A New Chapter for IFoA in the Region 

The establishment of the IFoA Middle East Member Committee (MEMC) ,with myself as Chair, marks a significant step for the IFoA’s expanding international membership. As one of two global pilot initiatives in 2024—the other being the Greater China Member Committee—our goal is to create a formal, localised platform that ensures the needs and opportunities of regional members are both heard and acted upon.

The MEMC is proudly represented by members based in Bahrain, Egypt, Saudi Arabia, Pakistan and Kuwait, along with Council Representative and IFoA President Elect, Paul Sweeting, who is himself based in the region. This diverse group, spanning various levels of experience and qualification, embodies the committee’s purpose: to ensure that all IFoA members in the region, from students to seasoned actuaries, have a voice. 

The Growth of the Actuarial Profession in the Middle East

The actuarial profession in the Middle East has undergone significant growth over the past decade, driven by local talent development and the evolving regulatory landscape. 

Whilst Pakistan has long been a hub for actuarial talent, the expansion of the profession within the Gulf has been particularly notable. This growth has been accelerated by recently evolving prudential regulation with Saudi Arabia (KSA) and the United Arab Emirates (UAE) taking the lead in this regard. 

Actuarial regulations for qualified actuaries practising within the insurance sector have been a cornerstone for the development of grassroots actuarial talent produced by local universities. In recent years, there has been notable progress in integrating actuarial education into mainstream academic programs, driven by both regulatory changes and professional initiatives. Key developments include:

• Saudi universities are increasingly establishing actuarial curricula to meet growing industry demand.

• IFoA partnerships with the Bahrain Institute of Banking and Finance (BIBF) and the University of Bahrain are strengthening academic pathways for aspiring actuaries.

• The UAE’s Emirates Institute of Finance is designing an undergraduate actuarial program, set to launch in 2025, with expected input from MEMC and the IFoA.

These are just some of the recent developments from the perspective of actuarial supply. From the perspective of students and analysts, it’s hard to remember a better time to be in the profession within the region. Demand from local employers has expanded beyond the traditional insurance sector, with healthcare, banking, finance, pensions and investments sectors now actively seeking actuarial expertise. These shifts present an exciting opportunity to nurture and promote actuarial talent under the guidance of the profession’s governing body. 

The IFoA’s Role in Supporting Regional Growth 

With such rapid progress, it is essential that actuaries in the region have a structured body to represent their interests and support their development. The IFoA, through the MEMC, is committed to:

• Engaging with key stakeholders – Strengthening relationships with employers, regulators, universities, and training institutions.
   
• Collaborating with regional actuarial societies – Aligning efforts with local actuarial associations and clubs.
   
• Promoting actuarial opportunities – Supporting professionals in navigating new career pathways and expanding into emerging sectors.

A key milestone for the MEMC will be the 2025 IFoA Middle East Conference in Riyadh, where we aim to bring together actuaries, policymakers, and industry leaders to shape the future of the profession in the region.

The Spirit of Volunteering

Committees like the MEMC thrive because of the time and dedication of volunteers who contribute their expertise to advancing the profession. I am grateful to each committee member for their commitment and look forward to working with the IFoA Executive, Council representatives, and actuarial stakeholders to support and champion the interests of our members in the Middle East.

By working together, we can strengthen the IFoA’s presence, enhance actuarial engagement, and ensure that the profession continues to thrive in the region.

We invite IFoA members and stakeholders in the Middle East to connect with us, share insights, and participate in shaping the future of the profession. Stay tuned for updates on the 2025 IFoA Middle East Conference and other initiatives by the MEMC. If you’d like to get involved, reach out to us today.

Shivash Bhagaloo, Executive Director at Lux Actuaries, is the chair of the Institute and Faculty of Actuaries' Middle East Member Committee. He can be reached at Shivash@luxactuaries.com.