25 July 2013 at and carries a
profit rate of 4.55% per annum.
|
65
7
Accounts receivable
Accounts receivable written-off Allowance for doubtful debts
Prepayments
Advances to employees
Interest receivable
Accrued income
2011
2010
1,086,368857,264
-(9,252)
(3,306)(21,620)
1,083,062826,392
217,90475,135
50,65237,827
122,46359,055
108,55616,325
1,582,6371,014,734
As at 31 December 2011, receivables amounting to BHD 620,419 were fully performing (2010: BHD 711,386) and
were all denominated in Bahraini Dinars.
Trade receivables that are less than 365 days past due are not considered impaired. As of 31 December 2011, trade
receivables of BHD 445,151 (2010: BHD 115,797) were past due but not impaired. These relate to a number of
independent customers for whom there is no history of default. The ageing analysis of these trade receivables is as
follows:
2011
2010
445,151115,797
61 to 365 days
As of 31 December 2011, trade receivables of BHD 20,798 (2010: BHD 20,829) were impaired. The amount of
the provision against these impaired receivables was BHD 3,306 as of 31 December 2011 (2010: BHD 21,620).
Management assessed that a portion of receivables is expected to be recovered. The ageing of these receivables is
as follows:
More than 365 days
2011
2010
20,79820,829
Movements on the Institute’s provision for impairment of trade receivables are as follows:
2011
2010
21,62028,375
(18,314)(6,755)
3,30621,620
At 1 January
Provision reversal during the year
At 31 December The other classes within receivables, advances and prepayments do not contain impaired assets. The maximum
exposure to credit risk at the reporting date is the carrying value of each class of receivables mentioned above.
8
Cash in hand
National Bank of Bahrain
Bank Muscat International
Bank of Bahrain and Kuwait
Ithmaar Bank
Credit rating
2011
2010
NR
500500
A-
2,016,0331,108,245
B
-1,000,000
A-
2,949,4642,813,909
A-
3,488,0604,449,674
A-
-515,219
8,454,0579,887,547
The effective interest rate on short-term bank deposits for the year ended 31 December 2011 was 3.2% (31
December 2010: 3.1% ). The external ratings are based on S&P ratings or its equivalent.
9
Special reserve
On 11 December 1994, the Specific Council for Vocational Training (Banking Sector), passed a resolution to establish
a special reserve to meet future capital requirements for the purpose of major expansion or replacement of the
existing facility. During 1994, the Institute made a total charge of BHD 466,400 representing the accumulated
depreciation on the building up to 31 December 1994. Accordingly, BHD 466,400 were transferred to the special
reserve in 1994. Subsequently, each year the special reserve is increased by an amount equivalent to the depreciation
on the building for that particular year.
10 Employees’ end of service benefits
20112010
109,47971,246
56,45239,679
(13,478)(1,446)
152,453109,479
At 1 January
Charge for the year
Payments during the year
At 31 December The costs associated with contributions made by the Institute in relation to defined contribution pension scheme
amounted to BHD 125,023 (2010: 124,806). In relation to this plan, the Institute has a legal and constructive
obligation to pay the contributions as they fall due and no obligations exist to pay the future benefits.
11 Accounts payable and accruals
Accounts payable
Staff saving scheme Esterad-BIBF fund
Other accruals 20112010
670,675577,839
507,173457,813
32,18432,184
654,595703,396
1,864,627
1,771,232
Staff saving scheme
In January 2003, the Institute started a saving scheme program, where the Institute contributes an amount equal
to 5% of each employee’s monthly salary in addition to the 5% contribution by each employee. The Institute has
the right to discontinue contributions to the savings scheme at any time without further obligation.
|
67
12 Staff cost
Salaries
Bonus
Other benefits
20112010
1,606,5551,559,386
648,720690,847
589,785637,710
2,845,0602,887,943
13 General and administrative expenses
Printing and advertising
Business development
Premises related costs
Telephone and telex
Contract services
Stationery and other supplies
Public relations and social activities
Professional fees
Library books and periodicals
Repairs and maintenance
Software
Other miscellaneous expenses
Postage
Provisions for doutful debts
Training materials
20112010
81,626164,264
81,55468,698
75,06272,860
64,82442,232
31,45532,082
23,25228,386
20,23129,278
12,5077,360
9,4464,473
5,1729,999
3,2131,778
10,12510,334
2,5362,574
-9,252
-51
421,003483,621
14 Related party transactions
Related parties comprise members of the Specific Council for Vocational Training (Banking Sector) and key
management personnel. During the period, the Institute entered into the following significant transactions with
the related parties during the course of its normal business:
Key management compensation
Salaries and other short-term benefits
Termination benefits, including staff saving scheme
20112010
553,901593,749
47,20645,892
601,107639,641

Opening dOOrs TO OppOrTuniTy For BahraIn`s BUsInEss

Transcription

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