(MEBG) – The Bahrain Institute of Banking and Finance (BIBF) reported revenues of BD1.04 millionin 1999, 4 percent more than the amount reported in 1998.
The taxes paid by the institute amounted to BD670,000, or 65 percent of total, an increase of 11.6 percent over 1998’s BD600,300 figure. Nonetheless, income from tuition fees fell 12 percent relative to 1998, and stood at BD209,500.
Donations and contributions for 1999 were identical to those of 1998, and stood at BD15,000, while other income amounted to BD62,000, compared with BD68,100 in 1998. Interest income rose 4 percent to BD79,400, from BD76,300 in 1998.
The institutes expenses fell by 4 percent to BD878,200, from BD915,500 the previous year, which resulted in a surplus of BD157,700, a 91 percent increase over that of 1998. The year-end accumulated surplus rose by 6.5 percent to BD1.33 million.
All banks and financial institutions licensed by the Bahrain Monetary Agency (BMA) are required to pay 1 percent of their basic salary expenses to the BIBF.
BIBF director Michael Langton stated that last year’s revenues rose mainly due to the institute’s new business activities in the non-financial sector. Increased income was also generated by programs delivered by the BIBF outside Bahrain, such as the Islamic banking training and insurance programs.
Langton also added that the strong investment in human capital helps maintain Bahrain’s distinction as the region’s main financial center. The institute continues to strive for market expansion and new product development, he said.
Langton stated that market expansion last year included opportunities in Sri Lanka, Jordan and the UAE, while new product development focused on middle management and executive training in areas such as strategic assessment and strategic planning, change management, performance measurement, effective coaching and stress management.
The number of BIBF participants surpassed in 1999 for the first time the 5,000-mark. A total of 5,347 participants attended various programs last year, an increase of 7 percent over the previous year. Of those, 83 percent were Bahrain citizens, of whom 85 percent were from banks, insurance companies and other financial service organizations.
“We believe the BIBF will be seen increasingly as an asset for Bahrain and we will strive to leverage our competitive advantages in the field of training and development to help Bahrain achieve its national objectives and secure its place in world markets”, Langton said.