Al Shaibi: This partnership is a step forward towards supporting QFMA's licensing requirements, which is a prerequisite to develop, implement, and enhance compliance with professional standards required for financial services practices.
The Qatar Financial Markets Authority (QFMA) has signed an agreement with the Chartered Institute for Securities & Investment "CISI" and the Qatar Finance & Business Academy (QFBA) for the preparation of training and a continuous professional development program.
The program is based on a combination of professionally recognized assessments on one hand, and on specificities of the Qatari financial market on the other hand. It aims to promote proficiency, hence confidence in the financial services activities as well as enhancing the authority role in this respect.
Mr. Nasser Ahmad Al Shaibi, the Chief Executive Officer of, QFMA commenting on the partnership, said, "We initiated this necessary important step to lay down the foundation of the QFMA licensing requirements for individuals working in the industry, We believe that increased competence amongst market practitioners will further favor adoption and compliance with best international standards, significantly improve investor protection and positively impact the financial services as well as enhancing the capital market efficiency, integrity and transparency in Qatar.
"We want to set the tone of the local market to be as competitive as the international markets, with this step, QFMA has put in the forefront the priorities in having well trained and qualified personnel in the financial sector," Al Shaibi added.
Mr. David E. King of the CISI in his comments said, "We are delighted that Qatar is taking this step of introducing the CISI certification with QFMA, and with QFMA launching this fold, the financial sector of the country will achieve the objectives and greatly benefit from well-educated and qualified staff as they are important assets of this vital industry."
The Chartered Institute for Securities & Investment is the largest and most widely respected professional body for those who work in the securities and investment industry in the UK and in a growing number of major financial centres round the world.
"Evolved from the London Stock Exchange, we now have more than 40,000 members in 89 countries. In the past year, we set almost 40,000 examinations in over 70 countries, covering a range of vocational qualifications," David said.
Mr. Shashank Srivastava, the Acting Chief Executive Officer of Qatar Financial Centre, said the QFBA's initiative complements QFMA's mission supporting the development of Qatar's financial services industry. "With CISI we are able to get one of the best institutes in the world to Qatar," he added.
Meanwhile, Mr. Rashid Ali Al Mansouri, the Deputy Chief Executive Officer of Qatar Exchange, expressing his thoughts about the new program initiated by QFMA said, "Qatar Exchange will extend all its support to make this initiative a great success",
" The program is in the benefit of the Qatari financial industry, as it is a right step on the right path to train and rehabilitate practitioners in such vital sector to make the best use and capitalize on human resources, the main asset and driver of the economy" Al Mansouri added.
Mr Adel A Aziz Khashabi, One of QNB Financial Services Directors, expressing confidence in the QFMA initiative said The QNBFS is committed to continuously cooperate and extends its full support in making this program a success, "We are glad that with the CISI certification, we can have trained and qualified staff to provide diversified financial services and comply with international financial practices," he said.
The program includes three phases. Candidates start with being subjected to the assessment of "Introduction to international investments." This is a multiple-choice assessment, available in both Arabic and English. The training is provided by QFBA. The candidates are allowed to obtain student's membership at the Chartered Institute for Securities and investment, which offers a wide range of additional material made available for the candidates.
Following this phase, the candidates progress onto the QFMA specific regulatory assessment, followed by a final technical assessment which varies in accordance with the job position of the candidate and his specialty.
On completion of these assessments, candidates obtain an international professional qualification certificate, accredited by the CISI and the QFMA.
On this regard, QFMA organized a workshop with the participation of representatives on behalf of the Qatar Exchange, the CISI, the QFBA and all the firms licensed to provide financial services.
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About QFMA
The QFMA was established as an independent Regulatory Authority for the Capital Markets in Qatar, by Law No. (33) Of 2005, amended by decree Law No. (14) for the year 2007, and Law No. (10) for the year 2009. QFMA's main objectives, as enshrined in Article (4) of the Law are: to foster confidence in the securities markets, protect investors, bolster the stability of the securities markets and reduce risks. It took over, from the Doha Securities Market, the functions and powers of: making, issuing, monitoring compliance with (inspection, surveillance, investigation) and enforcing, rules that govern the issuance, listing and trading of securities in Qatar and the provision of services relating to such activities (licensing).
www.qfma.org.qa
About CISI
The CISI is the largest and most widely respected professional body for those who work in the securities and investment industry in the UK and in a growing number of major financial centres around the world. Formed in 1992 by London Stock Exchange practitioners, we now have more than 40,000 members in 89 countries. In the past year, we set almost 40,000 examinations in over 70 countries, covering a range of vocational qualifications.
They have a strong regional presence in the UK, with 16 active branches across the British Isles, and a fast-growing presence internationally, served by offices in Dublin, Edinburgh, India, Singapore, Sri Lanka and the UAE.
For more information about the Chartered Institute for Securities and investment, contact: Helena Green, e-mail: Helena.green@cisi.org, Or visit the website: www.secinst.co.uk
About QFBA
The QFBA is a learning and development organisation based in Qatar offering business and professional learning and research around the critical issues facing individuals and organisations in the current and future global business environment. Through its partnership with the Qatar Foundation and the QFC Authority, QFBA provides learning solutions for entry-level to senior executive professionals in essential financial disciplines within the sectors of banking, asset management, capital markets, insurance and financial services leadership. QFBA also provides expert coaching and development for all participants that help to map their individual learning journeys. QFBA's senior management and leadership team are drawn from world-class learning and corporate environments such as Shell, Columbia, INSEAD, IESE and London Business School.
© Press Release 2011
