In large nonstick saucepan, melt margarine over medium heat. Add bell pepper, onion, garlic and flour; cook and stir until flour is light golden brown.
Add remaining ingredients. Bring to a boil. Reduce heat to medium-low; cover and cook 10 minutes. Uncover; cook an additional 10 to 15 minutes or until okra is tender, stirring occasionally. Remove bay leaf.