Under the patronage of the Central Bank of Kuwait’s (CBK) Governor and Chairman of the Kuwait Institute of Banking Studies (KIBS), Mr. Basel A. Al-Haroon, Ms. Rana A. Al-Nibari, Director General of the Kuwait Institute of Banking Studies (KIBS) honored the Risk Management Leaders Program’s third graduating cohort and Certified Sharia Auditor Program’s fifth graduating cohort today on Wednesday, December 4, 2024.
These two programs are parts of Kafa’a, an initiative launched by CBK in cooperation with Kuwaiti banks and the Kuwait Institute of Banking Studies with the aim to create a pipeline of qualified nationals able to fill leadership positions in major economic, financial and banking institutions.
Risk Management Leaders Program
The Risk Management Leaders Program took place from January 28 to June 14, 2024, across four well-structured phases. The first two phases, held in Kuwait, featured a series of training sessions and interactive lectures on risk management. These were conducted in collaboration with the prestigious London Institute of Banking and Finance (LIBF) and the Professional Risk Managers’ International Association (PRMIA), allowing participants to earn accredited and specialized certificates in risk management. Local and international expert lecturers led the training, offering participants valuable insights and expertise.
The third phase required participants to submit case studies and graduation projects. This was followed by the fourth and final phase, where participants engaged in a two-week intensive hands-on field training at the Centre for Governance, Risk and Regulations at LIBF. The 14 trainees gained practical experience, attended workshops, participated in interactive educational sessions, and conducted field visits to renowned financial institutions in the UK, equipping them with the professional competencies needed in the field of risk management.
Certified Sharia Auditor Program
As for the Certified Sharia Auditor Program, it was held from February 5 until May 9, 2024. 24 Participants from different sectors graduated from this program. This program is designed to strengthen governance in Sharia supervision within Islamic banks in Kuwait, reinforcing the importance of Sharia auditing in the banking sector. Reflecting the need for enhanced expertise in this field, the program focuses on improving the capabilities of Sharia audit personnel by offering both scientific and professional training.
The program’s distinguishing feature is its focus on the practical aspects of Sharia auditing, with half of the training hours dedicated to Sharia audit procedures, while the remaining time dedicated to foundational knowledge and Sharia standards in the Islamic financial industry. This comprehensive certification program, prepared with the latest scientific materials and best practices, is accredited by the Central Bank of Kuwait, the Capital Markets Authority and the Kuwait Center for Islamic Economy.
Director General’s Remarks
Ms. Rana A. Al-Nibari, Director General of KIBS, congratulated the graduates during her speech and extended her gratitude to the Governor of the Central Bank of Kuwait, Mr. Basel A. Al-Haroon, and the Board of Directors for their continuous support. She also thanked the HR directors of participating banks for their commitment to the success of these programs.
Kafa’a Initiative
These programs are part of the broader Kafa’a initiative, a strategic effort aimed at developing highly skilled national talents. The initiative equips participants with the knowledge and skills needed to thrive in the ever-evolving financial and banking sectors, ensuring they are well-prepared for the demands of the labor market.
