Arab News, Monday, Nov 21, 2022 | Rabi Al Thani 26, 1444
Saudi Central Bank to kick off Qualification Program to aid insurance sector
Saudi Arabia :
The Saudi Central Bank, also referred to as SAMA, has announced the kickoff of a
Qualification Program to aid the financial departments in the insurance sector,
according to a statement.
The program is set to launch in Jan. 2023 and will
be held for two consecutive months.
The program also falls in line with SAMA’s plan to
further develop the insurance sector and the national talent in an attempt to
boost specialized human resources which is one of the key pillars of the sector.
Specializing in insurance, the program has been
developed, prepared, and designed in such a way that offers top-notch training
and development solutions.
The main objective of the program is to provide
members with the required skills and knowledge which will enable them access to
potential job opportunities in financial departments belonging to entities
operating in the insurance sector.
During the two-month training period, the program
aims to train as many as 30 fresh graduates holding financial management-related
academic qualifications.
In addition to being delivered in the English
language, the program entails several training courses for participants that
cover topics including but not limited to the Insurance Foundation Certificate
Exam, structures of financial statements of insurance companies, technical
accounts for reinsurance, value-added tax and withholding tax, SAMA’s
instructions related to financial departments in the insurance sector, as well
as the general content of International Financial Reporting Standards.
In September, SAMA launched an education program
to provide Saudi university graduates with the skills to work in the Kingdom’s
rapidly expanding financial services industry.
The Professional Education Program targets male
and female graduates of Saudi universities and accredited international
universities who hold bachelor’s or master’s degrees. The six-month program will
offer trainees a range of advantages and incentives.
It aims to help graduates build careers that will
enhance their role in the financial services industry. Candidates will have the
opportunity to train in one of the departments of the Saudi Central Bank.