BANKING

Article
Focus on Competencies and Knowledge
transfer
l A remarkable highlight of the new system is the
focus it gives for the knowledge and competency
development of Emirati talent to help them scale up
their career objectives.
This is envisaged through a key parameter called as
‘input points’, where points are given on the basis of
‘the investments made in training and development
of Emirati talent’. This incentivizes Banks and
Insurance companies to invest higher amounts in
training and development of the Emirati talent so
that they can have the chance of achieving up to
20% their targets through this parameter. Thus the
onus is on the Banks and Insurance companies to
train and develop Emiratis talent to take up more
key roles in these sectors.
l Another way this system bats for the key objective
of quality job creation, is by incentivizing Banks
and Insurance companies to create jobs in ‘critical
positions’ and in the higher organizational hierarchy.
Institutions where Emiratis work in critical roles in key
departments like corporate banking, treasury, credit,
investments, actuarial, underwriting are rewarded
with two points, thus helping them achieve their
targets. This would foster the knowledge transfer and
development of competencies of prospective Emirati
talent pool in the future.
l The system aims at empowering the Emirati talent
in these industries to ‘think big’ and shoulder greater
responsibilities. This is evident from the way another
key parameter called as ‘hierarchy points’ are awarded
to the Banks and Insurance companies. Emiratis
in top management will get 5 points, while middle
management gets 3 points and non-managerial
roles get just 1 point. This means that a role in top
management could be equal to five non managerial
jobs. This will create greater opportunities for Emiratis
to fine tune their skillsets and eventually take top
leadership positions in these industries.
Another key hallmark of the new Emiratization system
is that it is ‘highly futuristic’ and forward looking. At
a time when financial technology is resulting in rapid
automation of banking jobs across the world, the
new Emiratization system aims at developing the
competencies of Emirati talent to ensure that their
careers do not get stuck in non-core banking roles,
which could become redundant in the future.
As Banking across the world is quickly moving to the
digital world and new lending methods like Peer to
peer lending is making rapid strides, it reminds us
of what Bill Gates said two decades back “Banking
is necessary, but Banks are not”. Core banking
domains would continue to remain in one form or
other when traditional brick and mortar banking could
eventually become history. It is clearly evident that the
major move in respect to new Emiratization strategy
has foreseen the massive futuristic changes going to
happen in the UAE and global banking industry.
Emirates Institute for Banking and Financial Studies
(EIBFS) has worked hands in glove with the Ministry
of Presidential Affairs, Central Bank and Insurance
30 February 2017 BANKING & FINANCE U.A.E