The Bahrain Institute of Banking and Finance (BIBF) and the Institute of Chartered Accountants of India (ICAI) have signed a Memorandum of Understanding (MoU) on 30th July, 2018 to strengthen the accounting, financial and audit knowledge base within Bahrain.
The MoU will provide an opportunity to the ICAI members to expand their professional horizon and simultaneously ICAI will become an entity to strengthen building of local national capabilities. The aim is to work together to develop a mutually beneficial relationship in the best interest of members, students and the respective organizations.
The approval to sign the MOU was granted recently by the Indian Union Cabinet chaired by Prime Minister Shri Narendra Modi, and was signed at the BIBF premises, Bahrain, by CA Naveen N.D Gupta, President of ICAI, and Dr. Ahmed Al Shaikh, Director of BIBF. Also, present at the signing were ICAI Vice President, CA Prafulla Chhajed, Central Council Member CA Tarun Ghia, Mr. Om Prakash, Second Secretary – Embassy of India, Chairperson CA Uday Shanbhag, Vice Chairperson CA Sridhar S, Excom Members and Past Chairpersons of BCICAI and from the BIBF side were CFO CA Jaideep Rana, Burhanu Deen Jayah, Head of Banking & Accounting Centre.
On this occasion, CA Naveen N.D Gupta said, “Today is the beginning of an exciting journey of cooperation, whereby both entities will work together to enhance training and development programmes which will impact all market sectors. We are pleased to be working with the BIBF in Bahrain on various initiatives such as ICT, Accounting & Finance and Insolvency. We will work together to implement joint collaboration programmes that will benefit both sides. The objective of this collaboration is to enhance local skills and talents in the field of Accounting and Finance and beyond.”
From his side, Dr. Al Shaikh said, “We are honored to join hands with the Institute of Chartered Accountants of India (ICAI) to collaborate on joint programmes to enhance the skillset of the local workforce in the Accounting, Finance and Auditing fields in Bahrain. The ICAI has been an integral part of educating, developing, and maintaining high accounting, auditing and ethical standards in furtherance of the profession of Chartered accountants which are recognized globally.”
Under the provisions of MoU, the ICAI will provide technical assistance to the BIBF by reviewing the current curriculum related to accounting and finance, and recommend introduction of its CA Course curriculum that will facilitate BIBF students to write ICAI’s Examination with an aim to acquire membership of ICAI. Further, the two parties will collaborate in holding ICAI’s professional examination for qualified BIBF students, which will provide an opportunity to ICAI members to expand their professional horizon and simultaneously ICAI will become an entity to strengthen local national capabilities.