Manama. Bahrain: A major initiative to further develop human resources for Bahrain's financial services industry has taken an important step forward.
HH Shaikh Khalifa Bin Salman Al Khalifa, Prime Minister of the Kingdom of Bahrain and Chairman of the Bahrain Monetary Agency (BMA) has issued a decree related to the Human Resource Development Fund for the Financial Services Industry.
Prime Ministerial Decree No. 24 for 2004 sets out the articles of association for the Fund. The Decree is a major step towards the establishment of the Fund.
Following the issuance of the Decree, H.E. Shaikh Ahmed Bin Mohammed Al Khalifa, Governor of the BMA, has issued an order appointing a 10-member Board of Trustees for the Fund.
"We are deeply grateful for HH the Prime Minister for his continued support for the financial services industry. The Government's strong and ongoing commitment has enabled Bahrain to develop into the premier international financial center in the Middle East region," said Shaikh Ahmed.
He pointed out that the HH the Prime Minister had, earlier, ordered the allocation of a contribution of BD500,000 from the BMA Budget, at the inception of the Fund.
"I would also like to extend my appreciation and thanks to Bahrain's financial institutions which have supported the Fund," said Shaikh Ahmed.
He noted that a key strength of Bahrain lies in its highly skilled and qualified human resources and this has helped the Kingdom gain a competitive advantage in the field of financial services. The country's success in developing its human resources has been acknowledged internationally by the United Nations Development Programme (UNDP), which rated Bahrain first in the Arab world in its Human Development Index of 2002.
The Fund will make a value added contribution to national efforts to continuously develop human resources.
"The Fund is aimed at financing specialised professional or technical training for Bahrainis working in the financial services industry," said Shaikh Ahmed.
"The goal is to cater for the evolving needs of the industry by developing skills in specific areas of speciality of high value added."
The Fund will cater to the human resource needs of all sectors of the financial services industry, banking, insurance and the capital markets, in keeping with BMA's role as single regulator for the industry.
Shaikh Ahmed said a BMA survey on skills needs of the industry had found that availability of qualified and skilled Bahrainis was an important and competitive advantage that Bahrain enjoys. However, certain skills gaps exist in certain specializations.
"The Fund will specifically address such skills gaps and provide the necessary education and training to Bahraini personnel," he said.
Mr. Murad Ali Murad, Chairman of an interim committee which reviewed the initial project proposal and developed the articles of association, hailed the legal establishment of the Fund.
"The Fund will play a significant role in investing in human resource development to enhance the technical and professional capabilities and productivity of nationals and enable them to take up leadership positions in the financial services industry," said Mr. Murad.
The Fund will support programmes, which may be arranged in coordination with the Bahrain Institute of Banking & Finance (BIBF) or provided at overseas educational or training institutes.
Mr. Murad pointed out that financing and management of the Fund will be based on a strong partnership between the BMA and industry.
Dr Abdul Rahman Saif, Executive Director, Management Services, at the BMA and Head of BMA's Talent Pool Task Force, said he was delighted by the establishment of this important Fund, which is an important addition to the comprehensive infrastructure for Bahrain's financial services industry.
"This, as well as other initiatives, will ensure the continuous availability of skilled Bahrainis and this, in turn, will enhance Bahrain's attractiveness as an international financial center," he said.
The Fund's Board of Trustees, which comprises mainly industry leaders, will provide overall policy guidelines, which will ensure that the Fund remains focussed on addressing market needs, rather than academic studies.
Members of the Board of Trustees are: Mr. Murad Ali Murad; Mr. Sameer Alwazzan; Mr. Saleh Hussain; Mr. Jean-Christophe Durand; Dr Said Al Martan; Dr Abdul Rahman Saif; Dr Lulwa Al Mutlaq; Dr Naima Al Dossary; Mr. Hussain Ismail and Ms. Wendy Toorani.
-Ends-
Bahrain Monetary Agency (BMA)
Contact: Indira Chand/Rima Al Kilani
Tel: (973) 17547522/17547609
E-mail: media@bma.gov.bh
Website: www.bma.gov.bh
© Press Release 2004
