Shaping Tomorrow'S Financial Leaders Today: Annual Report 2009

Shaping tomorrow’s
financial leaders
today Annual Report
2009
02 Introduction 34 Research Department
04 Chairman’s Statement 35 Special Projects
06 BIBF Vision 37 BIBF Team
07 Board of Directors 40 BIBF Guest Speakers / Lecturers 2009
08 Director’s Report 41 Participating Organisations
10 Management Team 44 Glossary
14 Trends and growth potential 46 Independent Auditors’ Report
16 Review and highlights 48 Statement of financial position
19 Strategic Objectives 49 Statement of comprehensive income
29 Centre Reports 50 Statement of changes in fund balance
32 Quality Assurance Department 51 Statement of cash flows
33 Marketing and Communications Department 52 Notes to the financial statements
His Royal Highness His Majesty King His Royal Highness
Prince Khalifa bin Hamad bin Isa Al Prince Salman bin
Salman Al Khalifa Khalifa Hamad Al Khalifa
The Prime Minister of The King of the The Crown Prince
the Kingdom of Bahrain Kingdom of Bahrain & Deputy Supreme
Commander of the
Kingdom of Bahrain
The Bahrain Institute of Banking and Finance (BIBF) has
played a critical role in Bahrain’s long-term success as the
region’s leading financial centre. Since its inception in
1981, BIBF has been committed to providing the highest
levels of training, education and professional development
programmes to the financial services industry in the
Kingdom of Bahrain and the region. Our breadth of training,
education and professional development programmes
includes Accounting; Banking; Finance; Insurance; Islamic
Finance; IT; Management and Leadership expertise. BIBF
also provides Academic qualifications and Executive level
development.
Clients range from banking professionals to private
corporate clients to ministries, chambers of commerce,
world class oil companies and manufacturing companies
of differing sizes.
BIBF provides of an extensive range of internationally
recognised professional qualifications. These include the CIA,
CPA, and CMA within the Centre for Accounting; ACAMS,
ACI, CFA, and PRM within the Centre for Banking, Arabic
PIC and accreditation with the Chartered Insurance Institute
(UK) within the Centre of Insurance; accreditation with
the Chartered Institute of Marketing (CIM), the Chartered
Management Institute with its Tamkeen Leadership Skills
programme as well as professional qualifications in CPP
and CTP via CIPD.
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
On behalf of the Specific Council BIBF has two clear areas of

for Vocational Training (Banking focus, firstly ensuring the human
Sector), I am pleased to present capital of Bahrain grows via
the Annual Report and Audited professional development, and
Financial Statements of the secondly, instigating this through
Bahrain Institute of Banking and its ability to obtain international
Finance (BIBF) for the year ending partnerships that give that extra
31st December 2009. quality and global approach to
education. This is of course a
The Council met three times
win-win-win situation: the people
during the year to review all
of Bahrain win, the partnerships
H.E. Mr. Rasheed Mohammed the operational aspects of BIBF.
grow the BIBF reputation, and the
Al Maraj The Council contribution is
Chairman of the Specific partners themselves experience
wide ranging, extending from
Council for Vocational Training the benefit of being a part of
(Banking Sector) supplying insight, feedback
the regions financial hub. We
and approval of both strategic
recognise the continued support
deliverables and the financial mix,
of the many affiliate partners at
to reviewing all tactical activity
BIBF and welcome the new ones,
and monitoring the progress and
specifically the Association of
direction of the Institute.
Certified Anti-Money Laundering
Since its inception, BIBF has Specialists (US); the International
played a leading role in the Compliance Association (US);
professional development of the and the Chartered Institute of
Bahrain market. Since its early Personnel and Development (UK).
days of focus on Banking and
While our Director Mr. Garry
Insurance to todays breadth of
Muriwai will cover the more
offerings across Academic and
specific highlights of the 2009
Executive development, Islamic
year, there are three highlights in
Finance and the non-financial
particular I would like to mention.
but equally important Leadership
and Management learning, BIBF Firstly, the global financial crisis
has remained true to its purpose. impacted us all; however, as
BIBF continues to remain focused well documented in the media,
on its vision of being the Institute Bahrain dealt with and managed
of choice for professional the adversity particularly well.
development and deepening As Governor of the CBB and
Bahrain’s strength in human Chairman of BIBF, I am better
capital in supporting the growth placed than many to see both
of the financial services sector. the supply and demand side
The Council of 2009 noted of how the crisis affected BIBF.
that BIBF’s achievements have As our member organisations
certainly reinforced this resolve.

The 2009 Financial crisis affected us all. BIBF dealt with
the market forces and impact on participant numbers
better than most. It is a credit to both the history of
BIBF and the support of both staff and members that we
were able to weather the financial storm well.
streamlined their processes their continued innovation achieved without the support of
and carefully reviewed their in delivering Islamic Finance all the member organisations.
strategies, human capital solutions,” Whether in their commitment to
development, while never professional development of their
Last but not least, the launch of
neglected, was in the short term staff or as direct learning support
the Assessment Centre under
removed from the strategic for the many students who come
Leadership and Management
“must-do” especially in the areas through the doors and halls
was clearly designed to add
of high cost specialised training. of BIBF, their contribution to
value to all decision-makers in
I was pleased that the flexibility excellence is recognised, not only
organisational recruitment. BIBF
of BIBF allowed our members to BIBF but to the development
has ensured that organisations
to take full advantage of BIBF’s of Bahraini talent. Finally, on
can now have the full spectrum
morning courses. This achieved behalf of the Specific Council, I
of tools taught locally which
two significant outcomes. take this occasion to thank the
filters down into improved
It allowed organisations to Director and his staff at BIBF
recruiting decisions. Ultimately
ensure staff development for their professionalism and
this creates a harmonious
continued and achieved with dedication in the past year and
environment for both the
little additional impact on their I see this continuing into the
business sector and the
financial bottom line; and also future.
employees within it.
showed BIBF’s flexibility in being
able to adjust its approach to In closing, BIBF is honoured to
training and development to have been encouraged by the
reflect the market demands. This support and vision of His Majesty,
meant BIBF was able to achieve King Hamad bin Isa Al-Khalifa,
a comparable net financial His Royal Highness, Prince
performance as 2008 Khalifa bin Salman Al-Khalifa
and His Royal Highness, The H.E. Rasheed Mohammed
Secondly, the BIBF Islamic Al Maraj, Chairman
Crown Prince of the Kingdom
Finance Centre won the CPI
of Bahrain and Deputy Supreme
Financial global award for Best
Commander, Prince Salman
Training Institute in Islamic
bin Hamad Al Khalifa. I, on
Finance for the second year in
behalf of the BIBF, thank them
succession. To have received this
for their invaluable patronage
award for the second year in
and guidance. I also extend my
a row is an acknowledgement
gratitude to my colleagues on the
of BIBF (Islamic Finance) not
Specific Council for their insight
only in investing intellectual
and support. BIBF’s success
and monetary resources in
in 2009 could not have been
Islamic Finance Education, but

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 2 3 4
5 6 7 8
9 10
1 H.E. Rasheed Mohammed Al Maraj

Governor; Central Bank of Bahrain
2 Mr. Adnan Yousef
Chief Executive Officer; Albaraka Banking Group
3 Mr. Garry Long
Chief Operating Officer; Investcorp Bank
4 Mr. Ibrahim Al Qassab
Chairman of Bankers’ Union; General Federation for Bahrain Workers
5 Mr. Jean-Christophe Durand
Head of Territory; BNP Paribas
6 Mr. Murad Ali Murad
Chairman; Bank of Bahrain & Kuwait
7 Mr. Redha Ahmed Hubail
Assistant Undersecretary for Training; Ministry of Labour
8 Mr. Takuya Furuya
President; Nomura Investment Banking
9 Mr. Yassir Al Baharna
Chief Executive Officer; Arab Insurance Group
10 Mr. Garry Muriwai
Director; BIBF

Director’s Report
The BIBF over-arching strategy distance learning programmes

has been to ensure that we fully to complement our existing
support Vision 2030 and the professional and academic
development of the economy and programmes.
the people of Bahrain.
It has been very pleasing to note
Once again we have looked that our member organisations
outward, both nationally and have increased their attendance
internationally, to see how BIBF on BIBF public courses by 11%.
can best serve the financial sector. We have continued to grow our
This has led to new programmes staff during the year to support
Garry Muriwai and services, reviewing and this increased usage. We have
Director
redeveloping our existing been successful in recruiting in the
programmes, a number of new areas of Banking, Leadership and
alliances and an increased number Management and Insurance.
of courses for our member
There is no doubt that the Global
organisations.
Financial Crisis affected BIBF.
BIBF provided 33 new public and The effect was felt by many
external offerings during 2009. organisations decreasing their
We forged new or stronger discretionary spend on fee paying
partnerships including the Institute external courses, which resulted
of Banking (Saudi Arabia) in in a small decrease in overall
development of the Leadership participation in 2009. This was not
Programme; the Kuwait Institute surprising given how many others
of Banking Studies to provide BIBF in the sector performed in 2009.
three classroom-based insurance
I am very pleased to report that for
diplomas in Kuwait; the Waqf
the second year BIBF Centre for
Fund and the new Graduate
Islamic Finance won the CPI Islamic
Sponsorship Programme; and the
Business and Finance Award
British Psychological Society which
for the “Best Training Institute”
enabled international accreditation
globally. It is appropriate that I take
of two of our Assessment Centre
this opportunity to acknowledge
programmes. Ties were also set
the leadership of the Centre by
up with various international
Mahmood Al Shehabi.
organisations in the development
of new or revised professional Research is another area that
qualifications as well as diploma BIBF has developed this year with
level qualifications the setting up of the Research
Department to support the
BIBF has had another very
development of research across
successful year with over 15,000
centres. We have focused our
participants on our programmes
research activities on research that
which has been achieved by
supports the development of the
providing a breadth of services to
financial sector and have been
the financial sector that has no
running workshops to develop our
equal in the region. This includes
internal capability.
assessment, coaching, consulting,
tailor made courses, graduate I would like to thank all the CEOs
development programmes, and senior managers that I have
an international Leadership visited this year for their time,
Development programme and ideas and support in ensuring

The Bahrain Institute of Banking & Finance (BIBF)
continues to play a crucial role in supporting the
financial sector of Bahrain. Our remit remains aiding
the development of world class people for all the
financial institutions in Bahrain.
that BIBF provides the education

and training to support Bahrain’s Total BIBF Offerings Summary
Vision 2030 and ensuring that BIBF
remains the Institute of choice for 09 416048
the financial sector. 08 445076
07 363415
Appreciation 06 327824
Public
Offerings 53%
Total Special
Our success is mainly attributed Offerings 24%
09 213884 Professional
to the support we receive from Qualifications 21%
08 237111
our stake holders and business 07 205144
External
Programmes 2%
allies added to the continuous 06 143455

support from the Government Professional Qualifications
of the Kingdom of Bahrain. This 09 6324
success would not have been 08 8710
possible without the guidance 07 9045
2008
and encouragement of our Board 06 10377
of Directors represented by the External Programmes
Specific Council for Vocational 09 75850 Public

Offerings 51%
Training (Banking Sector) headed 08 91016 Special
by H.E. Mr. Rasheed Mohammed 07 54118
Offerings
Professional
29%
Al Maraj, Governor of the Central 06 66645 Qualifications 28%

External
Bank of Bahrain. Special Offerings Programmes 2%
09 119990
I would like to take this opportunity 08 108239
to thank all the members of BIBF 07 95108
staff as well as the Vocational 06 107347
Council and the many External Public Offerings
partners and affiliates we have. 2009
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

Management Team
Garry Muriwai Hussain Ismail Dr. Mohammed AlKhozai

Director Deputy Director Head of Centre: Academic and
Executive
B.Com - University of Auckland MBA - University of Durham
M.Com - University of Auckland Graduate Programme for Executives - BA - University of Cairo
Chartered Accountant (CA) Carnegie Mellon University MA - University of Leeds
Executive Management Programme - PhD - University of London
Columbia University Executive Management Programme
Fellow Member of the Chartered Columbia University
Institute of Bankers (FCIB)

Namasiku Liandu Dr. Sat Paul Parashar Husain Al Ajmi
Head of Centre: Accounting and IT Head of Centre: Banking Assistant Director and Head of
Centre: Insurance
BSC (Hons) - Loughborough University M.Com - Delhi School of Economics
MEd - Dundee University PhD - University of Delhi BSC - Insurance and Real Estate,
PGDip Educational Research Arkansas State University
(Professional), Stirling University ACII - Associate of Chartered
Chartered Accountant (ACA) Insurance Institute
GEDP Darden School of Business,
University of Virginia
BIID - Intermediate Insurance
Diploma, BIBF
BAID - Advanced Insurance Diploma,
BIBF

Management Team
Mahmood Al Sheahabi Kadri Rizk Khalid Almedfaie

Head of Centre: Islamic Finance Head of Centre: Leadership and Operations Manager
Management
MBA - Strathclyde University MBA - De Paul University
DipBus - Al Hedaya Commercial Bachelor Degree in Management DipEng - Blackpool College of Higher
School University of Helwan Education
RSA II Certificate in Advanced Diploma in Marketing LCCI MCP, MCSA, MCSE, CCNA
Accounting Certified Assessor in Management
Development & Occupation Testing
CSHLD University of Surrey.

