Islamic banking jobs boost for Bahrain
With an Islamic 'mega-bank' set for launch in Bahrain in 2009 (along with some other recent start-ups) it seems that the sector could offer ample job opportunities this year.
Adnan Youseff, CEO of Bahrain-based Al Baraka Banking Group has confirmed plans to create a $10bn Islamic bank - the world's biggest - by year end. He says that the chairman of the banking group, Sheikh Saleh Kamel is "accelerating the finalisation process" to prepare for an IPO.
It's not the only reason for optimism in Bahrain. Standard Chartered has just rolled out its Islamic banking business, Saadiq, in Bahrain. Bank of Bahrain and Kuwait launched Capinnova Investment Bank in January. And Tharawat Investment House has just hired three new directors.
Still, Islamic finance hasn't been entirely immune to the global financial crisis. In the first three months of this year, global sukuk issuance slumped by 37% according to data provider Zawya.
What's more, of the 29 sukuks issued this year, none were in the Middle East, with the exception of the regular monthly bond issue from the Central Bank of Bahrain. This was over-subscribed by 350% though.
But recruiters say the sector is still relatively buoyant.
Alex Cormack, director, head of Middle East at executive search firm Sheffield Haworth, says: "The Islamic institutions in Bahrain have been busy looking to hire, including a number of start up operations adding senior management and other hires."
Similarly, Peter Jones, director of Middle East focused recruiter MRK Consulting, says that Bahrain's Islamic banking sector has always provided fertile ground for hiring, and this shows no sign of stopping.
"We're seeing a lot of advisory, capital markets origination and roles within asset management firms - at a variety of different levels," he says.
At 28, the number of Islamic banks licensed by the Central Bank of Bahrain is relatively high. Last month, the CEOs of the institutions agreed to strengthen links in a bid to combat any possible threats from the global financial crisis going forward.
