BIBFAnnualReportEnglish2009

Shaping tomorrow’S financial leaderStoday AnnuAl RepoRt 2009

02 Introduction04 Chairman’s Statement06 BIBF Vision07 Board of Directors08 Director’s Report10 Management team14 trends and growth potential16 Review and highlights19 Strategic objectives29 Centre Reports32 Quality Assurance Department33 Marketing and Communications Department

34 Research Department35 Special projects37 BIBF team40 BIBF Guest Speakers / lecturers 200941 participating organisations44 Glossary46 Independent Auditors’ Report 48 Statement of financial position49 Statement of comprehensive income 50 Statement of changes in fund balance51 Statement of cash flows52 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 & Deputy Supreme Commander of the Kingdom of Bahrain

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

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

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

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

2 BIBF | Annual Report 2009

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

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

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

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

BIBF | Annual Report 2009 3

chairman’s Statement

h.e. mr. rasheed mohammedal marajChairman of the SpecificCouncil for Vocational training(Banking Sector)

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

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

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

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

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

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


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

their continued innovation in delivering Islamic Finance solutions,”

last but not least, the launch of the Assessment Centre under leadership and Management was clearly designed to add value to all decision-makers in organisational recruitment. BIBF has ensured that organisations can now have the full spectrum of tools taught locally which filters down into improved recruiting decisions. ultimately this creates a harmonious environment for both the business sector and the employees within it.

In closing, BIBF is honoured to have been encouraged by the support and vision of His Majesty, King Hamad bin Isa Al-Khalifa, His Royal Highness, prince Khalifa bin Salman Al-Khalifa and His Royal Highness, the Crown prince of the Kingdom of Bahrain and Deputy Supreme Commander, prince Salman bin Hamad Al Khalifa. I, on behalf of the BIBF, thank them for their invaluable patronage and guidance. I also extend my gratitude to my colleagues on the Specific Council for their insight and support. BIBF’s success in 2009 could not have been

streamlined their processes and carefully reviewed their strategies, human capital development, while never neglected, was in the short term removed from the strategic “must-do” especially in the areas of high cost specialised training. I was pleased that the flexibility of BIBF allowed our members to take full advantage of BIBF’s morning courses. this achieved two significant outcomes. It allowed organisations to ensure staff development continued and achieved with little additional impact on their financial bottom line; and also showed BIBF’s flexibility in being able to adjust its approach to training and development to reflect the market demands. this meant BIBF was able to achieve a comparable net financial performance as 2008

Secondly, the BIBF Islamic Finance Centre won the CpI Financial global award for Best training Institute in Islamic Finance for the second year in succession. to have received this award for the second year in a row is an acknowledgement of BIBF (Islamic Finance) not only in investing intellectual and monetary resources in Islamic Finance education, but

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

h.e. rasheed mohammed Al Maraj, Chairman


ViSion:BiBf iS the inStitUte of choice for the deVelopment of BUSineSS profeSSionalS. miSSion:leaderShip throUgh proViding ongoing edUcation for BUSineSS profeSSionalS.


Board of directors

1 h.e. rasheed mohammed al maraj Governor; Central Bank of Bahrain 2 mr. adnan yousef Chief executive officer; Albaraka Banking Group 3 mr. garry long Chief operating officer; Investcorp Bank 4 mr. ibrahim al Qassab Chairman of Bankers’ union; General Federation for Bahrain Workers 5 mr. Jean-christophe durand Head of territory; Bnp paribas 6 mr. murad ali murad Chairman; Bank of Bahrain & Kuwait 7 mr. redha ahmed hubail Assistant undersecretary for training; Ministry of labour 8 mr. takuya furuya president; nomura Investment Banking 9 mr. yassir al Baharna Chief executive officer; Arab Insurance Group10 mr. garry muriwai Director; BIBF

1

5

9

2

6

10

3

7

4

8


director’s report

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

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

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

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

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

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

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

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

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

I would like to thank all the Ceos and senior managers that I have visited this year for their time, ideas and support in ensuring

garry muriwaiDirector


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

appreciation

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

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

I am looking forward to working with you all in the years ahead, and to the opportunities that this will bring to BIBF.

mr. garry muriwai Director BIBF

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

Total

416048

445076

363415

327824

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Professional Qualifications

213884

237111

205144

143455

External Programmes

6324

8710

9045

10377

Public Offerings

119990

108239

95108

107347

Special Offerings

75850

91016

54118

66645

2008

2009

Total BIBF Offerings Summary

Public Offerings 53%

Special Offerings 24%

Professional Qualifications 21%

External Programmes 2%






garry muriwaidirector

B.Com - university of AucklandM.Com - university of Auckland Chartered Accountant (CA)

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)

dr. mohammed alKhozaihead of centre: academic and executive

BA - university of CairoMA - university of leedsphD - university of londonexecutive Management programme Columbia university

management team


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 VirginiaBIID - Intermediate Insurance Diploma, BIBF BAID - Advanced Insurance Diploma, BIBF

namasiku lianduhead of centre: accounting and it

BSC (Hons) - loughborough universityMed - Dundee universitypGDip educational Research (professional), Stirling universityChartered Accountant (ACA)

dr. Sat paul parasharhead of centre: Banking

M.Com - Delhi School of economicsphD - university of Delhi


mahmood al Sheahabihead of centre: islamic finance

MBA - Strathclyde universityDipBus - Al Hedaya Commercial SchoolRSA II Certificate in Advanced Accounting

Kadri rizkhead of centre: leadership and management

Bachelor Degree in Management university of HelwanDiploma in Marketing lCCICertified Assessor in Management Development & occupation testingCSHlD university of Surrey.

Khalid almedfaieoperations manager

MBA - De paul universityDipeng - Blackpool College of Higher educationMCp, MCSA, MCSe, CCnA

management team


dr. Subhadra gangulihead of Quality assurance

phD (economics) university of California

ali abdulla Zubarifinance manager

MSF - De paul universityBSDp - BIBFtCMDp - BIBF

chris carstonmarketing and communications manager

BBS - Massey university


BIBF has multiple Centres of excellence across differing disciplines. As a part of our management responsibilities, each Head of Centre has undertaken a review of 2009 in regards to trends and growth opportunities as well as an overall snapshot of performance for the year.

BIBF has a robust strategic planning process from which we work towards achievement of our existing five year strategic plan. Within the strategic plan BIBF has nine core objectives. For the purpose of the 2009 Annual Report, each Centre has reported on its performance directly against these strategic objectives.

the over-arching themes that follow make reference to already well documented issues facing not only BIBF but the financial sector, specifically the financial crisis. BIBF is pleased to note that in light of the varied performances of our members, BIBF itself weathered the impacts particularly well. Whether numerically in regards to financial performance, participant numbers, number of offerings and number of attendance hours we either marginally declined versus 2008 or achieved parity. two key differences to these general findings were the substantive increase in public programme numbers, and the positive assertions made by the Centres on growth opportunities.


trends and growth potential

centre for academic and executive

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

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

centre for accounting and information technology

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

Increased use of professional offerings in accounting;

Innovative program development within the Centres Special offerings;

new partnerships with international professional organisations.

centre for Banking

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

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

centre for insurance

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

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

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

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

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

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

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

centre for islamic finance

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

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

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

establishment of the online Islamic Diploma.

centre for leadership and management

Additional Accredited Qualifications with International bodies;

Strengthening our partnerships in Bahrain with tamkeen and BDo;

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

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


review and highlights


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

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

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

2009 saw the final intake of students into the Bentley programme. Six classes graduated with a B.Sc. in Business Administration. We are proud to have offered such a programme and assisted in fulfilling ambitions of many young students in attaining a uS Degree in Business.

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

December 2009 saw the launching of the new leadership Development programme (lDp) in an alliance with our sister Institute, the Institute of Banking in (IoB) in Riyadh and partnering with our long standing ally, the Darden Graduate School of Business of the university of Virginia. the inaugural programme was to commence in early 2010 with a Foundation week in Bahrain to be followed by a leadership workshop in Riyadh. the final residential part of the programme was planned for late in March 2010 for a period of three weeks. the programme was revamped after 10 years of the very successful Gulf executive Development programme in order to meet the changing demands of market and participant expectations. Intake numbers were positive for the first intake.

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

centre for accounting and it

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

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

2009 saw an addition of one full-time member to the Accounting and Finance faculty to strengthen the development and delivery of audit courses. A new country manager was appointed to focus on growing the professional courses provided through Morgan International.

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

centre for Banking

the performance of the Centre for Banking for 2009 was much lower than budgeted. the Centres expectation when setting the 2009 budget at the end of 2008 was for the sector to show in the second half of 2009 some signs of halting and perhaps mild recovery. this did not occur.