Dr. Subhadra Ganguli Ali Abdulla Zubari Chris Carston
Head of Quality Assurance Finance Manager Marketing and Communications
Manager
PhD (Economics) University of MSF - De Paul University
California BSDP - BIBF BBS - Massey University
TCMDP - BIBF

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 The Motor Insurance Technician Certificate (MITC)
programme; and Insurance Accounting and Finance
Expectations of increases in number of students and
Certificate (IAFC) programme are planned to be
applicants to all our programmes;
launched in the second half of 2010;
Forming a new partnership with an internationally
Introducing programmes such as Anti Money
accredited US University to replace our Bentley
Laundering and Corporate Governance for the
undergraduate programme.
insurance industry; and a certificate programme in
Centre for Accounting and Information Actuarial Science with external partners is being
Technology scoped;
Increased use of our training and educational The launch of the Associate of Risk Management
offerings by non-member organisations; programme in Arabic in association with the
American Institute of Chartered Property Casualty
Increased use of professional offerings in accounting;
Underwriters (AICPCU) is being prepared for 2010;
Innovative program development within the Centres
Ongoing promotion of its CII accredited professional
Special Offerings;
qualifications – PIC and PID, which are Arabic
New partnerships with international professional distance learning programmes.
organisations.
Centre for Islamic Finance
Centre for Banking
Extending its geographical reach to provide its
Our Public offerings remain the only relatively services to the Commonwealth of Independent States
predictable product in its portfolio as these are (CIS countries), Africa, and the Far East;
primarily designed to meet training needs of our
Diversification of its scope of work. For example
member organisations;
increasing our involvement in consulting and research
Professional qualification programmes, external services for the Islamic banking industry;
programmes and special programmes were, and will
Offering the Advance Diploma in Islamic Finance in
be, highly volatile and influenced by the business
Arabic as well as the Sharia’a Auditing Diploma;
environment within the regional banking industry.
Establishment of the Online Islamic Diploma.
Centre for Insurance
Centre for Leadership and Management
Led by Bahrain, many countries in the region have
given considerable emphasis on insurance regulations, Additional Accredited Qualifications with
thus ensuring a well-conceived future to the industry. International bodies;
For example: double-digit growth rates occurred last
Strengthening our partnerships in Bahrain with
year throughout many of the GCC insurance markets;
Tamkeen and BDO;
The introduction of Takaful business – insurance
Extending our unique programmes such as the
according to Islamic principles has emerged as an
Graduate Development programme to the private
engine of growth. The CBB, for example has taken
sector and Executive Secretaries Diploma for the
the lead in introducing minimum standards for
Ministries;
representatives of insurance companies in Bahrain;
Significant value added opportunities for the
With Takaful playing an important role in the region’s
Bahrain market through the BIBF Assessment and
rapid growth in insurance businesses, the Centre is
Development Centre.
validating a focused Takaful Insurance Diploma;

Review and highlights
Centre for Academic and Executive Internally, the Centre saw a minor change in its
set up with the relocation of the Business English
A year of mixed results for the Centre for Academic
Programme to the Assessment Section of the Centre
and Executive Education. We saw a combination of
for Leadership and Management.
growth in academic intake and decline in the uptake
of executive education. Centre for Accounting and IT
Our partnership with DePaul University witnessed During 2009 the Centre delivered courses in Business
an increase in number of applicants in the MBA, Continuity Management, Business and Professional
MSF, and the MSHR. The year also witnessed the Ethics, Special Offerings in Information Technology
introduction of the new Master of Science in and External Offerings in Accounting and Finance for
Islamic Finance. the first time. The Centre developed eighteen new
courses (13 in Accounting and Finance and five in
Our University of Wales validated Diploma is an
Information Technology), for delivery during 2010.
undergraduate degree of three years of study at
BIBF with the fourth year completed at the Bangor While our public offering participant hours increased
University of Wales. Now in its sixth cohort, we are by nearly 13%, 2009 saw a reduction of 10% in
increasing in numbers annually. overall participant hours. This was largely due to
a reduction in Special Offerings and a decline in
2009 saw the final intake of students into the Bentley
Professional Offerings. We expect through the
programme. Six classes graduated with a B.Sc. in
development of new courses and other strategic
Business Administration. We are proud to have
changes during 2009, a recovery in 2010.
offered such a programme and assisted in fulfilling
ambitions of many young students in attaining a 2009 saw an addition of one full-time member to
US Degree in Business. the Accounting and Finance faculty to strengthen the
development and delivery of audit courses. A new
The international financial crisis heavily affected
country manager was appointed to focus on growing
our expected performance in Executive Education.
the professional courses provided through Morgan
We cancelled a number of offerings due to low
International.
demand. Despite this, we are developing a new
range of executive programmes in conjunction with The Centres financial performance in 2009 was lower
international providers in order to mean the upward than 2008. As most participants on our programmes
curve post crisis of executive education demands. are sponsored by companies we can logically infer
the economic downturn affected companies to some
December 2009 saw the launching of the new
degree in regards to staff training and development.
Leadership Development Programme (LDP) in an
This ultimately reduced our planned revenue targets.
alliance with our sister Institute, the Institute of
Banking in (IOB) in Riyadh and partnering with our
Centre for Banking
long standing ally, the Darden Graduate School of
Business of the University of Virginia. The inaugural The performance of the Centre for Banking for
programme was to commence in early 2010 with 2009 was much lower than budgeted. The Centres
a Foundation week in Bahrain to be followed by a expectation when setting the 2009 budget at the
Leadership workshop in Riyadh. The final residential end of 2008 was for the sector to show in the second
part of the programme was planned for late in March half of 2009 some signs of halting and perhaps mild
2010 for a period of three weeks. The programme recovery. This did not occur.
was revamped after 10 years of the very successful
Gulf Executive Development Programme in order Actual versus planned performance based on the
to meet the changing demands of market and aforementioned factors did, as expected, negatively
participant expectations. Intake numbers were affect External programmes and Professional
positive for the first intake. qualification programmes like ACI, PRM, and CFA.
From the Centres perspective the magnitude of the

external environment was felt in declines in numbers The major regional projects executed in 2009
of the flagship BSDP programme. The correlation included an exclusive agreement with the Kuwait
in reduced numbers was clear as bank and other Institute of Banking Studies to provide BIBF’s three
organisations’ sponsorships of their staff classroom-based insurance diplomas in Kuwait;
substantially reduced. signed strategic contracts with a number for
companies in the region to deliver customised training
Bank nominations of Non-Bahraini‘s to our public
programmes at their locations; and establishing
offerings also substantially reduced, effecting the
a strategic relationship with the Arab Forum of
Centres Public offering participant hours, despite
Insurance Regulatory Commissions (AFIRC) as part of
three new public offerings added during the year.
executing the Certified AFIRC Supervisor programme.
The decrease in non-levy participants also added to
reduction in public offering participant hours. Locally, we continued our initiatives including
the Tamkeen sponsored Graduate Development
The Centre however experienced an increase in
Programme for 12 candidates; the Ministry of
uptake of Special offerings. The actual participant
Labor Insurance Diploma Programme for another
hours in Special offerings increased by 38% in 2009
12 candidates that included On-the-Job Learning
compared to 2008.
programme at local insurance companies; and the
Centre for Insurance HRD Fund ACII Programme for 30 candidates.
The Centre for Insurance grew significantly in the year The Centre also witnessed growth in its participation
2009 compared to the previous year with all targeted rates in public programmes; revamped five insurance
objectives achieved. The centre successfully executed diploma courses; revised the CII Takaful textbook in
the training and examinations of CBB’s minimum English and translated the same to Arabic in order to
qualifications initiative for life and general insurance be ready for April 2010 CII exams.
agents. Over 500 candidates from across the region
Of keynote significance we enhanced the BIBF
undertook CII’s Award in General Insurance and
relationship with CII to a more strategic level. We
Award in Financial Planning courses followed by
now are the largest partner in the Middle East.
examinations. This initiative by the insurance regulator
in Bahrain has attracted attention from other In light of the Centre growth, additional resource
regulatory authorities in the region and the centre was added to the Centre in 2009 by the placement
may soon be involved in taking these programmes of a Business Development Manager. His significant
beyond Bahrain. professional insurance industry experience will aid
the Centre for Insurance in meeting the growing
The centre established authorised examination
demands of its customers across the region.
centres in 11 countries in the region for its flagship
Arabic distance learning programme – Professional Centre for Islamic Finance
Insurance Certificate (PIC), thus enabling over
In 2009, the Centre retained its position as the ‘Best
1,200 candidates to undertake exams in their home
Islamic Finance Training Institution’ in the annual
countries. Successful completion of the enhanced PIC
Islamic Business and Finance Awards in Dubai.
certification enables candidates to directly achieve
CII’s Diploma in Insurance via accreditation of prior The revenue of the Centre declined by 10 percent due
learning scheme, which is also CII’s second highest to lower participant hours as compared to 2008. This
professional qualification. was mainly due to the global economic downturn
which had affected most business areas as a whole.
The numeric response to the PIC programme
We believe anecdotally, that most Islamic financial
encouraged the soft launching of its Professional
institutions tightened their budgets for high cost
Insurance Diploma (PID) during the year that
training, increased in-house training and increased
will enable successful candidates to achieve the
the “free to levy” Public courses for their staff. This
prestigious ACII qualification from CII by year 2011.
was the primary impact on the change in mix of
demand for our Centre.

Review and highlights
The declines in Special offerings and External Our Business English Programme introduced a
offerings in (-50% and -42% respectively) were Foundation Level to compliment the needs of the
nearly offset by the growth in Public offerings market. This was designed as a preliminary to the four
and Professional qualifications (+54% and +25% levels and provides a balance of skills development
respectively). and graded language practice taking the learner to
intermediate level. During the three BEP terms a total
Key 2009 developments and initiatives included:
of 17 classes were conducted with a total of 342
• Launch of the DePaul BIBF Masters in Science in students.
Islamic Finance
After becoming a Corporate Partner of the Chartered
• Launch of the Wales Validated Islamic Finance Management Institute (CMI) UK in early 2008,
Diploma the Centre for Leadership and Management ran
the Leadership Skills Programme (an International
• Establishment of the Waqf Fund Graduate Diploma in Management) which was sponsored by
Sponsorship Programme Tamkeen. This programme was for Bahraini business
• Completion of the National Commercial Bank owners and upper level managers, using action-based
development programme on Islamic Finance and training methodologies to allow them to develop
Sharia’a Auditing and implement their management and leadership
capabilities for improved productivity and success
• Establishment of the Public Seminar Series on in the work place. 2009 saw the successful growth
Islamic Finance of the programme and to date, 35 candidates have
successfully completed and graduated from the
Centre for Leadership and Management
programme and a further 112 are enrolled and
Five new Public Offering courses were introduced actively participating.
by the Centre due to market demand and feedback
In addition, the first three cohorts of the Certificate
from Training Managers. The result of these additions
in Personnel Practice (CPP) and the first cohort of the
contributed to the Public offering increase of 6%
Certificate in Training Practice (CTP) programmes of
vs. 2008.
CIPD, UK successfully completed the course. The net
In September 2009, the Assessment and result of this contributed to increase in Professional
Development Centre at BIBF was transformed with an programme offerings by 70% vs. 2008.
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.

