National Training Fund Reviews Training Services Offered for Employees of Insurance Companies and Brokers

The Capital Market Authority hosted on Tuesday an introductory seminar on the National Training Fund (NTF) at the Businessmen’s Auditorium to introduce the training services offered by the Fund and cooperation mechanisms for training and qualification of national cadres working for public and private sector institutions. The seminar was attended by a number of officials of CMA and representatives of the National Training Fund beside representatives of insurance companies and brokers.

CMA is keen to acquaint the insurance companies and brokers with the services of NTF and ways of cooperation between  the companies and the NTF to achieve CMA’s vision  of empowering national cadres and achieving the ratios agreed with the Ministry of Manpower by 2020.

Mr. Rashid Mohammed Al Rashdi, Director of  Insurance Institutions Regulation Department  said “ We are endeavoring, in collaboration with NTF, to intensify qualification and training programmes for the national cadres working in the sector by availing the training services offered by NTF for the employees of the private sector to achieve the CMA’s vision.” He added “CMA has set up a package of training programmes this year and hopes to expand them in coordination with NTF.

He emphasized that CMA’s target is 50% Omanization in the senior roles, 75% for the medium roles and 90%  for operational positions until the end of 2020.

NTF was established by Royal Decree in 2016 with the aim of capacity building for Omani human resources and to bridge the gap between the graduates of educational institutions and the labour market. The Fund aims to enhancing cooperation between the priority sectors to identify employment opportunities, current requirements and future needs to build up comprehensive informational structure  to support training through data and information collection  relating to the supply and demand, inputs and outputs of the  various training programmes and to provide support and advice to the concerned government and private sector entities related to training and employment policies and international quality and accreditation standards. Beside building partnerships with leading local and international training institutions to avail their programmes locally to support the strategic sectors and the private sector, identification of funding standards for training programmes including identification of specifications, standards and terms and conditions for the approved curricula of the training programmes funded by the Fund plus quality standards for the performance of training institutions as well as funding training programmes consistent with the national vision and priority sectors that  meet the needs of the private sector and national projects.

At the end of the seminar insurance companies and brokers expressed their readiness to cooperate with NTF.