The Qatar Central Bank (QCB) is contemplating establishing a training centre in order to meet human capital needs in the country’s financial sector, it is learnt.
“Broad contours have been drawn in this regard but specific details are yet to emerge,” industry sources said, adding proactive steps are required to enhance the participation of local talents in the sector.
They said the need for establishing such a centre was suggested in the recently released Second Strategic Plan (SSP) for financial sector regulation, a joint initiative of the QCB, the Qatar Financial Market Authority (QFMA) and the Qatar Financial Center Regulatory Authority (QFCRA).
In the banking sector, the share of nationals has increased on an average by about 25% during 2013-16; while that of nationals in the QFMA and the QFCRA were 50% and 27% respectively.
It is imperative to augment capacity, talent and leadership not just at the level of any individual organisation but more broadly in the financial services sector to leverage on the accomplishments and preserve them into the future, according to the SSP.
Qatar has a growing young population with more than 80% within the working age group (15-64 years) that provides a key resource for long-term sustainable growth.
Suggestions have also been made to collaborate with schools, higher education facilities and other stakeholders to communicate career options within the financial sector and support the Qatarisation drive.
In order to identify and develop future national leaders in the financial sector, it is also recommended to encourage and implement short/long-term foreign education programme and professional certificates as well as to identify, acquire, develop and utilise potential talents at all organisational levels.
The SSP has worked on the sixth strategic goal of building human capital in the first strategic plan for 2012-16. In collaboration with local universities, the financial sector regulators had launched training and capacity building programme in finance and banking areas, while several leading foreign universities have established off-site campuses offering courses in varied areas.
In 2012, in co-operation with the Ministry of Higher Education, the QCB established a specialised banking and business management independent high school for boys and girls; both the QFMA and the QFCRA had actively participated in secondment and internship programmes to facilitate domestic talent exposure to the functions and work of the financial regulators; and the QFCRA worked closely with the Ministry of Administrative Development to develop a scholarship for high school students interested in a career in the financial sector.
The QFMA had also developed an education and training programme with the Qatar Finance and Business Academy and the Chartered Institute for Securities and Investments emphasising competencies.
In collaboration with Qatar’s three financial regulators, HEC Paris, Qatar developed a new Master’s degree in financial regulation and leadership for Qatari employees in core business areas in order to support and build future national leaders for the financial
sector.
Business / Business
QCB mulls training centre to meet human capital needs of Qatar’s financial sector
The need for establishing the training centre was suggested in the recently released Second Strategic Plan for financial sector regulation, a joint initiative of the QCB, the Qatar Financial Market Authority, and the Qatar Financial Center Regulatory Authority.