Strategic Objective:
01
Ensure the profile of BIBF
positions us as the institute
of choice for business
professional development.
In 2009 the BIBF Centres contributed Centre for Insurance

to this objective by:
• Being the only institution authorised
Centre for Academic and Executive by CBB to conduct minimum
standards qualification for
• Ensuring that all courses were
appointed life and general insurance
delivered at a high standard and
representatives;
measured by actioning and applying
learning’s from class assessments; • CII’s only strategic partner in the
region offering fully accredited
• Continuously improving the teaching
professional insurance qualifications;
and learning aspect of our courses,
through reviews and modifications • Offering courses and programmes
suggested by Moderators, External based on insurance industry
Examiners and QA managers. requirement.
Centre for Accounting and IT Centre for Islamic Finance
• Ensuring that all courses were • Increasing the amount of available
delivered at a sufficiently high courses for both external and
standard to uphold the good public offerings including Islamic
reputation currently enjoyed by the Economics for Bankers; Murabahah
BIBF. This was achieved by enabling finance for retail; Istisna’ for retail;
the lecturers to attend relevant Sharia’ for bankers; Islamic Credit
both subject specifying and delivery Cards; Islamic Funds Management;
methodology, continuing professional Real Estate Advisory; Islamic Mutual
development courses and by class Funds; Economic Efficiency for Waqf
observation, peer review, and analysis Products; and the ICMA Primary
of participant feedback; Market Certificates.
• Creating active liaisons with reputable
international organisations, for
example IIA (USA), ICAEW (UK)
and BPP Learning Media to seek to
provide the best there is;
• Continually improving how we deliver
courses in response to feedback
from course participants and their
organisations. This has included
actions such as changing the financial
statements used for delivering a given
course as a result of feedback from
participants.
01
Ensure the profile of BIBF
positions us as the institute
of choice for business
professional development.
Centre for Banking Offering new professional qualifications:
• IDC-ICA, UK
Creating new public offerings: • ACAMS, USA
• Project Appraisal and Financing • APRM, USA
• Economics for Bankers • A revamp of the BSDP qualification by
• Quantitative Methods for Risk revising study material and providing
Management a pathway forward for BSDP
Launching new external programmes: participants to Newcastle University,
• Value Advisory - A New Toolkit for UK to obtain a combination of
Corporate Bankers international experiences and an
• Corporate Governance - Challenges undergraduate degree.
and Best Practices
• Global Financial Crisis - Surviving Centre for Leadership and
and Thriving Strategies for 2009 Management
• Implementation of Basel-II (Pillar II)
• Debt Restructuring • Offering a variety of customised
• Investment Representatives special offerings tailor made to
Programme (Series-7) Banks and organisations to fit their
• Implementation of Basel-II (Pillar I) requirements and future plans
• Real Estate Investment and success of their businesses.
• Counter party Risk Measurement These included Standard Chartered
and Management Bank, Khaleeji Commercial Bank,
• Advanced Financial Modeling Yokogawa, BDO Jawad Habib, and
• Credit Risk Measurement and APM Terminals.
Management
• Market Risk Measurement and
Management
• Forex online Trading
02
To maintain proactive
business partnerships
with our levy payers and
other clients to achieve
successful results for both
their organisations and the
individuals within.
In 2009 the BIBF Centres contributed Centre for Banking
• Networking for proactive business
Centre for Academic and Executive partnerships with our levy payers
and other clients to achieve
• Maintaining regular contact with
successful results for both their
training managers and discussing
organisations and the individuals
courses high demand in nature eg,
within was regularly undertaken
Corporate Governance.
through meeting with training
Centre for Accounting and IT managers, bank professionals at
BIBF and during conferences.
• Continually talking with training
managers responding to their Centre for Insurance
requests and seeking to meet them
• Conducting regular visits to
at their ‘point of training need’.
local insurance organisations
This included developing new
in connection to their training
Public Offerings in response to their
requirements and offering assistance
requests and as a proactive step to
to relevant individuals for CII
provide courses the Centre believed
accreditation of prior learning as a
was useful to them;
value added service;
• Approaching existing clients offering
• Holding discussions with insurance
them new courses in response to
professionals in connection to
feedback from the participants of
launching new programmes and
a recently delivered course. For
revising existing ones;
example during 2009 this resulted in
two new special offerings to existing • Providing tailor made long-term
clients; training programmes via mutual
agreements.
• Creating unique products for clients;
either in response to a specific
request or by analysis of course
participant feedback. An example
is a course delivered to one of our
long standing clients in 2009 that
was completely different from that
delivered over the previous four /
five years, as a result of assessing the
comments made by participants.
02
To maintain proactive
business partnerships
with our levy payers and
other clients to achieve
successful results for both
their organisations and the
individuals within.
Centre for Islamic Finance Centre for Leadership and Management
• Conducting a number of direct contact • Introducing five new public offerings
visits to the Islamic Financial Institutions to deliver upon market requirements.
in Bahrain and Dubai. We utilised these These included:
visits to meet functional Heads of HR or
Training and obtain feedback on existing - Emotional Intelligence;
levels of service performance as well as - Problem Solving and Decision
highlighting our new products. Client Making Techniques;
visits included Al Baraka Islamic Bank, - Human Resources Planning
Gulf Finance House, Dubai Islamic Bank, Techniques;
Bahrain Islamic Bank, Ajman Islamic Bank, - HR Management for Non-HR
and Noor Islamic Bank; Managers;
- Employee Training and Development.
• Facilitating various special offerings in
Bahrain, the Gulf, and Eastern Europe. • The Centre also regularly met with
Clients included National Commercial member organisations and other clients
Bank, Saudi Arabia; Abu Dhabi Islamic to discuss special offerings as updates
Bank, UAE; Caspian International or new requests.
Investment Company, Azerbaijan;
Commercial Bank of Qatar, Qatar;
Islamic Development Bank, Saudi Arabia;
Standard Chartered Bank, Bahrain;
and Khaiji Bank, Qatar.
03
Build alliances with
internationally recognised
professional bodies.
In 2009 the BIBF Centres contributed in-house accounting and

to this objective by: finance courses;
Centre for Academic and Executive With Morgan International for the
world class course materials for CPA
• Maintaining our strategic alliances
and CMA.
with:
- DePaul University Centre for Banking
- Bentley University
- University of Wales • Forming new alliances during the
- Darden Graduate School of Business year with Newcastle University, UK;
of the University of Virginia ACAMS, USA and ICA, UK;
• Whilst not new, we strengthened • Renewing alliances with professional

formally our ties with our sister bodies like CFA, PRM, and ACI
Institute, the Institute of Banking which were also strengthened by
(IOB) in Riyadh in developing the achieving space on their web pages
new Leadership Development as education partners.
Programme (LDP) in conjunction Centre for Insurance
with Darden.
• Maintaining and strengthening
Centre for Accounting and IT our alliances with The Chartered
• Building alliances with the IIA (USA) Insurance Institute (UK) and The
to offer their internal audit courses; American Institute for Chartered
Property Casualty Underwriters /
With ICAEW (UK) to deliver their Insurance Institute of America (USA).
Certificate in Accounting, Finance
and Business; Centre for Leadership and
Management
With ACCA (UK) to deliver their
Diploma in International Financial • Maintaining and building upon
Reporting; existing alliances with International
bodies such as CIPD, CMI and SHL.
With ICDL GCC Foundation with the
view to delivering ICDL courses from
2010;
With BPP Learning Media to use
their world class course materials for
04
Ensure that all
participants become BIBF
ambassadors.
In 2009 the BIBF Centres contributed • Aiding trainees’ careers by helping

to this objective by: them to get their CII credits as an
ongoing support service. This service
Centre for Academic and Executive
has led us to gain newer clients via
• Receiving very positive feedback word of mouth from existing trainees
about the quality of our students and graduates.
and other graduates who regularly
participate in the seminars,
workshops and youth conferences • Delivering courses to the participants’
in Bahrain and globally. satisfaction.
Centre for Accounting and IT Centre for Leadership and
Management
• Delivering courses to the
participants’ satisfaction. • Continuously following up on
course evaluations to modify and
Centre for Banking
action activity applicable to not only
• As a matter of practice, inviting programme quality improvement, but
all passing out participants of in direct response to customer needs.
the public offerings, special
offerings, professional qualification
programmes and external
programmes to stay in touch for any
further assistance in their journey
and application of knowledge;
• Organising a BSDP Alumni meet to
hear their views on strengthening
the existing BSDP qualification.
Centre for Insurance
• Creating practical case studies that
enable shadowing of actual work
atmosphere. This aided relevant
participants to become ready for
employment with most minimum
on-the-job training. This strategy
has been promoted by our trainees
at all levels;
05
Ensure that our
programmes are
recognised as world
class.

• Producing CII qualifications for
Centre for Academic and Executive Takaful (Islamic Insurance), which is
now part of ACII level units;
• Ensuring that our linkages with
world class universities and institutes • Our class-room based insurance
remained strong. Our partnerships diplomas (English and Arabic) earn
are in place to ensure our graduates 210 credits from CII, the highest for
not only have a place within any any institution in the region;
relevant role within Bahrain but has
a globally appealing undergraduate • Earning CII’s Diploma in Insurance
or post graduate qualification. certification via accreditation of prior
learning through our Arabic distance
Centre for Accounting and IT learning programme, the Profession
Insurance Certificate (PIC).
• Making linkages with world
class organisations in terms of Centre for Islamic Finance
qualifications or course materials.
• Receiving the internationally
Centre for Banking acclaimed ‘Best Islamic Finance
Training Institution’ award in the
• Positioning our programmes
annual Islamic Business and Finance
through newspaper ads as world
Awards for the second year running.
class and adopting world class
pedagogy and a high class faculty; Centre for Leadership and
Management
• Obtaining recognition as the
EXCLUSIVE educational partners in • Providing accredited programmes
Bahrain for leading International including Cambridge, CMI, CIPD
professional bodies like Association and CIM.
of Certified Anti-Money Laundering
Specialists (ACAMS), USA
and International Compliance
Association (ICA), UK.
06
Promote Bahrain’s
position as a leading
regional financial
centre.

• Defining the Centre for Insurance
Centre for Academic and Executive and its strong affiliations as the
foremost insurance learning and
• Using case study examples from the
qualifications provider in the region.
Bahrain market in teaching materials
This has contributed to Bahrain’s
and exams;
position as a leading regional
• Promoting the Islamic Diploma financial centre.
and referencing Bahrain as a world
leader in Islamic Financial Products
and Services. • The benefit of receiving the ‘Best
Islamic Finance Training Institution’
Centre for Accounting and IT
award reinforced the strength of
• Using examples from Bahrain in Bahrain’s Islamic Finance education
course materials, including those authority. This supports our drive
delivered outside Bahrain, whenever to align where possible the 2030
possible. For example by using the vision in regards to financial sector
TAIB analysis report of SABIC when expertise.
delivering a course at Saudi Aramco;
Centre for Leadership and
• Making reference to the Bahrain Management
Stock Exchange in appropriate
• Delivering our products to new
contexts, while delivering courses or
markets (for the Centre) such
developing course materials.
as Qatar. This was a tailor made
Centre for Banking programme for high caliber
management trainees in the Central
• Having every programme, Bank of Qatar over three phases in
particularly public offerings different areas such as Leadership
and professional qualification and Management, Banking, Finance
programmes designed, launched and Islamic courses. A total of 22
and delivered with an express aim courses were successfully completed
to contribute to promote Bahrain’s by the trainees.
position as a leading regional
financial centre;
• Aiming to provide the latest
knowledge and skills in every
functional area of the banking
industry, across all our public
offerings, professional qualification
programmes and external
programmes.
07
Attract and retain the
best staff.
In 2009 the BIBF Centres contributed Centre for Islamic Finance

