The Securities and Commodities Authority’s Training Center (SCA TC) celebrated the graduation of 44 brokers and financial services industry workers who successfully passed the professional qualification exams delivered in collaboration with the UK-based Chartered Institute for Securities and Investment (CISI).
H.E. Dr. Obaid Al Zaabi, Acting CEO of SCA, gave out certificates of completion to 44 brokers and financial analysts, who successfully completed the program requirements, in a ceremony held yesterday in Dubai. Among those present at the ceremony were Members of the SCA TC’s Board of Trustees, Dr. Abdullah Al Shamsi, Vice Chancellor of the British University in Dubai (BUiD), Abdulaziz Al Nuaimi, Assistant Chief Executive of the Abu Dhabi Securities Exchange (ADX), Jamal Al Khadhar, Executive Vice President of the Dubai Financial Market (DFM), and Matthew Cowan, CISI’s Middle East Regional Director, as well as a number of financial market experts and specialists at home and abroad.
At the opening of the ceremony, Dr. Al Zaabi congratulated the graduates and thanked the CISI management for their continued cooperation as an important strategic partner in the field of training and development.
He said that during SCA TC’s life, it succeeded in promoting its role in offering specialized professional training for the securities industry at the local, regional, and international levels. It has become a think tank that offers expertise to counterparts in the region and its pioneering experiment resulted in it being recognized by the International Organization of Securities Commissions (IOSCO) and the Committee of Heads of the GCC Financial Market Regulators.
Dr. Al Zaabi explained that the program had strong support from the SCA Board, chaired by H.E. Eng. Sultan bin Saeed Al Mansoori, noting that completing the program has become a mandatory requirement for certifying representatives of brokers, financial analysts, trading managers, operation managers, and internal controllers. With the graduation of the new batch today, the number of qualified professionals in the UAE markets amounts to around 400.
Dr. Al Zaabi indicated that the graduation of the new batch of financial services industry workers is not only an added value to the labor market, but also a significant contribution to establishing the standards of professional excellence. The program keeps pace with the recent developments in the brokerage sector, which is reflected in the amendments recently introduced to securities brokerage regulations to ensure the efficiency of services provided to investors and provide further guarantees to all financial market actors.
For his part, Matthew Cowan expressed his pleasure at the graduation of the new batch of brokers, financial analysts, and trading managers. He congratulated those who received the certificates, expecting that this achievement will encourage colleagues and others in the financial services industry to follow suit.
Cowan explained that the program is similar to those offered in European and Asian markets and that it opens the door to licensees to work in various world markets, and therefore it represents an important turning point in their career. “These examinations signal the start of your journey as a professional in the finance industry, which requires a combination of knowledge, skills and behavior,” he said. Cowan also pointed out that the CISI is making its best effort to collaborate with SCA to provide a continued learning program to supply securities markets with qualified professionals and maintain the UAE status as an international financial hub. “For the UAE to be a major financial center, it too needs to have skilled people. The combination of initial knowledge and continued learning - leading to skills - is important and your success today is another step forward in building up the financial center,” he added.
The number of those who completed the program amounts to 44 from 12 countries (i.e. Saudi Arabia, Egypt, Jordan, Palestine, Lebanon, Syria, Algeria, India, Kenya, the US, Canada, and South Africa) as follows: 20 representatives of brokers, 6 trading and operation managers, an internal controller, and 10 financial analysts. Under the program, tailored in line with the best international standards, the SCA TC delivers 6 professional qualification exams titled: International Introduction to Investment, the UAE Financial Rules and Regulations, Global Securities, Operational Risk, Risk in Financial Services, and International Investment Management.