The Labour Fund (Tamkeen) announced the signing of a partnership agreement with the Bahrain Institute of Banking and Finance (BIBF) to train and develop national talent in the financial services sector and other related sectors. The initiative, which is set to support over 100 Bahrainis, will empower Bahrain professionals to obtain specialized and highly in demand certificates related to value-added tax (VAT) and anti-money laundering. This partnership is aligned with Tamkeen’s ongoing commitment to supporting the Kingdom’s financial services sector as one of the key economic sectors that contribute the national economy by building a highly qualified pool of talent able to contribute to the growth of the sector. 

This initiative offers Bahrainis the opportunity to obtain the Certified Anti-Money Laundering Specialist (CAMS) certificate, the highest international professional certificate in this field offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS). This program aims to provide participants with the necessary strategies and practices in accordance with international anti-money laundering standards. It also provides them with the necessary skills and knowledge related to anti-money laundering through specialized training to help them pass the exam and obtain the certificate. Graduates of the program will receive a one-year membership in the association in addition to an internationally accredited certificate as anti-money laundering specialists.   

The initiative also offers Bahrainis the opportunity to study the Bahrain VAT Compliance Diploma offered by the Association of Taxation Technicians (ATT) in the UK. This certificate will enhance the skills of Bahraini professionals working in fields related to VAT and provide them with fundamental knowledge in this area, thus enabling them to comply with its laws within the enterprises they work in. There has been a growing need for professional certificates specialized in this field since the introduction of VAT in the Kingdom, as they play a key role in promoting compliance with tax-related regulations and laws, and ensuring the highest levels of transparency in their application.  

Commenting on this announcement, Her Excellency Ms. Maha Abdulhameed Mofeez, Chief Executive of the Labour Fund (Tamkeen), highlighted the importance of this partnership in training and qualifying national talent in various fields and disciplines required by the labor market. She said: "This partnership with the Bahrain Institute of Banking and Finance (BIBF) stems from our continuous efforts to build effective partnerships with the relevant institutions in Bahrain, and affirms our commitment to supporting career development and enhancing skills for the Bahraini workforce through internationally accredited certificates and high-quality programs, enabling them to achieve growth and success. We look forward to the outcomes of these programs and the impact they will have on the Bahraini labor market, especially the financial services sector."

Dr. Ahmed Abdul Hameed Al-Shaikh, CEO of the Bahrain Institute of Banking and Finance (BIBF), praised Tamkeen's active role in developing national talent and preparing them according to the requirements of the labor market, saying: "We are proud of this partnership with the Tamkeen, which is in line with our commitment to provide high-quality training services with international standards for Bahrainis. By providing international certificates in the fields of anti-money laundering and VAT compliance, we seek to enhance Bahraini competencies in the banking and finance sector and enable them to achieve excellence and success in this field."

Those interested in joining these training programs can apply directly by contacting the Bahrain Institute of Banking and Finance (BIBF) via email before 1 July 2024, provided that they meet the eligibility criteria and requirements for each program.  

Tamkeen's partnership with the Bahrain Institute of Banking and Finance (BIBF) is in line with its strategic priorities focused on economic impact and the private sector under three pillars; increasing economic participation through employment opportunities for new market entrants, expanding career development opportunities available to the Bahraini workforce, and further developing the private sector by supporting enterprises and boosting productivity through the adoption of technology.