Contract signed to train Omani employees working for insurance companies

Muscat: The Capital Market Authority (CMA) and the College of Banking and Financial Studies (CBFS) on Tuesday signed a contract for training of Omani employees working for insurance companies to obtain professional certification from Chartered Institute of Insurance (CII).
The contract was signed by Sheikh Abdullah Salim Al Salmi, executive president of CMA and Dr Ahmed Mohson Al Ghassani, Dean of the College for CBFS.
The aim of the contract is train Omani employees 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.
Al Salmi 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 specialisations 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 Omanisation 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 specialised 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 riyals in volume beside the new amendments to the insurance law which have raised the capital of insurance companies to OMR10 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 Omanisation 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 specialised 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 endeavours 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 organised in past year 15 training programmes for 400 employees working for insurance companies and brokers representing 26 per cent of the total Omani employees in the sector to develop their technical skills in addition to six programmes so far this year as part of training plan until the end of the year.
He added such efforts will enhance Omanisation levels and enable the nationals to assume professional and leadership roles. Omanisation 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.