Kuwait Institute of Banking Studies (KIBS) is committed to enhancing and qualifying national cadres, based on its pivotal role in supporting various banking and commercial sectors in the State of Kuwait. This is achieved through fruitful cooperation and strategic partnerships with relevant entities. KIBS continually strives to establish professional standards and excellence in task performance and employee development.
In this context, Ms. Al-Nibari, Director General of KIBS, signed a Memorandum of Understanding with the Ministry of Commerce and Industry, represented by His Excellency Mr. Ziad Abdullah Al-Najem, Undersecretary of the Ministry. This memorandum aims to qualify professionals in the real estate appraisal field in Kuwait, enhancing the strategic role of the Ministry in regulating and governing the real estate appraisal profession according to approved standards. This will be implemented through the “Certified Real Estate Evaluator” program, a specialized professional program aligned with the real estate appraisal standards set by the Ministry, aiming to raise the professional competence of real estate appraisers. The program was designed in collaboration with a select group of real estate appraisal experts in Kuwait, based on the latest scientific and practical methodologies.
This memorandum reflects the KIBS commitment as a leading entity in training and professional development to provide an educational environment that stimulates professional development and enables trainees to acquire the necessary skills and experiences to meet labor market requirements. The Ministry of Commerce and Industry aims to ensure the optimal application of Ministerial Resolution No. (152) of 2023, concerning the regulation of the real estate appraiser profession and appraisal service providers in the State of Kuwait.
The role of real estate appraisal is significant not only in the real estate sector but also in the banking sector. Determining the fair value of properties aids in making informed investment decisions, whether in buying or selling, and assists individuals seeking homeownership. Additionally, real estate appraisal contributes to providing an accurate picture of the fair value of properties in company balance sheets, enhancing transparency and accuracy in financial data disclosure.
Ms. Al-Nibari pointed out that the “Certified Real Estate Evaluator” program (Level C) serves as an introductory entry point, providing learners with a fundamental understanding of real estate and real estate appraisal concepts. The program offers an ideal opportunity for those wishing to familiarize themselves with the concepts and basic structures adopted in real estate appraisal, thereby enhancing employment opportunities in this field. The program was prepared based on the Institute’s decades-long experience, relying on best practices and approved practical models for real estate appraisal.
Both parties confirmed that this strategic collaboration embodies their mutual interest in ensuring the effective practical application of the ministerial resolution, benefiting real estate appraisal operations to be issued professionally and competently, contributing to the quality and ease of real estate financing operations in the State of Kuwait in general.
Ms. Al-Nibari concluded her statement by emphasizing that KIBS has played a fundamental role in the banking and financial sector in the State of Kuwait for over five decades. Its expertise has been utilized in facilitating the transfer of knowledge and innovation. The services it provides have diversified to include accredited certification programs, executive leadership development programs, and various training and development activities across ten main areas, in addition to measurement and testing services, English language training, e-learning, and research publications in the banking and financial fields.
