Strategic plan to implement Emiratisation in banking & insurance industries launched

• Strategic mechanisms to support and enable national competencies 

• Al Qatami: We have established the Banking Leadership project in addition to governing the HRDC-BS operations 

UAE, June 8, 2014 - The National Human Resources Development Committee in the Banking Sector (HRDC-BS) is geared up for a more dynamic work and achievement - supported by a scientific approach and international criteria - to strengthen the national competencies and expertise of Emiratis in order to attain senior management and supervisory positions across the financial and banking sector. The industry is considered one of the fastest growing and successful sectors in the world today.

The announcement came during a recent HRDC meeting headed by H.E. Humaid Mohammed Al Qatami, Minister of Education and Chairman of HRDC. The meeting was attended by committee members.

H.E. Al Qatami said UAE’s remarkable social development and economic growth, which currently ranks high in global competitiveness, are clear indications of the country’s success and progress in terms of complying with the vision and directives of wise leadership and their full support to the financial and banking sector and in terms of meeting all relevant policies and regulations. In addition, high-profile national veterans worked hard to raise the bar on financial and business industries in the country to further accelerate the development and growth that they are witnessing today. This emphasizes our strong national capabilities which HRDC aims to further reinforce.

It also targets to provide the industries with an opportunity to sustain its achievements and to expand their reach and responsibilities. The efforts will boost the implementation of industry policies in the interest of the general public.

H.E. Al Qatami added that leaders from banking and finance, insurance companies, and exchange houses, among others, are fully aware of the important role of HRDC. They also recognize the urgent need to implement the Emiratisation policy in the industry, while encouraging Emirati nationals to take charge and assume responsibilities. Further, they understand that the UAE gives high priority to the financial and banking sector as a cornerstone of sustainable development and of national competencies and skills training.

The HRDC also announced the launching of the Banking Leadership project as part of its commitment to build a generation with extensive skills and capabilities. The competencies will enable them to undertake high management positions in the future, with a closer look at the successful achievements of national banking leaders and their pivotal role in managing financial and banking institutions. Recent industry studies show that banking institutions still lack the presence of national human resources. The number of national senior administrative officials is less than 5 per cent of the total number of nationals working in the banking industry.  Accordingly, HRDC collaborated with international academic institutions for the implementation of the integrated Banking Leadership project, which is poised to produce as many as 400 graduates annually under the highest standards and best international practices.

H.E. Al Qatami added that the committee discussed a variety of topics during the meeting, namely the recent decision to apply Emiratisation in the banking sector; and adoption of the list of members and work plan of the executive committee and committee of studies and research. He assured that the HRDC will continue to follow up on the subject of Emiratisation in banks and insurance companies as well as on relevant resolutions.

The committee also showcased offerings from leading international companies in the local market. It will also conduct surveys to determine the current status of national employment in the banking and financial segment in a bid to increase the number of Emirati employees in the industry, especially in management and supervisory positions.