Training Contract Signed between CMA and CBFS

Al Salmi: We Endeavor to Enhance the National Competencies working for the Insurance Companies.

Al Ghassani:  WE are committed to Provide Quality Training Courses

Al Mamari:  We Work to Enable the National Carders to take over professional and leadership roles

The Capital Market Authority and the College of Banking and Financial Studies (CBFS) have signed on Tuesday a contract for the training of Omani employees working for insurance companies  to obtain professional certification from  Chartered Institute of  Insurance (CII). The contract was signed by HE Sheikh Abdullah Salim Al Salmi, Executive President  for CMA and Dr. Ahmed Mohson Al Ghassani, Dean of the College for CBFS.

The aim of the contract is train Omani carders working for the insurance sector  to obtain professional certificates from CII to enable them to assume leading roles in the insurance sector.

The CII is an international institution based in London, UK established in 1912  providing professional certification in insurance on various levels from basic to advanced diploma.

HE the Executive President of CMA expressed his happiness over the move  and the efforts exerted by CMA to contract with  a local college to be the venue of training  and examinations for  professional certification in insurance to allow the interested employees to study such specializations  in the Sultanate which is part of CMA’s policy to enhance the competency of the national cadres working for insurance companies and brokers by acquainting them  with  knowledge  and skills enabling them to assume  technical and administrative roles on the various levels including medium and senior roles.

HE  added these efforts were designed  following a survey  of the insurance  sector to find out the Omanization ratios and the nature of the posts occupied by national cadres working for the sector. The survey showed that there is a need  for upgrading the educational and professional levels  of the Omani youth working for insurance companies and brokers to take  technical and leading roles for added value to the sector. Hence CMA attached great care to the human resources working for the sector through the constitution of a training committee. He added that CMA is keen to provide quality specialized training  suitable for the requirements  and the nature of the insurance sector, accordingly this contract was signed to  provide for professional certification for the ambitious youth who are interested  in enhancing their  abilities and experience by  professional qualifications. 

Al Salmi confirmed that  enabling the youth  working for the insurance sector is because the sector is a pivotal economic sector with great potentials and is growing to nearly half billion Rials in volume beside the new amendments to the insurance law which have raised the capital of insurance companies to RO 10 million  which  will contribute to creating big economic entities able to accommodate risks.

Dr. Ahmed Al Ghassani, Dean of the CBFS  said “ We are happy to cooperate with CMA for the training and qualification of Omani cadres to obtain international professional certification in insurance which  is evidence of CMA’s keenness to upgrade the competency of the employees of the insurance sector and consequently raise the Omanization ratios in the medium and senior management in the sector.  I would like to confirm that  CBFS is committed to provide quality training programmes for transfer of knowledge through association  with reputable international institutions to meet the needs of the Omani work market. He added the college is training more than  3,000 employees annually  in specialized programmes according to the requirements of the various institutions.

Ahmed Ali Al Mamari, Director General of Insurance Supervision said  signing the training contract  is  step forward in the true path  to create  a national incubator supporting the  efforts  to promote the national cadres working in the insurance sector. He added CMA’s efforts  in this respect have started more than one and half year ago, however the reliance was on foreign institutions and we hope  to see similar initiatives by national colleges and universities in the Sultanate.

Al Mamari added the CMA endeavors  to achieve its regulatory and supervisory role over the insurance sector through developing the various aspects of the sector by focusing on developing the human resources  by extensive training and encouraging them to enhance their professional skills. CMA has organized  in past year 15 training programmes for  400 employees working for insurance companies and brokers  representing 26% of the total Omani employees in the sector  to develop their technical skills in addition to 6 programmes so far this year as part of training plan until the end of the year. He added such efforts will enhance Omanization levels and enable the national cadres  to assume professional and leadership roles. Omanization ratio is 69% which is good ratio, however most the employee are still in operational roles.

The contract between CMA and CBFS will be in two phases  with 30 trainees in each phase . The first phase will for basics of insurance and the second will be in professional certification.