Emirates Institute for Banking and Financial Studies Reports Record Number of Participants in 2016

Institute enrolled 6,342 UAE nationals, 9% more than in 2015

879 training and educational programmes delivered last year

Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, has reported record training numbers for the calendar year 2016.

The institute delivered a total of 879 vocational training and educational programmes throughout the year – the highest number to date. EIBFS welcomed a total of 23,899 participants, registering an increase of 11 per cent compared to 2015.

In line with the government’s objective to boost the professional capacities of UAE nationals, EIBFS enrolled 6,342 Emiratis last year. This represents an increase of 9 per cent over 2015, when 5,796 UAE nationals participated in the institute’s programmes.

Speaking on the strong performance, Jamal Al Jassmi, General Manager of EIBFS, said: “Our record 2016 operational results reflect EIBFS’s steadfast focus in contributing to the development of the UAE’s growing banking and financial services sector. It is heartening to see the increase in the number of students and professionals who value the curriculum, programmes and workshops we have designed to bring out the best in them and help them advance in their careers. Furthermore, our numbers over the past few years testify to our success in supporting the government’s nationalisation efforts through training young UAE nationals.”

He added: “In keeping with our status as the leading educational institute for banking and finance in the region, we continue to build a learning environment that equips our students to beat back the competition and succeed in their chosen fields. We are confident that our investment in faculty, technology and research as well as our collaboration with valued stakeholders will enable us to maintain our track-record of success for years to come. The continued constructive suggestions to improve our training programs from our stakeholders in the financial sectors, particularly the head of training and human resources, have been of critical significance in catering to the professional competencies that the industry needs.”

With more customised courses in response to the demands of the banking and finance community as well as the job market, EIBFS plans to deliver over 570 annual training programmes (ATPs) across 10 categories in 2017. The categories include Bank Science and Operations, Credit Management and Project Finance, Banking English, Treasury and Capital Market, Marketing, Sales and Customer Service, Human Resources Management and Leadership, Islamic Banking, E-Banking Applications, Risk Management and Compliance, and the newly introduced Quality Management. Each category offers a choice of basic, intermediate or advanced levels.

As part of its strong focus on nationalisation program, the institute’s portfolio comprises a variety of courses that allow talented UAE nationals nominated by their employers to upskill themselves. Among these, the Leadership Development Programme, designed in partnership with the University of Virginia Darden School of Business, received a high uptake in 2016. Last year, EIBFS also hosted a series of workshops and seminars for senior-level professionals from the banking sector.

In 2017, the institute will continue to provide 101 e-learning programmes and organise networking events dedicated to various aspects of the financial sector with the participation of distinguished international speakers. In addition, it will develop new customised training courses to meet the requirements of banks and insurance companies in the UAE and the wider region.

UAE’s Union National Bank signs memorandum of understanding with EIBFS for development of national staff

Union National Bank (UNB) signed a Memorandum of Understanding (MoU) with the Emirates Institute of Banking and Financial Studies (EIBFS). The signing ceremony took place on Tuesday 20th December 2016, at UNB head office, Abu Dhabi, and was attended by Mr. Mohammad Ali, Deputy CEO from UNB, and Mr. Jamal Al Jassmi General Manager of EIBFS, along with other Senior Executives from both organizations.

Under the terms of the MoU, EIBFS will be providing academic and training support through the EIBFS Bachelor and Diploma programs to the selected Emirati Employees nominated by UNB.

This MoU serves as a framework to facilitate collaboration and cooperation between UNB and EIBFS with the commitment to provide banking industry specific academic programs duly approved by the Ministry of Higher Education and Scientific Research (MoHESR) to UNB’s UAE National staff leading to a Bachelor Degree or Diploma qualifications in Banking.

Speaking on the occasion Mr. Mohammad Ali, Deputy CEO from UNB said that “We are honored to tie up with EIBFS on this initiative through which we will facilitate development of our UAE national staff by supporting the enhancement of their academic qualifications in Banking & Finance areas. This initiative also supports the new Nationalization Strategy formulated by the Central Bank of UAE.”

People have a place even in chase for profit gains

Dr. Allen Baby, Lecturer

Dr. Allen Baby

Lecturer

Emirates Institute for Banking and Financial Studies (EIBFS)

It was not very long ago that unrestrained economic growth was advocated as the panacea for all the economic and social ills in the world. It was widely held that rapid growth and free markets would create opportunities for even the poor and middle-class — vital sections that would benefit from the trickle-down of wealth.

In reality, however, hardly any wealth seeped down as the rich took the lion’s share of the economic harvest and making it crony capitalism. Today, the gap between the world’s rich and poor is wider than ever and continues to grow alarmingly. The report published by Oxfam International in January sent shock waves by revealing that wealth of the eight richest persons equals that of the poorest half in the world.

Fortunately, the world is now waking up to the fact that growth is meaningless unless it benefits people within every strata and secures the interest of future generations. Sustainable and inclusive economic growth is fast replacing unbridled profits as the new watchword for policymakers.

People, Planet, Profit — The triple bottom-line approach

The essence of the new thinking is perhaps best captured in the concept of the Triple Bottom Line (3BL), which emphasises sustainable development across three interesting dimensions: profits, planet and people. It advocates that businesses must look beyond profits, and consider equally the interests of the people and the planet.

Business success should be judged not only by the economic value added, but also by the social and environmental value achieved.

The triple bottom-line approach is thus a pragmatic shift in outlook towards solving key economic and social problems. The core premise is that taking care of society and the planet is, in fact, is great for business as well.

