opening doors for bahrain’s business · to opportunity for bahrain’s business and financial...

Bahrain Institute of Bankingand Finance

Opening dOOrs TO OppOrTuniTy For BahraIn’s BUsInEss anD FInancIal lEaDErs

AnnuAl repOrT 2011

2 Introduction8 chairman’s statement10 Vision, Mission and Values11 Board of Directors12 Director’s report14 Management Team 19 2011 Performance at a Glance20 centre reports31 Department reports 38 Programme Details 45 BIBF Team48 Guest speakers / lecturers 201150 Participating organisations

54 Independent auditors’ report 56 statement of financial position57 statement of comprehensive income 58 statement of changes in fund balance59 statement of cash flows60 notes to the financial statements

His Majesty King Hamad bin Isa Al KhalifaThe King of the Kingdom of Bahrain

His Royal Highness Prince Salman bin Hamad Al KhalifaThe crown Prince and Deputy supreme commander of the Kingdom of Bahrain

His Royal Highness Prince Khalifa bin Salman Al KhalifaThe Prime Minister 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.

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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.


Chairman’s Statement

H.E. Mr. Rasheed Mohammed Al Marajchairman of the specific council for Vocational Training (Banking sector)

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.

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.

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 marajchairman of the specific council for Vocational Training (Banking sector)

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.


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 H.E. Rasheed Mohammed Al Maraj Governor; central Bank of Bahrain2 Mr. Murad Ali Murad chairman; Bank of Bahrain & Kuwait3 Mr. Adnan Yousif chief Executive officer; al Baraka Banking Group4 Mr. Yassir Al Baharna chief Executive officer; arab Insurance Group5 Mr. Jean-Christophe Durand head of Territory; BnP Paribas6 Mr. Jonathan Morris chief Executive officer; standard chartered7 Mr. Ashraf Bseisu chief Executive officer; solidarity Group8 Mr. Redha Ahmed Hubail assistant Undersecretary for Training; Ministry of labour9 Mr. Ibrahim Al Qassab chairman of Bankers Union; General Federation for Bahrain Workers10 Mr. Garry Muriwai Director; BIBF

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Director’s Report

Garry MuriwaiDirector

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.

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.


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

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 muriwaiDirector, BIBF

Offerings titles Total Total Total Participant offerings days attendees days

Total open courses 360 1,419 5,368 20,691

Total professional programmes 477 2,243 8,556 35,897

Total customised programmes 100 375 1,735 6,910

Total external programmes 5 32 53 377

Total academic programmes 107 1,009 2,399 22,921

Total offerings: BIBF 2011 1,049 5,077 18,111 86,797

programme summary

2009

2008

+5.3%2011

2010

2007

2006

2005

2004

2003

2002

2001

2000

1988

11,052

10,500

10,000

8,905

7,792

7,731

1,809

6,350

6,154

15,773

15,102

17,318

18,111

4501981

Number of participants


Management Team

garry muriwaiDirector

B.com, University of aucklandM.com, University of aucklandchartered accountant

hussain ismailDeputy Director

MBa, University of DurhamGraduate Programme for Executives, carnegie Mellon UniversityExecutive Management Programme, columbia UniversityFellow Member of the chartered Institute of Bankers (FcIB)

husain Al AjmiAssistant Director and Head of Centre: Insurance

Bsc, Insurance and real Estate, arkansas state UniversityacII, associate of chartered Insurance InstituteGEDP, Darden school of Business, University of Virginia


kadri rizkHead of Centre: Leadership and Management

Bachelor Degree in ManagementUniversity of helwanDiploma in Marketing, lccIcertified assessor in Management Development & occupation TestingcshlD, University of surrey

khalid Al medfaieHead of Operations

MBa, De Paul UniversityDipEng, Blackpool college of higher EducationMcP, Mcsa, McsE, ccna

dr. mohammad Omar FarooqHead of Centre: Islamic Finance and Head of Research

BBa, Troy state UniversityME, University of central FloridaPhD, University of Tennessee, KnoxvillePost-Doc, University of california, Berkeley


dr. mohammed Al khozaiHead of Centre: Academic and Executive

Ba, University of cairoMa, University of leedsPhD, University of londonExecutive Management Programme, columbia University

namasiku d lianduHead of Centre: Accounting and IT

Bsc (hons), loughborough UniversityMEd, Dundee University PGDip, Educational research (Professional), stirling Universitychartered accountant (aca)

dr. subhadra ganguliHead of Centre: Banking

Bsc, Presidency college, IndiaMa, Jawaharlal nehru University, IndiaPhD, (Economics) University of california

Management Team


Buvana muthuramanFinance Manager

B.com, Pondicherry Universityaca, Institute of chartered accountants of India

chris carstonMarketing and Communications Manager

BBs, Massey University

cath hoganActing Head of Quality Assurance

Ba (hons), linguistics & Philosophy, University of Essex


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

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.

BiBF achievements v. strategic objectives – 2011 Centre for Centre for Centre for Academic & Accounting Centre for Centre for Centre for Leadership & Executive and IT Banking Insurance Islamic Finance 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

strategic Objective 2: 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

strategic Objective 3: Build alliances with internationally recognised professional bodies 3 3 3 3 3

strategic Objective 4: Ensure that all participants become BIBF ambassadors 3

strategic Objective 5:our programmes are recognised as world class 3 3 3 3

strategic Objective 6: Promote Bahrain’s position as a leading regional Financial centre 3 3 3

strategic Objective 7: attract and retain the best staff 3

strategic Objective 8: 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 3 3 3 3


Centre Reports

cenTre FOr AcAdemic & execuTive educATiOnsince 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.

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.

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.

programmes and participants

programme 2009 2010 2011

Professional Programmes 2,506 2,665 2,399

External Programmes 35 0 0

Total 2541 2,665 2,399

Professional + Customised Programmes 82%

Open Courses 16%

External Courses 2%


Open Courses 60%

External Courses 2%


Open Courses 39%


Open Courses 21%


Open Courses 39%

Wales 79%

DePaul 14%

LDP 7%


Centre for ACAdemiC And exeCutivedePAul’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 viiithe 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 moKhdhABithe 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

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cenTre FOr AccOunTing And iTaccounting 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).

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.

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.


programme 2009 2010 2011

Professional & customised Programmes 671 1456 2331

External Programmes - accounting 29 20 0

open courses - accounting 757 598 537

open courses - IT 544 677 608

Total 2001 2,751 3,476


Open Courses 16%

External Courses 2%


Open Courses 60%

External Courses 2%


Open Courses 39%


Open Courses 21%


Open Courses 39%

Wales 79%

DePaul 14%

LDP 7%


Centre for ACCounting And iti 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

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Centre Reports

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.

The cenTre FOr AccOunTing And iT hAs Achieved An OverAll Full-Time rATing OF 4.34 / 5, FrOm 3,764 TAughT hOurs in 2011.


cenTre FOr BAnkingBIBF’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.

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.

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


programme 2009 2010 2011

Professional & customised Programmes 1,558 841 653


open courses 1,559 1,379 1,197

Total 3,162 2,248 1,868


Open Courses 16%

External Courses 2%


Open Courses 60%

External Courses 2%


Open Courses 39%


Open Courses 21%


Open Courses 39%

Wales 79%

DePaul 14%

LDP 7%


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 BAhrAinPursuing 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

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Centre Reports

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.

The cenTre FOr BAnking is very OpTimisTic ABOuT expAnsiOn OF OFFerings in 2012 despiTe cOnTinuing FinAnciAl uncerTAinTy.


cenTre FOr insurAnceBIBF’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.

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.

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.


programme 2009 2010 2011

Professional & customised Programmes 1,501 3,320 3,185

open courses 864 973 904

Total 2,365 4,293 4,089


Open Courses 16%

External Courses 2%


Open Courses 60%

External Courses 2%


Open Courses 39%


Open Courses 21%


Open Courses 39%

Wales 79%

DePaul 14%

LDP 7%


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 Kingdomit 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, KuwAitthe 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

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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.

