The Labour Fund (Tamkeen) signed partnership agreements with five leading insurance companies to train Bahraini talent to become qualified actuaries by attaining actuarial fellowship as part of its “Qualified Actuaries Development Program”. The program was announced last year as part of a strategic initiative in partnership with the Central Bank of Bahrain(CBB), the London-based Institute and Faculty of Actuaries, and the Bahrain Institute of Banking and Finance (BIBF), with the purpose of training and employing Bahrainis in the field of actuarial sciences, to prepare them for quality careers in the insurance sector and increase the Bahrainization rate in this specialty.
Actuaries use mathematics, statistics and financial theory to analyze the economic costs of risk and uncertainty. It’s a highly in demand profession worldwide in insurance and financial services, which provides competitive job opportunities, attractive salaries and ample room for career growth. Actuaries play an important role within organizations as they help create policies, quantify the financial impact of risks, optimize profitability and create new business opportunities.
The agreement, which was signed by Bahrain National Holding (BNH), Bahrain Kuwait Insurance Company (GIG Bahrain), Al Hilal Takaful B.S.C (c), Medgulf Takaful B.S.C (c), and Gulf Union Insurance & Reinsurance Company will provide these companies with the in-house actuarial expertise they require, enabling them to comply with the Central Bank of Bahrain’s recently issued directives requiring insurance companies to establish internal actuarial units within their organization structure and appoint in-house Bahraini talent in the actuarial field. In the long-run, this initiative will put Bahrain on the map as a regional hub for local actuarial talent, building on the Kingdom’s longstanding position as a leading financial services hub.
Commenting on this initiative, Ali Hasan, Executive Director of Programs Design and Partnerships at Tamkeen emphasized the importance of preparing Bahraini insurance professionals with globally recognized qualifications in actuarial science to cater to the requirements of the insurance sector as well as provide Bahrainis with quality career opportunities.
He stated: “empowering national talent is a pillar of Tamkeen’s strategy, and we work to achieve that through various initiatives and partnerships. We thank the insurance companies that showed initiative and became among the first to enter in this partnership with Tamkeen and invest in the training and development of their human capital, the most important asset for any organization.”
This partnership follows a series of strategic initiatives and partnerships that are designed to drive greater economic impact in alignment with Tamkeen’s strategic direction, as well as serve Tamkeen’s mandate of making Bahrainis the first choice of employment in the private sector and enhancing their competitiveness both locally and internationally.