Bahrain Institute of Banking & Finance (BIBF)Bahrain Institute of Banking & Finance (BIBF)

BIBFBIBF

BIBFBIBF

BIBFBIBF

"For an industry that is expanding and growing rapidly, efforts to prepare and invest in future Bahraini leaders in the insurance industry will be of great impact on the kingdom's ability to provide the required pool of talent for future needs," he said. "These talents will not only be able to embark on a successful and rewarding career in insurance, but will also play a major role in sustaining the successes of their companies and the sector's future economic output."

The Director of the BIBFBIBF, Mr. Garry Muriwai, expressed his delight at the opportunity presented to the BIBFBIBF to play a major role in preparing the future leaders of the Kingdom's insurance sector and assured the backing of the financial sector. "We are proud to play a part in this strategic initiative which is in line with BIBFBIBF mandate supported by CBB to attract more young Bahrainis in this vital industry", he said.

"The project is particularly significant for the insurance industry," pointed out BIA's Chairman Ashraf Bseisu. He indicated that the BIA is working very closely with the industry to enhance and develop the calibre of Bahrainis in the industry; while providing them with a clear advancement and career path in this vital economic sector.

"The BIA, in line with its mandate to help equip the industry with multi-skilled indigenous workforce and to promote Bahrain as a regional insurance center of excellence, joined hands with the Labour Fund to initiate this project that will attract Bahrainis to this sector and provide sustainable employment opportunities," he said, "Our gap analysis indicated beyond doubt the need to further develop Bahrainis to fill middle management positions. That is the reason this programme is structured to provide select Bahraini graduates this unique opportunity by combining training & development, on-the-job training and financial stability."

The programme will run over 5 years in three batches of 40 participants each. After an initial 3 months of intensive studies at the BIBFBIBF, successful candidates will be placed within insurance companies where they will continue both the program's theoretical and on-the-job training segments."

"We believe that this is a win-win situation for all parties. It will undoubtedly help to further consolidate Bahrainis position as a financial and insurance hub. With the support of the Labour Fund, we hope to open doors to exciting career opportunities for Bahrainis in this fast-developing sector," said Bseisu Dr Ahmed Al Shaikh concluded that the Labour Fund is continuing its efforts to identify work opportunities that show the potential for development and career-growth for Bahrainis; in addition to training Bahrainis to take up better working opportunities. He said that an official announcement will shortly appear in the press to invite applications for this programme. The programme will be open to Bahrainis who have graduated within the previous two years with a recognised university degree in applied sciences, mathematics, statistics, engineering, business administration and economics.

-Ends-

The Labour Fund:
The Kingdom of Bahrain has taken vital steps towards a labour market reform which is an essential stride to ensure that the human capital of the country is developed and that employment is made more attractive for localization as well as to improve performances of businesses. The strive towards labour reform will impact the Kingdom's economy and raise standards of living as well as pose a challenging commitment to the improvement of services in Bahrain.

The government of Bahrain has forwarded a strong mandate to implement reforms on education and training, labour market and economic systems which are the backbone to success and prosperity of any nation.

The Labour reform is the first of these reforms to be initiated and is now the responsibility of two entities. The Labour Market Regulatory Authority (LMRA) and the Labour Fund (LF) will be working hand in hand with other institutions and organizations in order to realize the vision that has been set forth to create the long-term prosperity the Kingdom plans to achieve.

The Labour Fund is a semi-autonomous yet independent authority which formulates strategic and operational plans to use the fees collected by the LMRA in order to enhance the overall prosperity of Bahrain by investing in Bahraini employability, job creation, and social support. Hence, the Labour Fund's main objectives are to support Bahrainis to become the employees of choice, and (ii) to support high quality private sector job creation and helping the private sector cope with the impact of labour market reform.

To achieve these objectives, the LF will invest in the cost and quality competitiveness of Bahrainis (e.g., reduction of cost of employing Bahrainis relative to expatriates, investment in skill and work ethic development programs of Bahrainis) and tackle employment barriers on both employer and labour market entrants sides through a combination of financial incentives and capability building, and (ii) in supporting the private sector's adjustment to new cost structures by providing access to capital to alleviate short-term cash constraints or improve productivity, and in know-how initiatives that support improvements in productivity and decreased reliance on expatriate labour through spreading management and technical knowledge.

BIA : Bahrain Insurance Association
The Bahrain Insurance Association received its charter in 1993 and became operational as a Society in 1994, under the umbrella of the Ministry of Social Affairs. Currently, it is in the process of amending its Articles of Association and incorporating under the Central Bank of Bahrain. At present, there are 37 members comprising local insurance companies, foreign insurance companies, reinsurers, brokers and service providers.

BIBFBIBF , Bahrain Institute of Banking and Finance
BIBFBIBF is a leading world-class provider of training, education and professional development programs to the financial industry in Bahrain and the region.

It was founded in 1981 to provide essential training for the banking community in Bahrain. Since then it has evolved into an internationally recognized training and development organization providing professional solutions to a worldwide market. BIBFBIBF's portfolio comprise courses in multiple business areas, spanning Banking, Islamic Finance, Insurance, Leadership & Management, Professional Studies and Academic and Executive Education.

Most of the programs have been revamped over the past two years to meet market requirements with a focus on building and developing skills and talent required for the financial industry. Approximately 13,000 participants attend BIBFBIBF programs each year.

For Media Enquiries, you may contact:
Ms. Hala A. Suleiman
Marketing Communications Manager
Labour Fund
Kingdom of Bahrain
Tel 17568850
Fax 17581801
email info@lf.bh

Mehnaz Mohammed,
Bahrain Insurance Association
Tel 17532555
Fax 17536007
e-Mail: biabah@batelco.com.bh

Eman Al Khayat,
Bahrain Institute of Banking and Finance
Tel 17815564
Fax 17729928
Email ealkhyat@bibf.com

© Press Release 2008