BANKING

Editorial 

Our Dear Readers, 

BANKING & FINANCE U.A.E 

Monthly Magazine Focusd On Banking & Finance - Issued By EIBFS - Sharjah UAE. 

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Concurrently with 

the inauguration of 

the 19th National 

Career Exhibition in 

the Banking, Finance 

and Government 

sectors, we present to 

you this issue of UAE 

Banking and Finance 

Magazine. 

The National Career Exhibition in the Banking, 

Finance and Government sectors became an 

annual important landmark event amongst the 

employment endeavors for those sectors aiming 

at enhancing the Emiratization strategy. Due to 

the kind patronage and continuous support of 

H.H Sheikh Dr. Sultan Bin Mohammed Al Qassimi 

ruler of Sharjah, EIBFS has been successful in 

hosting this event every year. 

The increasing concern with Emiratization in 

the Banking and Finance sector, led the State to 

approve a new strategy for the banks based on a 

flexible approach of points system in calculating 

the Emiratization percentage, as decided by the 

UAE Central Bank and the Insurance Authority, 

for the Insurance Companies.

Likewise EIBFS has established a new strategy aiming at enhancing its position as a 

distinguished training provider for specialized banking and finance courses/programs. 

Training is placed at the fore front of its priorities together with supporting Emiratization 

efforts, upgrading the quality of its offerings at all levels, and broadening their base both 

vertically and horizontally to cater for all training needs. 

The year (2017) represents the starting point for the desired development in professional 

training, and specialized education, according to the road map specified in the strategy. 

We are working towards providing all the success factors through cooperation with our 

strategic partners in the banking and finance sector and all other sectors. 

I would like to avail this opportunity to thank all those who participated in making this 

exhibition a success and wishing prosperity to all involved. Hoping that this exhibition 

provides an appropriate platform for employment opportunities to all UAE nationals, 

qualifying them for work in the banking and finance sector and advancement in their 

career ladders. This Exhibition would also support and reinforce Emiratization efforts 

as per the government accelerator initiative, aiming to achieve the national vision for 

optimizing employment scopes for the UAE nationals.

Contents 

EIBFS NEWS 

BANKING & FINANCE U.A .E 

14 th Year Issue 88 

February 2017 

6-9 

INCEIF (International Center for Education in Islamic Finance) 

Chairman : 

H.E.Hussain Al Qemzi 

General Manager 

& Editor-in-chief 

JamalAhmadAl Jassmi 

Editor : 

D.rKhalid Zarouq 

Executive Secretary : 

HajarAl Nuaimi 

10-11 

! 

Noor Bank to hire fresh Emirati graduates 

! ! 

12-19 20-27 

EIBFS library Development Report Addition 

of more Databases and Magazines 

Emirates Institute for Banking and Financial 

Studies Hosts Interactive Workshop on 

Retirement Planning 

4 February 2017 BANKING & FINANCE U.A.E

Article 

Article 

ARTICLE 

THE GAINT LEAP AHEAD: 

NEW NATIONALIZATION STRATEGY IN 

BANKING & INSURANCE SECTORS 

NY Expands Jurisdictional 

Reach Over Foreign Banks Using 

Correspondent Accounts 

Dr Allen Baby 

Faculty- Emirates Institute for Banking & 

Financial Studies, Sharjah 

Article 

28-31 

Article 

32-33 

Article 

By Rachel B. Goodman, David A. Shargel 

and Adam J. Fine, Bracewell LLP 

The rise of women in the 

UAE financial sector 

28 February 2017 BANKING & FINANCE U.A.E 

32 February 2017 NY Expands Jurisdictional 

BANKING & FINANCE U.A.E 

‘Loyalty is the most Reach Over Foreign Banks Using 

fundamental value of Correspondent Accounts 

being an Emirati’ 

Iman Al Tiniji 

Noura Abbas 

34-37 38-41 

42-48 






BANKING & FINANCE U.A.E February 2017 5

EIBFS NEWS 

INCEIF (International Center for 

Education in Islamic Finance) 

EIBFS team met with the Deputy President Academic 

Prof. Datuk Dr. Syed Othman Alhabshi and President, 

CEO Daud Vicary Abdullah on November 1st, 

at INCEIF premises in Kuala Lumpur Malaysia. 

Discussions revolved around re visiting the MOU and 

potential partnership agreement through their PCIF 

offerings. 