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


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

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

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


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

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

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

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

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

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

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

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


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

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


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

Key 2009 developments and initiatives included:

•LaunchoftheDePaulBIBFMastersinSciencein Islamic Finance

•LaunchoftheWalesValidatedIslamicFinanceDiploma

•EstablishmentoftheWaqfFundGraduate Sponsorship programme

•CompletionoftheNationalCommercial Bank development programme on Islamic Finance and Sharia’a Auditing

•EstablishmentofthePublicSeminarSerieson Islamic Finance


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

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

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

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

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

review and highlights


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

01

In 2009 the BIBF Centres contributed to this objective by:

centre for academic and Executive

• Ensuringthatallcoursesweredeliveredatahighstandardandmeasuredbyactioningandapplyinglearning’sfromclassassessments;

• Continuouslyimprovingtheteachingandlearningaspectofourcourses,throughreviewsandmodificationssuggestedbyModerators,ExternalExaminersandQAmanagers.


• EnsuringthatallcoursesweredeliveredatasufficientlyhighstandardtoupholdthegoodreputationcurrentlyenjoyedbytheBIBF.Thiswasachievedbyenablingthelecturerstoattendrelevantbothsubjectspecifyinganddeliverymethodology,continuingprofessionaldevelopmentcoursesandbyclassobservation,peerreview,andanalysisofparticipantfeedback;

• Creatingactiveliaisonswithreputableinternationalorganisations,forexampleIIA(USA),ICAEW(UK)andBPPLearningMediatoseektoprovidethebestthereis;

• Continuallyimprovinghowwedelivercoursesinresponsetofeedbackfromcourseparticipantsandtheirorganisations.Thishasincludedactionssuchaschangingthefinancialstatementsusedfordeliveringagivencourseasaresultoffeedbackfromparticipants.


• BeingtheonlyinstitutionauthorisedbyCBBtoconductminimumstandardsqualificationforappointedlifeandgeneralinsurancerepresentatives;

• CII’sonlystrategicpartnerintheregionofferingfullyaccreditedprofessionalinsurancequalifications;

• Offeringcoursesandprogrammesbasedoninsuranceindustryrequirement.


• IncreasingtheamountofavailablecoursesforbothexternalandpublicofferingsincludingIslamicEconomicsforBankers;Murabahahfinanceforretail;Istisna’forretail;Sharia’forbankers;IslamicCreditCards;IslamicFundsManagement;RealEstateAdvisory;IslamicMutualFunds;EconomicEfficiencyforWaqfProducts;andtheICMAPrimaryMarketCertificates.

strategic objective:

01

centre for Banking

Creatingnewpublicofferings:• ProjectAppraisalandFinancing• EconomicsforBankers• QuantitativeMethodsforRiskManagement

Launchingnewexternalprogrammes:• ValueAdvisory-ANewToolkitforCorporateBankers

• CorporateGovernance-ChallengesandBestPractices

• GlobalFinancialCrisis-SurvivingandThrivingStrategiesfor2009

• ImplementationofBasel-II(PillarII)• DebtRestructuring• InvestmentRepresentativesProgramme(Series-7)

• ImplementationofBasel-II(PillarI)• RealEstateInvestment• CounterpartyRiskMeasurementandManagement

• AdvancedFinancialModeling• CreditRiskMeasurementandManagement

•MarketRiskMeasurementandManagement

• ForexonlineTrading

Offeringnewprofessionalqualifications:• IDC-ICA,UK• ACAMS,USA• APRM,USA• ArevampoftheBSDPqualificationbyrevisingstudymaterialandprovidingapathwayforwardforBSDPparticipantstoNewcastleUniversity,UKtoobtainacombinationofinternationalexperiencesandanundergraduatedegree.


• OfferingavarietyofcustomisedspecialofferingstailormadetoBanksandorganisationstofittheirrequirementsandfutureplansandsuccessoftheirbusinesses.TheseincludedStandardCharteredBank,KhaleejiCommercialBank,Yokogawa,BDOJawadHabib,andAPMTerminals.

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

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

02


CentreforAcademicandExecutive

• Maintainingregularcontactwithtrainingmanagersanddiscussingcourseshighdemandinnatureeg,CorporateGovernance.

CentreforAccountingandIT

• Continuallytalkingwithtrainingmanagersrespondingtotheirrequestsandseekingtomeetthemattheir‘pointoftrainingneed’.ThisincludeddevelopingnewPublicOfferingsinresponsetotheirrequestsandasaproactivesteptoprovidecoursestheCentrebelievedwasusefultothem;

• Approachingexistingclientsofferingthemnewcoursesinresponsetofeedbackfromtheparticipantsofarecentlydeliveredcourse.Forexampleduring2009thisresultedintwonewspecialofferingstoexistingclients;

• Creatinguniqueproductsforclients;eitherinresponsetoaspecificrequestorbyanalysisofcourseparticipantfeedback.Anexampleisacoursedeliveredtooneofourlongstandingclientsin2009thatwascompletelydifferentfromthatdeliveredoverthepreviousfour/fiveyears,asaresultofassessingthecommentsmadebyparticipants.

CentreforBanking

• Networkingforproactivebusinesspartnershipswithourlevypayersandotherclientstoachievesuccessfulresultsforboththeirorganisationsandtheindividualswithinwasregularlyundertakenthroughmeetingwithtrainingmanagers,bankprofessionalsatBIBFandduringconferences.

CentreforInsurance

• ConductingregularvisitstolocalinsuranceorganisationsinconnectiontotheirtrainingrequirementsandofferingassistancetorelevantindividualsforCIIaccreditationofpriorlearningasavalueaddedservice;

• Holdingdiscussionswithinsuranceprofessionalsinconnectiontolaunchingnewprogrammesandrevisingexistingones;

• Providingtailormadelong-termtrainingprogrammesviamutualagreements.


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

02

CentreforIslamicFinance

• ConductinganumberofdirectcontactvisitstotheIslamicFinancialInstitutionsinBahrainandDubai.WeutilisedthesevisitstomeetfunctionalHeadsofHRorTrainingandobtainfeedbackonexistinglevelsofserviceperformanceaswellashighlightingournewproducts.ClientvisitsincludedAlBarakaIslamicBank,GulfFinanceHouse,DubaiIslamicBank,BahrainIslamicBank,AjmanIslamicBank,andNoorIslamicBank;

• FacilitatingvariousspecialofferingsinBahrain,theGulf,andEasternEurope.ClientsincludedNationalCommercialBank,SaudiArabia;AbuDhabiIslamicBank,UAE;CaspianInternationalInvestmentCompany,Azerbaijan;CommercialBankofQatar,Qatar;IslamicDevelopmentBank,SaudiArabia;StandardCharteredBank,Bahrain;andKhaijiBank,Qatar.

CentreforLeadershipandManagement

• Introducingfivenewpublicofferingstodeliveruponmarketrequirements.Theseincluded:

-EmotionalIntelligence;-ProblemSolvingandDecisionMakingTechniques;

-HumanResourcesPlanningTechniques;

-HRManagementforNon-HRManagers;

-EmployeeTrainingandDevelopment.

• TheCentrealsoregularlymetwithmemberorganisationsandotherclientstodiscussspecialofferingsasupdatesornewrequests.

Build alliancEs with intErnationally rEcognisEd profEssional BodiEs.

03



•Maintainingourstrategicallianceswith:-DePaulUniversity-BentleyUniversity-UniversityofWales-DardenGraduateSchoolofBusiness oftheUniversityofVirginia

•Whilstnotnew,westrengthenedformallyourtieswithoursisterInstitute,theInstituteofBanking(IOB)inRiyadhindevelopingthenewLeadershipDevelopmentProgramme(LDP)inconjunctionwithDarden.


• BuildingallianceswiththeIIA(USA)tooffertheirinternalauditcourses;

WithICAEW(UK)todelivertheirCertificateinAccounting,FinanceandBusiness;

WithACCA(UK)todelivertheirDiplomainInternationalFinancialReporting;

WithICDLGCCFoundationwiththeviewtodeliveringICDLcoursesfrom2010;

WithBPPLearningMediatousetheirworldclasscoursematerialsfor

in-houseaccountingandfinancecourses;

WithMorganInternationalfortheworldclasscoursematerialsforCPAandCMA.

centre for Banking

• FormingnewalliancesduringtheyearwithNewcastleUniversity,UK;ACAMS,USAandICA,UK;

• RenewingallianceswithprofessionalbodieslikeCFA,PRM,andACIwhichwerealsostrengthenedbyachievingspaceontheirwebpagesaseducationpartners.


•MaintainingandstrengtheningourallianceswithTheCharteredInsuranceInstitute(UK)andTheAmericanInstituteforCharteredPropertyCasualtyUnderwriters/InsuranceInstituteofAmerica(USA).


