Tamkeen issues the updated version of the skills report for the local financial services sector

The Labor Fund “Tamkeen” announced the launch of the updated version of the skills report for the financial services sector, as part of the “Bahrain Skills” initiative, in partnership with representatives of the private sector, the relevant authorities, and training and education institutions.

This update comes within the framework of continuous efforts to enhance professional skills, raise the efficiency and productivity of the Bahraini workforce, and enhance its role in supporting economic growth.

This report is an extension of the initial study of the financial services sector published in 2022, which is an important founding step to understand the workforce needs in the sector and determine the skill gaps, as the new version comes to reflect the rapid transformations in the sector, where its content was updated based on the developments of the labor market and the basic skills framework that was launched in 2024.

Activities within the sector were identified using international standards, in proportion to the context of the Kingdom of Bahrain and the activities included: banking services, insurance, asset management, financial markets, and financial technology.

The financial services sector is a major engine for economic growth in the Kingdom of Bahrain, bypassing the oil and gas sector as the largest contributor to the national economy, as the sector constitutes 17.8% of GDP. About 14,362 employees, Bahrainis represent 70% of them, according to the results of the annual workforce survey issued by the Central Bank of Bahrain for the year 2023.

The report reviews the most prominent trends affecting the future of the sector, including the accelerated digital transformation, the increasing importance of financial technology, as well as the growing demand for specialized skills in the areas of cybersecurity, data analysis, and financial risk management.

It highlights the required jobs, such as actuarians, data analysts, compliance officials and credit risks, in addition to emerging roles in the areas of environmental and social practices and governance as sustainability specialists, which have become one of the priorities of financial services companies, as it seeks to integrate sustainability practices in business strategies, investment decisions, and risk management operations, in line with international frameworks And local.

In this context, Mr. Amer Maron, Director General of Bahrain’s skills, said: “This report reflects the importance of investing in developing specialized national cadres, in line with the rapid changes in this vital sector, in light of the accelerated digital transformation, the need for advanced technical skills increases in areas such as cybersecurity, artificial intelligence, and data analysis, as the report emphasizes the need to direct Bahraini youth towards future specialties Promising, such as environmental and social governance, which enhances the position of the Kingdom of Bahrain as a pioneering financial center on the regional and international levels.

The report emphasizes the importance of continuous cooperation between government agencies, financial institutions, and education and training providers, to ensure that the labor market is provided with competencies that have the flexibility and skills necessary to keep pace with the accelerated developments.

The report is an important reference for individuals wishing to enter the sector, or develop their professional paths within it, and contributes to directing future programs and initiatives, in line with the sector’s priorities and the needs of the labor market.