Centre Reports

neW exAm cenTres hAve Been esTABlished in ksA, OmAn And QATAr in cOllABOrATiOn WiTh mAjOr lOcAl TrAining insTiTuTiOns.


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 FinAnceIslamic 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.

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.

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.


programme 2009 2010 2011

Professional & customised Programmes 1,036 638 836


open courses 465 478 317

Total 1,634 1,202 1,188


Open Courses 16%

External Courses 2%


Open Courses 60%

External Courses 2%


Open Courses 39%


Open Courses 21%


Open Courses 39%

Wales 79%

DePaul 14%

LDP 7%


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 houseBiBf 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.Ci 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

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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).

islAmic FinAnce hAs TAken cenTre sTAge in The WOrld ecOnOmy in recenT yeArs, WiTh very high pOTenTiAl FOr develOpmenT AcrOss The glOBe.

Centre Reports


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 mAnAgemenTThe 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.

The assessment and Development centre offers a wide range of psychometric assessments using globally recognised tools of shl and the Facet 5 framework.

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.

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


programme 2009 2010 2011

Professional & customised Programmes 1,403 2,337 3,286


open courses 1976 1,781 1,805

Total 3,399 4,118 5,091


Open Courses 16%

External Courses 2%


Open Courses 60%

External Courses 2%


Open Courses 39%


Open Courses 21%


Open Courses 39%

Wales 79%

DePaul 14%

LDP 7%


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 BAhrAinreturning 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, BdoAPArt 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 for leAdershiP And mAnAgement

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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.

Centre Reports


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.

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.

in 2011, The QA depArTmenT cOnTinued TO prOgress AWAreness And cOmmiTmenT TO principles OF QuAliTy AssurAnce And enhAncemenT.


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.

A neW prOFile BOOk hAs Been develOped TO Aid BiBF in Building AWAreness OF iTs educATiOnAl TrAining And services AvAilABle.

Departments’ Report


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).

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.

BiBF’s cenTre FOr reseArch is driven TO FAciliTATe reseArch cApABiliTy Building in The gcc.



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.

high-QuAliTy, independenT reseArch, puBlic deBATe And discussiOn On ecOnOmic And FinAnciAl FrAmeWOrks WiThin The gcc Are AcTively prOmOTed.


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.

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

in 2012, A disTinguished lecTure series Will Be run in cOnjuncTiOn WiTh The cenTre FOr reseArch.


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.

The OperATiOns depArTmenT mAde excellenT prOgress during 2011, cOmpleTing A numBer OF viTAl prOjecTs FOr BiBF.



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.

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.

TWO speciAl prOjecTs Were lAunched in 2011 in cOllABOrATiOn WiTh The cenTrAl BAnk OF BAhrAin, WiTh mOre plAnned FOr The FuTure.


Programme Details

cenTre FOr AcAdemic And execuTive professional programmes

ld

leadership Development Programme 1 53 31 1,655Total professional programmes 1 53 31 1655

Academic programmes

depAul - mastersManagement accounting forDecision Making 1 6 17 109operations Management 1 6 15 96Management of Information Technology 1 7 27 192Investment analysis 1 8 13 98leadership in organizations 1 8 30 225applied Quantitative analysis 1 7 19 137Financial accounting 1 7 17 121Managing Effective and Ethical organizational Behavior 1 5 35 175strategic Management of human resources 1 7 34 231special Topics in corporate Finance 1 7 26 173Problems in corporate Financial Policy 1 7 26 190special Topics in Islamic Finance 1 7 37 252Derivatives: Pricing & risk Management 1 6 38 243special Topics in Private Equity 1 6 37 237special Topics in Islamic Investment Banking 1 7 12 80special Topics in Islamic Treasury, risk Management and capital Markets 1 6 12 77compensation 1 6 12 77Training and career Development 1 7 18 117negotiation skills 1 7 34 241

WAlesWales 5 12 115 253 2420Wales 6 34 329 672 6517Wales 7 29 270 662 6202Wales 8 12 114 322 3059Total Academic programmes 106 955 2368 21266

Total Offerings: centre for Academic and executive 107 1009 2399 22921

cenTre FOr AccOunTing And iT (AccOunTing) Open courses

accounting 1 : recording Financial Transactions 3 30 32 320accounting 2 : Maintaining Financial records & accounts 2 20 16 160accounting 3 : Drafting Financial statements 1 10 8 80accounting 4 : Introductory Managerial accounting 1 5 6 30accounting in Banks 1 5 13 65advanced Financial Modeling with Excel 1 5 18 90analyzing Bank Financial statements 1 5 10 50

Budgeting - Preparation & control 2 6 49 147cases in Finance 1 5 2 10Evaluating company Performance 2 6 25 75Evaluation of commercial Bank Performance 1 3 7 21Finance for the non-Financial Manager 3 15 39 195Financial analysis 2 10 27 135Financial Modeling with Excel - Introduction 4 20 51 255Financial statement analysis 4 20 60 300Internal audit 1 5 22 110Islamic accounting standards 1 5 10 50Managing Finance 1 5 8 40Project Management accounting 1 5 6 30Understanding Bank Financial statements 1 3 11 33Understanding the External auditor’s report 1 2 7 14Understanding Financial statements 5 15 68 204Understanding Insurance company Financial statements 1 3 6 18Understanding Islamic Bank Financial statements 2 6 17 51Valuation of companies 2 6 19 57Total Open courses 45 220 537 2540

professional programmes

AATaaT level 2: certificate in accounting 1 6 3 17aaT level 2: Professional Ethics 1 4 4 16

Basic skills - ministry of labour

Basic numeracy 11 31 253 708

cFAB Management Information - Module 2 1 10 5 50Business & Finance - Module 1 1 10 6 61

ciA

Internal audit Process - Paper 1 1 5 7 38Internal audit Process - Paper 2 1 6 5 30Internal audit Process - Paper 3 1 6 3 19Internal audit Process - Paper 4 1 4 6 22

cmA

Financial Planning, control & Performance 2 17 19 167Financial Decision Making 2 23 9 103

cpAauditing and attestation 1 5 10 48Business Environment & concepts 1 5 9 43Financial accounting & reporting 1 11 7 78Financial accounting & reporting (FarE) 1 12 17 204auditing & attestation (aUD & aTT) 1 5 5 24regulation (rEG) 1 6 4 26Business Environment & concepts (BUs. EnV.) 1 5 8 38

money exchange programme - ministry of labourBook Keeping 1 7 23 161Total professional programmes 31 178 403 1854

offerings Titles Total Total Total Participant offerings Days attendees Days



customised courses

FOr kuwait investment Authority (kiA)Financial analysis & Forecasting 1 7 18 117

Total customised courses 1 7 18 117

centre for Accounting and iT (Accounting) 77 405 958 4511

cenTre FOr AccOunTing And iT (iT) Open courses

Business continuity Management - BcM 2 8 36 144Ethics in Information Technology 1 2 7 14Document control & archiving 1 2 23 46IT Project Management 2 8 36 144Management of Information security 1 4 13 52Ms access 2007 - Basic 2 8 22 88Ms access 2007 - Intermediate 1 4 11 44Ms Excel 2007 - advanced 4 16 53 212Ms Excel 2007 - Basic 8 32 105 420Ms Excel 2007 - Intermediate 9 36 138 552Ms outlook 2007 1 4 12 48Ms PowerPoint 2007 2 8 37 148Ms Project 2007 2 8 19 76Ms Word 2007 - Basic 1 4 13 52Ms Word 2007 - Intermediate 1 4 14 56Principles of customer relationship Management (a Technology View) 1 2 7 14Project Management - Fundamentals 2 8 39 156Project Management - scheduling & cost control 2 10 23 115Total Open courses 43 168 608 2381


