Bahrain’s financial services industry posts 3% growth in employment in 2003
Employment in Bahrain’s financial services industry continued to grow robustly during 2003, a survey conducted by the Bahrain Monetary Agency (BMA) has found.
Bahrain’s banks, insurance firms and other financial services institutions employed a total 6,407 people in 2003, which was an increase of 3% over the 2002 figure of 6,221.
The Bahraini workforce, male and female, totaled 4,709, which represented 73.5% of total employment in the financial services industry during 2003. This was an increase of 3.3% over the 2002 figure of 4,557 Bahraini personnel.
A key highlight of the survey, conducted annually by BMA’s Economic Research Directorate, is the increase, of 2.6%, in employment of Bahraini women in this vital industry. Bahraini women constituted 23.6% of the total workforce of the financial services industry in 2003.
“The growth in employment is an important indicator of the overall performance and advancement of Bahrain’s financial services industry,” said Dr Abdul Rahman Saif, Executive Director, Corporate Services, at the BMA.
The industry, which currently comprises 361 institutions, of which 185 are banks and banking-related institutions and 163 are insurance and insurance-related firms, is one of the largest contributors to Bahrain’s gross domestic product, he pointed out. The industry is also a major source of income, with the average wage being 2.5 times the national average.
The BMA survey found that employment in Bahrain’s banking sector, which comprises full commercial banks (FCBs), offshore banking units (OBUs), investment banks (IBs) and Representative Offices, grew by 2.5% to 5,068 people in 2003, compared with 4,946 in 2002.
The Bahraini workforce in the banking sector grew by 2.9% to 3,937, which represented 77.7% of the total workforce in this sector. Of the Bahraini personnel, nearly one-third (or 1,276) were females, while 2,661 were males.
FCBs remained the largest employer in the banking sector, with 2,336 personnel, of whom 2,082 (or 89%) were Bahrainis.
Employment in the insurance industry grew 3.6% to 771 personnel in 2003, from 744 in 2002.
The Bahraini workforce in the insurance sector grew 5.4% to 510. Of the Bahraini personnel, nearly 37% (or 188) were women, while 322 were males.
Other financial services firms, comprising money changers, money brokers and investment advisory firms, employed a total of 563 people, which was an increase of 7.4% over the 2002 figure of 526. (menareport.com)
© 2004 Mena Report (www.menareport.com)