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His Majesty Shaikh Hamad Bin Isa Al Khalifa King of Bahrain H.H

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His Majesty Shaikh Hamad Bin Isa Al Khalifa King of Bahrain H.H The late Amir His Highness Shaikh Isa Bin Salman Al-Khalifa His Majesty Shaikh Hamad Bin Isa Al Khalifa King of Bahrain H.H. Shaikh Khalifa Bin Salman Al Khalifa The Prime Minister H.H. Shaikh Salman Bin Hamad Al Khalifa The Crown Prince and Commander-in-Chief of the Bahrain Defence Force BOARD OF DIRECTORS CHAIRMAN H.H. Shaikh Khalifa Bin Salman Al-Khalifa Prime Minister DEPUTY CHAIRMAN H.E. Abdulla Hassan Saif Minister of Finance & National Economy GOVERNOR H.E. Shaikh Ahmed Bin Mohammed Al-Khalifa MEMBERS Mr. Khalid Mohammed Jassim Kanoo Mr. Khalid Hussain Al-Maskati ADVISERS Mr. John Field - Adviser, Banking and Finance Dr. Bakri A. Bashir - Adviser, Economic Affairs Mr. Ashley Freeman - Adviser, Legal Affairs Mr. Ralph Ricks - Adviser, Banking Control Mr. Brian Kettell - Adviser, Publications & Promotion ADDRESS P.O. Box 27, Manama, Kingdom of Bahrain E-mail: [email protected] Telephone: 547777 Fax: 532274 Registration No. MBMA 113 I TABLE OF CONTENTS LIST OF TABLES IV LIST OF CHARTS V FOREWORD BY H.E. THE GOVERNOR VI CHAPTER ONE: INTERNATIONAL ECONOMIC PERSPECTIVE 1 1-1 Economic Developments 1-2 Exchange Rates and Gold Prices 1-3 Interest Rates CHAPTER TWO: DOMESTIC ECONOMIC DEVELOPMENTS 4 2-1 Domestic Output GDP at Constant Prices GDP at Current Prices Crude Oil Production and Refining Gas Production and Utilisation Aluminium Production 2-2 Government Finance Revenues Expenditures 2-3 Consumer Price Index 2-4 Bahrain Stock Exchange CHAPTER THREE: FOREIGN TRADE AND BALANCE OF PAYMENTS 13 3-1 Trade Balance Exports Imports 3-2 Direction of Non-Oil Trade 3-3 Non-Oil Trade with GCC Countries 3-4 Balance of Payments II CHAPTER FOUR: MONEY AND BANKING 18 4-1 Money Supply And Liquidity 4-2 Banking System 4-3 Commercial Banks 4-4 Offshore Banking Units 4-5 Investment Banks 4-6 Islamic Banks 4-7 Employment in the Banking & Financial Sector CHAPTER FIVE: BMA OPERATIONS, ACTIVITIES, STATUTORY 29 ACCOUNTS AND REGULATIONS DIRECTORATES: Accounts Administration Banking Control Banking Services Computer Services Currency Issue Economic Research Investment LIST OF BMA OFFICERS 36 STATUTORY ACCOUNTS 37 LIST OF BANKS AND OTHER FINANCIAL INSTITUTIONS 45 IN THE KINGDOM OF BAHRAIN LIST OF BMA REGULATIONS AND CIRCULARS - 2001 48 III LIST OF TABLES NUMBERNUMBER DESCRIPTION DESCRIPTION PAGE PAGE 1.1 Inflation Rates 2 1.1 Inflation Rates (%) 2 1.2 Exchange Rates for SDR Against Selected GCC Currencies 3 1.2 Exchange Rates of Major Currencies against the SDR 2 1.32.1 Gross Interest Domestic Rates Producton Major at Currency Current PricesDeposits 3 7 2.12.2 Gross Gross Domestic Domestic Product Product at atConstant Constant Prices 1989 Prices 5 8 2.2 Gross Domestic Product at Current Prices 6 2.3 Selected Oil Statistics 9 2.3 Selected Oil Statistics 7 2.4 Natural Gas Production and Utilisation 10 2.4 Gas Production and Utilisation 8 2.52.5 Government Government Finance Finance 10 12 2.63.1 Value Consumer of Exports Price Index (CPI) 11 13 2.73.2 Valueof Trading Imports Activity of the Bahrain Stock Exchange 12 14 3.1 Foreign Trade 14 3.3 Direction of Non-Oil Trade 16 3.2 Direction of Non-Oil Trade 15 3.4 Non-Oil Trade with GCC Countries 17 3.3 Non-Oil Trade with GCC Countries 16 3.43.5 Balance Balance of ofPayments Payments 17 18 4.14.1 Domestic Domestic Liquidity Liquidity 18 19 4.2 Factors Affecting Domestic Liquidity 19 4.2 Factors Affecting Domestic Liquidity 20 4.3 Consolidated Balance Sheet of the Banking System 20 4.3 Private and Public Sector Deposits 22 4.4 Domestic Deposits at Commercial Banks 22 4.54.4 Outstanding Outstanding Commercial Credit to Non-Bank Bank Credit Residents to Residents by Economic by Sector 23 23 4.6Economic Interest RatesSectors on BD Deposits and Loans 24 4.74.5 Interest Geographical Rates on Classification Deposits of OBU Assets/Liabilities at End-2001 25 24 4.8 Currency Structure of OBU Assets/Liabilities at End-2001 25 4.6 Interest Rates on Loans and Overdrafts 25 4.9 Geographical Classification of IB Assets/Liabilities at End-2001 26 4.10 Currency Structure of IB Assets/Liabilities at End-2001 26 4.11 Geographical Classification of Islamic Banks Assets/ 27 Liabilities at End-2001 4.12 Currency Structure of Islamic Banks Assets/Liabilities at End-2001 27 4.13 Employment in the Banking & Financial Sector 2000 -2001 28 IV LIST OF CHARTS NUMBER DESCRIPTION PAGE NUMBER DESCRIPTION PAGE 1.1 Inflation Rates 2 1-1 Economic Growth Rates 1 1.2 Exchange Rates for SDR Against Selected GCC Currencies 3 1-2 Gold Prices in 2001 3 2.1 Gross Domestic Product at Current Prices 7 2-1 Economic Growth Rates 4 2.2 Gross Domestic Product at Constant Prices 8 2-2 Selected Oil Statistics 