AAd - ministry of labourMs access 2007 1 4 18 72Ms Excel 2007 2 7 24 87Ms outlook 2007 2 7 25 91Ms PowerPoint 2007 2 7 23 79Ms Word 2007 - Intermediate 2 6 26 83

icdl - ministry of labourInformation & communication Technology 21 64 321 989Presentation 18 52 202 596spreadsheet 18 52 231 670Using computer & Managing Files 20 64 295 959Using Database 18 54 189 567Web Browsing & communication 16 32 214 428Word Processing 18 54 290 870Total professional programmes 138 403 1858 5493

customised courses

FOr Bahrain Airport companyMs Excel 2007 - Basic 2 8 19 76

FOr Trust international insurance co.Ms access 1 4 25 100

FOr vivAMs PowerPoint advanced 2010 1 3 8 24Total customised courses 4 15 52 200

Total Offerings: centre for Accounting and iT (iT) 185 586 2518 8074

centre for Accounting and iT(Accounting and iT) 262 991 3476 12585

cenTre FOr BAnkingOpen courses

Elements of Banking 6 36 97 582negotiable Instruments 4 12 59 177anti Money laundering awarenessProgram 10 30 206 618anti Money laundering compliance officers Program 2 10 42 210Introduction to Bankcard Industry 1 2 11 22BIBF Branch Manager Program Part I 1 10 8 78sME Financing 1 5 25 125Project appraisal & Financing 2 8 24 96360° negotiation skills for Bankers 1 3 22 66real Estate Investment and Financing 2 10 23 115consumer and small Business lending 1 4 6 24consumer loan collection Techniques 1 4 13 52The BIBF credit Program 1 10 18 180The BIBF advanced credit Program level I 1 10 13 130The BIBF advanced credit Program level II 1 10 7 70BIBF advanced credit Programlevel III 1 10 7 70corporate credit risk analysis 2 10 35 175Bank and country risk analysis 1 4 6 24Fundamentals of corporate Finance 2 10 20 100commercial loan Documentation 1 5 15 75Banking law and Practice 1 5 29 145Economics for Bankers 1 5 6 30Developing a ready-To-Usecompliance officers Framework 1 2 27 54Business of Money Exchange & aMl 1 3 11 33corporate Governance 1 2 28 56Introduction to InternationalTrade Finance 2 10 47 235UcP 600 & UrDG 2 10 24 120Documentary letter of credit 2 10 26 130Introduction to Basel II 2 6 50 150Introduction to Foreign Exchange(acI Dealing Part I) 3 15 45 225Foreign Exchange and Money Markets(acI Dealing Part II) 3 15 23 115Introduction to Back office operations(acI operations Part I) 2 8 21 73Market Technical analysis 1 3 9 27Introduction to Derivatives(acI operations Part I) 2 10 24 120Introduction to asset liabilityManagement 1 4 20 80Private Equity & Venture capital 2 10 25 125asset Valuation 1 5 11 55




Programme Details

Portfolio Management 2 10 18 90Foundations of Investment analysis 1 5 16 80Fixed Income Management 1 5 16 80risk Management and Value at risk 2 8 20 80Finance skills for all 1 4 16 64repo Market - Techniques & strategies 1 2 8 16Interest rate & cash MoneyMarket calculations 2 4 20 40Total Open courses 80 364 1197 5212


AAd - ministry of labourBasic corporate Finance 3 12 44 176

AciacI level 1 - Dealing certificate 1 10 8 80

BsdpManaging People in organizations 1 9 17 153Marketing, sales & customer service 1 9 15 135Introduction to Economics 1 10 17 163structure of accounts 2 20 15 145Management and organization 1 10 9 86Marketing Management 1 10 17 163advanced Macro Economics 1 10 18 173accounting, analysis & Planning 2 20 27 263risk analysis and Evaluation 2 20 25 245

FApModule 1 - Financial services Environment and regulation 4 17 94 404Module 2 - Banking and Investment Firms 4 17 62 260

FAp - BBkModule 1 - Financial services Environment and regulation 1 4 16 64Module 2 - Banking and Investment Firms 1 4 19 76

FAp - BsBModule 1 - Financial services Environment and regulation 1 4 20 80Module 2 - Banking and Investment Firms 1 4 16 64

icA - AdcIca - International Diploma in compliance 1 6 13 73

money exchange program - ministry of labourBusiness of Money Exchange 1 7 22 154anti Money laundering 1 3 22 66Total professional programmes 31 203 496 3024

customised courses

FOr ApicOpr - saudi Arabiaanti-Money laundering Program 1 1 15 15

FOr Arab exchange co.

anti-Money laundering Program 1 1 9 12

FOr Bahrain Businesswomen societyKeys to Effective Management IIII 1 1 38 46

FOr Bahrain defence Forceapplied Trade Finance 1 2 23 41Introduction to International Trade Finance 1 5 3 15Documentary letter of credit 1 5 6 30

FOr societe generale Wealth managementanti-Money laundering Program 1 1 4 4

FOr state Bank of indiaanti-Money laundering Program 2 2 45 45

FOr united Arab Bankcontract Financing 1 2 14 34Total customised courses 10 21 157 241

external courses

Investment representative Program (series 7) 1 11 18 194Total external courses 1 11 18 194

Total Offerings: centre for Banking 122 599 1868 8672

cenTre FOr insurAnceOpen courses

advanced claims (English) 1 5 17 85Engineering Insurance car/Ear (English) 1 5 22 110Engineering Insurance car/Ear (arabic) 1 5 16 80Fire & loss of Profits Insurance (arabic) 1 5 13 65Fire & loss of Profits Insurance (English) 3 15 69 345Insurance corporate Management (arabic) 1 5 7 35Insurance corporate Management (English) 1 5 15 75Insurance Marketing (English) 1 5 13 65Introduction to Insurance & Insurance Documentation (arabic) 2 10 49 245Introduction to Insurance & Insurance Documentation (English) 8 40 153 765liability Insurance (English) 2 10 45 225life assurance & Bancassurance (arabic) 1 5 8 40life assurance & Bancassurance (English) 2 10 42 210Medical Insurance (arabic) 2 10 30 150Medical Insurance (English) 2 10 54 270Miscellaneous accident Insurance (arabic) 2 10 27 135Miscellaneous accident Insurance (English) 3 15 60 300Motor Insurance (arabic) 2 10 37 185Motor Insurance (English) 3 15 61 305reinsurance (arabic) 1 5 8 40reinsurance (English) 3 15 60 300risk Management (arabic) 1 5 6 30risk Management (English) 1 5 26 130Transportation Insurance (arabic) 1 5 15 75Transportation Insurance (English) 2 10 30 150Underwriting Management (arabic) 1 5 7 35Underwriting Management (English) 1 5 14 70Total Open courses 50 250 904 4520





AwardPreparation for award in General Insurance (English) 1 4 12 53

cisschool 2: operations of Insurance companies 1 5 14 70

picPreparation for P05 Insurance law (arabic) 2 10 42 210Preparation for Principles of Takaful 1 5 8 43Preparation for Principles of Takaful (arabic) 1 5 20 96Preparation for risk Management 1 4 34 136Preparation for P05 Insurance law (English) 4 30 75 472Preparation for Insurance Business & Finance (arabic) 2 10 46 230Preparation for Insurance Business & Finance (English) 3 16 62 302

pidPreparation for loMa - Principles of Insurance 1 7 21 139Preparation for loMa - Insurance companies operations 1 5 21 105Preparation for loMa - Insurance Marketing 1 6 21 126Preparation for life assurance (arabic) 1 3 35 105

