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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 CBB) of foreign banks.

      October 2010
      October 07

    • Annual Audited Financial Statements

      • BR-1.2.2

        All branches, referred to under Paragraph BR-1.2.1, are required to submit to the CBB their annual audited financial statements of their Bahrain operations within 3 months from the financial year end.

        Amended: April 2016
        October 2010
        October 07

    • 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 CBB within 3 months from their financial year end the following information:

        (a) The external auditor's management letter;
        (b) [This sub-paragraph was deleted in April 2019];
        (c) A reconciliation statement between the audited financial statements and the relevant prudential returns and monthly statistical returns;
        (d) [This Subparagraph was replaced by Paragraph BR-1.2.3A in April 2012];
        (e) A statement of provisions as set out in Paragraph BR-1.2.4, below; and
        (f) The remuneration agreed upon procedures as required under Paragraph BR-4A.3.1.
        (g) Report on the number of hours completed during the previous year in Continuous Professional Development (CPD) via CPD Form in Appendix BR-22 by the approved persons as required under Paragraph TC-1.2.1.
        (h) [This Sub-paragraph was deleted in January 2022].
        Deleted: January 2022
        Amended: April 2019
        Amended: October 2018
        Amended: July 2018
        Amended: April 2017
        Amended: October 2014
        Amended: January 2014
        Amended: April 2012
        Amended: April 2011
        October 2010
        October 07

      • BR-1.2.3A

        Branches of foreign banks are also required to submit to the CBB the head office's Annual Report within 1 month of the date of publication and distribution by the head office.

        Added: April 2012

    • 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 CBB 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-3.3.

        October 2010
        April 2008
        October 07

    • Compliance

      • BR-1.2.5

        The annual accounts must 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 (IFRS) must be used.

        October 2010
        October 07