•MaintainingandbuildinguponexistingallianceswithInternationalbodiessuchasCIPD,CMIandSHL.


EnsurE that all participants BEcomE BiBf amBassadors.

04



• Receivingverypositivefeedbackaboutthequalityofourstudentsandothergraduateswhoregularlyparticipateintheseminars,workshopsandyouthconferencesinBahrainandglobally.


• Deliveringcoursestotheparticipants’satisfaction.

centre for Banking

• Asamatterofpractice,invitingallpassingoutparticipantsofthepublicofferings,specialofferings,professionalqualificationprogrammesandexternalprogrammestostayintouchforanyfurtherassistanceintheirjourneyandapplicationofknowledge;

• OrganisingaBSDPAlumnimeettoheartheirviewsonstrengtheningtheexistingBSDPqualification.


• Creatingpracticalcasestudiesthatenableshadowingofactualworkatmosphere.Thisaidedrelevantparticipantstobecomereadyforemploymentwithmostminimumon-the-jobtraining.Thisstrategyhasbeenpromotedbyourtraineesatalllevels;

• Aidingtrainees’careersbyhelpingthemtogettheirCIIcreditsasanongoingsupportservice.Thisservicehasledustogainnewerclientsviawordofmouthfromexistingtraineesandgraduates.


• Deliveringcoursestotheparticipants’satisfaction.


• Continuouslyfollowinguponcourseevaluationstomodifyandactionactivityapplicabletonotonlyprogrammequalityimprovement,butindirectresponsetocustomerneeds.


EnsurE that our programmEs arE rEcognisEd as world class.

05



• Ensuringthatourlinkageswithworldclassuniversitiesandinstitutesremainedstrong.OurpartnershipsareinplacetoensureourgraduatesnotonlyhaveaplacewithinanyrelevantrolewithinBahrainbuthasagloballyappealingundergraduateorpostgraduatequalification.


•Makinglinkageswithworldclassorganisationsintermsofqualificationsorcoursematerials.

centre for Banking

• Positioningourprogrammesthroughnewspaperadsasworldclassandadoptingworldclasspedagogyandahighclassfaculty;

• ObtainingrecognitionastheEXCLUSIVEeducationalpartnersinBahrainforleadingInternationalprofessionalbodieslikeAssociationofCertifiedAnti-MoneyLaunderingSpecialists(ACAMS),USAandInternationalComplianceAssociation(ICA),UK.


• ProducingCIIqualificationsforTakaful(IslamicInsurance),whichisnowpartofACIIlevelunits;

• Ourclass-roombasedinsurancediplomas(EnglishandArabic)earn210creditsfromCII,thehighestforanyinstitutionintheregion;

• EarningCII’sDiplomainInsurancecertificationviaaccreditationofpriorlearningthroughourArabicdistancelearningprogramme,theProfessionInsuranceCertificate(PIC).


• Receivingtheinternationallyacclaimed‘BestIslamicFinanceTrainingInstitution’awardintheannualIslamicBusinessandFinanceAwardsforthesecondyearrunning.


• ProvidingaccreditedprogrammesincludingCambridge,CMI,CIPDandCIM.


06promotE Bahrain’s position as a lEading rEgional financial cEntrE.



• UsingcasestudyexamplesfromtheBahrainmarketinteachingmaterialsandexams;

• PromotingtheIslamicDiplomaandreferencingBahrainasaworldleaderinIslamicFinancialProductsandServices.


• UsingexamplesfromBahrainincoursematerials,includingthosedeliveredoutsideBahrain,wheneverpossible.ForexamplebyusingtheTAIBanalysisreportofSABICwhendeliveringacourseatSaudiAramco;

•MakingreferencetotheBahrainStockExchangeinappropriatecontexts,whiledeliveringcoursesordevelopingcoursematerials.

centre for Banking

• Havingeveryprogramme,particularlypublicofferingsandprofessionalqualificationprogrammesdesigned,launchedanddeliveredwithanexpressaimtocontributetopromoteBahrain’spositionasaleadingregionalfinancialcentre;

• Aimingtoprovidethelatestknowledgeandskillsineveryfunctionalareaofthebankingindustry,acrossallourpublicofferings,professionalqualificationprogrammesandexternalprogrammes.


• DefiningtheCentreforInsuranceanditsstrongaffiliationsastheforemostinsurancelearningandqualificationsproviderintheregion.ThishascontributedtoBahrain’spositionasaleadingregionalfinancialcentre.


• Thebenefitofreceivingthe‘BestIslamicFinanceTrainingInstitution’awardreinforcedthestrengthofBahrain’sIslamicFinanceeducationauthority.Thissupportsourdrivetoalignwherepossiblethe2030visioninregardstofinancialsectorexpertise.


• Deliveringourproductstonewmarkets(fortheCentre)suchasQatar.ThiswasatailormadeprogrammeforhighcalibermanagementtraineesintheCentralBankofQataroverthreephasesindifferentareassuchasLeadershipandManagement,Banking,FinanceandIslamiccourses.Atotalof22coursesweresuccessfullycompletedbythetrainees.


attract and rEtain thE BEst staff.

07



• Retainingstaffwithinternationalqualificationsandlocalandinternationalexperience.In2009ourturnoverwas0%.


• Employinginternationalcaliberstaffwithlocalexperienceintherequiredareas.Retentionhasbeennearenough100%in2009.OneadministrativestaffmemberlefttheCentre,howevertherewerenofacultydepartures.

centre for Banking

• Addingonenewfull-timefacultywhocamewithexcellentqualificationsandsignificantinternationalbankingexperience.Thepart-timefacultyincludestopnotchprofessionalswithwideindustryexperience.Itisworthmentioningthatdespitethesepersonshavingotheropportunities,theyprefertocontinueteachingatBIBF.


• EmployinghighcaliberACIIcertifiedtrainingstaffandindustryexperiencedsupportteamtoprovideitsservices.


• EmployingtwointernationalcaliberfacultymembersandanadditionalmemberwithintheAdministrativefunctiontosupporttheplannedgrowthintheCentresofferings.

Retentionhasbeennearenough100%in2009.OnefacultystaffmemberdepartedBIBFin2009,withextendedleaveonmedicalgroundsfortheHeadofIslamicFinancealsooccurringmid-year.Intheinterim,theCentrewasledbytheDeputyDirector;

• IncreasingtheuseofindustryexpertsbytheCentre.


• Recruitingspecialisedandexperiencedlecturers,andprovidingthemwithamotivatingpackageaswellasanopportunitytodirectlyaffectthehumancapitaldevelopmentofallparticipants.ThebreadthofprogrammestheCentreoffersalsoprovidesthescopeforsignificantstaffprofessionaldevelopmentandteachingbothlocallyandinternationally.


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.

08



• Continuouslyupdatingandreviewingtheteachingandlearningmaterialstomeetinternationalstandards;

• Identifyingstaffdevelopmentneedsannuallyandputtingrequiredplansintoplacetoachievethesedevelopmentinitiatives.


• Identifyingtheappropriatestaffdevelopmentneedsduringtheannualreviewandputtingappropriateplansinplacetoachievetheirdevelopmentalneeds;

• Continuallyimprovingourmaterialsandmodesofdeliverytomeetourcourseparticipantsattheirpointofneed.Thisisdonebyupdatingmaterialsthathavenaturallybecomeoutofdate(forexampleduetochangeinfinancialreportingregulationsorjustthepassageoftime–eg,replacingoldfinancialstatementswithmorerecentones.

centre for Banking

• Ensuringthefacultyiscontinu-ouslyencouragedtoaddnewprogrammesandundertakeselfdevelopment.MostfacultymembersoftheBankingCentreattendedat

leastonepublicofferingprogrammeatBIBF.OneofthefacultymembersobtainedTradeFinanceSpecialistCertificate,anotherqualifiedCFAlevel–Iandthethird,Series-7programmeoftheBIBF.Technologicalandinfrastructuralsupportisprovidedasrequiredbyeachfaculty.


• Expandingitsbusinessdevelopmentandcustomerserviceteamduring2009duetomeetingincreaseddemandfromindividualinsurancepersonnelandcompaniesforourprogrammesandservices;

• Closelyworkingwiththeindustrytolaunchsixnewprogrammesin2010.


• Extendingitsgeographicalreachandexpandingitsmenuofproducts.TheCentreforIslamicFinancehasextendeditsgeographicalreachbyhavingnewclientsinQatarandtheCIScountries,specificallyAzerbaijan.WealsolaunchedtheMastersofIslamicFinanceprogrammewithDePaulandtheWalesValidatedIslamicDiploma.


providE infrastructurE for EffEctivE and EfficiEnt opErations.

