Tamkeen and the Central Bank announce an initiative to appoint and train Bahrain actuaries to work in the insurance sector

In an initiative that is the first of its kind in the Kingdom

The Tamkeen Labor Fund, in partnership with the Central Bank of Bahrain, the Institute of Actuaries in London, and the Bahrain Institute of Banking and Financial Studies, has launched an initiative to prepare a number of Bahraini cadres in the actuarial sciences. and to employ. works within insurance companies in the Kingdom of Bahrain.

The Institute of Actuaries in London is regarded as the world leader in awarding the necessary licenses to prepare actuaries, after verifying that students have passed the main requirements, which include a number of tests in the basic and technical and applied disciplines.

His Excellency Mr Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, stated that this initiative is one of the important steps in preparing qualified Bahraini cadres in basic specialties of the insurance sector. – 2026. The Bank also seeks to issue the necessary legislation to successfully implement this initiative, which requires the establishment of an internal actuarial unit in insurance companies responsible for the actuarial work and its inclusion in the company’s administrative structure. , in addition to the appointment of a Bahraini cadre in preparation to qualify them to become qualified actuaries and licensed by the approved actuarial institutes to perform actuarial work and prepare supervisory reports The relevant authorities, in accordance with the requirements of the Central Bank in this regard.

His Excellency added that the Bank encourages insurance companies to seize this opportunity to take this initiative and support the insurance sector by actively contributing to qualifying national frameworks for such specialties. It is noteworthy that this initiative coincided with the issuance of the new accounting standard “IFRS 17”, which will be applied at the beginning of 2023, as the application of this standard will mainly depend on the estimates and recommendations of the actuary who appointed is. by the company to prepare the financial statements in accordance with the new accounting standard.

His Excellency Mr. Hussein Mohamed Ragab, CEO of the Labor Fund “Tamkeen”, in turn confirmed that this partnership stems from Tamkeen’s ongoing effort to provide the private sector with qualified cadres capable of competing in the labor market, by launching initiatives which supports training and employment within the most sought-after skills, especially in the fields of It contributes to the creation of high-value jobs.

His Excellency added: “The importance of this initiative, the first of its kind in the Kingdom, stems from the increasing importance that the actuarial specializations have acquired over the past few years, especially in the insurance sector, in addition to the scarcity of qualified competencies in this specialization at local and international level Bahrainis to obtain the necessary licenses to practice actuarial specializations and to strengthen the leading position of the Kingdom of Bahrain as a main channel for qualified competencies according to the highest international standards.

On this occasion, dr. Ahmed Abdel Hamid Al Sheikh, Director-General of BIBF, said: “We are pleased with this strategic partnership to provide training and development opportunities for Bahraini, as we seek the Bahraini’s role in the comprehensive development process of the insurance sector and its crucial role. what it plays in business development. “

Mrs. Enas Asiri, CEO of Bahrain National Life Insurance Company, said: “Supporting and qualifying Bahrain graduates and integrating them into the organizational structure of insurance companies will have a positive impact on the entire insurance sector. This step will both risk and risk significantly improves capital management for financial institutions, which will contribute to the protection of insurance policyholders and shareholders, which in turn will be in the interest of financial institutions and support the work of regulatory authorities.

She added: “We are all proud of this initiative and are committed to employing Bahrains in the actuarial field, which will help to place Bahrain’s cadres among the professionals in this specialized field, not just at the regional level, but also worldwide. “

This initiative aims to train a number of Bahrainis to obtain the necessary licenses and qualifications to practice their work as actuaries and to employ them in a number of local insurance companies.

The field of actuarial science is one of the most rare and sought-after disciplines, as it is based on a study based on a variety of statistical methods and financial sciences to measure and assess risks in many sectors such as insurance, investing, banking. and others, with the aim of formulating and analyzing financial forecasts that limit potential losses.

This initiative is in addition to a number of other initiatives and partnerships recently launched by Tamkeen as part of its efforts to improve the capabilities of national competencies and provide them with training opportunities that contribute to the skills gap required in the market. , based on one of Tamkeen’s main objectives to make Bahraini citizens the first choice for employment in the labor market.

These initiatives are in line with the set of 16 programs launched by Tamkeen this year as well as the comprehensive transformation plan that focuses on achieving a greater impact on the national economy. Individuals will be able to receive support to benefit from these training programs through the human resource support programs represented in: the Training and Employment Program, in addition to the Career Development Program. The start dates for these courses will be announced through Tamkeen’s official channels.

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