Dubai - MENA Herald: In line with the UAE government’s efforts to build the professional capacities of UAE nationals and improve productivity in the insurance sector, the Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, has organized 760 training programs for the insurance sector since 2006, drawing a total of 13,068 participants of whom 4,704 (37%) comprised Emiratis.
EIBFS’ roster of training programs for the insurance sector includes an integrated five-month initiative solely dedicated for UAE nationals. Since its launch in, the program has attracted 245 Emiratis. EIBFS, in collaboration with Abu Dhabi National Insurance Company (ADNIC), graduated the first cohort of this program consisting of 10 Emiratis, last month
Conforming to the directives of the UAE President His Highness Sheikh Khalifa bin Zayed Al Nahyan, to create job opportunities and build capacities of UAE nationals in banks, insurance companies and investment houses, EIBFS has signed several partnerships and agreements with the private and public sector, including the Ministry of Human Resources & Emiratisation, UAE Central Bank, Insurance Authority, and the UAE Banks Federation.
Speaking on EIBFS’s efforts to fast-track the Emiratization process in the UAE, Jamal Al Jassmi, General Manager of EIBFS, said: “The institute’s noticeable success is reflected in the increasing numbers of Emirati citizens who join our diverse range of programs and training sessions thanks to our partnership with some of the leading training institutions globally. We are totally committed to building a qualified cadre of Emirati professionals in the banking, financial services and insurance sectors. These efforts align with the UAE leadership’s vision towards developing the capabilities of Emirati human resources and improving their skills.”
He added: “By collaborating with international organizations, industry experts, and human resource managers, we attracted 1,795 professionals, including 144 Emiratis (15%) through 93 insurance training programs during 2016. We always seek to define the sector’s benchmarks and ensure our training initiatives meet the various demands through studying industry challenges and designing special programs. We will continue to provide specialized education and training programs to enhance employees’ performance in the UAE’s financial sector.”
Al Jassmi said that the new point-based system will lead to a paradigm shift in the quality, quantity and structure of Emirati citizens working in banks and insurance companies in the country. The launch of this new system coincided with the successful initiative for hiring over 1,000 Emiratis within 75 days in the banking and financial services sector. The point-based system is part of the new nationalization strategy that was approved by the UAE Cabinet and is managed by the Higher Committee for Emiratization in the banking and financial services sector. EIBFS’ contribution lies in training professionals in insurance companies to implement this strategy.
As for government accelerators, Al Jassmi said that in line with the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, a team has been formed in collaboration with the financial sector and government entities under the supervision of the Ministry of Human Resources and Emiratisation to oversee progress.
The Emirates Institute for Banking and Financial Studies (EIBFS) is part of the team that is led by the Ministry of Human Resources and Emiratisation, and includes representatives from the UAE Central Bank, Insurance Authority, Emirates NBD Bank, National Bank of Abu Dhabi, Noor Bank, Majid Al Futtaim Group, Abu Dhabi National Insurance Company, Al Rostamani Group, and Al Fardan Exchange.