09

In 2009 BIBF achieved the following:

• TheestablishmentoftheCustomerServicesectionthatdealswithallwritten(whetheremail,oronline)participants’feedbackwasavitalsteptowardssupportingBIBF’sstrategyinaligningitsqualityassuranceframeworktoInternationalstandards.TheCustomerserviceareahadadditionalregistrationstaffplacedwhoserolewastomoredirectlyinteractwithourmembers’organisations.

• Inordertomeetthegrowthinnewparticipants,aparkingzonewhichaccommodatesover80carswasprovidedbyBIBF.ThelocationimmediatelyacrossfromthefrontentrancereducedthelevelofconcernofavailabilityandproximityofparkingtoBIBF.

• TomeetgrowingdemandstaffwereaddedtoBIBFin2009necessitatingtheneedforadditionalofficespace.Abuildingextensionwasaddedaswellasredesigningexistingofficestomeetstaffingrequirements.

• BIBF’snewonlinelibrarysystemandstudentscentrewasmadeavailabletoallmemberstobrowsetheBIBFcatalogueandlibrarycontents.

• TheBIBFregistrationdepartmentcontinuedtovisitmemberorganisations,introducingtheonlineregistrationsystem,whichwillaidthetrainingmanagersinmonitoringtheiremployeeprogress.


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

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

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

our Information technology courses are in the main, standard Microsoft application courses. they are offered by a wide variety of competitors and appear price sensitive in customer decision making. the Centre is diversifying its offerings in Information technology to cater for demand for courses in areas such as ethics, business continuity management, and project management to the extent that these are impacted upon by information technology.

centre for academic and executive centre for accounting and it

Total

124802

132267

121765

78590

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Wales

69723

53756

57790

40489

GMAT

315

1248

1782

486

Bently

7104

4896

7056

7488

DePaul

33029

31847

16398

3497

09

08

07

06

External Courses

762

2208

1216

513

09

08

07

06

English

13869

38312

37523

26117

External Courses 1%

Wales 11%

GMAT 6%

DePaul 26%

Bently 0%

English 56%

Participant Hours

2009

Total

124802

132267

121765

78590

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Wales

69723

53756

57790

40489

GMAT

315

1248

1782

486

Bently

7104

4896

7056

7488

DePaul

33029

31847

16398

3497

09

08

07

06

External Courses

762

2208

1216

513

09

08

07

06

English

13869

38312

37523

26117

External Courses 1%

Wales 11%

GMAT 6%

DePaul 26%

Bently 0%

English 56%

Participant Hours

2009

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Total

48559

53972

48489

42188


6740

11999

9163

9558

Special Offerings

12322

16284

14314

14125

09

08

07

06

Public Offerings

28969

25689

25012

18505

External Programmes

528

0

0

0

Participant Hours





2009

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Total

48559

53972

48489

42188


6740

11999

9163

9558

Special Offerings

12322

16284

14314

14125

09

08

07

06

Public Offerings

28969

25689

25012

18505

External Programmes

528

0

0

0

Participant Hours





2009


09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Total


Special Offerings

External Programmes

Public Offerings

75326

100644

96081

87885

29531

57539

54934

40221

1413

1170

4251

5582

33060

33750

26324

32471

11322

8185

10572

9611

Participant Hours





2009

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Total


Special Offerings

External Programmes

Public Offerings

75326

100644

96081

87885

29531

57539

54934

40221

1413

1170

4251

5582

33060

33750

26324

32471

11322

8185

10572

9611

Participant Hours





2009

2009

Total

Special Offerings

Public Offerings

56747

39962

44283

61708

21674

17393

20193

30625

35073

22569

24090

31083

09

08

07

06

09

08

07

06

09

08

07

06

Participant Hours



2009

Total

Special Offerings

Public Offerings

56747

39962

44283

61708

21674

17393

20193

30625

35073

22569

24090

31083

09

08

07

06

09

08

07

06

09

08

07

06

Participant Hours



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

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

the Centre for Insurance at BIBF is today, the largest specialised insurance training and professional qualifications provider in the Middle east. to underpin the many vital initiatives of the insurance regulators and to capitalise on the growing demand to qualify the insurance personnel in the region, BIBF and the uK based Chartered Insurance Institute (CII) have entered into strategic partnership towards adding professional advantage for insurance people.

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

centre for Banking centre for insurance


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

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

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

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

centre for islamic finance centre for leadership and management

51537

Total


External Programmes

Public Offerings

57409

24501

22658

28558

22784

14396

11024

3058

5332

3450

3432

9927

6512

4020

2393

9994

22781

2635

5809

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Special Offerings

Participant Hours





2009

51537

Total


External Programmes

Public Offerings

57409

24501

22658

28558

22784

14396

11024

3058

5332

3450

3432

9927

6512

4020

2393

9994

22781

2635

5809

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

Special Offerings

Participant Hours





2009

Total


External Programmes

Public Offerings

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

59077

28296

34795

25015

14730

6102

4575

0

563

128

850

26360

24895

19559

23353

7139

21197

2507

6017

Special Offerings

Participant Hours



External Programmes 12% Professional Qualifications 1%

2009

60822

Total


External Programmes

Public Offerings

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

09

08

07

06

59077

28296

34795

25015

14730

6102

4575

0

563

128

850

26360

24895

19559

23353

7139

21197

2507

6017

Special Offerings

Participant Hours



External Programmes 12% Professional Qualifications 1%

2009

60822


Quality assurance department

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

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

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

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

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

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


marketing and communications department

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

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

•ThedevelopmentofaMarketingandCommunications Strategic plan, which was submitted to and approved by the Board.

•Developmentofanannualtacticalplanincluding by initiative, activity, associated budget implications and specific budget reporting codes in order to create transparency of marketing expenditure.

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

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

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

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

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

•Wealsointhelatterhalfof2009begantoaddress our e-communications. the majority of the vast database of participant’s details was centralised between Marketing and operations (Registration). It has always been the core of the Registration Department but there had been limited usage by the marketing and Communications team. We initiated in october 2009 the first branded email campaign to both members and non-members. this provided us with an opportunity to clearly highlight all our programmes on a consistent and planned basis, allowing us to send both bulk and segmented email communications. By year end we had no substantive results on effectiveness, however, we did find that the market was comfortable in receiving specific emails from us, with less than a 1% unsubscribe rate on emails sent. this was with a preliminary database size of 4500.

•Thedepartmentalsooversawtheimplementationof the Annual Report and both the 2009 and 2010 Course Catalogue.


research department

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

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

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

(i) creating a research culture at BIBF

(ii) organising research methodology workshops

(iii) organising case writing workshops

(iv) seeking International partnerships

(v) networking with leading researchers, research funding bodies, and publishers

(vi) supporting presentation and publication of quality research.

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

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

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

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


Special projects

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

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

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

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


BiBf team

director’s office

garry muriwai Director [email protected]

ebtisam a. Saad executive Assistant [email protected]

human resources

hussain ismailDeputy [email protected]

hassan abbasHR [email protected]

BiBF learning centres


dr. mohammed al KhozaiHead of Centre: Academic and [email protected]

Faculty

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

administration

Zahra tabbara Academic and executive Coordinator [email protected]

lameea mohammed Administration Coordinator [email protected]

parween haji Administration Coordinator [email protected]

centre for accounting and iT

namasiku liandu Head of Centre: Accounting and It [email protected]

Faculty

hafiz Qaisar raza Khan Senior lecturer [email protected] in Accounting from Hailey College of Commerce, University of the Punjab, Lahore, Pakistan CMA - Certified Management Accountant, USA ACMA - Associate of Cost & Management Accountants, Pakistan

Syed amir Zahid Senior lecturer [email protected] BA Corporate Secretaryship University of Madras, India ACA - The Institute of Chartered Accountants of India CIPA - Certified Islamic Professional Accountant, AAOIFI, Bahrain

yousif faraj Senior lecturer [email protected], Strathclyde University, UK

farayi patrick chikwanda lecturer [email protected] BCompt (Accounting Science): University of South Africa (UNISA) Diploma in Accountancy, Southern Africa Association of Accountants (SAAA), Member of the Institute of Chartered Accountants, Zimbabwe (ICAZ)

mahmood abdulla lecturer [email protected] in Accounting University of Bahrain, BahrainCPA - American Institute of Chartered Public Accountants (AICPA), Colorado, USA

nedhal al-faraj lecturer [email protected] BIBF, BahrainNVQ in Business Administration, UK, Diploma in Business Administration, BTI, Bahrain


BiBf team

administration

Khulood al thaqafi Administration Coordinator [email protected]

centre for Banking

dr. Sat paul parashar Head of Centre: Banking [email protected]

Faculty

dr. Jyothi Venkatesh Senior lecturer [email protected] in Finance from the Indian Institute of Science, Bangalore