AWArd - examinationsaward in Financial Planning Examination (arabic) 4 56 award in Financial Planning Examination (English) 5 295 award in General Insurance Examination (English) 5 121 award in General Insurance Examination (arabic) 3 21

cis - examinationsschool 1: Fundamentals of Insurance Examination 1 4

pic - examinationsPrinciples of Takaful Examination 2 283 Insurance law Examination 2 169 Insurance Business and Finance Examination 2 158 Motor Insurance Examination 2 88 award in General Insurance Examination 4 327

pid - examinationsPrinciples of Insurance Examinations 1 24 Insurance company operations Examination 1 24 Insurance Marketing Examination 2 33 risk Management Examination 1 34 life assurance Examination 3 44

award in Financial Planning Examination 4 59 reinsurance Examination 2 13 Total professional programmes 64 110 2164 2086

customised courses

FOr Abu dhabi national insurance companyInsurance Workshop for aDnIc senior Executives 1 5 18 86

FOr Ace group of companiesIntroduction to Insurance & Insurance regulations 1 5 25 125Property and casualty Insurance 1 5 20 100advanced Property and casualty Insurance 1 5 20 100

FOr Al madina gulf insuranceMiscellaneous accident Insurance (arabic) 1 5 14 70

FOr Arab insurance institutereinsurance (arabic) 1 5 30 150

FOr capital market AuthorityIntroduction to Insurance & Insurance Documentation (arabic) 1 5 24 120Motor Insurance (arabic) 1 5 20 100liability Insurance (arabic) 1 5 20 100Engineering Insurance car/Ear (arabic) 1 5 22 110Fire & loss of Profits Insurance (arabic) 1 5 22 110Transportation Insurance (arabic) 1 5 23 115Miscellaneous accident Insurance (arabic) 1 5 19 95Underwriting Management (English) 1 5 24 120

FOr insurance regulatory commissionIntroduction to Insurance & Insurance Documentation (arabic) 1 4 29 116Motor Insurance (arabic) 1 5 32 160Fire & loss of Profits Insurance (arabic) 1 4 28 112Miscellaneous accident Insurance (arabic) 1 4 29 116Medical Insurance (arabic) 1 4 29 116

FOr kuwait institute of Banking studiesliability Insurance (arabic) 1 4 13 57Engineering Insurance car/Ear (arabic) 1 5 13 65Transportation Insurance (arabic) 1 4 13 55reinsurance (arabic) 1 6 14 77life assurance (arabic) 1 5 13 65

FOr kuwait investment Authority - kiAIntroduction to Insurance & Insurance Documentation (English) 1 7 18 117

FOr ministry of labourIntroduction to Insurance & Insurance Documentation (English) 1 5 11 55Introduction to Insurance & Insurance Documentation (English) 1 5 7 35Motor Insurance (English) 1 5 20 100




Programme Details



Fire & loss of Profits Insurance (English) 1 5 30 150Fire & loss of Profits Insurance (English) 1 5 17 85Miscellaneous accident Insurance (English) 1 5 17 85Medical Insurance (English) 1 5 16 80

FOr motion Al-saudiaGeneral certificate in Insurance (arabic) 5 25 123 615General certificate in Insurance (English) 3 15 61 305

FOr royal centerMotor Insurance (arabic) 1 4 22 88

FOr saudi Arabia monetary Agency (sAmA)Fire & loss of Profits Insurance (arabic) 1 3 6 18Medical Insurance (arabic) 1 2 6 12

FOr The William davidson institute Introduction to Insurance & Insurance Documentation (arabic) 2 5 11 28Motor Insurance (arabic) 2 5 11 28

FOr Trade union insurance companyMedical Insurance (arabic) 1 5 12 60Motor Insurance (arabic) 1 5 22 110

FOr Trust international insurance co.risk Management (English) 1 6 24 134Insurance Marketing (English) 1 6 27 151Underwriting Management (English) 1 6 24 134advanced claims (English) 1 6 22 123Total customised courses 53 248 1021 4954

Total Offerings: centre for insurance 167 608 4089 11560

cenTre FOr islAmic FinAnce Open courses

Introduction to Islamic Banking (arabic) 2 10 15 75Introduction to Islamic Banking (English) 9 45 125 625Islamic leasing - IJarah - (English) 1 2 21 42Islamic liquidity and Treasury Management (English) 1 3 17 51Islamic credit cards (English) 1 2 11 22sharia for Bankers (English) 2 4 21 42Murabaha Finance for retail Executives (arabic) 1 2 4 8Murabaha Finance for retail Executives (English) 1 2 6 12Islamic Economics for Bankers (English) 1 2 8 16skills of convincing & Influencing others in negotiation (arabic) 1 2 8 16Introduction to Global Economys & Islamic Financial Markets (arabic) 1 2 6 12Introducing accounting to non-accountants for Islamic Banking (English) 1 4 9 36Intermediate Islamic Banking (English) 4 12 66 198Total Open courses 26 92 317 1155


AdicWaqf - The Theory of contracts and Its legal Maxims 1 5 24 115

AdiF - BiBFTreasury, capital Markets and risk Management 1 10 24 230Islamic Banking operations 1 9 25 235Islamic accounting standards 1 8 22 167Islamic commercial Jurisprudence 1 9 24 216Trust and Banking law 1 9 26 229Takaful Islamic Insurance 1 8 31 254

AdiF - senegAlIslamic Banking operations 1 8 11 90Islamic accounting standards 1 10 11 110Trust and Banking law 1 10 11 110Islamic Insurance (Takaful) 1 10 11 110

AdiF - WAlesIslamic accounting standards 3 29 74 714Islamic Economic Thought 1 9 13 122Islamic commercial Jurisprudence 1 9 26 229

AdiF - WAQFWaqf - Islamic commercial Jurisprudence 1 10 17 163Waqf - Banking Business and Trust regulations 1 9 17 153Waqf - Islamic Insurance (Takaful) 1 10 17 163

cimAIslamic Jurisprudence 6 36 96 576Islamic Banking & Takaful 6 36 88 528Islamic capital Markets 6 36 97 582Islamic accounting 6 36 92 552

shAriA revieWer - WAQFWaqf - Business, Banking and Trust law 1 5 7 34Total professional programmes 44 320 764 5684

customised courses

FOr Agricultural development AssociationIntroduction to Islamic Takaful 1 4 24 94

FOr gulf Bank - AlgeriaIntroduction to Islamic Banking & Finance 1 6 48 269Total customised courses 2 10 72 362

external courses

Islamic Documentation structure 1 7 10 70structuring Islamic Transactions (English) 1 3 9 27Islamic Trade Finance (English) 1 5 9 43Islamic Banking supervision - Basel II and capital adequacy (English) 1 6 7 42Total external courses 4 21 35 182

Total Offerings: centre for islamic Finance 76 442 1188 7383




cenTre FOr leAdership And mAnAgemenT Open courses

Effective supervisory skills 6 18 116 348The Professional Manager (arabic) 1 3 14 42The Professional Manager 4 12 80 240Managing change 1 3 13 39Managing Quality 1 2 25 50Performance Management and Effective appraisals 2 6 30 90Effective office Management (arabic) 1 2 23 46Effective office Management 2 4 36 72leadership skills 7 21 114 342Managing People Problems 3 6 57 114Winning with customer service (arabic) 2 6 27 81Winning with customer service 9 27 138 414Effective Time Management 7 14 147 294communication skills 9 18 176 352Effective Business Writing 8 32 109 436Business report Writing 5 20 63 252sales reporting & crM 1 2 11 22conflict Management 1 3 20 60Effective Presentation skills 6 24 64 256coaching for success 2 6 23 69Effective recruitment & selection 1 3 8 24Emotional Intelligence (arabic) 1 2 13 26Emotional Intelligence 2 4 33 66Building high Performance Teams (arabic) 1 3 15 45Building high Performance Teams 4 12 52 156stress Management (arabic) 1 2 15 30stress Management 3 6 58 116negotiation skills 3 6 53 106Train the Trainer 2 6 19 57Talent and retention Management 1 3 5 15strategic Business Planning 1 3 14 42Managing Marketing activities 1 2 10 20The Key Elements of successful selling 1 2 16 32Public relations 1 2 7 14Marketing communications (arabic) 1 2 15 30Marketing communications 1 2 18 36Influencing Behaviour (arabic) 1 3 9 27Influencing Behaviour 2 6 31 93relationship Marketing 1 2 21 42human resources Planning Techniques 2 6 18 54human resources Management for non-human resources Managers 2 6 19 57Employee Training & Development 1 3 13 39organisational Behaviour 1 3 9 27reward Management 1 2 16 32Business Etiquette & cross culture Management 1 2 18 36Key account Management 1 3 14 42Total Open courses 116 325 1805 4883