IBFIM (Islamic Banking & Finance Institute 

Malaysia) 

EIBFS team visited the IBFIM premises on 1st Nov. 

in their institute in KL. The team met with Mr. Badrul 

Hisham Abd Rahman, Head program development 

and partnership, M. Najib Shaharuddin, Chief 

learning Officer-H.O.D, Zanariah Zahari, Head 

Marketing & Business Development and Natejah 

Ahmad, Unit Manager. 

The IBFIM team presented a briefing on its suite of 

programs, its operating model and strategic framework. 

The team suggested that both parties revisit the MOU to 

re work the deliverables. 


EIBFS NEWS 

FAA (Finance Accreditation Agency) 

EIBFS team visited the FAA offices on 2nd 

November in Kuala Lumpur to recognize their 

efforts in accrediting the Islamic Banking Diploma 

program and to discuss future plans of more EIBFS 

program accreditations. The objective of the visit 

was also to discuss the upcoming FAA compliance 

visit to EIBFS, exploring the opportunity to obtain 

accreditation for our BSc program and to gain 

some insight into FAA’s collaboration with BAC 

(British Accreditation Council) and its implication 

on existing and upcoming accreditations. 

The team met with Mr. Prem Anand M Arjunan, Associate 

Director Accreditation, and Muhammad Zulhimi Bachok, 

Executive Compliance, Accreditation along with other 

team members. 

AICB (Asian Institute of Chartered 

Bankers) 

Mr. Jamal Al Jassmi and the team welcomed the 

new CEO of Asian Institute of Chartered Bankers 

(formerly known as IBBM) in Kuala Lumpur, Mr. 

Prasad Padmanaban. Also present in the meetings 

were Kristine Anne Williams, head of Marketing & 


EIBFS NEWS 

Communications and Mrs. Chireen Head of Research 

from AICB. 

Discussions revolved around the new CEO’s next 

steps, the strategic vision of AICB going forward and 

the separation of their training function formation of 

Asian Banking School. 

ABS (Asian Banking School) 

EIBFS visited the Asian Banking School in Kuala Lumpur 

to discuss collaboration opportunities in future. 

The team met with Mr. Huw Flynn Hughes, Director 

of Program Development and Quality Assurance and 

Ahmad Fairuz bin Mohd Adzahan Head, Program 

Development Division. Discussions revolved around 


EIBFS NEWS 

ABS and AICB separation and what are the main 

responsibilities of ABS. 

FAA visit to EIBFS Sharjah Branch: 

Representatives of Finance Accreditation Agency 

from Malaysia, a leading quality assurance and 

accreditation body supported by Bank Negara 

Malaysia, visited EIBFS Sharjah campus on 

November 8th 2016, for a compliance visit. The 

objective of the compliance visit was to review the 

progress of the accredited Islamic Banking Diploma 

program to ensure conformance to FAA Programme 

Accreditation (FPA) guidelines, requirements and 

specific conditions. EIBFS has been associated with 

FAA since 2014 when FAA granted the accreditation 

for the Islamic Banking Diploma Program 


EIBFS NEWS 

Noor Bank to hire fresh 

Emirati graduates 

Noor Bank, a leading Sharia compliant bank in the 

UAE, has signed an agreement with the Emirates 

Institute of Banking and Financial Studies, EIBFS, 

for the launch of its new Management Associate 

Programme, entitled ‘Imtiaz,’ meaning excellence, to 

hire talented Emirati graduates. 

Hind Al Attar, Head of Human Resources at Noor Bank 

and Noura Abbas Ahmed, Director of the Training 

Department at EIBFS, signed the agreement at a 

ceremony held at the Grand Hyatt Hotel in Dubai. 

Designed in collaboration with EIBFS, the programme 

is tailored specifically towards talented UAE nationals 

with the strategic objective of hiring fresh graduates 

and preparing them for leadership roles within the 

organisation. 

The programme will nurture leadership and management 

capabilities, as well as provide an understanding of 

concepts within the banking industry. It will also enable 

the graduates to acquire knowledge and required 

proficiency for a future career within banking. 

Under the programme, management associates will 

complete various training sessions for one-and-a-half 

months at EIBFS headquarters and will become Banking 

Operations Certified. Once completed, they will then be 


EIBFS NEWS 

trained and allocated to a specific role within the bank. 

Speaking about the initiative, Hussain Al Qemzi, CEO 

of Noor Bank, said, “Through the induction of ‘Imtiaz’, 

Noor Bank once again reiterates its commitment to 

supporting the development and mentorship of talented 

UAE nationals. Building human capital competencies is 

crucial to supporting the nation’s local talent and creating 

a culture that inspires innovation. 