Subramanian ravi Senior lecturer [email protected]. C.A.I.I.B in Public Administration from Madras University, Chennai

anuradha Shaw lecturer [email protected] in Economics (Distinction) Bangalore University, Karnataka, India

chithra Suresh lecturer [email protected] in Applied Economics, Jawaharlal Nehru University, IndiaMA in Economics, Calicut University, India, Certified Trade Finance Specialist, Indian Institute of BankersProfessional Diploma for Trainers and Tutors, Cambridge University, UK

inuwa g. affa lecturer [email protected], Miami FL, USA; PGD in Financial Management at A.T.B. University, Bauchi Nigeria

administration

Khulood al thaqafi Administration Coordinator [email protected]


husain al ajmi Assistant Director, Business Development and Head of Centre: Insurance [email protected]

Faculty

dr. tarek Seif Senior lecturer [email protected] in Maritime Transport from Arab Academy for Science Technology and Maritime TransportACII - Associate of Chartered Insurance Institute, UK

ali mohasen lecturer [email protected] Mechanical Engineering, University of Bahrain, BahrainACII - Associate of Chartered Insurance Institute, UK

manal mohammed mashkoor lecturer [email protected] BSC Business Information System, Bahrain University ACII - Associate of Chartered Insurance Institute, UK

yousif darwish lecturer [email protected] BSC Chemical Engineering, University of Bahrain, Bahrain ACII - Associate of Chartered Insurance Institute, UK

administration

mahesh prabhu Business Development Manager [email protected], Washington International University, USA, P.G. Dip. in Information Technology, Manipal University, India, BBM (HR), Mangalore University, India

wafa al durazi Administrative Assistant [email protected]

centre for islamic Finance

mahmood al Sheahabi Head of Centre: Islamic Finance [email protected]

Faculty

dr. ahmed assad mahmoud Senior lecturer [email protected] Post Doctorate PhDPhD in Islamic Commercial Jurisprudence, International Islamic University, Malaysia MA in Islamic Economy, Yarmouk University, Jordan, BA in Sharia’a Mutah University, Jordan

huma Sodher Senior lecturer [email protected] BCom (Commerce & Law): University of Karachi, Pakistan LLM (Law): University of Karachi, Pakistan, ACA - Institute of Chartered Accountants of Pakistan, CIPA - Certified Islamic Professional Accountant, AAOIFI, Bahrain

nedal el-ghattis Senior lecturer [email protected] Royal Melbourne Institute of Technology (RMIT), AustraliaDiploma in Neuro-Languastic Programming from INLPTA, UKCIPA - Certified Islamic Professional Accountant, AAOIFI, Bahrain, CSAA - Certified Sharia’a Adviser and Auditor, AAOIFI, Bahrain

alfatih gessan pananjung aryasantana lecturer [email protected] in Islamic Finance: International Islamic University of Malaysia, Kuala Lumpur, Malaysia BEng Bogor Agricultural University, Bogor, Indonesia

administration

marwa ahmed Administrative Assistant [email protected]

Sumayya Zainalabedin Administrative Coordinator [email protected]


Kadri rizk Head of Centre: leadership and Management [email protected]

Faculty

amal a. Jabbar al awadhi Consultant and trainer [email protected] in Psychology with Clinical Psychology, University of Kent, UK

madhavi tiwary Senior lecturer [email protected] in English Literature: Lucknow University, IndiaMA in Education: Annamalai University, IndiaCertificate in Instructional Skills: Oakland Schools, USA

martin Smithies Senior lecturer [email protected] MA in Applied Linguistics and Language Teaching from the University of York

muneer mohammed Saeed Senior lecturer [email protected] Completing PhD MBA University of Durham, UK BSC Beirut Arab University, Lebanon, P.G. Dip. in Marketing: Chartered Institute of Marketing, UK, Chartered Marketer

dr. Vijayalaxmi moovala Senior lecturer [email protected] PhD in Business Management: Osmania University, India MBA: Nagarjuna University, India P.G. Dip. in Personnel Management: Indian Institute of Management Studies, India B. Com (Hons): Osmania University, India, Certified Master Trainer in Neuro-Linguistic Psychology – National Federation of Neuro-Linguistic Psychology, USA, Accredited Facet 5 User: Facet 5, N.L. Bukley, Australia


BiBf team

dr. Vivek Kumar Senior lecturer [email protected] in Management from the University of Indore, India MBA (HR) from University of Indore, India

Bader abbas al nasser lecturer [email protected] Management, University of Bahrain

philip mukhwana lecturer [email protected] (Hons), (Physics and Mathematics): Makerere University, Kampala, Uganda, Diploma in Education: Makerere University, Kampala, Uganda, Business application of ICT (Post Grad Diploma): University of Cambridge, Advanced Diploma: Strategic Development of Human Resources: Institute of Commercial Management (ICM), UK, Professional Development Scheme, Chartered Institute of Personnel and Development (CIPD) UK

administration Sameera al Khal Administration Coordinator [email protected]

Sana Sarwani Administration Coordinator [email protected]

BiBF Business departments

Finance department

ali abdulla Zubari Finance Manager [email protected]

administration

christine S. al arayedh Finance officer [email protected]

redha mohammed Finance officer [email protected]

mahdi abdul nabi Accounts Assistant [email protected]

marketing and communications department

chris carston Marketing and Communications Manager [email protected]

amal al a’aliMarketing officer - Youth and Digital [email protected]

eman al Khayat Marketing officer - pR publications & Internal Branding [email protected]

gerry palad Web Master/Graphic Designer [email protected]

operations department

Khalid al medfaie operations Manager [email protected]

nawal Saif Registrar [email protected]

administration

hassan Khamis Supervisor, General Service’s [email protected]

afnan ali Sahwan Administrative Assistant [email protected]

fadheela al Sharaf Administrative Assistant [email protected]

farooq abdulQader Administrative Assistant [email protected]

muqtada al oraibi Administrative Assistant [email protected]

nasreen aqeel Administrative Assistant [email protected]

Sarah Saade Assistant Registrar [email protected]

ahmed al alawi Information Desk Attendant [email protected]

Bader al ameer Information Desk Attendant [email protected]

nasser al Khayat Information Desk Attendant [email protected]

Sultan al rumaihi Information Desk Attendant [email protected]

allan mauleon It Support [email protected]

abdul mutaleb abdulla Receptionist [email protected]

george epen General Service’s [email protected]

hussain askari office Assistant [email protected]

Kakkarattu Kunnummal rajan General Service’s [email protected]

mohammed abdulKhaliq Driver [email protected]

Quality assurance department

dr. Subhadara ganguli Head: Quality Assurance [email protected]

visiting professor

Sudhakar raju Visiting [email protected] Economics University of Toldeo, Ohio, USA [email protected] Economics & Finance, Northern Illinois University, USAMPA Public Administration, Harvard University, USAFRM, (GARP)


BiBf guest Speakers / lecturers 2009


Bentley college

dr. Bill Starnerdr. Bill Vanderclockdr. Bob mcnultydr. Sue newell

Business english programme

a.aziz al Qassimi: College of Health & Sciences - Retiregopika Beri: Gulf Air naeema al a’ali: Ministry of educationreem Jaberi: Gulf polytechnicShireen heidari: College of Health & Sciences Siddika Sabooni: Ministry of education

depaul university

dr. adam gehrdr. animesh ghoshaldr. Bill Jedlickadr. Bob greenedr. Bruce newmandr. daniel delidr. elijah Brewerdr. gilles reinhardtdr. helen lavandr. humayon dardr. Jaejoon woodr. Jin choidr. John aherndr. Karim pakravandr. Keith howedr. Kevin Stevensdr. marty martindr. mike millerdr. moh omar farooqdr. nabil ibrahimdr. ramon codinadr. Sanjay deshmukh

university of wales

ali abbas: BBKdr. Batool asiri: university of BahrainBob thaker: national trading Housedr. mohammed al wosabi: university of BahrainSadiya S. hashmi

centre for accounting and iT

eliot Stenzel: Consultinghameed Salman: Delmon Management Consultingisa al-mutawaj: Central Bank of BahrainJamal al mutawa: GoSIKishore dash: Gulf Finance Houselakshmi lakshman: private Consultantpol robert tansens: Consulting

cpa / cma

abdulla al-madhoob: private Consultantahmed al-Sulaiman: StCdr. gagan Kukreja: Al-Ahlia universityhameed Salman: Delmon Management Consultingisa al-motawaj: Central Bank of Bahrainlakshmi lakshman: private ConsultantKishore dash: Gulf Finance Housemanal al-Sarraf: Batelcomohammed al-mulla: Gulf Air rushdi Kikhia: Deloitte & touche Samar agaiby: Housing Bank Shadi Zahran: Ahli united Bank Venkat maravan: Gulf 1 Bank

centre for Banking

Jose paul martin: Venture Capital Bank nader al Soufi: CrediMaxSaleh hussain: Saleh Hussain Consultancy Savitha ragjavan: priceWaterHouseCooper Surendra Barsode: Aptivva Consulting Solutions (p) ltd


ayman al ajami: AIG enayadr. farid al Sahn: university of BahrainJaffer Jahromi: Iran InsuranceJaffer mazaal: CIImohammed radhi: AIG enayanader mandeel: CBBSadiq al aali: AXA Insurance

centre for islamic Finance

a Sattar abu ghuda: Al Baraka Groupahmad al Saad: Yarmouk universityahmad nassar: CIBAFIarif Khalifa: Kuwait Finance Housechris o’malley: ICMA Centre – university of Readingeman Bu rashid: Keynotes Consultantsgohar Bilal: Bnp paribashussain a. haq: Al Salam BankJaafar al omran: Al Baraka Banking Groupmahmoud a.Bari: Qatar national Bankmohammed Belgami: Bahrain Islamic Banknathif adam: First Community Banktaha al tayeb: Badr Al Islami