AAdaaD Bridge Program - Business English 2 24 32 384Building high Performance Teams 4 11 61 174Building self Esteem & Business Etiquette 2 6 27 86Business Etiquette & cross cultural Management 1 3 18 58Business report Writing 3 12 54 216career Planning & Interviewing skills 2 8 27 108communication skills 3 7 48 115customer care & Positive Telephone skills 3 10 47 150Effective Business Writing 3 12 45 180Effective office Management 2 6 29 93Effective Presentation skills 1 4 10 40Emotional Intelligence 1 2 19 30human resources Management for non-human resources Managers 2 6 35 112Introduction to human resources 2 6 26 83Marketing 1 2 19 46Problem solving & Decision Making Techniques 3 7 44 106Public relations 3 5 44 70sales & Marketing 2 6 26 83

Adoccupational Testing (oT) - level a 1 5 4 22occupational Personality Questionnaire (oPQ) - level B 1 1 3 4competency Based Interviewing (cBI) 1 1 5 7

BAsic skills - ministry of labourBEP Foundation level 9 108 188 2256BEP level 1 13 153 249 2914BEP level 2 5 59 76 896BEP level 3 1 12 13 156Business Ethics (arabic) 11 22 273 546

cimMarket Information and research 1 7 4 29stakeholder Marketing 1 9 4 35

cimA - Business englishcIMa Business English 2 24 42 504

cipdBusiness Issue & the context of human resources 1 6 19 114contributing to the Process of Job analysis 1 3 16 48Delivering learning and Development activities 4 24 37 222Developing coaching and Mentoring within organisations 1 3 16 48Developing coaching skills for the Workplace 4 12 73 219Developing Mentoring skills for the Workplace 4 12 72 216Developing Professional Practice 1 4 21 84


Programme Details



Developing Yourself as an Effective hr or learning & Development Practitioner 3 12 84 336Evaluating learning and Development activities 2 6 7 21Knowledge Managmenet 1 3 17 51Managing and coordinating The human resources Function 1 6 20 120Meeting organisational Development needs 1 3 5 15Preparing and Designing learning and Development activities 1 3 3 9recording, analyzing and Using human resources Information 3 6 73 146resourcing Talent 3 18 64 384support Good Practice in Performance Management & reward 3 18 50 300supporting Good Practice in Managing Employment relations 4 24 61 366Understanding organisations and the role of human resources 3 12 75 300Undertaking a Training needs analysis 1 3 4 12Using Information in human resources 1 4 17 68

cmiDeveloping Personnel & Personnel Performance 2 7 30 108Financial control 2 10 30 144human resource Development 2 7 31 112Information Based Decision Making 2 10 46 221Managing Marketing activities 2 5 29 70Marketing Planning 2 10 30 144Meeting stakeholder and Quality needs 2 7 34 122Performance Management 2 10 34 163recruitment & selection 1 2 16 38resource Management 2 10 33 158Work Based Project 4 24 55 330

gepGeneral English Program (GEP) - level 1 1 12 14 168IDBEIDBE level 1 2 24 24 288IDBE level 2 4 48 74 888IDBE level 3 5 60 91 1092IDBE level 4 5 60 94 1128Total professional programmes 169 1028 2871 17757

customised courses

FOr Bahrain Airport companyEffective office Management 1 2 8 16leadership skills 1 3 5 15Winning with customer service (arabic) 1 3 5 15communication skills 1 2 11 22For Bahrain Institute of Banking & Finance Train the Trainer 1 2 9 22

FOr Bank of Bahrain & kuwaitPersonal Effectiveness 1 4 16 58service Quality 1 2 18 43People Management 1 4 18 65

FOr gulf Aviation AcademyTeam Building 3 4 41 57

FOr hsBcIntroduction to Mentoring Workshop 1 1 17 17

FOr indevcO group of companiesEffective Business Writing 1 3 9 25

FOr ministry of labourcustomer service skills 1 3 18 54

FOr ministry of WorksTechnical report Writing 2 10 37 178Effective Time Management 2 5 41 98Effective Presentation skills 3 11 38 137

FOr Qatar national Bankleadership skills for Bankers 2 6 25 75

FOr shura councilservice Excellence (arabic) 1 3 9 27

FOr Taib BankPerformance Management 2 3 21 29

FOr us embassyDecision Making & Ethics in the Workplace 4 5 69 83Total customised courses 30 75 415 1036

Total Offerings: centre for leadership and management 315 1428 5091 23676


BIBF Team

direcTOr’s OFFice

Garry MuriwaiDirector

Administration

Ebtisam A. SaadExecutive [email protected]

Farayi Patrick ChikwandaInternal [email protected]; ICAZ

humAn resOurces

Hussain IsmailDeputy [email protected]

Administration

Hassan G. Abbashr [email protected]

Mariam Rasoolhr [email protected]

cenTre FOr AcAdemic And execuTive

Dr Mohammed Al Khozaihead of centre: academic & [email protected]

Faculty

Waseem Mirzasenior lecturer / academic [email protected]; MCom; MBA; AAT

Administration

Zahra Tabbaraacademic & Executive [email protected]

Lameea Mohammedadministration [email protected]

Parween Hajiadministration [email protected]

cenTre FOr AccOunTing And iT

Namasiku D. Liandu head of centre: accounting and [email protected]

Faculty - Accounting

Hafiz Qaisar Raza Khansenior [email protected]; MCom; CMA; ACMA

Syed Amir Zahidsenior [email protected]; ACA; CIPA

Mahmood [email protected]; MBA; CPA

Faculty - iT

Yousif Farajsenior [email protected]; MBA; AMBCI

Najma Ghuloomlecturer, Business Development [email protected] BSc; MBA (hons); PhD; CTP

Nedhal [email protected]; NVQ; Dip (Business Administration); CTP; ICDL

Administration

Khulood Al Thaqafiadministration [email protected]

morgan

Jalila FadhulMorgan country [email protected]

Ahmed TaqiMorgan administration [email protected]

cenTre FOr BAnking

Dr. Subhadra Gangulihead of centre: [email protected]

Faculty

Dr. Jyothi Venkateshsenior [email protected]; MCom; PhD

Naheel Al-lababidisenior [email protected]; ACI Dealing Certificate; ACI Dealing Diploma


Anuradha [email protected]; MA (Distinction); ACAMS

Chithra [email protected]; MA; MPhil; Certified Trade Finance Specialist; Professional Diploma for Trainers and Tutors

Krishnan Subramanian IyerExternal [email protected]; Dip. In IFRS; APRM

Administration

Khulood Al Thaqafiadministration [email protected]

Amani Al Tublanispecial Projects [email protected]

cenTre FOr insurAnce

Husain Al Ajmiassistant Director & head of centre: [email protected]

Faculty

Ali [email protected]; ACII; CIP

Manal Mohammed [email protected] (Hons); MSHR (Hons); ACII

Yousif [email protected]; ACII; DLHI

Administration

Mahesh B.J. PrabhuBusiness Development [email protected]; MBA; PGDIT; Dip CII

Mohamed Alshamlawiadministrative [email protected]

Wafa Al Duraziadministrative [email protected]

Zainab Bucheeryadministrative [email protected]

cenTre FOr islAmic FinAnce

Dr Mohammad Omar Farooqhead of centre: Islamic [email protected]