Jamal Al Jassmi, General Manager of EIBFS, said, 

“EIBFS is proud to collaborate with Noor Bank on a 

progressive course, exclusively designed to prepare 

gifted UAE nationals for a role within the bank. The 

implementation of this programme will provide trainees 

with the necessary expertise as well a comprehensive 

understanding of interdepartmental bank functions and 

operations.” 

Since inception, Noor Bank has organised several 

internal and external workshops dedicated towards 

leadership development of Emirati talent. The bank has 

also participated in several career fairs as part of its goal 

to support the national workforce. 


EIBFS NEWS 

EIBFS Library Development Report 

Addition of more Databases and 

Magazines: 

! 

! ! 

EIBFS Library Professional Development 

Training program 


A series of library staff seminars were organized at the EIBFS Dubai Campus in order that library 

staff across campuses is updated about, and in line with, library operations, services, current and 

future developments and projects.

! ! 

EIBFS NEWS 

EIBFS Library Professional Development 

Training program 

d topics on library organization and management, library online databases and 

cedures and policies, and orientation on a series of library awareness activities 

pril 2016 (classroom visits, library tours, marketing) 

A series of library staff seminars were organized at the EIBFS Dubai Campus in order that library 

staff across campuses is updated about, and in line with, library operations, services, current and 

future developments and projects. 

The seminars included topics on library organization and management, library online databases and 

resources, library procedures and policies, and orientation on a series of library awareness activities 

to be initiated from April 2016 (classroom visits, library tours, marketing) 

The seminars included topics on library organization and management, library online databases and 

resources, library procedures and policies, and orientation on a series of library awareness activities 

to be initiated from April 2016 (classroom visits, library tours, marketing) 

Four information sessions for EIBFS 

faculty members and trainers, on available 


EIBFS Library Online Databases took place 


at the EIBFS, Dubai Campus 


EIBFS NEWS 

eBrary and Proquest, Islamic Finance News (IFN), InfoTrac and Thomson Reuters 


and search for resources. 


EIBFS Library Online Databases took place 


at members, the EIBFS, trainers, library Dubai staff and Campus bankers. 

The presentations addressed features of the databases and practical information on how 

eBrary and Proquest, Islamic Finance News (IFN), InfoTrac and Thomson Reuters Zawya. 

The presentations addressed features of the databases and practical information on how to access 

The sessions, which took place during February and March, 2016, were attended by fac 

The sessions, which took place during February and March, 2016, were attended by faculty 

Four information sessions 

members, 

for EIBFS 

trainers, 

faculty 

library 

members 

staff and 

and 

bankers. 

eBrary and Proquest, Islamic Finance trainers, News on (IFN), available InfoTrac EIBFS and Library Thomson Reuters Zawya. 

Online Databases took place at the EIBFS, Dubai Campus: 

eBrary and Proquest, The Islamic presentations Finance addressed News (IFN), features InfoTrac of the and databases Thomson and Reuters practical Zawya. information on how to access 


The presentations addressed features of the databases and practical information on how to access 

and search for resources. The sessions, which took place during February and March, 2016, were attended by faculty 

members, trainers, library staff and bankers. 

The sessions, which took place during February and March, 2016, were attended by faculty 

members, trainers, library staff and bankers. 


EIBFS Library Literacy Information 

EIBFS Sessions Library Literacy Information 

Sessions 

As part of our marketing effort for increasing awareness of the EIBFS Library development project, 

operations, services and resources, from April 2016, the EIBFS Library staff will commence a series 

As of 10-mins part of our Information marketing Literacy effort for Sessions increasing all awareness academic of and the training EIBFS classes Library development for students and project, 

operations, trainees respectively. services and resources, from April 2016, the EIBFS Library staff will commence a series 

of 10-mins Information Literacy Sessions in all academic and training classes for students and 

trainees respectively. 

EIBFS NEWS 

Emirates Institute for Banking and 

Emirates Financial Institute Studies Offers for Banking Banking and Sector 

Financial Free Access Studies to Library Offers Resources Banking Sector 

Free Access to Library Resources 


EIBFS NEWS 

Initiative aligns with UAE’s Year of Reading directive and promotes reading and education as 

a tool to deepen knowledge and skills in the banking and finance sector 

With recent updates to its library function, the Emirates Institute for Banking and Financial Studies 

(EIBFS), a regional leader in banking and finance education and training, now offers members of the 

banking sector free access to the institute’s vast library services and resources. With a 5-user free 

membership service, banks can benefit from the institute’s broad collection of both print and online 

periodicals, magazines, books and databases. 