• Employing two international caliber
Centre for Academic and Executive faculty members and an additional
member within the Administrative
• Retaining staff with international
function to support the planned
qualifications and local and
growth in the Centres offerings.
international experience. In 2009
our turnover was 0%. Retention has been near enough
100% in 2009. One faculty staff
Centre for Accounting and IT
member departed BIBF in 2009, with
• Employing international caliber extended leave on medical grounds
staff with local experience in the for the Head of Islamic Finance also
required areas. Retention has been occurring mid-year. In the interim,
near enough 100% in 2009. One the Centre was led by the Deputy
administrative staff member left Director;
the Centre, however there were no
• Increasing the use of industry
faculty departures.
experts by the Centre.
Centre for Banking
Centre for Leadership and
• Adding one new full-time Management
faculty who came with excellent
• Recruiting specialised and
qualifications and significant
experienced lecturers, and providing
international banking experience. The
them with a motivating package
part-time faculty includes top notch
as well as an opportunity to
professionals with wide industry
directly affect the human capital
experience. It is worth mentioning
development of all participants.
that despite these persons having
The breadth of programmes the
other opportunities, they prefer to
Centre offers also provides the scope
continue teaching at BIBF.
for significant staff professional
Centre for Insurance development and teaching both
locally and internationally.
• Employing high caliber ACII
certified training staff and industry
experienced support team to provide
its services.
08
To expand the business
scope of the institute, and
sustain our competitive
differentiation, through
continuous innovation and
improvement of products,
services and resources –
human, technological and
physical.
In 2009 the BIBF Centres contributed least one public offering programme
to this objective by: at BIBF. One of the faculty members
obtained Trade Finance Specialist
Centre for Academic and Executive
Certificate, another qualified CFA
• Continuously updating and level –I and the third, Series-7
reviewing the teaching and learning programme of the BIBF. Technological
materials to meet international and infrastructural support is provided
standards; as required by each faculty.
• Identifying staff development needs Centre for Insurance
annually and putting required
• Expanding its business development
plans in to place to achieve these
and customer service team during
development initiatives.
2009 due to meeting increased
Centre for Accounting and IT demand from individual insurance
personnel and companies for our
• Identifying the appropriate staff programmes and services;
development needs during
the annual review and putting • Closely working with the industry to
appropriate plans in place to achieve launch six new programmes in 2010.
their developmental needs;
• Continually improving our materials
• Extending its geographical reach and
and modes of delivery to meet our
expanding its menu of products.
course participants at their point
The Centre for Islamic Finance has
of need. This is done by updating
extended its geographical reach by
materials that have naturally
having new clients in Qatar and the
become out of date (for example
CIS countries, specifically Azerbaijan.
due to change in financial reporting
We also launched the Masters of
regulations or just the passage of
Islamic Finance programme with
time – eg, replacing old financial
De Paul and the Wales Validated
statements with more recent ones.
Islamic Diploma.
Centre for Banking
• Ensuring the faculty is continu-
ously encouraged to add new
programmes and undertake self
development. Most faculty members
of the Banking Centre attended at
09
Provide infrastructure
for effective and
efficient operations.
In 2009 BIBF achieved the

following:
• The establishment of the Customer • BIBF’s new online library system and
Service section that deals with students centre was made available
all written (whether email, or to all members to browse the BIBF
online) participants’ feedback was catalogue and library contents.
a vital step towards supporting
• The BIBF registration department
BIBF’s strategy in aligning its
continued to visit member
quality assurance framework
organisations, introducing the online
to International standards. The
registration system, which will aid
Customer service area had
the training managers in monitoring
additional registration staff placed
their employee progress.
whose role was to more directly
interact with our members’
organisations.
• In order to meet the growth in
new participants, a parking zone
which accommodates over 80 cars
was provided by BIBF. The location
immediately across from the front
entrance reduced the level of
concern of availability and proximity
of parking to BIBF.
• To meet growing demand staff were
added to BIBF in 2009 necessitating
the need for additional office space.
A building extension was added as
well as redesigning existing offices
to meet staffing requirements.
Centre for Academic and Executive Centre for Accounting and IT
Participant Hours The mission of Academic and Executive Learning The Centre for Accounting and IT has been in
Centre is to provide world class programmes in existence as a stand-alone entity since January
09
the124802
area of Academic and Executive education via 2008. It delivers courses in Accounting, Finance and
08 132267
07
strategic partnerships with reputable and accredited Information Technology to member organisations
121765
06 78590
international universities from the United States employees (Public Offerings), by specific request
Total and the United Kingdom. to any organisation (Special Offerings), for
professional qualifications to all individuals
09 762 The Centre offers academic programmes at
(Professional Offerings), and of a specialist nature
08 2208
undergraduate and post-graduate level, as well
using external specialists (External Offerings). The
07 1216
as executive education development for senior
06 513 Public Offerings can be attended by non-member
management.
External Courses organisation employees for payment of the
09 69723 appropriate course fee. This is what generates the
08 53756 revenue reported under public offerings.
07 57790
06 40489 Participant Hours

Our Information Technology courses are in the
Wales main, standard Microsoft application courses. They
09 315
09 124802
are offered by a wide variety of competitors and
08 1248
08 132267 Participant Hours appear price sensitive in customer decision making.
07 1782
07 121765
09 Centre is diversifying its offerings in Information
The 48559
06
06 486
Total
78590
08 Technology
53972 to cater for demand for courses in areas
GMAT 07 such48489
as ethics, business continuity management,
09 762
09 33029
08 2208
06 and
42188project management to the extent that these
08 31847
07 1216
Total
are impacted upon by information technology.
07 16398 09 6740
06 513 External Courses 1%
06 3497 08 11999
External Courses Wales 11%
DePaul 07 9163
GMAT 6%
09 69723
09 7104 DePaul 26%
06 9558
08 53756 Bently 0% Participant Hours
08 4896 Professional Qualifications
English 56%
07 57790
07 7056 09 528 09 48559
06 40489
06 7488 08 0
Wales 08 53972
Bently
07 0 07 48489
09 315
09 13869 06 0 06 42188
08 1248 Public
08 38312 External Programmes Total Offerings 60%
07 1782 Special
07 37523
09 12322 09 6740 Offerings 25%
06 486
06 26117 08 16284 Professional
GMAT 08 11999 Qualifications 14%
English
07 14314 07 9163 External
09 33029 Programmes 1%
06 14125 06 9558
08 31847
2009 Special Offerings Professional Qualifications
07 16398
09 28969
09 528
External Courses 1%
06 3497
08 Wales
25689
08 0 11%
DePaul
GMAT 6%
07 25012 07 0
09 7104 DePaul 26%
06 18505 Bently
06 0 0%
08 4896 Public
Public Offerings English 56%
External Programmes Offerings 60%
07 7056
Special
06 7488 09 12322 Offerings 25%
Bently Qualifications 14%
2009
07 14314 External
06 14125
08 38312
Special Offerings
07 37523
06 26117 09 28969
English 08 25689
07 25012
2009
06 18505
Public Offerings
2009

Participant Hours
09 75326
08 Centre for Banking 100644 Centre for Insurance
07 96081
06 87885
The Centre for Banking is the leading provider of
Total The Centre for Insurance is dedicated to the
09
training 29531
and education services to banking and advancement of insurance as a professional
08
financial services
57539
industry in Bahrain, Qatar and service in Bahrain and the broader Middle East
07 Saudi Arabia. 54934 Our programmes are aimed at both region, providing world-class professional learning
06 organisations
40221 and individuals within the financial opportunities that improve insurance performance.
sector
Professional and range from entry level executives to
Qualifications We work closely with our customers to deliver
09 1413top and senior level managers across all Banking tailor-made packages that help their staff achieve
08 1170functions and disciplines. corporate goals. Whether our clients seek to
07 4251 improve the quality of their service or increase
06 5582 revenues, we can provide solutions.
External Programmes
Participant Hours The Centre for Insurance at BIBF is today, the
09 11322
08 09 8185 75326 largest specialised insurance training and

07 08 10572 100644 professional qualifications provider in the Middle
06 07 9611 96081 East. To underpin the many vital initiatives of
06
Special Offerings 87885 the insurance regulators and to capitalise on the
External
09
Total
33060 Programmes 2% growing demand to qualify the insurance personnel
08 09 29531
33750
Public
Offerings 44%
in the region, BIBF and the UK based Chartered
07 08 26324 57539 Special
Offerings 15%
Insurance Institute (CII) have entered into strategic
06 07 32471 54934
Professional partnership towards adding professional advantage
Qualifications 39%
06
Public Offerings 40221
for insurance people.
Professional Qualifications
09 1413 Commencing from the minimum standard

08 1170 qualifications, all of BIBF insurance certificate
Participant Hours
07 4251 programmes, diploma programmes and
06 5582 09 professional qualifications
56747 fetch maximum number
External Programmes 08 of accreditations
39962 from the CII, which is unique to
09 11322 07
the Middle44283 East region. The centre’s professional
08 8185 06
activities have earned
61708
BIBF the membership of the
Total
07 10572
2009 Institute for Global Insurance Education (IGIE),
09
06 9611
which is35073an US-based association, comprised of
Special Offerings 08 22569
External
07
selected
24090
independent international insurance
Programmes 2%
09 33060
Public 06
institutes.
31083
08 33750 Offerings 44%
Special Offerings
07 26324 Special
Offerings 15%
09
Participant
21674
Hours
Public Offerings Qualifications 39% 08 17393
09 56747
07 08 20193 39962
06 07 30625 44283 Special Offerings 62%
Public Offerings 38%
Public
06 Offerings 61708
Total
09 35073
08 22569
07 24090
06 31083
Special Offerings
2009
09 21674
08 17393
07 20193 2009
06 30625 Special Offerings 62%
Public Offerings 38%
Public Offerings
2009

Participant Hours
Centre for Islamic Finance 09 Centre for Leadership and Management

59077
08 60822
07 28296
The Centre for Islamic Finance is the total solution 06 At the Centre for Leadership and Management, we
34795
provider for Islamic Finance learning in the truly
Total believe and practice the philosophy of “the
region. The Centre has a comprehensive range 09 greatest assets
25015 of any organisation are its people”.
of services that are superior, contemporary and 08 Our belief
14730 is that Leadership is everyone’s business.
relevant to the needs of the industry, all of which 07 Our6102
objective is to add value in transferring classroom
is drawn upon the support of the Central Bank 06 learning
4575 to the workplace.
of Bahrain, the Waqf Fund, the Islamic banking Professional Qualifications
We are focused on developing and improving human
community, and the Islamic infrastructure 09 563
resources to build individual and organisational
institutions. The Centre focuses on the 08 0
07 capability and efficiency. Leadership and Management

provision of professional courses and academic 128
courses are designed to improve competencies
qualifications at the diploma, undergraduate, or 06 850
by developing
External Programmes the knowledge, skills and attitude
post-graduate level that is delivered by a mix of
09 of people. We adopt a professional approach to
the Centre’s own internal faculty or by our world- 7139
08 Leadership 21197 and Management development by

Participant Hours
wide industry experts.
07 ensuring
2507 that a positive learning environment is
09 51537
08 As the Islamic banking industry 57409 endeavours to 06 established
6017 and maintained in the classroom.
07 maintain its resilience in the face of the global Special Offerings
24501
06 financial crisis,22658 the stable growth of Islamic 09 26360
finance
Total training and education has continued 08 Participant24895
Hours
09 internationally. 28558Being strategically located in
07 19559 Public
08 Bahrain, which is the hub of Islamic Banking, the 06 23353 Special
22784 08 60822
Public Offerings Offerings 42%
07 Centre 14396 has used this competitive advantage by 07 28296 External
Programmes 12%
06 establishing
11024 itself as a prominent contributor in 06 34795 Professional
Qualifications 1%
the dissemination of Islamic finance knowledge
Professional Qualifications Total
09 in 3058
the region. The strategic location, coupled 09 25015
08
with5332the Centre’s access to Islamic Finance 08 14730
07
industry
3450
experts, has distinguished the Centre 07 6102
06
as 3432
compared to other primary Islamic finance 06 4575
External Programmes Professional Qualifications
learning providers within the MENA region,
09
South9994 East Asia, or the UK. 09 563
08 22781 08 0
07 2635 07 128
06 Participant
5809 Hours 850 2009
06
Special Offerings External Programmes
09 51537 External
08 57409 09 7139
Public
08 6512 Offerings 19% 08 21197
07 24501
07 4020 Special 2507
06 22658 Offerings 19% 07
06 2393 Professional 06 6017
Total
Qualifications 6%
Public Offerings Special Offerings
09 28558
08 22784 09 26360
07 14396 08 24895
07 19559 Public
Professional Qualifications 06 23353 Special
Public Offerings Offerings 42%
09 3058 External
Programmes 12%
Qualifications 1%
07 3450
06 3432
External Programmes 2009
09 9994
08 22781
07 2635
06 5809
Special Offerings
External
Public
08 6512 Offerings 19% 2009
07 4020 Special
Offerings 19%
Qualifications 6%
Public Offerings