Putting people and planet before profit in Africa

Only recently, this core premise was brilliantly demonstrated in Africa in M-Pesa’s success story. What began in 2007 as a basic SMS-based mobile service, M-Pesa allowed Kenyans to repay their microfinance loans using their basic mobile phone. Users liked M-Pesa because it helped them reduce costs associated with handling cash and thus brought down interest rates.

Very quickly, M-Pesa became a reliable and time-efficient money-transfer platform that subsequently offered loans and saving products.

To the hundreds of millions of Africans who rely on money transfers but have no access to banks, M-Pesa came as an empowering boon. Today, almost two-thirds of adults in Kenya use M-Pesa. Moreover, the platform has been enthusiastically adopted by other countries in Africa, South Asia and Eastern Europe.

I believe that M-Pesa is a towering example of innovation because it exemplifies an important economic premise — when a business caters to society at the grass roots and provides people with sustainable solutions to elevate their quality of life — profits will surely follow.

Nearly a decade after its launch, M-Pesa has transformed economic interaction in Kenya, with 43 per cent of the nation’s GDP flowing through it. Its success reshaped Kenya’s banking and telecom sectors, extended financial inclusion for nearly 20 million Kenyans, and facilitated the creation of thousands of small businesses. M-Pesa’s success story is a truly inspiring testimony to the relevance of triple bottom-line approach.

In the UAE, major institutions such as the National Bank of Abu Dhabi have endorsed the approach, becoming signatories to the famous “Equator Principles” that urge financial institutions to stay away from financing businesses that may adversely affect people and the planet.

A vital front on which the UAE’s banks could show better 3BL focus is in lending to the SME sector, the backbone of the economy by constituting nearly 90 per cent of total business. However, the IMF report on the lending patterns of UAE banks reveals that SME funding accounts for a minuscule 4 per cent of the total.

The report also states that 77 per cent of SMEs have no formal access to finance. To empower the sector in its entirety, banks should reorient their lending practices and focus on long-term sustainability rather than on short-term risks. The UAE regulators should also introduce compulsory sustainability reporting for all large and publicly listed companies.

In closing, I am reminded of the wisdom in a Greek proverb which says “a society grows great when old men plant trees whose shade they know they shall never sit in.” In this spirit, let us operate our businesses in a way that puts people and planet before profits, so that our children may enjoy such shade — and fruit — in bounteous plenty.

EIBFS Participates at the 19th National Career Exhibition at Sharjah Expo Center

The National Career Exhibition is seen as an integral part of the UAE government’s initiatives to successfully integrate national manpower into the country’s workforce. By bringing together leading public and private establishments in the country at a single place, the exhibition provides thousands of job and training opportunities for Emirati youth.

The show also enjoys active patronage of His Highness Dr Sheikh Sultan bin Mohammed Al Qassimi, Member of the UAE Supreme Council and Ruler of Sharjah. Besides, it has the support of the Sharjah Chamber of Commerce & Industry and Emirates Institute for Banking & Financial Studies.

EIBFS signs memorandum of understanding with RAK Bank for development of 25 national staff

Emirates Institute of Banking and Financial Studies (EIBFS) signed a Memorandum of Understanding (MoU) with the National Bank of Ras Al Khaimah. The signing ceremony took place on Wednesday 15th February 2017, at Expo center Sharjah, and was attended Mr. Jamal Al Jassmi General Manager of EIBFS, and Mr.Sulatn Al Ali – Emiratization Manager at RAK Bank along with other Senior Executives from both organizations.

Under the terms of the MoU, EIBFS will be providing academic support through the EIBFS Bachelor in banking and Finance to the selected 25 Emirati Employees nominated by Rak Bank.

This MoU serves as a framework to facilitate collaboration and cooperation between EIBFS and RAK with the commitment to provide banking industry specific academic programs duly approved by the Ministry of Higher Education and Scientific Research (MoHESR) to RAK’s UAE National staff leading to a Bachelor Degree in Banking.

Speaking on the occasion Mr. Jamal Al Jassmi “We are honored to tie up with RAK Bank on this initiative through which we will facilitate development of our UAE national staff by supporting the enhancement of their academic qualifications in Banking & Finance areas. This initiative also supports the new Nationalization Strategy formulated by the Central Bank of UAE.”

EIBFS Participates at the 19th National Career Exhibition at Sharjah Expo Center

The 19th edition of National Career Exhibition and the 13th International Education Show will kick off on Wednesday at Expo Centre Sharjah.

The events, held under the patronage of His Highness Dr Shaikh Sultan Bin Mohammad Al Qasimi, Supreme Council Member and Ruler of Sharjah, will run until February 17

The National Career Exhibition is hosting over 70 governmental and private entities, it was announced.

The exhibition attracts young Emirati graduates to offer them career and internship opportunities. This exhibition is being organised in collaboration with Sharjah Chamber of Commerce and Industry (SCCI) and the Emirates Institute for Banking and Financial Studies (EIBFS), with the support of the Directorate of Human Resources at Sharjah Government.

EIBFS participates at Tawdheef from 30th Jan to 1st Feb at Abu Dhabi National Exhibition Centre

The 11th edition of the Recruitment Show, Tawdheef Abu Dhabi, was launched on Monday 30 Jan 2017, under the patronage of Sheikh Nahyan bin Mubarak Al Nahyan, Minister of Culture and Knowledge Development.

Tawdheef is the leading recruitment event for UAE Nationals is the perfect platform for public and private companies interested in developing their UAE National workforce and meeting qualified Emirati professionals and graduates. The three-day fair at the Abu Dhabi National Exhibition Centre was inaugurated by Hussain bin Ibrahim Al Hammadi, Minister of Education Dr. Abdul Latif Al Shamsi, Director of the Higher Colleges of Technology and Matar Humaid Al Dhaheri Acting group CEO of the Abu Dhabi National Exhibition “ADNEC”.