First-time initiative in Bahrain: Tamkeen and the CBB announce a plan to employ and train Bahraini actuaries in the insurance sector
The Labour Fund (Tamkeen) in partnership with the Central Bank of Bahrain, the London-based Institute and Faculty of Actuaries, and the Bahrain Institute of Banking and Finance (BIBF) announced an initiative to train and employ Bahraini talent in the field of actuarial science which will prepare them for quality career opportunities in insurance firms in the Kingdom of Bahrain.
The Institute and Faculty of Actuaries is a globally renowned provider of licensing and qualifications for actuaries through its extensive curriculum and examinations that ensure professionals in the field acquire the fundamental skills they need. This is done through a series of practical, technical, and theoretical examinations.
Commenting on this initiative, His Excellency Rasheed Mohammed Al Maraj, the Governor of the Central Bank of Bahrain (“CBB”), noted that it is one of the important steps to prepare qualified Bahrainis in essential insurance sector specialties, as it is in line with the efforts made to create employment opportunities for Bahrainis within the local financial market, which is one of the priorities of the Economic Recovery Plan of 2022-2026. To effectively implement this initiative, the CBB would also issue the required legislation that would then require insurance firms to establish an internal actuarial unit within their organizational structure. In addition, the initiative aims at appointing Bahraini competencies to enable them to become qualified actuaries that are accredited by a globally recognized institute of actuaries to carry out actuarial roles within insurance firms and prepare regulatory reports in accordance with the CBB’s requirements in this regard.
His Excellency added that the CBB invites insurance firms to take advantage of this opportunity and adopt this initiative to support the insurance industry by actively participate in qualifying national cadres for such specialties.
Notably, this initiative coincides with the implementation of the new accounting standard “IFRS 17” effective in 2023, as the application of this standard will rely heavily on the estimates and recommendations of the actuary appointed by the firm to prepare the financial statements in accordance with the new accounting standard.
His Excellency Husain Mohamed Rajab, Chief Executive of the Labour Fund (Tamkeen) emphasized the importance of this partnership in bolstering Tamkeen’s commitment to building a pool of qualified and competitive talent to power the productivity of the private sector. Furthermore, Tamkeen identifies initiatives that support training and employment for the most in demand skills, especially those that create high value job opportunities for Bahrainis to provide them with sustainable career options.
He added: “This initiative is a first of its kind in the Kingdom and is underpinned by the growing demand for actuarial science services over the past years within the insurance sector specifically, as well as the rarity of qualified actuaries both locally and internationally. For that reason, Tamkeen will provide training opportunities to qualify Bahrainis to become licensed actuaries and start their careers in this field, therefore positioning Bahrain as a leader in human capital development according to international standards.”
On this occasion, Dr. Ahmed Abdel Hameed Al Shaikh, the BIBF’s Director said, “We are pleased to be part of this strategic partnership to provide training and development opportunities for Bahrainis, as we seek to confirm Bahraini’s role in the comprehensive development process of the insurance sector and the pivotal role it plays in business development.”
Commenting on the initiative, Mrs. Enas Asiri, bnl’s Chief Executive Officer, said “Supporting young Bahraini graduates on their path to qualification, and including them within the companies’ organizational structure will definitely have a positive impact on the insurance industry as a whole. This step can greatly strengthen a financial institution’s risk and capital management, resulting in increased security of policyholders, shareholders and beneficiaries, to the benefit of the institution and its regulators.”
“We are all proud of such an initiative and are committed to placing Bahraini candidates in actuarial roles within our organization to put them in par with professionals in this niche space not only regionally, but internationally too”, she added.
This initiative aims to train a number of Bahraini nationals to receive the qualifications and licenses required to take new employment opportunities as actuaries in several local insurance firms.
Actuarial science is among the most sought-after professional specialties, and it requires knowledge of mathematics, statistics and financial theory to evaluate risks across various sectors, including insurance, investment and banking, with the purpose of developing and analyzing financial forecasts that can limit financial losses.
This initiative follows a series of strategic partnerships and initiatives launched by Tamkeen recently with the purpose of developing the national workforce and enhancing their skills through training opportunities that address the skill gaps in the market. This is in line with one of Tamkeen’s main objectives which is making Bahrainis the first choice of employment in the labor market.
These strategic initiatives come alongside the 16 new programs Tamkeen launched earlier this year as part of a comprehensive organization-wide transformation initiative that focuses on driving greater economic impact in Bahrain. Bahraini individuals will be able to access these training opportunities through Tamkeen’s human capital development programs: Train and Place and Train and Grow. Further details about the commencement of the courses will be announced on Tamkeen’s official channels.