June 8, 2015

Bank of Israel recruits Arab professionals

On June 3rd Kav Mashve, the Bank of Israel and the Ministry of Finance held an event for Arab students and graduates to expose and encourage them to join the world of banking and finance.

Both the Bank of Israel and Ministry of Finance have long been warning about the economic consequences of not integrating Arab citizens, women especially, into Israel’s professional job market. Kav Mashve, an NGO that has long been promoting and facilitating employment of Arab graduates, was a natural partner for Bank to turn warnings into action on its own turf.

This event follows a similar set of conferences held by the Ministry of Justice, indicating more government bodies are beginning to take the lead on employment integration. In a 2015 report, the Finance Ministry warned that if Arab and Haredi citizens are not effectively integrated into the professional job market, Israel will be headed towards a “Greek style economic tragedy.”

Currently, while Arab citizens make up nearly 21% of the population, fewer than 2% are professionals in Israel’s booming high tech economy, and only 9.5% work in the public sector. For it’s part, the Bank of Israel does not fair any better. As of the June 3rd event, the Bank only employed eight Arab professionals out of a staff of more than 750.

In an effort to increase the number of Arab employees, the Bank of Israel introduced more than 60 Arab economics and accounting students and graduates to the workings of the bank, including tips on how to increase their chances of being hired there. They heard from senior officials including Chief of the Bank of Israel, Karnit Flug, and Moshe Kahlon, Minister of Finance, as well as current Arab employees at the institution.

Kav Mashve’s Jana Neuman said she hoped the event would lead the recruitment of additional minorities at the bank.

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