The absence of a modern and dynamic pension scheme in the Middle East has forced the regional workforce to seek alternative solutions, such as personal savings and family support, for their retirement needs. While the public sector has developed a basic reform plan for public pension systems, the same cannot be said of private sector establishments that still have immature pension schemes.
Although the necessity of sophisticated pension systems is becoming apparent as the financial services industry develops, few countries within the Middle East and north Africa (MENA) have made the required provisions. Despite the obvious gap in the market, Middle Eastern companies have yet to tap into this industry.