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

The leadership challengetom flatau: teamworking

Facet 5 david davenport: Gulf World Institute

parttime lecturers / consultants for various public offeringsabdulla al moosa: private Consultantgeetu Kalani: private Consultantglenn Van Kessel: private Consultantgreg white: private Consultanthind idris: private Consultantlakshmi lakshman: private Consultantomneya Badr: private Consultantomran Khayami: private ConsultantVincent Koyle: private Consultantyosr fareed: private Consultant


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

Financial sectorAbu Dhabi Investment House

Addax Investment Bank

Ahli united Bank

Al Khabeer International Bank

Allied Banking Corporation

Alpine Wealth Management

Al Salam Bank

Alubaf Arab International Bank

Al Yousuf exchangers

Albaraka Banking Group

Allianz Global Investors

Allianz MenA Holding Co.

AMeX (Middle east)

Arab Bank plC

Arab Banking Corporation

Arab Financial Services

Arab Investment Company

Arcapita Bank

Askari Bank ltd

Awal Bank

Bahrain Credit

Bahrain Development Bank

Bahrain express exchange

Bahrain International Bank

Bahrain Islamic Bank

Bahrain Stock exchange

Bahraini Saudi Bank

Bank Al Habib ltd

Bank AlFalah limited

Bank Muscat International

Bank of Bahrain & Kuwait

Bank of tokyo - Mitsubishi ltd

BMB Investment Bank

BMI Bank

Bnp paribas

Calyon Bank (Credit Agricole)

Capinnova Investment Bank

Capital Management House

CApIVeSt

Central Bank of Bahrain

Citibank n.A.

CrediMax

Credit libanais

Daiwa Securities SMBC europe ltd

Denizbank

Deutsche Bank

Dexia private Bank

elaf Bank

eskan Bank

european Islamic Investment Bank

Family Bank

Finansbank A.S.

First energy Bank

First Investment Bank

First leasing Bank

Future Bank

Global Banking Corporation

Gulf Custody Company

Gulf Finance House

Gulf International Bank

Habib Bank ltd

HDFC Bank

HSBC Bank Middle east ltd

HSBC Bank Middle east ltd - Wholesale Bank

ICICI Bank ltd

InG Bank A.S.

InStRAtA Capital BSC

International Investment Bank

Investcorp Bank

Investment DarBank

Investors Bank

Ithmaar Bank

JpMorgan Chase Bank

Khaleeji Commercial Bank

Korea exchange Bank

Kuwait Finance House

Kuwait turkish participation Bank

lGt Bank In liechtenstein ltd

liquidity Management Centre

Mashreq Bank

Maybank

MCB Bank ltd

Merrill lynch International Bank ltd

Mizuho Corporate Bank ltd

national Bank of Abu Dhabi

national Bank of Bahrain

national Bank of Kuwait

national Bank of pakistan

national Finance House

nCB Capital

neXuS Financial Services

nomura Investment Banking (Me)

oasis Capital Bank

Reef Bank

Sakana Holistic Housing

Securities & Investment Co.

Seera Investment Bank

Shamil Bank of Bahrain

Standard Chartered Bank

State Bank of India

t. Vakiflar Bankasi tAo

t. Halk Bankasi A.S.

tadhamon Capital

tAIB Bank

tharawat Investment House

the Benefit Company

the Housing Bank for trade

and Finance

the International Banking Corporation

the Islamic Bank of Asia ltd

the Saudi national Commercial Bank

tSKB (Industrial Development Bank of turkey)

turk ekonomi Bankasi

turkiye IS Bankasi A.S.

unicorn Investment Bank BSC

united Bank ltd

united Gulf Bank

uBS AG

Venture Capital Bank

Wealth Management Group

Woori Bank

Yapi Ve Kredi Bankasi

insurance companiesACe Insurance

ACR Retakaful MeA BSC

AF Willis Faber

AIG - new Hampshire Insurance

Al Ahlia Insurance Company

Allianz (takaful) Bahrain

American life Insurance (AlICo)

Arab Insurance Group (ARIG)

Arabia Insurance Co.

AXA Insurance (Gulf) BSC

AXIS International

Bahrain Kuwait Insurance Co

Bahrain national Holding Co

Bahrain national Insurance Company

Bahrain national life Insurance

CHARtIS - takaful enaya (AIG)

Cunningham lindsey Middle east

Fakhro Insurance Services

Gulf union Insurance & projects Management Holding Co

Gulf union Insurance & Reinsurance Co.

ICICI prudential life Insurance Co ltd

Intershield Wll

Iran Insurance Co.

labuan Reinsurance ltd

life Insurance Corporation (International)

Medgulf-Bahrain

new India Assurance Co ltd

oryx Insurance Services

protection Insurance Services

Royal & Sun Alliance Ins. Me

Royal & Sun Alliance Ins. plc

Saudi national Insurance (SnIC)

Solidarity Family takaful

Solidarity General takaful

Solidarity Group Holding

takaful International Co.

t’azur

trade union Insurance Co

trust International Insurance Co

united Insurance Co.

Willis Faber

Zurich Insurance Services (Me)

Zurich International life Insurance Co


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

azerbaijanCaspian International Investment Company

pASHA Bank

BahrainAAoIFI

Ahmed Mansoor Al A’ali

Al Faraj trading

Al Hassanain Company

Al Kooheiji electrical Contractors

Al nabaa Commercial Services

Al Rashid Group

Al taweel Group

Ali turk establishment

Aluminium Bahrain (AlBA)

ApICoRp

ApM terminals Bahrain

Arabian Gulf Associates

Aramex International

ASRY

Atkins

Awal express

Awal Gulf Manufacture

Bahrain Institute of public Administration

Bahrain Mumtalakat Holding Company

Bahrain polytechnic

Bahrain precast Concrete Company

Bahrain Royal Flight

BAnAGAS

BApCo

Barwa Bahrain

BAtelCo

BBWA

BDF Medical Services

Bemco International Bahrain

Bhatia Company

BMMI

Chevron

CIBA Speciality Chemicals

Civil Aviation Affairs

Coldwell Banker

Constitutional Court

Council of Representatives

Crown prince Court

DHl Aviation Service

Diyar Al Muharraq

Durrat Al Bahrain

Durrat Resort Management

edamah (Bahrain Real estate Investment Co.)

electricity & Water Authority

eSB International

esterad Investment

euro Motors Wll

expressions

General organization for Youth

GFH Support Services

Global Intellectual plus

Global payment Services

GoSI

GpIC

Gulf Diabetes Specialist Center

Gulf electronic Management System

Gulf Industrial Investment Company

H. Q. Bahrain Defence Force

HAJ Gulf

Haji Hassan Group

Hannover Re takaful

Hempel paint

HRD Fund

IFp Middle east Consulting

InoVeSt

Intercol

International turnkey System Bahrain

Ithmaar Bank

Kooheji Contractors

KpMG Fakhro

land Gulf Insurance

lMRA

M.H. Al Mahroos BSC(C)

Maalem Holding

MAF Investments Bahrain

Marina West

MAZA

Mednet Bahrain Wll

Midal Cables ltd

Ministry of education

Ministry of electricity & Water

Ministry of Finance

Ministry of Health

Ministry of Industry & Commerce

Ministry of labour

Ministry of Municipality

Ministry of Social Development

Ministry of Work

national Audit Court

national Motor Company

national occupational Safety & Health Centre

nonoo exchange Co Sp

northern Municipality

ohad trusts Corporation

omrania & Associates

oriental press

prime Minister Court

pttep Bahrain Company limited

Qays H. Zubi office

Ramsis engineering

Remza Investment Company

Robeco-WpG

Royal Charity organisation

Royal Court

Royal Family Council

Sabre

Safe Hand Health System Holding

Sayyar trading Agencies

Sh. Isa Bin Mohammed law office

Shaheen Group

Shura Council - Bahrain

Specific Council for Vocational training in Construction

Sunni Waqf

tAIB Bank e.C.

tamkeen

tender Board

the Family office Company

the Islamic Association

united Arab Construction

universal Rolling

Y. K. Al Moayyed

Yokogawa Middle east

Zain Group

Zayani Motors

iranBank tejarat

Bank Sepah

JordanJordan Insurance Regulatory

Middle east Insurance Company

kuwaitBoubyan Bank

Central Bank of Kuwait

BKIC

Gulf Insurance Company

united Insurance Bureau

Warba Insurance Company

Al-Sayer est.

