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Shaping Tomorrow's Financial Leaders Today Annual Report 2009

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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 andE xecutive 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 inCPP 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 EfficiencyE valuations, 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 partners themselves experience Chairman of the Specific wide ranging, extending from Council for Vocational Training the benefit of being a part of supplying insight, feedback (Banking Sector) 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. 4 BIBF | Annual Report 2009 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 Crown Prince of the Kingdom Al Maraj, Chairman 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 BIBF | Annual Report 2009 5 VISION: BIBF IS THE INSTITUTE OF CHOICE FOR THE DEVELOPMENT OF busINEss PROFEssIONALS. MIssION: LEADERSHIP THROUGH PROVIDING ONGOING EDUCATION FOR busINEss PROFEssIONALS. 6 BIBF | Annual Report 2009 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
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