Quality Assurance Department
The department, set up in 2008 to tackle the growth Quality Assurance Agency for Education and
of BIBF in the upcoming years, created a set of Training (QAAET) and Ministry of Education
codes of practice in several areas of academic quality (MOE). QA in BIBF will be actively working with
benchmarked to the Quality Assurance Agency, Bahraini counterparts for complying with national
UK. These codes of practice provide the framework regulations but nevertheless aim to continue
for benchmarking current systems in BIBF against with its annual review of programmes by an
international standards and provide guidance for international panel of QA experts from around
constant improvement. The department is also the globe. BIBF plans to invite participation from
responsible for implementing code of practice for Bahrain’s QAAET and MOE in such initiatives to
BIBF as a whole, organising academic infrastructure strengthen its ties with the local bodies. The annual
for the institute and maintaining all QA related review is important for BIBF’s self reflection and in
committee structures in BIBF. The department evaluating its achievements against an international
conducts annual review of programmes in all centres framework developed in-house on the one hand
and provides action plan and implementation and for its international collaborators to value the
timelines in agreement with the centres. The important role of QA in BIBF on the other.
department is responsible for working with Centres
The aim of BIBF to achieve Taught Degree Awarding
and their international collaborators in seeking
Power Status (TDAP) will further enhance the role of
equivalence of BIBF systems with theirs and adopting
QA as BIBF systems, benchmarked to international
BIBF systems, where applicable. The department
standards, will be ready and functioning at par with
is responsible for complying with all local and
those of its partners for this purpose.
international QA authorities supervising BIBF in the
area of Quality Assurance. By the end of 2009, QA became a fully developed
department working with all centres of the
The department lies at the heart of BIBF’s core
organisation in implementing our codes of practice.
business – learning and teaching. Academic QA
A uniform brochure for all centres has been
is involved in everything that BIBF does to provide
developed; work is in progress for achieving a
quality training and education for its clients and
uniform registration/ application form for the
students. BIBF is the pioneering organisation in
institute. Lesson plans, feedback mechanism,
the region which has created a fully developed QA
customer service functions, collaborative provision,
system benchmarked to international standards.
faculty and staff development, recruitment and
It is also the only organisation which has started
promotions process, programme review and design
implementing such international best practices in
implementation, robust and rigorous assessment
most of the areas of learning and teaching. In this
mechanisms etc have been initiated. Most
respect, BIBF enjoys an unparalleled position of
importantly, annual review of all programmes has
competitive advantage over similar organisations
taken place in BIBF for the first time where centres
in the region. This also means that BIBF is ready
have agreed to implementation timelines of QA
to create a consulting division for providing such
action plan.
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

Marketing and Communications Department
BIBF employed a Marketing and Communication every two weeks. We also looked at improving
Manager at the start of 2009. BIBF identified the profile of the BIBF brand by placement daily
the need for an independent department whose on the front page of the GDN Business page. This
responsibility was to not only integrate all elements initiative was directly attributed to the successful
of the marketing and communications flows negotiation of two new business development
inwards and outwards to / from BIBF, but to do so opportunities within the Accounting Centre.
in a planned and coherent manner.
• We revamped our website and more specifically
There were a number of strategic and tactical the home page as an interim solution to better
initiatives undertaken in 2009. These included: provide users a more friendly and assessable
experience. Ultimately the outcome of this
• The development of a Marketing and
exercise translated into tendering for a website
Communications Strategic Plan, which was
provider who would be able to align the strategic
submitted to and approved by the Board.
marketing objectives in written form into
• Development of an annual tactical plan technologic output in regards to the website. In
including by initiative, activity, associated budget November 2009 tenders were released by BIBF
implications and specific budget reporting codes seeking a technology partner. The provider was
in order to create transparency of marketing assessed and announced in April 2010.
expenditure.
• We also in the latter half of 2009 began to
• The revising of all current role profiles of the address our e-communications. The majority of
department staff. This achieved the benefit of the vast database of participant’s details was
allowing staff to have a clearer view of their roles centralised between Marketing and Operations
and responsibilities as well as identifying the (Registration). It has always been the core of
specific volume of planned work that was needed the Registration Department but there had
to improve BIBF’s profile. The benefit by the end been limited usage by the marketing and
of 2009 was that staff had a much clearer sense Communications team. We initiated in October
of their performance and more specifically how 2009 the first branded email campaign to both
this would translate into not only remuneration for members and non-members. This provided us
2010, but areas of professional development. with an opportunity to clearly highlight all our
programmes on a consistent and planned basis,
• The tendering for an advertising agency allowing us to send both bulk and segmented
to support all new BIBF creative work. The email communications. By year end we had no
successful agency came on board to partner substantive results on effectiveness, however,
with BIBF in March 2009. The scope of their we did find that the market was comfortable in
work ranged from Annual Report to preliminary receiving specific emails from us, with less than
recommendations for developing brand a 1% unsubscribe rate on emails sent. This was
standards for all BIBF material which to date with a preliminary database size of 4500.
were not in existence.
• The department also oversaw the implementation
• We formed a one year strategic relationship with of the Annual Report and both the 2009 and
GDN for the purpose of showcasing the thought 2010 Course Catalogue.
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

Research Department
Research is an area that BIBF developed in 2009 A Research Methodology workshop occurred on
with the setting up of the Research Department in November 12, 2009, and a Case Writing Workshop
September. Dr S P Parashar, Head of the Banking on November 19, 2009. 15 faculty members
Centre was assigned Head of this new department. of BIBF participated and benefited from these
The mission, vision, and strategic plan of the workshops.
Research Department for 2009-11 were finalised.
The workshop presentations were video recorded
The mission of the Research Department is to and kept in the BIBF Library for reference.
provide research services to the banking and
The Research Department has plans to organise
business community of Bahrain and the region.
more such workshops in 2010 to benefit BIBF
Its vision is to be the single window for academic
faculty and financial services industry players
and applied research, research capacity building
interested in research.
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.

Special Projects
In the aftermath of the 2009 financial crisis, BIBF in risk management. The third and final step is
has gathered a group market participants in for candidates of these programmes to attain
collaboration with CBB to create a strong pool of international qualifications like the PRM and FRM.
Risk professionals geared up for the post crisis era.
Providing financial advice is considered a very
This initiative culminated in the development of a
crucial aspect of the financial sector growth.
Risk Certification programme for all entrants into
Professionals who are responsible for providing
the Risk profession of Bahrain’s financial services
such a service need to be thorough in the
sector. This programme will provide the minimum
knowledge base of the products they are selling
qualification recognised by CBB and designed
and the various repercussions of investments
and delivered by BIBF as the sole provider of the
in those products by varying client/investor
qualification. The programme is unique and one
profiles. Selection of qualified professionals
of its kind – encompassing all the different areas
for such an important task as financial advice
of Risk in conventional, Islamic and Insurance
becomes a challenge for any regulator and more
areas and their mitigation thereof. The programme
so for Bahrain markets which are, similar to
has been developed by BIBF’s visiting professor
other regional markets, evolving continuously
Dr. Sudhakar Raju who has a joint appointment
and progressively. The Central Bank of Bahrain
with Helzberg School of Management in Kansas
commissioned BIBF to take the lead in setting
City and Kennedy School Government in Harvard
and monitoring such standards for the regulator.
University in the US. The programme will be
BIBF has worked with market participants and
launched in June 2010 and is the only programme
international partners in collaboration with
in the region for setting minimum entry criteria for
CBB, to develop an all encompassing minimum
Risk professionals by a central bank and the only
qualification for an entry level financial advisor in
one globally covering all the three different aspects
all areas namely conventional, Islamic banking and
of Risk in the financial services sector. In the post
Insurance sectors. Under the guidance of Prof.
crisis era, focus on Risk Management is considered
Sudhakar Raju, the programme development has
to be essential for the creation of a sound and
been commissioned to PWC, Ltd Bahrain. As per
robust financial system against random shocks—
agreement with PWC, the programme will be ready
endogenous or exogenous.
for delivery in September 2010.
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

BIBF Team
Director’s Office Faculty Centre for Accounting Yousif Faraj

Garry Muriwai Waseem Mirza and IT Senior Lecturer
Director Lecturer Namasiku Liandu yousiffaraj@bibf.com
garry.muriwai@bibf.com waseem@bibf.com Head of Centre: Accounting MBA, Strathclyde University, UK
Ebtisam A. Saad MBA in Finance and Marketing - and IT Farayi Patrick Chikwanda
Executive Assistant IMS, Lahore, Pakistan; M.Com in ndliandu@bibf.com Lecturer
ebtisam@bibf.com Advance Accounting - University Faculty farayi@bibf.com
of New South Wales; B.Com - BCompt (Accounting Science):
Human Resources University of the Punjab, Lahore,
Hafiz Qaisar Raza Khan University of South Africa (UNISA)
Pakistan; Member - “Association
Senior Lecturer Diploma in Accountancy, Southern
Hussain Ismail hafiz@bibf.com
Deputy Director of Accounting Technicians” (AAT), Africa Association of Accountants
MCom in Accounting from Hailey
hismail@bibf.com Australia (SAAA), Member of the Institute
College of Commerce, University of
Administration of Chartered Accountants,
Hassan Abbas the Punjab, Lahore, Pakistan
Zimbabwe (ICAZ)
HR Officer Zahra Tabbara CMA - Certified Management
hgabbas@bibf.com Academic and Executive Accountant, USA Mahmood Abdulla
Coordinator ACMA - Associate of Cost & Lecturer
BIBF Learning Centres ztabbara@bibf.com Management Accountants, Pakistan mahmood@bibf.com
BSC in Accounting University of
Lameea Mohammed Syed Amir Zahid
Centre for Academic Bahrain, Bahrain
Administration Coordinator Senior Lecturer
and Executive CPA - American Institute of
lameea@bibf.com amir@bibf.com Chartered Public Accountants
Dr. Mohammed Al Khozai BA Corporate Secretaryship
Parween Haji (AICPA), Colorado, USA
Head of Centre: Academic University of Madras, India
Administration Coordinator Nedhal Al-Faraj
and Executive ACA - The Institute of Chartered
phaji@bibf.com Lecturer
malkhozai@bibf.com Accountants of India
CIPA - Certified Islamic Professional nalfaraj@bibf.com
Accountant, AAOIFI, Bahrain BSDP BIBF, Bahrain
NVQ in Business Administration,
UK, Diploma in Business
Administration, BTI, Bahrain

