Ithmaar banking group employees receive Series 7 certification

The Series 7 qualification mirrors, for individuals selling and trading investment products in and from the Kingdom of Bahrain, the National Association of Securities Dealers (NASD) United States' certification.

"Ithmaar Bank, together with our subsidiaries and associates, views training and development as an essential duty in developing our key asset, our human resources, and in helping to strengthen the financial sector in the Kingdom of Bahrain", said Ithmaar Bank CEO and Member of the Board, Michael P. Lee

When, in the 1990s, Lee was advising the Government of Bahrain on financial sector development, he advocated the introduction of the Series 7 certification into the BIBF curriculum.

Since then, many Shamil Bank staff have gone on to receive the Series 7 certification.

Also congratulating the Series 7 graduates were, Mohamed Hussain Co-CEO and Member of the Board, and Ahmed Abdulrahim, Managing Director - Group support.

Abdulrahim said, "Our Human Resources department is constantly seeking to accelerate our employees' development by providing them with learning opportunities that will enhance their skills and equip them with the knowledge that will allow them to build exceptional careers."

Staff from Ithmaar Bank's and Shamil Bank's business and support units were selected to participate in the programme based upon the potential skills they displayed for investment banking and securities placement.

Following their success in Series 7, two employees from the Bank's support functions were then transferred to take up new career opportunities in the business units.

The programme participants, mostly Bahraini nationals, were required to pass two rigorous examinations and achieve a minimum score of 70 per cent in order to achieve the Series 7 certification.

The following Ithmaar Bank and Shamil Bank employees received the Series 7 certification:

For Ithmaar Bank: Fahad Isa Alqadhi; Farhan ul Haq Siddiqui; Sarah Mahmood Ahmadi; Yara Faraj; and Tariq Khonji.

For Shamil Bank: Abdulla Abdulrahman Abdulla; Amal Haider; Hisham Nimah Ismail; Fatima Al-Ansari; Nicanor A. Odejar; and Faisal Ebrahim Aldoseri.

The four week Series 7 programme, conducted at Shamil Bank's headquarters, provided participants with an overview of a wide range of products including equity securities, debt securities, options and mutual funds.

In addition, participants attended comprehensive sessions on investment banking, securities laws and regulations, trading procedures, margin accounts, customer accounts and direct participation programmes.

Lee explained that it is vital for those practising Islamic banking and finance to understand all of the market's financial products and services, "Whereas there is a profusion of tradable securities available in the conventional market, Islamic banking and finance provide the last frontier for innovation in global finance, and it is important for Islamic finance professionals to know the full range of conventional products and services, even though some of them may not, and indeed should not, have substitutes in the Islamic finance sector".

However, Lee emphasized that the value of Series 7 certification was not simply to provide a sophisticated understanding of securities products and services, "An important principle inculcated by Series 7 is that professionals in the securities industry should not only know their clients well, including understanding their clients' investment and risk capacities, but should also ensure that their clients understand the inherent risks and the basis of the potential rewards in the securities being sold, inculcating this professional attitude of always seeking to act in the best interest of a particular client.

The benefits should be lasting for the individual professional, for his or her financial institution, and for the financial centre concerned in gaining and maintaining trust of investor and issuer clients".

Lee said that Ithmaar Bank's Board and senior management, together with those of the Bank's subsidiaries and associates, were committed to providing every conceivable opportunity for professional education and career development for every individual professional in the group and he praised the commitment of the young Bahraini professionals to their self-development, "For the Series 7 graduates, this is not the end of their formal training - our industry requires career-long training, with a heavy concentration on formal training in the early career stages.

Many of these Series 7 graduates, together with other colleagues, will be studying part-time for other professional qualifications, such as the demanding CFA tripartite examination, or an MBA.

The excitement of working in our industry derives from the limitless need to continue learning in order to remain competitive".