ICAI Bahrain

Mr. K. Krishnamoorthy is currently Senior Vice President – Head of Strategic Planning with Al Baraka Banking Group in Bahrain. He has over 30 years of experience in financial and management reporting, corporate and structured finance, credit, strategic planning, project management, equity research and fund management and administration. He was for many years with Arab Banking Corporation, Bahrain, last as Vice President – Treasury. He has also worked in India and North America.

THE GENESIS OF THE BAHRAIN CHAPTER  BY Mr. K. Krishnamoorthy

You may not be aware of this, but the idea of The Bahrain Chapter of The Institute of Chartered Accountants Of India (the "Chapter") was born in 1985 as a result of a casual and innocuous conversation between two friends over dinner! One evening in May 1985    I happened to meet with K.S. Karthikeyan (ex-Arab Banking Corporation, now retired and living in Mumbai) during a family dinner at a common friend’s house. Invariably as with Chartered Accountants, we started to speak about the need for us to be updated on matters so as to retain our professional edge when I remarked casually “How about starting a forum for professional development as the journals from the Institute take 3-4 months to reach us thereby making us professionally out-dated.” I received a pleasant surprise when Kartik called me the next morning and asked if I was serious! This was the birth of the idea – as innocuous as that!

We met a few months thereafter along with two of our friends - Ravi Uppal (now in Geneva) and Harsh Mohan (now in Montreal) - at a family dinner. This time we discussed the idea more cogently and decided that we needed a formal body of Indian Chartered Accountants representing our Institute in Bahrain. I offered to go India and make a formal application to the Institute headquarters in New Delhi to register the Institute's Chapter in Bahrain. On enquiring of the Institute by phone, we learnt that a minimum of 30 members of the Institute living and working in Bahrain were required to sign the application letter for the application to be accepted.

With great difficulty we managed to list around 100 chartered accountants’ names and invited them for a luncheon at P. K. Ravi's (at that time Financial Controller of Mantech Computers, now a successful businessman in Bahrain) apartment in Kuwaiti building (this building has now been identified for demolition - it was the Seef Mall of those days as it housed many shops and small restaurants!). Of the 100 or so invitations sent out, only 35 persons turned up at the luncheon. While we were disappointed that our labors did not yield the response we had expected, we nevertheless heaved a sigh of relief as we had the minimum required for the signatures on the application! After my overnight sleepless plane ride to New Delhi, lobbying our application and waiting with bated breath for the next 3 weeks - on one fine Monday morning I received the approval! The Chapter was born – officially.

The Founder Committee Members of the Chapter were K. Krishnamoorthy - Chairman, Ravi K. Uppal - Vice Chairman, K.S. Kartikeyan - Secretary, and Harsh Mohan - Treasurer.

We had our first program in April 1986 - the Budget Speech by Nani Palkhiwala - it was a grand event attended by over 800 persons and was held in the Gulf Hotel. This was the birth of the Chapter – which has now blossomed into one of the premier professional associations in Bahrain – thanks to the yoeman efforts of every Office-bearer and member of the Chapter who has contributed / is contributing to its impressive status - particularly Kalyanaraman and his Committee who brought the Chapter out of the abyss and into a well-recognized body. I wish the Chapter well in its efforts to keep the flag of our institute flying high.

Chandrasekar is an Executive, Internal Audit with Al Khaliji Banking Group, Qatar. He is an expert in Treasury, Credit, Compliance and Corporate Governance. A KPMG alumini who has worked earlier in various banks in GCC and in Citibank Singapore in their Regional (Asia Pacific) Capital Markets Audit, Chandra is a well rounded banker.  He is a commerce graduate from Madras University and a Fellow member of the Institute. He has worked in Chennai, Bahrain, Singapore and now in Doha and has travelled extensively as part of his work. Outside his work spectrum he is active in various professional groups besides being a keen debater and speaker. 

 A DECADE OF TEAM WORK BY Mr. Mani Lakshmanamurthy 

Chartered accountants are not only knowledge bearers and intellectuals but also true leaders and visionaries. The recent Diamond Jubilee Celebrations by our parent body ICAI, which was established even before our independence and the decade long existence of the Bahrain Chapter of the ICAI stand as testimonies to the vision and commitment of our senior members. We are aptly called partners in nation building, no matter where we are.

During the last ten years Bahrain Chapter of ICAI has grown in leaps and bounds. The recent initiative of conducting the first ever GCC conference in the Kingdom of Bahrain to commemorate the 10th Anniversary celebration is proof of our strength, vision and commitment. The efforts of the current Executive Committee headed by CA Balasubramanyam are really commendable. To organize such an event requires enormous financial, logistical and technical support and I earnestly appeal to all members to lend a helping hand in making this event a grand success.

During the last ten years the Bahrain Chapter’s focus has been to advance its members’ professional development by conducting several educational seminars as part of a continuing professional education. The Annual Budget Seminar conducted by the Chapter is an added attraction not only to our members but also to the Non Resident Indian Community living in Bahrain. Are we satisfied in just conducting seminars? Or do we have a much larger role to play in the society? It is time we review our mission and goals.

In recent years the Chapter has contributed regularly to the Indian Community Relief Fund. It demonstrates our commitment to the greater cause of nation building. However, is donating to the ICRF a sufficient demonstration of our social responsibility? I think the Chapter needs to widen its scope by contributing not only to the Indian community but also to worthy causes that will benefit the local population here in the Kingdom as well. We are always partners in nation building no matter where we live. I am sure our members will wholeheartedly support the Chapter in discharging its social responsibilities.

To this day the greatest achievements of the Chapter have been the work it has done to enhance the CA brand name in the region and the efforts it has taken to ensure that our members feel welcomed as part of a loving family. On the occasion of our Tenth Anniversary, we must unite and take this Bahrain Chapter to greater heights. I urge all the members to come forward and support the Chapter, in whatever way they can. After all, it is the small drops that make up the vast ocean.
"Alone we can do so little; together we can do so much." -- Helen Keller

Mr. Balasubramanyam is a qualified Chartered Accountant (FCA) and also a member of the British Institute of Management, U.K. Mr. Balasubramanyam held very senior positions in the Insurance Industry in the Middle East and Europe. He was with the ACE Group of companies, the largest insurance intermediary in the Arab World for over 12 years. He later moved to The Emirates and worked with Inchcape as the Country Finance Manager. Here he was instrumental in establishing innovative inventory control mechanism and working capital controls.

Mr. Balasubramanyam is currently Managing Director, Assure Consulting WLL in Bahrain.