CMA celebrates the conclusion of four Tamkeen training programs

Hundred and Eleven participants receive their certificates

Al-Maamari:  Tamkeen plan for this year focused on career paths and specializations

Al-Salti: The College of Banking and Financial Studies is proud to be an important center for the development of human resources in the Sultanate

The Capital Market Authority celebrated on Tuesday the conclusion of four training programs in the Tamkeen initiative’s series, in the presence of a number of officials of the CMA, CEOs of insurance companies and human resources officers in collaboration with the College of Banking and Financial Studies. Certificates were distributed in the event held at the college premises to the participants in four programs on "Branch Managers Certificate”, “General Insurance Underwriting", "Bank assurance" and "Insurance Agents".

The programs were organized as part of series of annual training programs of Tamkeen Initiative, which seeks to empower national cadres in the insurance sector to achieve the government’s strategy based on enhancing the role of the private sector to employ the graduates of educational institutions for greater economic value. The initiative also aims to qualify national cadres and training them to be able to take senior, medium and operational technical and administrative roles, as well as the importance of such programs in enabling the promotion of a culture of entrepreneurship associated with the insurance sector.

Ahmed Ali Al Maamari, Vice President for Insurance Sector, said, “The Tamkeen initiative comes to emphasize the importance of continuous training and qualifying the human cadres, who, once receive the necessary care, attention, and development will create and accomplished what was required to contribute to the development of the institutions. He added that development in different work environments requires a renewed thinking in line with global developments in business and digitalization. This can only be achieved by having comprehensive training plans at the level of companies and the sector in general that ensure continuous updating in the level of intellectual and practical capabilities of employees

Al Maamari added, Since the beginning of 2015, the CMA  embarked on  empowering the Omani youth in the insurance sector, and these efforts have yielded results by achieving qualitative Omanization ratios at various administrative levels in insurance companies, making the sector one of the highest rated sectors in Omanisation ratios.  These efforts will continue to advance this sector to achieve sustainability appropriate to the uniqueness of our society and the different insurance products.

Al Maamari confirmed that the Tamkeen plan for this year was prepared after a comprehensive review and analysis of all employees’ data in the insurance sector in terms of administrative levels, academic and professional qualifications, experiences, technical specializations in the insurance sector, also the training needs of the sector were explored through continuous meetings and discussions in the Insurance Business Training Committee. He added that the Tamkeen plan for this year focused on career paths and specializations, which revealed through data analysis, the shortage in Omani competencies in areas such as reinsurance and health insurance, and we were keen to provide for certifications that qualify for promotion and leadership of various work teams in such fields.

Dr. Zahran Salem Al Salti, Dean of the College of Banking and Financial Studies said, “The College of Banking and Financial Studies is proud to be an important center for the development of human resources in the Sultanate and conveys its mission for human and scientific development and community service. The College is also distinguished with quality banking and financial academic and training programs.”

The event comes to distribute certificates to the participants in four training programs implemented in collaboration with the College of Banking and Financial Studies, which has expressed its continuous willingness to provide distinguished training offers that serve the training needs of the sector and develop intellectual and practical knowledge of the employees.

 The programs included various technical fields in the insurance sector, the first of which was  customer service, represented by the Branch Managers Certificate , which was implemented over a full month of remote learning  with the participation of 27 participants from various branches of the  companies in the Sultanate, General Insurance Underwriting program for 30 participants  implemented in 15 training days in cooperation with the Insurance Institute of India  presented by specialized lecturers in  technical fields of various insurance  branches.  Bank assurance program was also implemented for 30 participants for a period of 15 training days, which included all legal, regulatory, practical and technical aspects of bank assurance practices provided by qualified staff of the college and the program for insurance agents attended by 24 participants from various insurance agents.

The statistical indicators of the insurance sector for the year 2021 showed that the total Omanization ratio in the sector was 82%.  Omanization ratio for  senior roles was 59%,  and for  medium  administrative and technical roles  it was 76%, and in the operational roles 88%.  This year’s Tamkeen initiative will seek to raise the Omanisation ratio to 85%.”

It is worth noting that the Capital Market Authority has taken a number of measures that contribute to improving the work environment in the insurance sector, including providing training opportunities on an ongoing basis for the employees of the insurance sector, in addition to programs related to professional certificates in insurance sciences, in addition to following up on insurance companies in setting up annual training plans for their employees, as well as taking improvement measures related to salaries and weekly leaves, with the aim of enhancing job competitiveness in the sector.