The Central Bank of Bahrain and the Bahrain Institute for Banking and Finance (BIBF) will announce on 20th February 2008 that they will develop with the Securities & Investment Institute (SII) a mandatory licensing regime for all Bahrain based financial advisors.
In the presence of H.E. Mr Rasheed M. Al-Maraj, The Governor of the Central Bank of Bahrain (CBB), Alderman David Lewis, The Rt. Hon The Lord Mayor of the City of London and Ruth Martin, SII Managing Director a Memorandum of Understanding will be signed to formalise a working partnership between BIBF and the SII in Bahrain.
The MoU will stipulate that the SII International Certificate in Financial Advice (ICFA) will be carefully evaluated with a view to determining the fit for the mandatory requirement for all practicing financial advisers in Bahrain as the first stage in the new regime. Once individuals have successfully completed the qualification they will be invited to become members of SII, a global professional body for those working in the investment industry. They will then be able to use their SII membership to signal to clients and customers their commitment to high standards of professionalism, and will have access to a range of activities to help them maintain their standards.
CBB has supported and encouraged this initiative by BIBF as further demonstration of the CBB's commitment to promote confidence trust in the highly successful Bahrain investment industry. The SII will formally accredit the Bahrain Institute of Banking and Finance to deliver the ICFA qualification and will work in close partnership with BIBF as they develop this regime.