Employment in Bahrain's Financial Sector Grows

Employment in Bahrain's financial services industry grew by 1.5% during 2009, with a total of 14,137 people employed at end-2009 compared with 13,922 at end-2008.

The main driver of job growth was the non-bank financial sector (comprising insurance firms, money brokers, money changers, investment advisory, capital market broking companies and the Bahrain Stock Exchange) which added 851 new jobs, an increase of 19.6 percent, taking the number to 5,191 employees.

Job growth in the insurance sector hit 10.6 percent to 1,524 jobs from 1,378 in 2008. The banking sector underwent a slight decrease in employment. Total employment in the banking sector reached 8,946 at end-2009 compared with 9,582 at end-2008.

According to the annual survey conducted by the Central Bank of Bahrain (CBB), the Bahraini workforce employed by the financial services sector reached 9,313 in 2009, a slight increase of 30 jobs over the 2008 figure of 9,283 jobs. "These figures are a testimony that despite the global financial crisis, the Bahraini financial services sector was able to continue to create additional jobs during the last year. This reflects the successful implementation of the CBB's policy in ensuring a well-diversified financial sector and in bolstering non-bank financial services in a way that provides for balanced development of this sector and limits the impact of the changing economic cycle," said a CBB spokesperson.- Arab News