BANKING

eibfs

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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

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