Educational and Training Initiative of the Year - Bahrain Institute of Banking and Finance

Описание: The Bahrain Institute of Banking and Finance (BIBF) identified the lack of qualified professional actuaries in the local market and set about to solve the problem through the Actuarial Human Capital Initiative.



BIBF did its research and identified a local academic actuarial programme, which was offered by the University of Bahrain (UOB), in which the first batch of students started in 2019 and are expected to graduate in 2023. The institute saw the lack of active connection between the UOB programme managers and the insurance market as an opportunity.


It also identified stakeholders, including the insurance supervision team at the Central Bank of Bahrain (CBB), the regulator of the insurance industry in Bahrain, and Tamkeen, a semi-governmental body providing funding for professional development.


Taking the lead and acting as facilitator, BIBF continued by adopting an approach of involving all relevant stakeholders and focusing on creating demand based on genuine market need and matching it with a supply of qualified actuaries by designing a comprehensive certification programme. BIBF also connected UOB with the Institute and Faculties of Actuaries (IFoA) to ensure aligning their actuarial academic degree with professional examinations.


The resulting programme included the IFRI Certification by the Society of Actuaries (SOA) which consists of six modules and focuses on equipping candidates with the know-how related to IFRS17 implementation.


Following months of hard work and meetings between stakeholders, CBB passed a first of its kind directive in June 2022, mandating the establishment of an in-house actuarial function and recruitment of an actuarial analyst by June 2023 and a qualified actuary by June 2029. The directive was passed after consultation with the insurance market represented by the Bahrain Insurance Association.


Tamkeen also announced comprehensive support for the certification programme including 100% payment for the IFoA fellowship fees covering membership, examinations as well as exam preparation classes to be conducted by BIBF. Additionally, support included the fees of the IFRI Certification by SOA.


The current programme flow includes recruitment and selection, placement and registration, and a support system implemented that will involve follow up with each candidate and interval sessions with qualified actuaries to provide both the technical support and the motivation for such a demanding programme.


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This award was sponsored by AM Best


AM Best is the world’s largest credit rating agency specialising in the insurance industry. Best’s Credit Ratings are an essential tool for assessing an insurer’s financial strength, creditworthiness and ability to honour obligations to policyholders worldwide.


AM Best greatly expanded its coverage in MENA, becoming the pre-eminent rating agency for insurers in the region. AM Best’s MENA, South & Central Asia office, established in the Dubai International Financial Centre, serves clients throughout the region and develops new relationships with both start-ups and established companies.


AM Best has been awarded more than 20 international “Best Rating Agency” accolades between 2009 to 2021.


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