MANAMA: An initiative to train Bahrainis in actuarial science which will prepare them for quality career opportunities in insurance firms in Bahrain has been launched by Tamkeen in partnership with the Central Bank of Bahrain (CBB).
The programme is also supported by the London-based Institute and Faculty of Actuaries and the Bahrain Institute of Banking and Finance.
The Institute and Faculty of Actuaries is a provider of licensing and qualifications for actuaries through an extensive curriculum and examinations that ensure professionals in the field acquire the fundamental skills they need.
Commenting on the initiative, CBB Governor Rasheed Al Maraj noted that it is one of the important steps to prepare qualified Bahrainis for the insurance sector and in line with efforts to create employment opportunities for citizens as a key priority of the Economic Recovery Plan of 2022-2026.
“To effectively implement this initiative, the CBB would issue legislation requiring insurance firms to establish an internal actuarial unit within their organisational structure. In addition, it aims at enabling Bahrainis to become qualified actuaries that are accredited by a globally recognised institute and prepare regulatory reports in accordance with CBB’s requirements,” he added.
Notably, the initiative coincides with the implementation of the new IFRS 17 accounting standard effective in 2023, as its application will rely heavily on the estimates and recommendations of the actuary appointed by the firm to prepare the financial statements.
Tamkeen chief executive Husain Rajab emphasised the importance of the partnership in bolstering the organisation’s commitment to building a pool of qualified and competitive talent to power 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.
Mr Rajab 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 scarcity 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.”
Actuarial science 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 analysing 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 labour market.
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