BIBF Team
Administration Centre for Insurance Centre for Islamic Finance Centre for Leadership and
Khulood Al Thaqafi Husain Al Ajmi Mahmood Al Sheahabi Management
Administration Coordinator Assistant Director, Business Head of Centre: Islamic Kadri Rizk
khulood@bibf.com Development and Head of Finance Head of Centre: Leadership
Centre: Insurance msheahabi@bibf.com and Management
Centre for Banking halajmi@bibf.com Faculty krizk@bibf.com
Dr. Sat Paul Parashar Faculty Dr. Ahmed Assad Faculty
Head of Centre: Banking Dr. Tarek Seif Mahmoud Amal A. Jabbar Al Awadhi
parashar@bibf.com Senior Lecturer Senior Lecturer Consultant and Trainer
Faculty tseif@bibf.com asad@bibf.com amal@bibf.com
PhD in Maritime Transport from Completing Post Doctorate PhD BSC in Psychology with Clinical
Dr. Jyothi Venkatesh
Arab Academy for Science PhD in Islamic Commercial Psychology, University of Kent, UK
Senior Lecturer
Technology and Maritime Jurisprudence, International Islamic Madhavi Tiwary
jgrao@bibf.com
Transport University, Malaysia Senior Lecturer
PhD in Finance from the Indian
ACII - Associate of Chartered MA in Islamic Economy, Yarmouk mtiwary@bibf.com
Institute of Science, Bangalore
Insurance Institute, UK University, Jordan, BA in Sharia’a MA in English Literature: Lucknow
Subramanian Ravi Mutah University, Jordan
Ali Mohasen University, India
Senior Lecturer
Lecturer Huma Sodher MA in Education: Annamalai
s.ravi@bibf.com
amohsen@bibf.com Senior Lecturer University, India
MA. C.A.I.I.B in Public
BSC Mechanical Engineering, huma.sodher@bibf.com Certificate in Instructional Skills:
Administration from Madras
University of Bahrain, Bahrain BCom (Commerce & Law): Oakland Schools, USA
University, Chennai
ACII - Associate of Chartered University of Karachi, Pakistan Martin Smithies
Anuradha Shaw Insurance Institute, UK LLM (Law): University of Karachi, Senior Lecturer
Lecturer Pakistan, ACA - Institute of
Manal Mohammed martin.smithies@bibf.com
s.ravi@bibf.com Chartered Accountants of Pakistan,
Mashkoor MA in Applied Linguistics and
MA in Economics (Distinction) CIPA - Certified Islamic Professional
Lecturer Language Teaching from the
Bangalore University, Accountant, AAOIFI, Bahrain
manal@bibf.com University of York
Karnataka, India
BSC Business Information System, Nedal El-Ghattis Muneer Mohammed Saeed
Chithra Suresh Bahrain University ACII - Associate of Senior Lecturer Senior Lecturer
Lecturer Chartered Insurance Institute, UK nedal@bibf.com muneer@bibf.com
chithra@bibf.com MBA Royal Melbourne Institute of
Yousif Darwish Completing PhD
MPhil in Applied Economics, Technology (RMIT), Australia
Lecturer MBA University of Durham,
Jawaharlal Nehru University, India Diploma in Neuro-Languastic
ydarwish@bibf.com UK BSC Beirut Arab University,
MA in Economics, Calicut University, Programming from INLPTA, UK
BSC Chemical Engineering, Lebanon, P.G. Dip. in Marketing:
India, Certified Trade Finance CIPA - Certified Islamic Professional
University of Bahrain, Bahrain Chartered Institute of Marketing,
Specialist, Indian Institute of Bankers Accountant, AAOIFI, Bahrain,
ACII - Associate of Chartered UK, Chartered Marketer
Professional Diploma for Trainers and CSAA - Certified Sharia’a Adviser
Insurance Institute, UK Dr. Vijayalaxmi Moovala
Tutors, Cambridge University, UK and Auditor, AAOIFI, Bahrain
Administration Senior Lecturer
Inuwa G. Affa Alfatih Gessan Pananjung
Mahesh Prabhu vijaya@bibf.com
Lecturer Aryasantana
Business Development PhD in Business Management:
iaffa@bibf.com Lecturer
Manager Osmania University, India
ACAMS, Miami FL, USA; PGD in alfatihgp@bibf.com
mahesh@bibf.com MBA: Nagarjuna University, India
Financial Management at A.T.B. MBA in Islamic Finance:
MBA, Washington International P.G. Dip. in Personnel
University, Bauchi Nigeria International Islamic University of
University, USA, P.G. Dip. in Management: Indian Institute of
Administration Malaysia, Kuala Lumpur, Malaysia Management Studies, India
Information Technology, Manipal
BEng Bogor Agricultural University, B. Com (Hons): Osmania
Khulood Al Thaqafi University, India, BBM (HR),
Bogor, Indonesia University, India, Certified Master
Administration Coordinator Mangalore University, India
khulood@bibf.com Administration Trainer in Neuro-Linguistic
Wafa Al Durazi Psychology – National Federation
Administrative Assistant Marwa Ahmed
Administrative Assistant of Neuro-Linguistic Psychology,
wafa@bibf.com USA, Accredited Facet 5 User:
marwa@bibf.com
Facet 5, N.L. Bukley, Australia
Sumayya Zainalabedin
Administrative Coordinator
sumayazain@bibf.com

BIBF Team
Dr. Vivek Kumar Marketing and Bader Al Ameer

Senior Lecturer Communications Information Desk Attendant
vkumar@bibf.com Department alameer@bibf.com
PhD in Management from the Chris Carston Nasser Al Khayat
University of Indore, India Marketing and Information Desk Attendant
MBA (HR) from University of Communications Manager nasser@bibf.com
Indore, India chris.carston@bibf.com Sultan Al Rumaihi
Bader Abbas Al Nasser Amal Al A’ali Information Desk Attendant
Lecturer Marketing Officer - Youth infodesk@bibf.com
bader@bibf.com and Digital
BSC Management, University of
Allan Mauleon
aalaali@bibf.com IT Support
Bahrain
Eman Al Khayat amauleoun@bibf.com
Philip Mukhwana Marketing Officer - PR
Lecturer Abdul Mutaleb Abdulla
Publications & Internal Branding Receptionist
phillip@bibf.com ealkhyat@bibf.com
BSC (Hons), (Physics and
aali@bibf.com
Mathematics): Makerere University,
Gerry Palad George Epen
Kampala, Uganda, Diploma in
Web Master/Graphic Designer General Service’s
Education: Makerere University,
gerry@bibf.com infodesk@bibf.com
Kampala, Uganda, Business Hussain Askari
Operations Department
application of ICT (Post Grad Diploma): Office Assistant
University of Cambridge, Advanced Khalid Al Medfaie haskari@bibf.com
Diploma: Strategic Development Operations Manager
kalmedfaie@bibf.com Kakkarattu Kunnummal
of Human Resources: Institute of
Rajan
Commercial Management (ICM), UK, Nawal Saif General Service’s
Professional Development Scheme, Registrar infodesk@bibf.com
Chartered Institute of Personnel and nsaif@bibf.com
Development (CIPD) UK Mohammed AbdulKhaliq
Administration Driver
Administration
Hassan Khamis infodesk@bibf.com
Sameera Al Khal
Supervisor, General Service’s
Administration Coordinator
hak@bibf.com Quality Assurance
sameera@bibf.com
Afnan Ali Sahwan Department
Sana Sarwani Administrative Assistant Dr. Subhadara Ganguli
Administration Coordinator afnan@bibf.com Head: Quality Assurance
ssarwani@bibf.com sganguli@bibf.com
Fadheela Al Sharaf
Administrative Assistant
BIBF Business Departments fadheela@bibf.com Visiting Professor
Farooq AbdulQader Sudhakar Raju
Finance Department Visiting Professor
Administrative Assistant
Ali Abdulla Zubari farooq@bibf.com sudhakar.raju@bibf.com
Finance Manager MA Economics University of
azubari@bibf.com Muqtada Al Oraibi Toldeo, Ohio, USA
Administrative Assistant sudhakar.raju@rockhurst.edu
Administration Muqtada@bibf.com PhD Economics & Finance,
Christine S. Al Arayedh Nasreen Aqeel Northern Illinois University, USA
Finance Officer Administrative Assistant MPA Public Administration,
c_alarayedh@bibf.com nasreen@bibf.com Harvard University, USA
Redha Mohammed Sarah Saade FRM, (GARP)
Finance Officer Assistant Registrar
rhassan@bibf.com ssaade@bibf.com
Mahdi Abdul Nabi Ahmed Al Alawi
Accounts Assistant Information Desk Attendant
mahdi@bibf.com alalawi@bibf.com

BIBF Guest Speakers / Lecturers 2009
Centre for Academic and Centre for Accounting and IT Centre for Islamic Finance
Executive Eliot Stenzel: Consulting A Sattar Abu Ghuda: Al
Hameed Salman: Delmon Baraka Group
Bentley College Management Consulting Ahmad Al Saad: Yarmouk
Dr. Bill Starner Isa Al-Mutawaj: Central Bank University
Dr. Bill VanderClock of Bahrain Ahmad Nassar: CIBAFI
Dr. Bob McNulty Jamal Al Mutawa: GOSI Arif Khalifa: Kuwait Finance
Dr. Sue Newell Kishore Dash: Gulf Finance House
House Chris O’Malley: ICMA Centre –
Business English Programme Lakshmi Lakshman: Private University of Reading
A.Aziz Al Qassimi: College of Consultant Eman Bu Rashid: Keynotes
Health & Sciences - Retire Pol Robert Tansens: Consulting Consultants
Gopika Beri: Gulf Air Gohar Bilal: BNP Paribas
CPA / CMA Hussain A. Haq: Al Salam Bank
Naeema Al A’ali: Ministry of
Education Abdulla Al-Madhoob: Private Jaafar Al Omran: Al Baraka
Reem Jaberi: Gulf Polytechnic Consultant Banking Group
Shireen Heidari: College of Ahmed Al-Sulaiman: STC Mahmoud A.Bari: Qatar
Health & Sciences Dr. Gagan Kukreja: Al-Ahlia National Bank
Siddika Sabooni: Ministry of University Mohammed Belgami: Bahrain
Education Hameed Salman: Delmon Islamic Bank
Management Consulting Nathif Adam: First Community
DePaul University Isa Al-Motawaj: Central Bank Bank
of Bahrain Taha Al Tayeb: Badr Al Islami
Dr. Adam Gehr
Dr. Animesh Ghoshal Lakshmi Lakshman: Private
Consultant Centre for Leadership and
Dr. Bill Jedlicka Management
Dr. Bob Greene Kishore Dash: Gulf Finance
Dr. Bruce Newman House Managing Productivity,
Dr. Daniel Deli Manal Al-Sarraf: Batelco Quality & Processes within
Dr. Elijah Brewer Mohammed Al-Mulla: Gulf Air Banks & Insurance Co.
Dr. Gilles Reinhardt Rushdi Kikhia: Deloitte & Alan Speed: Management
Dr. Helen Lavan Touche Improvements Ltd
Dr. Humayon Dar Samar Agaiby: Housing Bank The Leadership Challenge
Dr. Jaejoon Woo Shadi Zahran: Ahli United Bank Tom Flatau: Teamworking
Dr. Jin Choi Venkat Maravan: Gulf 1 Bank
Facet 5
Dr. John Ahern David Davenport: Gulf World
Dr. Karim Pakravan Centre for Banking Institute
Dr. Keith Howe Jose Paul Martin: Venture Parttime Lecturers /
Dr. Kevin Stevens Capital Bank Consultants for various
Dr. Marty Martin Nader Al Soufi: CrediMax Public Offerings
Dr. Mike Miller Saleh Hussain: Saleh Hussain Abdulla Al Moosa: Private
Dr. Moh Omar Farooq Consultancy Consultant
Dr. Nabil Ibrahim Savitha Ragjavan: Geetu Kalani: Private
Dr. Ramon Codina PriceWaterHouseCooper Consultant
Dr. Sanjay Deshmukh Surendra Barsode: Aptivva Glenn Van Kessel: Private
Consulting Solutions (P) Ltd Consultant
University of Wales
Greg White: Private Consultant
Ali Abbas: BBK Centre for Insurance Hind Idris: Private Consultant
Dr. Batool Asiri: University of Ayman Al Ajami: AIG Enaya Lakshmi Lakshman: Private
Bahrain Dr. Farid Al Sahn: University of Consultant
Bob Thaker: National Trading Bahrain Omneya Badr: Private
House Jaffer Jahromi: Iran Insurance Consultant
Dr. Mohammed Al Wosabi: Jaffer Mazaal: CII Omran Khayami: Private
University of Bahrain Mohammed Radhi: AIG Enaya Consultant
Sadiya S. Hashmi Nader Mandeel: CBB Vincent Koyle: Private
Sadiq Al Aali: AXA Insurance Consultant
Yosr Fareed: Private Consultant