7 2.3 Selected Oil Statistics 9 2-3 Alba’s Aluminium Production and Exports 8 2.4 Natural Gas Production and Utilisation 10 2-4 Government Finance 9 2.5 Government Finance 12 3-1 Foreign Trade 13 3.1 Value of Exports 13 3-2 Direction of Non-Oil Trade During 2001 14 3.2 Valueof Imports 14 3-3 Direction of Non-Oil Trade with GCC Countries During 2001 15 3.3 Direction of Non-Oil Trade 16 4-1 Domestic Liquidity 18 3.4 Non-Oil Trade with GCC Countries 17 4-2 Consolidated Balance Sheet of the Banking System 20 3.5 Balance of Payments 18 4-3 FCB Deposit Trends 22 4.1 Domestic Liquidity 19 4-4 Outstanding Commercial Bank Credit to Residents in 2001 23 4.2 Factors Affecting Domestic Liquidity 20 4.3 Private and Public Sector Deposits 22 4.4 Outstanding Commercial Bank Credit to Residents by 23 Economic Sectors 4.5 Interest Rates on Deposits 24 4.6 Interest Rates on Loans and Overdrafts 25 V FOREWORD It is with great pleasure that I present the 28th Annual Report of the Bahrain Monetary Agency. The Report provides a brief summary of international economic and financial events in 2001, followed by a detailed review of domestic economic and financial developments and of the activities and operations of the Bahrain Monetary Agency over the course of the year. The Report also presents the statutory accounts and financial statements of the Agency for the year ended 31st December 2001, as well as the significant Circulars and Regulations issued by the Agency during that year. Bahrain’s economy in 2001 was constrained by the decline in international oil prices; the average international price of crude oil falling by a little over US$4 per barrel to US$24.28 per barrel. Inflation remained firmly under control with the Consumer Price Index continuing to fall (down 1.2% following a decline of 0.7% in 2000). In terms of economic growth, GDP at constant prices grew by nearly 5% although was little changed in terms of current prices. The budget was again in surplus and the overall balance of payments (increase in reserve assets) continued in surplus. During 2001, the banking sector displayed great resilience in the face of the turmoil on the international financial markets. The commercial banks’ combined balance sheet grew by 3% with assets/liabilities reaching an all-time high of BD3882.2 at the year-end and the investment banks’ combined balance sheets increased to US$4.0 bn. In contrast, the assets of the off-shore banking units declined by 5% to US$88.3 bn. The performance of the Islamic banking sector was most satisfactory with assets/liabilities growing by nearly 30%, year on year. The Agency remains committed to the expansion of Islamic banking and finance, and during the year became the first central bank to issue Islamic financial instruments. An Islamic securities programme was implemented with the first of a regular series of issues of the short-term Sukuk Al-Salam and the longer-term leasing securities of Sukuk Al- Ijara. These instruments and the establishment in Bahrain of the International Islamic Financial Market represent important steps in the evolution of Islamic banking. During the year Bahrain implemented the GCC agreement to peg the external value of their respective currencies to the US dollar as part of the development towards a common GCC Currency by 2010. A new BD20 currency note was issued bearing the portrait of His Majesty Shaikh Hamad Bin Isa Al Khalifa. VI A total of 170 banks and financial institutions were licensed by the Agency at the end-2001. 15 new licenses were issued during the year, including 4 full commercial bank licenses and 5 investment bank licenses. In addition, the Agency approved 117 collective investment schemes and mutual funds in 2001, bringing the total to 1,238 schemes sold and marketed by 41 financial institutions. A number of significant regulatory and supervisory enhancements were initiated in 2001. A comprehensive regulatory and reporting framework for Islamic banks was finalised. Reporting under the new Prudential Information Returns and Regulations for Islamic Banks (PIRI) subsequently started on a quarterly basis at end-March 2002. The framework represents the first comprehensive prudential framework specifically aimed at Islamic banks. It applies Basel capital standards, with additional requirements aimed at the specific risk features of Islamic products (such as restricted investment accounts). It also applies international Accounting Standards and those issued by the Accounting and Auditing Organisation of Islamic Financial Institutions (AAOIFI). The framework further consolidates Bahrain’s position as a leading centre for Islamic banking and finance. Work continued on addressing the remaining recommendations made by the IMF following its assessment in 2000 of Bahrain’s compliance with the Basel Core Principles.
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