Faculty

Dr. Ahmed Assad Mahmoudsenior [email protected]; MA; PhD; Post Doctorate PhD; CSAA

Nedal El-Ghattissenior [email protected]; MBA; Dip (Neuro-Linguistic Programming); CIPA; CSAA

Alfatih Gessan Pananjung Aryasantanasenior [email protected]; MBA; CDIF

Administration

Sumaya Zainalabedinadministration [email protected]

cenTre FOr leAdership And mAnAgemenT

Kadri Rizkhead of centre: leadership and [email protected]

Faculty

Amal A. Jabbar Al Awadhiconsultant & [email protected]

Madhavi Tiwarysenior [email protected]; MA(English Literature); MA (Education); Certificate in Instructional Skills

Dr Muneer Mohammed Saeedsenior [email protected]; MBA; PhD; PG Dip (Marketing); Chartered Marketer

Dr Vijayalaxmi Moovalasenior [email protected] (Hons); MBA; PhD; PG Dip (Personnel Management); Certified Master Trainer (Neuro-Linguistic Psychology); Accredited Facet 5 User; Chartered MCIPD

Dr Vivek Kumarsenior [email protected]; MBA (HR); PhD;

Bader Abbas Al [email protected]

Philip [email protected] (Hons); Dip (Education); PG Dip (ICT); Advanced Diploma (Learning and Development; Accredited Facet 5 User

Siddika SabooniBusiness English [email protected]; MEd; Diploma TEFL

Naeema [email protected]; CELTA

Administration

Dr Victoria GhurbalBusiness Development [email protected] (Hons); MPhil; PhD

Sameera Ahmed Alispecial Projects & Business [email protected]; CMI

Sameera Al Khaladministration [email protected]

Sana Sarwaniadministration [email protected]

Sara Mohammedassessment [email protected]

Ellen Cubacubadministration [email protected]

Finance department

Buvana MuthuramanFinance [email protected]

Cristine S. Al ArayedhFinance [email protected]

Mahdi AbdulnabiFinance [email protected]

Redha MohammedFinance [email protected]

marketing and communications department

Chris CarstonMarketing and communications [email protected]

Amal Al A’aliMarketing [email protected]

Ameera QaediMarketing [email protected]

Gerry PaladWeb Master/Graphic [email protected]

BIBF Team


Operations department

Khalid Al Medfaiehead of [email protected]

Nawal [email protected]

Administration - Operations

Fadheela Al Sharafoperations [email protected]

Allan MauleonIT [email protected]

Noora [email protected]

Dana Kamaladministrative [email protected]

Administration – general services

Hassan [email protected]

George Epenoffice [email protected]

Hussain Askarioffice [email protected]

Kakkarattu Kunnummal Rajanoffice [email protected]

Mohammed [email protected]

Administration - registration

Sarah Saadeassistant [email protected]

Afnan Ali Sahwanadministrative [email protected]

Ahmed Al Alawiadministrative [email protected]

Farooq AbdulQaderadministrative [email protected]

Marwa Ahmedadministrative [email protected]

Muqtada Al Oraibiadministrative [email protected]

Bader Al AmeerInformation Desk [email protected]

Mohammed TaqiInformation Desk [email protected]

Nasser Al KhayatInformation Desk [email protected]

Abdul Mutaleb [email protected]

Quality Assurance department

Cath Hoganacting head of Quality [email protected]

Nasreen Aqeelacademic Qa [email protected]

centre for research

Dr Mohammad Omar Farooqhead of [email protected]

Sowmya Vivekresearch analyst/ [email protected]

Fulbright scholar

Lauren VriensFulbright scholar

TO shApe neW leAders, yOu musT FirsT Be A leAder yOurselF. AT BiBF, We recruiT And develOp The BesT.


Guest Speakers / Lecturers 2011

cenTre FOr AcAdemic And execuTive

depaul university

Dr. Ali Fatemialumni Professor & chairman of Finance

Dr. Daniel Heiserassociate Dean & associate Professor

Dr. Delvin Brewerassociate Professor - Program coordinator MIs Undergraduate

Dr. Elijah I. Brewer associate Professor in Finance

Dr. Gilles Reinhardtassociate Professor of Management

Dr. Jack MosevichVisiting associate Professor of Finance

Dr Jamie Bochantinadjunct Faculty

Dr. Jin Choiassociate Professor of Economics

Dr. John Ahernassociate Professor of accountancy and Management Information systems

Dr. Karim Pakravanassociate Professor of Finance

Dr. Kenneth ThompsonProfessor of Economics

Dr. Lori Cookassociate Professor of Management

Dr. Marty MartinDirector, Mshr & associate Professor of Management

Dr. Michael S. Millerchairman of Department of Economics

Dr. Nabil A. Ibrahim Grover c. Maxwell Professor of Business/adjunct Faculty

Dr. Nicholas MathysProfessor of Management

Dr. Owais Succariassociate Professor of Management

Dr. Ramon Codina Visiting assistant Professor of Finance

Dr. Thomas Berry associate Professor of Finance

Dr. Thomas Mondschean Professor of Economics

Dr. Timur GokVisiting assistant Professor of Finance

Dr. Timothy Opielaassociate Professor of Economics

university of Wales

Agnel PereiraPrivate consultant

Ahmed RifathKFh

Ali AbbasBBK

Badriya AmeenMinistry of health

Bob Thackernational Trading house

Khalid J. AlBayatBBK

Mellissa MacapagalPrivate consultant

Nic Polleycharles russell

Rashmi RamachandranPrivate consultant

Saeeda NasirPrivate consultant

Yasser AI MandeelaI Jawhara Medical centre

cenTre FOr AccOunTing And FinAnce

cFAB

Hammad Mohiy ud DinMeinhardt Bahrain

ciA

Jamal Al MoutawaGosI

cmA / cpA

Ahmed Al-SulaimanQatar national Bank (QnB)

Ahmed RifathKuwait Finance house

Ayman KhamdanElaf Bank

Isa AI-Motawajcentral Bank of Bahrain

Khalid Mohammed Turanialuminum Bahrain (alBa)

Kishore Dashnoorcap Investment Bsc

Ronald William HowardDPM FacT FZc. (DPM)

Rushdi KikhiaDeloitte & Touche ME

Samar Agaibyhousing Bank

minstry of labour – Basic skills programme (icdl)

Abdulla MahdiUniversity of Bahrain

Ahmed Khayamy

Dr. Ali Al MouwawiUniversity of Bahrain

Dr. Mahmood NasserUniversity of Bahrain

Dr. Melissa Macapagal-AgsaludMinistry of Interior

Dr. Shaker Hasan RashedMinistry of Education

Hussain AbulAmeer TaradahMinistry of Education

Mohammed Al RamilMinistry of oil

Muna Al MerriMinistry of Education

Nasreen AmiriMinistry of Education

Sana Sayed Hasan Al NoaimiBTI

cenTre FOr BAnking

Banking studies diploma programme

Ahmed BumtaiacBB

Nader Al Soufe crediMax

Ron HowardPrivate consultant

Vince CoyleMinistry of Works

Other Offerings

T.R. VenkateshBahraini saudi Bank Bsc

cenTre FOr insurAnce

Ayman Al Ajmichartis Takaful Enaya

Dr. Mohammed Farid Al SahnUniversity of Bahrain

Jaffer MazaalDar al Takaful

Nader Al MandeelcBB

Yolla El-KhouryacE Group of companies

Yousif Al Karehsolidarity General Takaful


cenTre FOr islAmic FinAnce

Abdulazeem AbozaidEmirates Islamic Bank - UaE

Abdulnasser Bu Kamalown Business

Akhtar AIiElaf Bank

Arif KhalifaKuwait Finance house

Hussain Abdul HaqaI salam Bank

Jehad AI Alawioasis capital Bank

Mustapha HamatInternational Islamic University of Malaysia

Osama MukhtarThe arab Investment company s.a.a.