Participating Organisations
Member Organisations comprise financial services institutions in Bahrain which financially
support and actively use the services provided by BIBF.
Financial Sector Deutsche Bank NCB Capital AXA Insurance (Gulf) BSC
Abu Dhabi Investment House Dexia Private Bank NEXUS Financial Services AXIS International
Addax Investment Bank Elaf Bank Nomura Investment Banking Bahrain Kuwait Insurance Co
Ahli United Bank Eskan Bank (ME) Bahrain National Holding Co
Al Khabeer International Bank European Islamic Investment Oasis Capital Bank Bahrain National Insurance
Allied Banking Corporation Bank Reef Bank Company
Alpine Wealth Management Family Bank Sakana Holistic Housing Bahrain National Life Insurance
Al Salam Bank Finansbank A.S. Securities & Investment Co. CHARTIS - Takaful Enaya (AIG)
Alubaf Arab International Bank First Energy Bank Seera Investment Bank Cunningham Lindsey Middle
First Investment Bank Shamil Bank of Bahrain East
Al Yousuf Exchangers
First Leasing Bank Standard Chartered Bank Fakhro Insurance Services
Albaraka Banking Group
Future Bank State Bank of India Gulf Union Insurance & Projects
Allianz Global Investors Management Holding Co
Allianz MENA Holding Co. Global Banking Corporation T. Vakiflar Bankasi TAO
Gulf Union Insurance &
AMEX (Middle East) Gulf Custody Company T. Halk Bankasi A.S. Reinsurance Co.
Arab Bank PLC Gulf Finance House Tadhamon Capital ICICI Prudential Life Insurance
Arab Banking Corporation Gulf International Bank TAIB Bank Co Ltd
Arab Financial Services Habib Bank Ltd Tharawat Investment House Intershield WLL
Arab Investment Company HDFC Bank The Benefit Company Iran Insurance Co.
Arcapita Bank HSBC Bank Middle East Ltd The Housing Bank for Trade Labuan Reinsurance Ltd
Askari Bank Ltd HSBC Bank Middle East Ltd - and Finance Life Insurance Corporation
Wholesale Bank The International Banking (International)
Awal Bank
ICICI Bank Ltd Corporation Medgulf-Bahrain
Bahrain Credit
ING Bank A.S. The Islamic Bank of Asia Ltd New India Assurance Co Ltd
Bahrain Development Bank
INSTRATA Capital BSC The Saudi National Commercial Oryx Insurance Services
Bahrain Express Exchange Bank
International Investment Bank Protection Insurance Services
Bahrain International Bank TSKB (Industrial Development
Investcorp Bank Royal & Sun Alliance Ins. ME
Bahrain Islamic Bank Bank of Turkey)
Investment DarBank Royal & Sun Alliance Ins. Plc
Bahrain Stock Exchange Turk Ekonomi Bankasi
Investors Bank Saudi National Insurance (SNIC)
Bahraini Saudi Bank Turkiye IS Bankasi A.S.
Ithmaar Bank Solidarity Family Takaful
Bank Al Habib Ltd Unicorn Investment Bank BSC
JPMorgan Chase Bank Solidarity General Takaful
Bank AlFalah Limited United Bank Ltd
Khaleeji Commercial Bank Solidarity Group Holding
Bank Muscat International United Gulf Bank
Korea Exchange Bank Takaful International Co.
Bank of Bahrain & Kuwait UBS AG
Kuwait Finance House T’azur
Bank of Tokyo - Mitsubishi Ltd Venture Capital Bank
Kuwait Turkish Participation Trade Union Insurance Co
BMB Investment Bank Bank Wealth Management Group
Trust International Insurance Co
BMI Bank LGT Bank In Liechtenstein Ltd Woori Bank
United Insurance Co.
BNP Paribas Liquidity Management Centre Yapi Ve Kredi Bankasi
Willis Faber
Calyon Bank (Credit Agricole) Mashreq Bank Insurance Companies Zurich Insurance Services (ME)
Capinnova Investment Bank Maybank ACE Insurance Zurich International Life
Capital Management House MCB Bank Ltd Insurance Co
ACR ReTakaful MEA BSC
CAPIVEST Merrill Lynch International Bank AF Willis Faber
Central Bank of Bahrain Ltd
AIG - New Hampshire Insurance
Citibank N.A. Mizuho Corporate Bank Ltd
Al Ahlia Insurance Company
CrediMax National Bank of Abu Dhabi
Allianz (Takaful) Bahrain
Credit Libanais National Bank of Bahrain
American Life Insurance (ALICO)
Daiwa Securities SMBC National Bank of Kuwait
Europe Ltd Arab Insurance Group (ARIG)
National Bank of Pakistan
Denizbank Arabia Insurance Co.
National Finance House

Non-member Organisations comprise institutions other than Members who use the
services provided by BIBF.
Azerbaijan Council of Representatives MedNet Bahrain WLL United Arab Construction

Caspian International Investment Crown Prince Court Midal Cables Ltd Universal Rolling
Company DHL Aviation Service Ministry of Education Y. K. Al Moayyed
PASHA Bank Diyar Al Muharraq Ministry of Electricity & Water Yokogawa Middle East
Bahrain Durrat Al Bahrain Ministry of Finance Zain Group
AAOIFI Durrat Resort Management Ministry of Health Zayani Motors
Ahmed Mansoor Al A’ali Edamah (Bahrain Real Estate Ministry of Industry & Commerce
Iran
Investment Co.) Ministry of Labour
Al Faraj Trading Bank Tejarat
Electricity & Water Authority Ministry of Municipality
Al Hassanain Company Bank Sepah
ESB International Ministry of Social Development
Al Kooheiji Electrical Contractors
Esterad Investment Ministry of Work Jordan
Al Nabaa Commercial Services
Euro Motors WLL National Audit Court Jordan Insurance Regulatory
Al Rashid Group
Expressions National Motor Company Middle East Insurance Company
Al Taweel Group
General Organization for Youth National Occupational Safety & Kuwait
Ali Turk Establishment
GFH Support Services Health Centre Boubyan Bank
Aluminium Bahrain (ALBA)
Global Intellectual Plus Nonoo Exchange Co SP Central Bank of Kuwait
APICORP
Global Payment Services Northern Municipality BKIC
APM Terminals Bahrain
GOSI Ohad Trusts Corporation Gulf Insurance Company
Arabian Gulf Associates
GPIC Omrania & Associates United Insurance Bureau
Aramex International
Gulf Diabetes Specialist Center Oriental Press Warba Insurance Company
ASRY
Gulf Electronic Management Prime Minister Court Al-Sayer Est.
Atkins
System PTTEP Bahrain Company Limited
Awal Express Kuwait Investment Authority
Gulf Industrial Investment Qays H. Zubi Office
Awal Gulf Manufacture Company Libya
Ramsis Engineering
Bahrain Institute of Public H. Q. Bahrain Defence Force Mazaya Centre
Administration Remza Investment Company
HAJ Gulf
Bahrain Mumtalakat Holding Robeco-WPG Oman
Haji Hassan Group
Company Royal Charity Organisation Bank Sohar
Hannover Re Takaful
Bahrain Polytechnic Royal Court Oman Arab Bank
Hempel Paint
Bahrain Precast Concrete Royal Family Council Oman Insurance Authority
Company HRD Fund
Sabre Public Authority For Social
Bahrain Royal Flight IFP Middle East Consulting Insurance
Safe Hand Health System
BANAGAS INOVEST Holding
Qatar
BAPCO Intercol Sayyar Trading Agencies
Al Mal Bank
Barwa Bahrain International Turnkey System Sh. Isa Bin Mohammed Law
Bahrain Bank of Tokyo-Mitsubishi UFJ
BATELCO Office
Ithmaar Bank Barwa Bank
BBWA Shaheen Group
Kooheji Contractors BNP Paribas
BDF Medical Services Shura Council - Bahrain
KPMG Fakhro Commercial Bank of Qatar
Bemco International Bahrain Specific Council for Vocational
Land Gulf Insurance Training in Construction Masraf Al Rayan
Bhatia Company
LMRA Sunni Waqf Qatar Islamic Bank
BMMI
M.H. Al Mahroos BSC(C) TAIB Bank E.C. Doha Insurance Company
Chevron
Maalem Holding Tamkeen Conxion Logistics & Heavy
CIBA Speciality Chemicals Equipments
MAF Investments Bahrain Tender Board
Civil Aviation Affairs
Marina West The Family Office Company
Coldwell Banker
MAZA The Islamic Association
Constitutional Court

Non-member Organisations comprise institutions other than Members who use the
services provided by BIBF.
Saudi Arabia United Arab Emirates

A. A. Turki Corporation Abu Dhabi Islamic Bank
Al Anood Investments Arab Trade Financing Programme
Al Rajhi Insurance Company Bank of Tokyo-Mitsubishi UFJ
Al Rushaid Petroleum Investment BNP Paribas
Company ALICO
Alinma Bank Dubai Islamic Insurance &
Assets Financial House Reinsurance Company
AXA Insurance Emirates Insurance Company
Bank Albilad Tokio Marine & Nichido Fire
Banque Saudi Fransi Insurance Co. LTD
EniRepSa Gas Limited Abu Dhabi Investment Council
Fransi Tadawul LLC Arqaam Capital
Gulf Co-operative Insurance Health Authority of Abu Dhabi
Company Royal Centre
Islamic Development Bank
United Kingdom
Alturki Group
Bank of Tokyo-Mitsubishi UFJ
Malath Cooperative Insurance &
Reinsurance Company Yemen
Marsh United Insurance Company
MEDGULF Yemen Islamic Insurance Company
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

Glossary
ACAMS: Association of Certified Anti- Money CFA: Chartered Financial Analyst

Laundering Specialists
CII: Chartered Insurance Institute
ACCA: Association of Chartered Certified Accountants
CIA: Certified Internal Auditor
ACI: International Compliance Association
CIMA: Chartered Institute of Management
ARM: Associateship in Risk Management Accountants
Assessment Centre: Is a Centre designed to aid in CIPD: Chartered Institute of Personnel and
placement of new staff or assessment of existing Development
potential. Testing includes IT / Microsoft Level
CMA: Certified Management Accountant
Determination; English Language Placement and
Occupational Ability Tests CMI: Chartered Management Institute
Bahrain Institute of Banking and Finance (BIBF): Cohorts: a group of people who are enrolled in the
one of the leading providers of Training, Education same programme at the same time
and Professional Development programmes to the
financial industry in the Gulf and the Middle East. CPA: Certified Public Accountant
BEP: Business English programme CPP: Certificate in Personnel Practice
BSDP: Banking Studies Diploma Programme CTP: Certificate in Training Practice
CBB Regulation: Central Bank of Bahrain rules/laws Curriculum: The prescribed classes or course work
needed to complete a programme of study leading to
Centre for Academic and Executive: Specific a degree or certificate
department focused on Masters (De Paul) and
Undergraduate (Wales) programmes and includes Customised Programmes: see Special Offerings
specific executive development offerings (incl. Darden School of Business: US based institution that
Leadership Programme) partners with BIBF in the Leadership Programme
Centre for Accounting and IT: Specific department DePaul University: DePaul University is a private
focused on Accounting (CPA and CMA in conjunction institution of higher education and research in
with Morgan) and other specialised areas and Chicago, Illinois, USA.
partnerships including IIA, ICAEW and ACCA. The
department also develops multiple programmes in IT Executive Education: an education enabling
specifically Office applications training executives to undergo transition from a functional to a
general management role
Centre for Banking: Specific department focused on
Banking specialisation and partnerships / qualifications External Offering: Courses facilitated at BIBF by local
including ACAMS, ACI, AML, ICA and PRM. The and International Private Consultants with prominent
department also leads the BSDP programme with market experience
pathways to the University of Newcastle Financial Services Sector: The financial services
Centre for Insurance: Specific department focused sector encompasses a broad range of organisations
on Insurance specialisation with the key partnership that deal with the management of money. Among
being CII. It delivers the only fully Arabic Insurance these organisations are banks, credit card companies,
qualification (PIC) insurance companies, stock brokerages, investment
funds and some government sponsored enterprises.
Centre for Islamic Finance: Specific department (eg, central banks and insurance supervisory
focused on Islamic Finance specialisation. authorities
Centre for Leadership and Management: Specific GRCDP: Graduate recruitment and career
department focused on Leadership and Management development programme
and other specialised areas and partnerships including
CIPD (CPP and CPT) and CIMA. The department also IBDF: Islamic Banking Diploma in Finance
runs the stand-alone Assessment Centre. Guest Speakers/Lecturers: Part time instructors and
lecturers

