Bahrain financial sector employment surges 22.6% to record 11,960 in 2007

The 2007 employment was a 22.6% increase over 2006, continuing a recent trend of double-digit growth in financial sector workforce, which has more than doubled since 2000 when the CBB began conducting the survey annually.

The Bahrain financial sector employment survey is conducted by the CBB's Directorate of Financial Stability.

The survey for 2007 found that of the 2,208 new jobs created, 1,230 (or 55.7%) went to Bahrainis, raising the number of Bahrainis employed in the financial sector to 8,248 last year, from 7,019 in 2006.

'Bahrain's growth in financial sector employment in 2007 was the strongest in recent years, reflecting the unprecedented economic growth taking place in the region,' said Shaikh Salman bin Isa Al Khalifa, Director, Financial Stability, at the CBB.

Bahrain's financial services industry has been a major beneficiary of the strong economic activity in the country and in the region.

The financial sector has added 3,742 jobs in the past two years alone and 6,729 since 2000.

A key highlight of the 2007 survey is the increase of 22.8% in the employment of Bahraini women, who accounted for 37.2% of all Bahrainis employed by the financial sector and one-quarter of the total workforce.

The industry, at 2007-end comprised 400 institutions, in addition to the CBB, BSE and BIBF, is one of the largest contributors to Bahrain's economy, accounting for 25.5% of GDP in 2006.

The banking industry, the bedrock of Bahrain's financial sector, remained the largest employer within the financial services industry, adding 1,470 new jobs during 2007.

This resulted in a 20.6% increase in employment in the banking sector to 8,608, which constituted 72% of all financial sector jobs in 2007.

Bahrainis comprised 6,241 (72.5%) of the banking jobs in 2007, with Bahraini women, numbering 2,354, accounting for 27.3% of the jobs in the banking sector.

The insurance industry also posted a strong increase of 25.8% in employment, with insurance firms employing a total of 1,529 people in 2007, compared with the revised 2006 figure of 1,215.

The Bahraini workforce in the insurance sector grew 16.6% to 915, from 785 in 2006, with women, totaling 328, representing 35.8% of the Bahraini workforce in the insurance sector.

'The 2007 employment numbers are a strong demonstration of Bahrain's continued development as the leading international financial centre in the Middle East region,' said Shaikh Salman.

On its part, the CBB continues to ensure that Bahrain's financial institutions enjoy a transparent and business-friendly regulatory environment and the availability of skilled and professional human resources, he said.