UAE - Emirates Institute for Banking and Financial Studies (EIBFS), a regional leader in banking and finance education and training, on Thursday hosted a workshop to review progress achieved since the introduction of the target points system across UAE banks. The move aligns with the objective of the UAE Vision 2021 to increase the number of UAE nationals in the private sector.
Nasser bin Thani Al Hamli, UAEMinister of Human Resources and Emiratisation, led the meeting that drew the participation of Shahab Essa Al Zaabi, Head of Licensing at the Central Bank of the UAE and Board Member of EIBFS. More than 120 HR heads of banks - critical stakeholders in the implementation process - were also present.
In his keynote address, Al Hamli said: "Banking and insurance are important strategic sectors that have the ability to provide suitable jobs for UAE nationals and increase their competitiveness, and thus actively contribute to achieving the Emiratisation targets outlined in the UAE Vision 2021." He stressed the readiness of the Ministry of Human Resources and Emiratisation to provide support to institutions and companies working in these sectors to enable them to achieve the required Emiratisation rates according to the points system.
He added that the Ministry is keen to develop partnerships with various economic sectors in the country and to promote integration of roles and joint responsibility for Emiratisation.
Unlike the older quota system, the new scheme assigns point targets to institutions based on their revenues. In other words, banks with larger operating incomes and insurance companies with greater gross written premiums have higher Emiratisation targets to work towards.
The entities earn input and output points to achieve their respective targets. The input points incentivise institutions for investing in the training of UAE nationals and developing their skillsets to help them move up the career ladder to senior management roles.
Meanwhile, the output points reward banks and insurance companies for actual job creation and the quality of vacancies targeted towards Emiratis. For example, an entity scores five points if it creates a managerial position for a UAE national, whereas a non-managerial post fetches one point. If an entity fails to achieve the target, a financial penalty of Dh20,000 will be applied for every point below the target.
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