Kuwait Investment Authority

libyaMazaya Centre

omanBank Sohar

oman Arab Bank

oman Insurance Authority

public Authority For Social Insurance

QatarAl Mal Bank

Bank of tokyo-Mitsubishi uFJ

Barwa Bank

Bnp paribas

Commercial Bank of Qatar

Masraf Al Rayan

Qatar Islamic Bank

Doha Insurance Company

Conxion logistics & Heavy equipments


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

saudi arabiaA. A. turki Corporation

Al Anood Investments

Al Rajhi Insurance Company

Al Rushaid petroleum Investment Company

Alinma Bank

Assets Financial House

AXA Insurance

Bank Albilad

Banque Saudi Fransi

eniRepSa Gas limited

Fransi tadawul llC

Gulf Co-operative Insurance Company

Islamic Development Bank

Alturki Group

Malath Cooperative Insurance & Reinsurance Company

Marsh

MeDGulF

nCB

pan Gulf Holding

payong

Rawabi Holding Company

Riyadh Bank

Sabb takaful

SABIC-Saudi Arabia

Sahm Al nour project

SAMA

Saudi Aramco

Saudi British Bank

Saudi electricity Company

Saudi Hollandi Bank

Saudi national Insurance

Saudi Re.

Saudi Readymix Concrete Company

Saudi telecom

SaudipanGulf trading

tawuniya

unicorn Capital Saudi

Wahah electric Supply Company

united arab emiratesAbu Dhabi Islamic Bank

Arab trade Financing programme

Bank of tokyo-Mitsubishi uFJ

Bnp paribas

AlICo

Dubai Islamic Insurance & Reinsurance Company

emirates Insurance Company

tokio Marine & nichido Fire Insurance Co. ltD

Abu Dhabi Investment Council

Arqaam Capital

Health Authority of Abu Dhabi

Royal Centre

united kingdomBank of tokyo-Mitsubishi uFJ

yemenunited Insurance Company

Yemen Islamic Insurance Company


acamS: Association of Certified Anti- Money laundering Specialists

acca: Association of Chartered Certified Accountants

aci: International Compliance Association

arm: Associateship in Risk Management

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

Bahrain institute of Banking and finance (BiBf): one of the leading providers of training, education and professional Development programmes to the financial industry in the Gulf and the Middle east.

Bep: Business english programme

BSdp: Banking Studies Diploma programme

cBB regulation: Central Bank of Bahrain rules/laws

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

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

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

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

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

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

glossary

cfa: Chartered Financial Analyst

cii: Chartered Insurance Institute

cia: Certified Internal Auditor

cima: Chartered Institute of Management Accountants

cipd: Chartered Institute of personnel and Development

cma: Certified Management Accountant

cmi: Chartered Management Institute

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

cpa: Certified public Accountant

cpp: Certificate in personnel practice

ctp: Certificate in training practice

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

customised programmes: see Special offerings

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

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

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

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

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

grcdp: Graduate recruitment and career development programme

iBdf: Islamic Banking Diploma in Finance

Guest Speakers/lecturers: part time instructors and lecturers


ica: International Compliance Association

icaew: Institute of Chartered Accountants of england and Wales

igie: Global Insurance education

iia: Institute of Internal Auditors

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

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

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

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

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

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

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

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

participating organisations: organisations that participated at BIBF

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

prima: professional Risk Manager’s Association

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

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

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

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

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

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

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

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

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

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

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

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

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

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


report on the financial statements

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

management’s responsibility for the financial statements

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

auditor’s responsibility

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

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

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

opinion

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

16 March 2010Manama, Kingdom of Bahrain

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


Shaping tomorrow’S financial leaderStoday BIBF FInancIalStatementS 2009

48 BIBF | annual Report 2009

As at 31 December

Note 2009 2008

Assets Non-current assets

Property, plant and equipment 5 665,685 716,388

Current assets Receivables, advances and prepayments 6 861,654 873,426

Cash and cash equivalents 7 8,219,207 6,789,209

9,080,861 7,662,635

Total assets 9,746,546 8,379,023

Fund balance and liabilitiesFund balance Accumulated surplus 6,396,466 5,183,929

Special reserve 8 1,893,119 1,856,187

8,289,585 7,040,116

Non-current liabilities Employees’ terminal benefits 9 71,246 42,609

Current liabilities Accounts payable and accruals 10 1,385,715 1,296,298

Total fund balance and liabilities 9,746,546 8,379,023

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

Rasheed Al Maraj Garry MuriwaiChairman Director

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

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

BIBF | annual Report 2009 49

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

Year ended 31 December

Note 2009 2008

RevenueTuition fees 4,147,768 4,404,649

Less: Direct tuition costs (1,976,570) (2,022,276)

Net tuition fees 2,171,198 2,382,373

Levy 2,000,909 1,637,632

Contribution 15,000 15,000

Other 15,046 19,258

4,202,153 4,054,263

ExpensesStaff cost 11 (2,633,336) (2,329,849)

General and administrative expenses 12 (464,101) (496,105)

Depreciation 5 (144,649) (139,716)

(3,242,086) (2,965,670)

Operating profit for the year 960,067 1,088,593

Interest income 289,402 181,580

Profit for the year 1,249,469 1,270,173

Other comprehensive income - -

Total comprehensive income for the year 1,249,469 1,270,173

The financial statements were approved by the Specific Council for Vocational Training (Banking Sector) on 16 March

2010 and signed on its behalf by:

Rasheed Al Maraj Garry MuriwaiChairman Director



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

Accumulated Special Note surplus reserve Total

Balance at 1 January 2008 3,998,867 1,771,076 5,769,943

Total comprehensive income for the year 1,270,173 - 1,270,173

Transfer from accumulated surplus 8 (85,111) 85,111 -

Balance at 31 December 2008 5,183,929 1,856,187 7,040,116

Balance at 1 January 2009 5,183,929 1,856,187 7,040,116Total comprehensive income for the year 1,249,469 - 1,249,469Transfer from accumulated surplus 8 (36,932) 36,932 -

Balance at 31 December 2009 6,396,466 1,893,119 8,289,585



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

Year ended at 31 December

2009 2008

Cash flows from operating activitiesProfit for the year 1,249,469 1,270,173

Adjustments for:

Depreciation 144,649 139,716

Interest income (289,402) (181,580)

Provision for doubtful debts - 48,837

Changes in operating assets and liabilities: Receivables, advances and prepayments 11,772 (243,128)

Accounts payable and accruals 89,417 100,716

Employees terminal benefits 28,637 33,235

Net cash (used in)/provided by operating activities 1,234,542 1,167,969

Cash flows from investing activities Purchase of property, plant and equipment (93,946) (343,919)

Interest income received 289,402 181,580

Proceeds from held-to-maturity investment - 667,290

Net cash provided by investing activities 195,456 504,951

Net increase in cash and cash equivalents 1,429,998 1,672,920

Cash and cash equivalents, beginning of the year 6,789,209 5,116,289

Cash and cash equivalents, end of the year 8,219,207 6,789,209



1 General information

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

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

Major sources of finance of the Institute consist of:

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

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

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

2 Summary of significant accounting policies

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

Basis of preparation

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

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

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

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

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

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

Notes to the financial statementsfor the year ended 31 December 2009(All amounts expressed in Bahrain Dinars unless otherwise stated)


2 Summary of significant accounting policies (continued)

Basis of preparation (continued)

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

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

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

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

• IAS23(amendment),‘Borrowingcosts’;

• IAS39andIFRIC9(amendments),‘Embeddedderivatives’(effectiveforallperiodendingonorafter30June2009);

• IAS39andIFRS7(amendments),‘Reclassificationoffinancialassets’;

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

• IFRS2(amendment),‘Share-basedpayment’;

• IFRS8,‘Operatingsegments’;and

• IFRIC15,‘Agreementsforconstructionofrealestates’.

