Tamkeen launches updated financial services sector skills report
The report builds upon the findings of the initial report published in 2022, which provided an overview of the needs of the workforce in the sector and identified its skill gaps. The latest version reflects the sector's evolving landscape, with updated content aligned to current labour market developments and the Core Skills Framework launched in 2024. The report categorizes sector activities using international standards tailored to Bahrain's context, covering banking, insurance, asset management, financial markets, and financial technology (FinTech).
The financial services sector plays a pivotal role in Bahrain's economy, surpassing oil and gas as the largest contributor to the Kingdom's GDP, accounting for 17.8%. The sector employs approximately 14,362 individuals, with Bahrainis representing 70% of the workforce, according to the 2023 Labor Force Survey published by the Central Bank of Bahrain.
The report outlines key trends shaping the future of the sector, including rapid digital transformation and the growing prominence of FinTech. It also highlights increasing demand for specialized skills in areas such as cybersecurity, data analytics, and financial risk management. In addition, it identifies emerging roles, including actuaries, data analysts, compliance officers, and credit officers. There is also a growing focus on Environmental, Social, and Governance (ESG) practices, with sustainability officers becoming a priority for financial institutions as they integrate ESG practices into business strategies, investment decisions, and risk management processes in alignment with global and local frameworks.
Mr. Amer Marhoon, Managing Director of Skills Bahrain, stated:"This report highlights the importance of investing in the development of skilled national talent to meet the demands of a rapidly changing sector. As digital transformation accelerates, the need for advanced technical skills in fields such as cybersecurity, artificial intelligence, and data analysis continues to grow. The report also highlights the need to guide the next generation towards emerging specializations such as ESG, which can further strengthen Bahrain's position as a leading financial hub both regionally and internationally.'
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