ICA: International Compliance Association Professional Offering: BIBF offers a wide range of
banking, finance, insurance, management, marketing,
ICAEW: Institute of Chartered Accountants of
Academic and Executive Programmes, English and
England and Wales
information technology courses to assist participants
IGIE: Global Insurance Education in their professional development
IIA: Institute of Internal Auditors Professional Qualification: is a designation earned
by a person to assure qualification to perform a job or
Insurance Association of Insurance Supervisors task
(IAIS): an international organisation represents
insurance regulators and supervisors of some 190 Programmes: a programme designed or offered
jurisdictions in nearly 140 countries by BIBF for training in specific skills or knowledge
including Training, Development and Professional
Internationally Accredited: the course or certificate Courses
which is granted credit or recognition from institute,
body or university that maintains suitable international Public Offerings: Courses designed to meet the
standards financial sectors training needs and they are open to
individuals and groups. These course are offered free
LP: The Leadership Programme is the revised and of charge for levy payers
successor to the previous Gulf Executive Development
Programme Public Sector: all enterprises and activities owned and
funded by the government
Learning Centres: a specialised division of a BIBF
devoted to specific filed of training (eg: BIBF learning Special Offerings: Customised, company specific
centre.) programmes designed to meet specific organisational
needs and accommodate operating hours
Members: comprise financial services institutions in
Bahrain which financially support and actively use the Specific Council: Board members of the Council
services provided by BIBF for Vocational Training (Banking Sector) which was
established upon Amiri Decree No.20 of 1975
Morgan International: Partner. Co-collaborators in
providing CPA and CMA qualifications Takaful Insurance: an alternative to conventional
insurance observing the rules and regulations of
Non-members: comprise institutions other than Islamic law (Sharia’a)
Members who use the services provided by the BIBF
TAMKEEN: is a semi-autonomous yet independent
Participant Hours: Total participants hours attended authority which formulates strategic and operational
by all BIBF programme participants during the year. plans to enhance the overall prosperity of Bahrain by
Participant hours are calculated by multiplying the investing in Bahraini employability, job creation, and
total number of participants into numbers of hours social support
attended by them (No. of people x No. of hours)
University of Cambridge: Prestigious UK based
Participating Organisations: organisations that University offering the Cambridge Diploma through
participated at BIBF the Centre for Leadership and Management
PDFSM: is a qualification that provides the foundation University of Wales: Prestigious UK (Wales) based
knowledge and skills in financial services management university offering its Validated Diploma through the
PRIMA: Professional Risk Manager’s Association Centre for Academic and Executive
Private Sector: Organisations and entities that are Waqf Fund: A Bahrain-based specialist fund which
not part of any governmental structure. Owned by supports education and training in Islamic finance
shareholders or individuals
PRM: Professional Risk Management is the global
standard for the world’s top financial risk professionals

Independent Auditors’ Report to the Specific Council
for Vocational Training (Banking Sector)
Report on the financial Auditor’s responsibility We believe that the audit evidence
statements we have obtained is sufficient and
Our responsibility is to express
appropriate to provide a basis for
We have audited the an opinion on these financial
our audit opinion.
accompanying financial statements statements based on our audit.
of Bahrain Institute of Banking and We conducted our audit in Opinion
Finance – BIBF (the Institute) which accordance with International
In our opinion, the accompanying
comprise the statement of financial Standards on Auditing. Those
financial statements present
position as at 31 December standards require that we comply
fairly, in all material respects, the
2009 and the statements of with ethical requirements and plan
financial position of the Institute
comprehensive income, changes and perform the audit to obtain
as at 31 December 2009, and its
in fund balance and cash flows reasonable assurance whether the
financial performance and its cash
for the year then ended and a financial statements are free from
flows for the year then ended
summary of significant accounting material misstatement.
in accordance with International
policies and other explanatory
An audit involves performing Financial Reporting Standards.
notes.
procedures to obtain audit
Management’s responsibility for evidence about the amounts
the financial statements and disclosures in the financial
statements. The procedures
Management is responsible for the
selected depend on the
preparation and fair presentation
auditor’s judgement, including 16 March 2010
of these financial statements in
the assessment of the risks of Manama, Kingdom of Bahrain
accordance with International
material misstatement of the
Financial Reporting Standards. This
financial statements, whether
responsibility includes: designing,
due to fraud or error. In making
implementing and maintaining
those risk assessments, the
internal control relevant to the
auditor considers internal control
preparation and fair presentation
relevant to the entity’s preparation
of financial statements that are
and fair presentation of the
free from material misstatement,
financial statements in order to
whether due to fraud or error;
design audit procedures that are
selecting and applying appropriate
appropriate in the circumstances,
accounting policies; and making
but not for the purpose of
accounting estimates that are
expressing an opinion on the
reasonable in the circumstances.
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.

Shaping tomorrow’s
financial leaders
today BIBF Financial
Statements 2009
Statement of financial position
(All amounts expressed in Bahrain Dinars unless otherwise stated)
As at 31 December
Note 2009 2008
Assets
Non-current assets
Property, plant and equipment 5 665,685 716,388

Current assets
Receivables, advances and prepayments 6 861,654 873,426
Cash and cash equivalents 7 8,219,207 6,789,209
9,080,861 7,662,635
Total assets 9,746,546 8,379,023

Fund balance and liabilities
Fund balance
Accumulated surplus 6,396,466 5,183,929
Special reserve 8 1,893,119 1,856,187
8,289,585 7,040,116

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

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

Total fund balance and liabilities 9,746,546 8,379,023
The financial statements were approved by the Specific Council for Vocational Training (Banking Sector) on 16 March
2010 and signed on its behalf by:
Rasheed Al Maraj Garry Muriwai

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

Statement of comprehensive income
Year ended 31 December

Note 2009 2008
Revenue
Tuition fees 4,147,768 4,404,649
Less: Direct tuition costs (1,976,570) (2,022,276)
Net tuition fees 2,171,198 2,382,373

Levy 2,000,909 1,637,632
Contribution 15,000 15,000
Other 15,046 19,258
4,202,153 4,054,263
Expenses
Staff cost 11 (2,633,336) (2,329,849)
General and administrative expenses 12 (464,101) (496,105)
Depreciation 5 (144,649) (139,716)
(3,242,086) (2,965,670)

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

Interest income 289,402 181,580

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

Other comprehensive income - -

Total comprehensive income for the year 1,249,469 1,270,173
The financial statements were approved by the Specific Council for Vocational Training (Banking Sector) on 16 March
2010 and signed on its behalf by:
Rasheed Al Maraj Garry Muriwai

Chairman Director

Statement of changes in fund balance
Accumulated Special
Note surplus reserve Total
Balance at 1 January 2008 3,998,867 1,771,076 5,769,943

Total comprehensive income for the year 1,270,173 - 1,270,173
Transfer from accumulated surplus 8 (85,111) 85,111 -

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

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

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

Statement of cash flows
Year ended at 31 December

2009 2008
Cash flows from operating activities
Profit for the year 1,249,469 1,270,173

Adjustments for:
Depreciation 144,649 139,716
Interest income (289,402) (181,580)
Provision for doubtful debts - 48,837

Changes in operating assets and liabilities:
Receivables, advances and prepayments 11,772 (243,128)
Accounts payable and accruals 89,417 100,716
Employees terminal benefits 28,637 33,235
Net cash (used in)/provided by operating activities 1,234,542 1,167,969

Cash flows from investing activities
Purchase of property, plant and equipment (93,946) (343,919)
Interest income received 289,402 181,580
Proceeds from held-to-maturity investment - 667,290
Net cash provided by investing activities 195,456 504,951

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

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

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

Notes to the financial statements
for the year ended 31 December 2009
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.

2 Summary of significant accounting policies (continued)
Basis of preparation (continued)
Standard amendments and interpretations to published standards effective from 1 January 2009
(continued)
IFRS 7 (amendment), ‘Financial instruments – Disclosures’ – effective 1 January 2009). The amendment requires
enhanced disclosures about fair value measurement and liquidity risk. In particular, the amendment requires
disclosures of fair value measurements by level of a fair value measurement hierarchy. The Institute does not have
financial instruments measured at fair value and accordingly, the adoption of this revised standard did not have any
impact on the Institute’s financial statements.
IAS 32 (amendment), ‘Financial instruments: Presentation’, and IAS 1 (amendment), ‘Presentation of financial
statements – Puttable financial instruments and obligations arising on liquidation’. The amended standards require
entities to classify puttable financial instruments, or components of instruments that impose on the entity an
obligation to deliver to another party a pro rata share of the net assets of the entity only on liquidation as equity,
provided the financial instruments have particular features and meet specific conditions, including that all financial
instruments in the class of instruments that is subordinate to all other instruments have identical features. The
adoption of these amendments did not have any impact on the Institute’s financial position.
Standards, amendments and interpretations affective on 1 January 2009 but not relevant for the
Institute’s operations
• IAS 23 (amendment), ‘Borrowing costs’;
• IAS 39 and IFRIC 9 (amendments), ‘Embedded derivatives’ (effective for all period ending on or after 30 June
2009);
• IAS 39 and IFRS 7 (amendments), ‘Reclassification of financial assets’;
• IFRS 1 (amendment), ‘First-time-adoption of IFRS’, and IAS 27, ‘Consolidated and separate financial
statements’;
• IFRS 2 (amendment), ‘Share-based payment’;
• IFRS 8, ‘Operating segments’; and
• IFRIC 15, ‘Agreements for construction of real estates’.
Standards, amendments and interpretations to published standards that are not yet effective and not
relevant for the Institute’s operations
The following interpretations are mandatory for the Institute’s accounting periods commencing on or after 1 July
2009 or later periods but are not relevant for the Institute’s operations:
• IAS 27 (Revised), ‘Consolidated and separate financial statements’, (effective from 1 July 2009);
• IAS 39 (amendment), ‘Financial instruments; Recognition and measurement’ (effective from 1 July 2009);
• IFRS 1 (amendments), ‘Group cash-settled share-based payment transactions’ (effective from 1 January
2010);
• IFRS 3 (revised), ‘Business combinations’ (effective from 1 July 2009);
• IFRIC 17, ‘Distributions of non-cash assets to owners’ (effective from 1 July 2009); and
• IFRIC 18, ‘Transfers of assets from customers’ (effective from 1 July 2009).

Notes to the financial statements (continued)

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.

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:
• Monitoring the cash flow and funding requirements on a daily basis; and
• Establishing credit lines with banks and financial institutions to be drawn upon in case of need.
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.

Shaping Tomorrow'S Financial Leaders Today: Annual Report 2009

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Shaping Tomorrow'S Financial Leaders Today: Annual Report 2009

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Shaping tomorrow’s

2 BIBF | Annual Report 2009

BIBF | Annual Report 2009 3

On behalf of the Specific Council BIBF has two clear areas of

4 BIBF | Annual Report 2009

BIBF | Annual Report 2009 5

6 BIBF | Annual Report 2009

1 H.E. Rasheed Mohammed Al Maraj

BIBF | Annual Report 2009 7

The BIBF over-arching strategy distance learning programmes

8 BIBF | Annual Report 2009

that BIBF provides the education

the financial sector. 08 445076

allies added to the continuous 06 143455

of Directors represented by the External Programmes

Specific Council for Vocational 09 75850 Public

Al Maraj, Governor of the Central 06 66645 Qualifications 28%

Council and the many External Public Offerings

partners and affiliates we have. 2009

Their commitment to BIBF was

Mr. Garry Muriwai

BIBF | Annual Report 2009 9

Garry Muriwai Hussain Ismail Dr. Mohammed AlKhozai

10 BIBF | Annual Report 2009

BIBF | Annual Report 2009 11

Mahmood Al Sheahabi Kadri Rizk Khalid Almedfaie

12 BIBF | Annual Report 2009

BIBF | Annual Report 2009 13

14 BIBF | Annual Report 2009

BIBF | Annual Report 2009 15

16 BIBF | Annual Report 2009

BIBF | Annual Report 2009 17

18 BIBF | Annual Report 2009

In 2009 the BIBF Centres contributed Centre for Insurance

In 2009 the BIBF Centres contributed in-house accounting and

• Whilst not new, we strengthened • Renewing alliances with professional

In 2009 the BIBF Centres contributed • Aiding trainees’ careers by helping

In 2009 the BIBF Centres contributed Centre for Insurance

In 2009 the BIBF Centres contributed Centre for Insurance

In 2009 the BIBF Centres contributed Centre for Islamic Finance

In 2009 BIBF achieved the

06 40489 Participant Hours

BIBF | Annual Report 2009 29

08 09 8185 75326 largest specialised insurance training and

09 1413 Commencing from the minimum standard

30 BIBF | Annual Report 2009

Centre for Islamic Finance 09 Centre for Leadership and Management

07 capability and efficiency. Leadership and Management

08 Leadership 21197 and Management development by

06 financial crisis,22658 the stable growth of Islamic 09 26360

BIBF | Annual Report 2009 31

32 BIBF | Annual Report 2009

BIBF | Annual Report 2009 33

34 BIBF | Annual Report 2009

BIBF | Annual Report 2009 35

Director’s Office Faculty Centre for Accounting Yousif Faraj

BIBF | Annual Report 2009 37

38 BIBF | Annual Report 2009

Dr. Vivek Kumar Marketing and Bader Al Ameer

BIBF | Annual Report 2009 39

40 BIBF | Annual Report 2009

BIBF | Annual Report 2009 41