Tamkeen Continues to Increases Omanization ratios to 59.7 in Senior Positions, 78% in Medium and 90% in Operational Positions.

The Capital Market Authority continues its role in enhancing the national human resources in the insurance sector through continuation of supporting the national initiative “Tamkeen” which was announced in 2015. CMA adopted this ambitious initiative to empower the Omani youth in the technical roles in the insurance sector and incentivize them to develop their skills and capacities via customized training programs through analysis of the sector’s data and annually executed by the CMA in addition to monitoring the programs provided by the companies to their employees.

The initiative is a well considered approach to implement replacement in technical, senior, mediums management positions and operational positions with qualified Omanis able to lead the sector according to the needs of the local market and to enhance competition in the financial sector and investment on top of the objects the initiative endeavors to achieve.

Tamkeen focuses on creating attractive environment for qualified national cadres in view of the competition in the labor market to contribute to building specialized expertise in the sector through retaining national cadres and by avoiding skills attrition in addition to ensuring the quality of the national cadres in the sector through assuring the competency of the specialized administration of human resources and selecting training programs that meet the needs of the labor market to upgrade the competitiveness of the qualified Omani youth to fill the technical and administrative positions in the sector.

Tamkeen achieved remarkable success reflected by the annual data and statistics. Up to mid-2023, 88 specialized training programs were executed in the various technical and administrative areas in the insurance sector in collaboration with the various training institutes and centers and empowered 2,400 employees in the sector. Such programs started with HRPC for all human resources managers of insurance companies in cooperation with Opal to develop human resource departments in insurance companies.  a number of specialized programs were implements (such as Leadership Program in collaboration with Queen University, Advanced Diploma in Insurance (Dip CII) executed by Chartered Insurance Institute London, Diploma in Health Insurance in cooperation with AHIP Institute, Fundamentals of Insurance and Internal Audit in collaboration with Risk Institute, Reinsurance Certificate in cooperation with the College of Banking and Financial Studies and executed by the Indian Insurance Institute.

The goal of adopting training and qualification policies of Tamkeen Initiative is to increase Omanization in the various levels of position.  According to 2023 mid-year data, total Omanization in the sector was 83.36%. Omanization in senior positions was 59.73%, in mediums positions 78.13% and 90.18% in operational positions.

Efforts are continuing to implement the 2023 Tamkeen plan to enhance the specialized positions of Omani employee with high competencies through execution of professional certifications such as CERT CII, ARM and CIPD.

The initiative also endeavors to expand in empowering the human resources in the capital market sector supervised by the CMA and such efforts would only be materialized in cooperation and coordination with the various government entities, regulators and the Omani youth to contribute to creating qualified and capable national cadres to take the various roles in the sectors.