Professor Frnak Vogelharvard University

Shaban BarwariTaazur company

Taha El TayebFinancial Investment Bank - sudan

cenTre FOr leAdership And mAnAgemenT

Business english programme

Abdul Razaq SassiMinistry of Education

Ahmed Abdul Rahman Mohd AhmedMinistry of Education

Jassim Naser Hasan MatrookMinistry of Education

Majeda Ahmed KhamisMinistry of Education

Mariam Mohd SamiMinistry of Education - retired

Ruqaiyah Yusuf Abdulla SharifMinistry of Education

Safiya Mustafa MohdMinistry of Education

Sajida Jassim SwarMinistry of Education - retired

Taiba Mohd Ali JassimMinistry of Education

Wael Bakry Meligy JadMinistry of Education

Minas Ahmed HasanMinistry of Education - retired

cim

Huzeifa AdamallyThird Wave

idBe

Caroline HannamPrivate consultant

Deborah RosePrivate consultant

Khulood AI BaluchiMinistry of Education

Sarah MasoudMinistry of Education

Shireen Heidaricollege of health science

Other Offerings

Shay McConnorTeamworking International

ministry of labour - AAd

Ameer AbbasPrivate consultant

Hind Idris AhmedPrivate consultant

Dr. Nasser HussainPrivate consultant

BiBF WelcOmes guesT speAkers FrOm All Over The WOrld every yeAr, WhO cOme TO shAre Their experTise And knOWledge.


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

Financial sectorabu Dhabi Investment houseacacia Investment Bscaddax Investment Bank ahli United Bank (aUB)al Khabeer International Bankal salam Bank (FcB)al Yousuf Exchangersalbaraka Banking Groupalbaraka Islamic Bankallianze Global Investorsallied Banking corporationalpine Wealth Managementalubaf arab International Bankamex (Middle East)arab Bank Plcarab Banking corporation (aBc)arab Exchange companyarab Financial services (aFs)arcapita Bankaskari Bank ltdBahrain Bourse (BsE)Bahrain creditBahrain Development Bank (BDB)Bahrain Express ExchangeBahrain Financing companyBahrain International BankBahrain Islamic Bank (BIsB)Bahraini saudi Bank (FcB)Bank al habib limitedBank alfalah limitedBank alkhair (Unicorn)Bank of Bahrain & KuwaitBank of BarodaBMB Investment BankBMI BankBnP Paribascanara Bankcapinnova Investment Bankcapital Management housecapivestcIMB Middle East Bsc

citibank n.a.credimax Bsccredit agricole corporation & Investment Bankcredit libanaisDaiwa capital Markets Europe ltdDeniz BankDeustche BankDexia Private BankElaf BankEskan BankEuropean Islamic Investment BankFamily Bank Bsc closedFinansbank asFirst Energy BankFirst Investment BankFirst leasing BankForITs Bank GscFuture Bank BscGlobal Banking corporation Global Investment houseGulf custody companyGulf Finance house EsGulf International BankGulf one Investment Bank Bschabib Bank ltd.hDFc Bank limitedhsBc Bank Middle East ltdhsBc Bank Middle East ltd Wholesale BankIcIcI Bank limitedInG Bank asInstrata capital BscInternational Investment BankInvestcorp BankInvestment Dar Bank closedInvestors BankInvestrade co Bsc closedIslamic International rating agency Ithmaar BankJPMorgan chase BankKhaleeji commercial BankKorea Exchange Bank

Kuwait Finance houseKuwait Turkish Participation Bank InclGT Bank In liechtenstein ltdliquidity Management centrelMG (Bahrain) (ME)Marsh (Bahrain) company sPcMashreq BankMaybankMcB Bank limitedMclarens International limitedMerrill lynch International Bank ltdMizuho corporate Bank ltdnational Bank of abu Dhabinational Bank of Bahrainnational Bank of Kuwait saKnational Bank of Pakistannational Finance & Exchange companynational Finance housencB capitalnexus Financial services Wllnomura Investment Banking (ME)nonoo Exchange companyoasis capital Bankreef Banksakana hhs Bscsecurities & Investment companyseera Investment Bankstandard chartered Bankstate Bank of IndiaT. Vakiflar Bankasi TaoTadhamon capitalTaib Bank E.c.Tharawat Investment houseThe arab Investment company (TaIc)The Bank of Tokyo-Mitsubishi UFJ ltdThe Benefit company

The Family office companyThe housing Bank for Trade & FinanceThe Islamic Bank of asia limitedThe saudi national commercial Bank (sncB)TsKB Industrial Development Bank of TurkeyTurk Ekonomi BankasiTurkiye halk Bankasi a.s.Turkiye Is Bankasi a.s.UBs aG United Bank ltdUnited Gulf BankVakif BankVenture capital BankWealth Management GroupWoori Bank Yapi Ve Kredi Bankasi a.s.


insurance companiesacE Insurance Brokers WllacE Insurance MEnaacr reTakaful MEa BscaF Willis Faber Ec & . Wllal ahlia Insurance companyal hadaf Insuranceal Zayani Insurance Brokers companyallianz Mena holding companyallianz Takaful Bahrainamerican life Insurance (METlIFE)aon re Middle Eastarab Insurance Group (arIG)arab War risk Insurance syndicatearabia Insurance company lTDarmour Insurance services WllaXa Insurance (Gulf) BscaXIs International Bahrain Kuwait Insurance co (BKIc)Bahrain national holding co (Bnh)chartis Takaful Enaya - aIGcrescent Global Insurance servicescumberland Insurance & reinsurancecunningham lindsey Middle East ltdEnsurion WllFakhro Insurance servicesGulf Union Insurance & Projects Management holdingGulf Union Insurance & reinsurance companyhannover retakafulIcIcI Prudential life Insurance company ltdInsure Direct Brokers BahrainIntershield WllIran Insurance company

Kane Insurance Management Wlllabuan reinsuance ltdlegal and General Gulf TakafulMedgulf Insurance-Bhnew hampshire Insurance - aIGnew India assurance company ltdoryx Insurance servicesPatrick York Ireland Insurance & reinsurance Broker companyProtection Insurance servicesroyal & sun alliance Insurance (Middle East)saudi arabian Insurance co (saIco)saudi national Insurance (snIc)solidarity Family Takafulsolidarity General Takafulsolidarity Group holdingTakaful International companyT’azur company BscTrade Union Insurance companyTrust International Insurance & reinsurance companyUnited Insurance companyZurich Insurance companyZurich 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.


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

AlgeriaGulf Bank

egyptInternational Turnkey

jordanamman stock Exchange

Insurance regulatory commission

Middle East Insurance company

kingdom of Bahrain2connect 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 Education

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

kuwaitcentral Bank of Kuwait

IBs Kuwait

Kuwait Investment authority

United real Estate company

Warba Insurance company

Omanal 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

QatarMasraf 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 ArabiaacE 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

senegalEmbassy of senegal

sudansudan academy

Islamic Insurance company

sudan Insurance supervisory authority

United capital Bank

syriaarab Insurance Institute

arab orient

Insurance supervision commission

uAeabu 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

yemenTadhamon I. I. Bank

United Insurance company

Yemen Islamic Insurance company


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 2012Manama, Kingdom of Bahrain

Independent Auditors’ Report to the Specific Council for Vocational Training (Banking Sector)

Bahrain institute of Banking and Finance


Bahrain Institute of Bankingand Finance

Opening dOOrs TO OppOrTuniTy For BahraIn’s BUsInEss anD FInancIal lEaDErs

Financial sTaTemenTs 2011

56 | BiBF annUal rEport 2011

As at 31 December

Note 2011 2010

AssetsNon-current assetsProperty and equipment 5 949,103 649,709

Long term deposit 6 2,000,000 -

2,949,103 649,709

Current assets Trade and other receivables 7 1,582,637 1,014,734

Cash and cash equivalents 8 8,454,057 9,887,547

10,036,694 10,902,281

Total assets 12,985,797 11,551,990

Fund balance and liabilitiesFund balanceAccumulated surplus 9,016,474 7,734,738

Special reserve 9 1,952,243 1,936,541

10,968,717 9,671,279

Non-current liabilitiesEmployees’ termination benefits 10 152,453 109,479

Current liabilitiesAccounts payable and accruals 11 1,864,627 1,771,232

Total fund balance and liabilities 12,985,797 11,551,990

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 MuriwaiChairman Director

The notes on pages 60 to 68 form an integral part of these financial statements.

