BANKING

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Article

New Point System: A directional change

The current quota system, especially in the Banking

sector, has been largely successful in attracting

Emirati talent to the industry. These institutions were

mandated by the Government to have a percentage of

the work force as Emiratis with the number increasing

every year.

Though it was heartening to see more Emiratis

joining these sectors over the past few years,

there were many key challenges in this regard.

A key analysis was that the kind of jobs created

was mostly non critical jobs with a high skewness

in favour of the front end retail banking in the

branches.

The presence of Emiratis in key domains in the

Banking and Insurance sectors like corporate

banking, treasury, credit, investments, actuarial,

underwriting etc has been extremely low.

It is in this context that the Emiratization strategy

is set for a transformational overhaul with key

objectives of employment generation and talent

development. The Banks and Insurance companies

would be given a target point by their respective

regulators based on their business parameters of

operating income and gross premiums written. This

ensures that the Emiratization targets are aligned

to the business objectives and ensures fairness as

larger institutions will have higher institutions and

vice versa. This is a remarkable shift from the one

size fits all approach under the current model.

BANKING & FINANCE U.A.E February 2017 29

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