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CBFS signs MoU with UK’s Chartered Insurance Institute

Dean of the CBFS: ”This MoU is an essential step in Capacity Building of Omanis in the Insurance sector”.

The College of Banking and Financial Studies (CBFS) signs a Memorandum of Understanding (MoU) with the Chartered Insurance Institute (CII) headquartered in London.

The CII is considered one of the most prestigious institutions granting professional certification in Insurance and specialized financial services.

The MoU was signed by Dr. Ahmed bin Mohsin Al Ghassani Dean of the College of Banking and Financial Studies and Ms Margaret West, Head of Foreign Operations of the Chartered Insurance Institute. Mr. Ahmed Bin Ali Al Mamari, Director General for Insurance at the Capital Market Authority (CMA) and Mr. Anees Bin Moosa Al Lawati, the Assistant Dean of Academic Affairs, CBFS, were present at the meeting.

About the importance of the MoU, Dr. Al Ghassani, Dean of the College of Banking and Financial Studies said that the agreement is in line with the interest of the CMA, which is governing the Insurance sector in the Sultanate. Based on a framework, the College intends to provide training offer professional certificates in the field of Insurance and Financial Planning to develop human resources of the Omani labour force in the sector, as identified by the Capital Market Authority. Dr. Ghassani added that the College is constantly working on offering specialized academic, professional and training programmes to meet the needs of various financial sectors and the labor market in the Sultanate.

On the MoU, Mr. Ahmed bin Ali Al Maamari said the CMA is committed to the advancement of the insurance sector, which focuses on the development of the human element.

With the MoU, the Authority will be able to have professionals with ACII certification from the CII, which will reflect positively on the development and rehabilitation of human resources in the Insurance sector in the Sultanate.

Ms. Margaret West, Head of Foreign Operations in the Chartered Insurance Institute welcomes the MoU with CBFS, which has the support of the Capital Market Authority – the supervising body for the insurance sector in the Sultanate.”

She added: “We -through this cooperation- will be able to support the Omani labor market programs of professional training according to market needs and the vision of the Capital Market Authority as a regulator for the sector and it is a perfect opportunity to spread awareness about the insurance sector, and I’m delighted with this cooperation and I positively look forward to the future and specifically towards increasing joint programs with the college.”