Statement of financial position(All amounts expressed in Bahrain Dinars unless otherwise stated)

BiBF annUal rEport 2011 | 57

Statement of comprehensive income(All amounts expressed in Bahrain Dinars unless otherwise stated)

Year ended 31 December

Note 2011 2010

RevenueTuition fees 3,385,433 3,973,985

Less: Direct tuition costs (1,062,343) (1,400,980)

Net tuition fees 2,323,090 2,573,005

Levy 2,127,965 2,086,140

Contribution 15,000 15,000

Other 12,380 9,009

4,478,435 4,683,154

ExpensesStaff 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 1,052,845 1,147,959

Finance income 244,593 233,735

Profit for the year 1,297,438 1,381,694

Other comprehensive income - -

Total comprehensive income for the year 1,297,438 1,381,694

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 MuriwaiChairman Director



Accumulated Special Note surplus reserve Total

At 1 January 2010 6,396,466 1,893,119 8,289,585

Total comprehensive income for the year 1,381,694 - 1,381,694

Transfer from accumulated surplus 9 (43,422) 43,422 -

At 31 December 2010 7,734,738 1,936,541 9,671,279

At 1 January 2011 7,734,738 1,936,541 9,671,279Total comprehensive income for the year 1,297,438 - 1,297,438Transfer from accumulated surplus 9 (15,702) 15,702 -

At 31 December 2011 9,016,474 1,952,243 10,968,717


Statement of changes in fund balance(All amounts expressed in Bahrain Dinars unless otherwise stated)


Year ended at 31 December

Note 2011 2010

Cash flows from operating activitiesProfit for the year 1,297,438 1,381,694

Adjustments for:Depreciation 5 159,527 163,631

Interest income (244,593) (233,735)

Charge for the employees’ end of service benefits 10 56,452 39,679

Changes in operating assets and liabilities Trade and other receivables (445,440) (126,535)

Accounts payable and accruals 93,395 385,517

Employees’ end of service benefits paid 10 (13,478) (1,446)

Net cash generated from operating activities 903,301 1,608,805

Cash flows from investing activitiesPurchase of property and equipment 5 (458,921) (147,655)

Investment in long term deposit 6 (2,000,000) -

Interest income received 122,130 174,680

Net cash (used in)/generated from investing activities (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 9,887,547 8,251,717

Cash and cash equivalents, end of the year 8 8,454,057 9,887,547


Statement of cash flows(All amounts expressed in Bahrain Dinars unless otherwise stated)


Notes to the financial statementsfor the year ended 31 December 2011(All amounts expressed in Bahrain Dinars unless otherwise stated)

1 General information

The Bahrain Institute of Banking and Finance (the Institute) was formed in the Kingdom of Bahrain by the approval of the Specific Council for Vocational Training (Banking Sector). The Institute is an unregistered non-profit entity and commenced its first training year on 1 September 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 20 years Furniture and fixtures 5-7 years Machinery and equipment 3- 5 years Motor vehicles 5 years Training materials 3 years Computer software 3 years

The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at each reporting period.


Notes to the financial statements (continued)for the year ended 31 December 2011(All amounts expressed in Bahrain Dinars unless otherwise stated)


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 and other receivables

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

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.



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:

- 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.

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.

3.1 Market risk

3.1.1 Foreign 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.

3.1.2 Interest 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.



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:

• monitoringthecashflowandfundingrequirementsonadailybasis;and

• establishingcreditlineswithbanksandfinancialinstitutionstobedrawnuponincaseofneed.

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 - 8,885 56,343 17,078 - 30,614 346,001 458,921

Transfers (35,011) - - - - - 35,011 -

At 31 December 2011 1,778,704 545,840 675,830 218,621 33,705 42,403 381,012 3,676,115

Depreciation At 1 January 2011 1,405,441 458,196 537,059 146,372 18,538 1,879 - 2,567,485

Charge for the year 15,702 22,149 59,347 39,880 6,741 15,708 - 159,527

At 31 December 2011 1,421,143 480,345 596,406 186,252 25,279 17,587 - 2,727,012

Net book amount At 31 December 2011 357,561 65,495 79,424 32,369 8,426 24,816 381,012 949,103

Cost At 1 January 2010 1,768,129 521,876 576,009 169,820 33,705 - - 3,069,539

Additions 45,586 15,079 43,478 31,723 - 11,789 - 147,655

At 31 December 2010 1,813,715 536,955 619,487 201,543 33,705 11,789 - 3,217,194

Depreciation At 1 January 2010 1,362,019 436,097 480,663 113,278 11,797 - - 2,403,854

Charge for the year 43,422 22,099 56,396 33,094 6,741 1,879 - 163,631

At 31 December 2010 1,405,441 458,196 537,059 146,372 18,538 1,879 - 2,567,485

Net book amount At 31 December 2010 408,274 78,759 82,428 55,171 15,167 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.



7 Trade and other receivables 2011 2010

Accounts receivable 1,086,368 857,264

Accounts receivable written-off - (9,252)

Allowance for doubtful debts (3,306) (21,620)

1,083,062 826,392

Prepayments 217,904 75,135

Advances to employees 50,652 37,827

Interest receivable 122,463 59,055

Accrued income 108,556 16,325

1,582,637 1,014,734

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

61 to 365 days 445,151 115,797

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:

2011 2010

More than 365 days 20,798 20,829

Movements on the Institute’s provision for impairment of trade receivables are as follows:

2011 2010

At 1 January 21,620 28,375

Provision reversal during the year (18,314) (6,755)

At 31 December 3,306 21,620

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 and cash equivalents

Credit rating 2011 2010

Cash in hand NR 500 500

National Bank of Bahrain A- 2,016,033 1,108,245

Bank Muscat International B - 1,000,000

Kuwait Finance House A- 2,949,464 2,813,909

Bank of Bahrain and Kuwait A- 3,488,060 4,449,674

Ithmaar Bank A- - 515,219

8,454,057 9,887,547

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 2011 2010

At 1 January 109,479 71,246

Charge for the year 56,452 39,679

Payments during the year (13,478) (1,446)

At 31 December 152,453 109,479

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 2011 2010

Accounts payable 670,675 577,839

Staff saving scheme 507,173 457,813

Esterad-BIBF fund 32,184 32,184

Other accruals 654,595 703,396

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.



12 Staff cost 2011 2010

Salaries 1,606,555 1,559,386

Bonus 648,720 690,847

Other benefits 589,785 637,710

2,845,060 2,887,943

13 General and administrative expenses 2011 2010

Printing and advertising 81,626 164,264

Business development 81,554 68,698

Premises related costs 75,062 72,860

Telephone and telex 64,824 42,232

Contract services 31,455 32,082

Stationery and other supplies 23,252 28,386

Public relations and social activities 20,231 29,278

Professional fees 12,507 7,360

Library books and periodicals 9,446 4,473

Repairs and maintenance 5,172 9,999

Software 3,213 1,778

Other miscellaneous expenses 10,125 10,334

Postage 2,536 2,574

Provisions for doutful debts - 9,252

Training materials - 51

421,003 483,621

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

2011 2010

Salaries and other short-term benefits 553,901 593,749

Termination benefits, including staff saving scheme 47,206 45,892

601,107 639,641

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