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  • BR-1.2 BR-1.2 Branches of foreign banks

    • BR-1.2.1

      The content of this section is applicable to branches (licensed by the Agency) of foreign banks.

    • Annual audited financial statements

      • BR-1.2.2

        All branches, referred to under paragraph BR-1.2.1, are required to submit to the Agency their annual audited financial statements of their Bahrain operations within 3 calendar months of the date of such statements.

    • Supplementary information

      • BR-1.2.3

        In addition to the statements required in paragraph BR-1.2.2, branches are also required to submit to the Agency the following information:

        (a) the external auditors' management letter;
        (b) a reconciliation statement between the audited financial statements and the relevant prudential returns and monthly statistical returns;
        (c) the head office's annual audited financial statements; and
        (d) a statement of provisions as set out in paragraph BR-1.2.4, below.

    • Provisions against branch assets in head office books

      • BR-1.2.4

        If specific provisions against the assets of a branch are maintained in the books of its head office, the Agency should be advised on an annual basis and in writing (along with the information listed under paragraph BR-1.2.3) of the amount of provisions set aside for the Bahrain branch's bad debts (and any other non-performing assets). For detailed guidance related to this subject, see section CM-4.3.

    • Compliance

      • BR-1.2.5

        The annual accounts should be in full compliance with the Financial Accounting Standards issued by AAOIFI or where AAOIFI standards do not cover a subject, International Financial Reporting Standards should be used.