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

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

• IAS27(Revised),‘Consolidatedandseparatefinancialstatements’,(effectivefrom1July2009);

• IAS39(amendment),‘Financialinstruments;Recognitionandmeasurement’(effectivefrom1July2009);

• IFRS 1 (amendments), ‘Group cash-settled share-based payment transactions’ (effective from 1 January2010);

• IFRS3(revised),‘Businesscombinations’(effectivefrom1July2009);

• IFRIC17,‘Distributionsofnon-cashassetstoowners’(effectivefrom1July2009);and

• IFRIC18,‘Transfersofassetsfromcustomers’(effectivefrom1July2009).



Basis of preparation (continued)

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

‘Improvements to IFRS’ were issued in May 2008 and April 2009 respectively and contain numerous amendments to IFRS, which the IASB considers non-urgent but necessary. ‘Improvements to IFRS’ comprise amendments that result in accounting changes for presentation, recognition or measurement purposes as well as terminology or editorial amendments related to a variety of individual standards. Most of the amendments are effective for annual periods beginning on or after 1 January 2009 and 1 January 2010, respectively, with earlier application permitted. No material changes to accounting policies are expected as a result of these amendments.

Foreign currency transactions

(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, plant and equipment

Property, plant 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 7 years Machinery and equipment 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.

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, plant and equipment are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.

Notes to the financial statements (continued)for the year ended 31 December 2009(All amounts expressed in Bahrain Dinars unless otherwise stated)



Financial assets

The Institute’s financial assets consist of loans and receivables. 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 ‘trade and other receivables’ and cash and bank balances on the statement of financial position.

Trade and other receivables

Trade and other receivables represent amounts due from customers for services performed in the ordinary course of business. If collection is expected in one year or less, they are classified as current assets. If not, they are presented as noncurrent assets.

Trade and other receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the receivables are impaired. The amount of provision is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the original effective interest rate. 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 loss. When a receivable is uncollectable, it is written off against the allowance account. Subsequent recoveries of amounts 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 activities.

The Institute recognises revenues when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and when the specific criteria have been met for each of the Institute’s activities as described below. The amount of revenue is not considered to be reliably measureable until all contingencies relating to the sale have been resolved.

- 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.

Fiduciary activities

The Institute acts as trustees and in other fiduciary capacities that result in the holding of assets on behalf of other institutions. These assets and income arising thereon are excluded from these financial statements, as they are not assets of the Institute.

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 2009.

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.

All short term deposits of the Institute have a maturity of less than 3 months. As such, the Institute is not exposed to interest rate risk as at 31 December 2009.



3 Financial instruments and risk management (continued)

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 cash and bank balances and receivables advances and prepayments. For 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 counterparties. The Institute’s exposure of its counterparties is continuously monitored.

The Institute’s receivables are concentrated in the Kingdom of Bahrain.

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.

Additionally, the Institute relies on funding from the Bentley Fund

At 31 December 2009, all the financial assets and financial liabilities of the Institute are realisable 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.

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, plant and equipment

Machinery Furniture and Training Motor Building and fixtures equipment materials vehicles Total

Cost At 1 January 2008 1,668,274 449,431 428,993 84,976 17,000 2,648,674

Additions 67,200 60,792 125,553 56,669 33,705 343,919

At 31 December 2008 1,735,474 510,223 554,546 141,645 50,705 2,992,593

Accumulated depreciation At 1 January 2008 1,239,976 406,015 388,522 84,976 17,000 2,136,489

Charge for the year 85,111 10,861 35,540 3,148 5,056 139,716

At 31 December 2008 1,325,087 416,876 424,062 88,124 22,056 2,276,205

Net book amount At 31 December 2008 410,387 93,347 130,484 53,521 28,649 716,388

Cost At 1 January 2009 1,735,474 510,223 554,546 141,645 50,705 2,992,593

Additions 32,655 11,653 21,463 28,175 - 93,946

Disposals - - - - (17,000) (17,000)

At 31 December 2009 1,768,129 521,876 576,009 169,820 33,705 3,069,539

Accumulated Depreciation At 1 January 2009 1,325,087 416,876 424,062 88,124 22,056 2,276,205

Charge for the year 36,932 19,221 56,601 25,154 6,741 144,649

Disposals - - - - (17,000) (17,000)

At 31 December 2009 1,362,019 436,097 480,663 113,278 11,797 2,403,854

Net book amount At 31 December 2009 406,110 85,779 95,346 56,542 21,908 665,685

The building is built on land donated by the Prime Minister on behalf of the Government of the Kingdom of Bahrain and registered in the name of the Central Bank of Bahrain.


6 Receivables, advances and prepayments 2009 2008

Accounts receivable 765,620 852,556

Accounts receivalbe written-off (22,420) (75,596)

Allowance for doubtful debts (28,375) (33,390)

Net accounts receivable 714,825 743,570

Prepayments 43,107 32,825

Advances to employees 47,904 25,789

Interest receivable 55,818 71,242

861,654 873,426

As at 31 December 2009 receivables amounting to BHD 714,825 were fully performing (2008: BHD 743,570) and were all denominated in Bahraini Dinars.

Movements in the provisions for doubtful debts during the year were as follows:

2009 2008

At 1 January 33,390 -

Charge for the year - 48,837

Provision reversal during the year (5,015) -

28,375 48,837

Write-off during the year - (15,447)

At 31 December 28,375 33,390

The other calsses 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.

7 Cash and cash equivalents 2009 2008

Cash on hand 500 500

Bank balances 2,141,171 281,713

Bank deposits 6,077,536 6,506,996

8,219,207 6,789,209

8 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 BHD466,400 representing the accumulated depreciation on the building up to 31 December 1994. Accordingly, BHD 466,400 was 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.


9 Employees’ terminal benefits 2009 2008

At 1 January 42,609 9,374

Accruals for the year 35,927 35,180

Payments during the year (7,290) (1,945)

At 31 December 71,246 42,609

In accordance with the provisions of IAS 19, management has carried out an exercise to assess the present value of its obligations at 31 December 2009 and 2008, using the projected unit credit method, in respect of employees’ end of service benefits payable in accordance with the Institute’s terms of employment. Under this method, an assessment has been made of an employee’s expected service life with the Institute and the expected basic salary at the date of leaving the service. Management has assumed average increment costs of 5%. The expected liability at the date of leaving the service has been discounted to its net present value using a discount rate of 5% (2008: 5%).

The costs associated with contributions made by the Institute in relation to defined contribution pension scheme amounted to BD 85,436 (2008: 77,634). In relation to this plan, the Company has a legal and constructive obligation to pay the contributions as they fall due and no obligations exist to pay the future benefits.

10 Accounts payable and accruals 2009 2008

Accounts payable 993,880 1,006,014

Staff saving scheme 350,683 251,559

Esterad-BIBF fund 32,184 30,984

Other accruals 8,968 885

Staff General Claim - 6,856

1,385,715 1,296,298

Staff saving scheme In January 2003, the Institute started a 5 year employees’ 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.



11 Staff cost 2009 2008

Salaries 2,084,596 1,849,401

Housing allowance 138,696 111,258

GOSI 105,564 88,082

Staff training and development 62,581 51,409

Medical benefits 66,950 57,849

Education allowance 27,709 28,680

Air fares 24,270 21,957

Transport allowance 39,853 31,580

Leaving indemnity 35,927 35,180

Relocation of staff 8,246 17,280

Membership 6,870 6,295

Recruitment and advertisement 8,782 14,917

Repairs and maintenance 11,049 10,113

Other staff benefits 12,243 5,848

2,633,336 2,329,849

12 General and administrative expenses 2009 2008

Premises 77,939 65,820

Business development 51,032 85,816

Printing and advertising 104,970 50,456

Stationery and supplies 21,590 38,380

Telephone and telex 40,559 33,758

Library books and periodical 11,342 7,288

Postage 3,766 2,979

Training materials 6,787 15,007

Public Relations & Social Activities 22,279 25,533

Repairs and maintenance 17,716 9,012

Contract services 28,639 28,756

Provisions for doutful debt 22,420 108,986

Software 17,578 11,840

Miscellaneous 37,484 12,474

464,101 496,105


13 Related party transactions

The Institute carries out transactions in the normal course of business with related parties, defined as members of the Specific Council for Vocational Training (Banking Sector) and executive management of the Institute, individually or combined, have control or significant influence.

Key management compensation

2009 2008

Salaries and other short-term benefits 513,174 501,090

Termination benefits, including staff saving scheme 43,900 39,689

557,074 540,779

14 BIBF-Bentley fund

The Institute received BD500,000 from the Central Bank of Bahrain for the BIBF-Bentley fund. The purpose is to assure financial support for the program until such time as Bentley and BIBF are able to develop a financially viable self sustaining arrangement.


BIBFAnnualReportEnglish2009

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