Aligned with His Highness Sheikh Khalifa Bin Zayed Al Nahyan’s, President of the UAE and Ruler of 

Abu Dhabi, 2016 Year of Reading directive, EIBFS has recently upgraded its library services, 

technologies and functions to promote reading and education as a tool for broadening intellect, 

knowledge, tolerance and cross sector communication. 

The institute’s newly implemented external library program enables banking institutions and their 

internal research departments to access EIBFS resources and research expertise, including library 

records, databases and industry reports among other services. EIBFS and collaborating banks will 

exchange knowledge, expertise and best practices to establish an extensive research library that will 

serve as the banking and financial sector’s main source of information. 

Commenting on the institute’s library initiatives, Jamal Al Jassmi, General Manager of EIBFS, 

said: “An advanced and smart library function is key to disseminating knowledge and industry 

expertise to students, educators, researchers and professionals across the UAE. Committed to the 

Year of Reading initiative, EIBFS will continue to compile and offer wide access to top notch banking 

and finance resources, including print and digital books, online databases and journals, industry 

reports, and research studies. In doing so, we hope to further develop human capital in the region 

and equip banking and financial professionals with the intellect and skills needed to keep pace with 

the latest trends and market demands.” 

EIBFS has consolidated its library services through a revamped Library Portal and a mobile 

application interface compatible with laptops, tablets, smartphones and desktops. Through this 

integrated portal and corresponding mobile application, bankers, professionals and students alike 

can seamlessly access a wide range of library services, databases, tutorials, online periodicals and 

e-Resources as well as directly communicate with librarians. 

Keen to establish the first Smart Library in the banking and financial sector, EIBFS will install various 

smart technologies, including advanced self-checkout counters and the Library Radio Frequency 

Identification (RFID) Management System, a tracking system that ensures secure and more efficient 

tracking of library materials. Further to this objective, the institute will upgrade its discovery tool 

system. With the Summons Service, a discovery tool that augments the research experience, EIBFS 

will offer access to the largest unified index in the industry with wide coverage of highly relevant and 

16 unbiased February results. 2017 BANKING & FINANCE U.A.E

the latest trends and market demands.” 

EIBFS has consolidated its library services through a revamped Library Portal and a mobile 

application interface compatible with laptops, tablets, smartphones and desktops. Through this 

integrated portal and corresponding mobile application, bankers, professionals and students alike 

can seamlessly access a wide range of library services, databases, tutorials, online periodicals and 

e-Resources as well as directly communicate with librarians. 

EIBFS NEWS 

Keen to establish the first Smart Library in the banking and financial sector, EIBFS will install various 

smart technologies, including advanced self-checkout counters and the Library Radio Frequency 

Identification (RFID) Management System, a tracking system that ensures secure and more efficient 

tracking of library materials. Further to this objective, the institute will upgrade its discovery tool 

system. With the Summons Service, a discovery tool that augments the research experience, EIBFS 

will offer access to the largest unified index in the industry with wide coverage of highly relevant and 

The EIBFS Library collection includes approximately 24,000 printed and 127,0 

unbiased results. 

covering a wide range of topics and subjects including: Accounting, Banking, F 

The EIBFS Library collection includes approximately 24,000 printed and 127,000 online books, 

covering a wide range of topics Management, and subjects including: Computer, Accounting, and References. Banking, Finance, Moreover, Economics, the EIBFS Library has a 

Management, Computer, and References. English and Moreover, Arabic publication the EIBFS Library titles along has a subscription with key database to core systems, includin 

English and Arabic publication Finance titles along News, with key Infotrac, database ProQuest systems, Banking including Information Ebrary, Islamic Service and Thomson 

Finance News, Infotrac, ProQuest addition Banking to these Information services, Service EIBFS and Thomson Library Reuters users have Zawya. access In to a variety of prin 

addition to these services, EIBFS Library users have access to a variety of printed and electronic 

periodicals and magazines related to banking and finance. 

periodicals and magazines related to banking and finance. 

Library Information Literacy sessions for 

Banks and Library members: 

RSD has scheduled the following Library PD/orientation Sessions on Library Services and 

Online Databases OPEN to Bankers, library members. These will all be held in each EIBFS 

campus as per schedule below 


Library Information Literacy sessions for 

Banks and Library members: 

EIBFS NEWS 

RSD has scheduled the following Library PD/orientation Sessions on Library Services and 

Online Databases OPEN to Bankers, library members. These will all be held in each EIBFS 

campus as per schedule below 

! 

! 

! 

! 


! 

Improvement of the library website/app:

EIBFS NEWS 

! 

! 

Improvement of the library website/app: 

Marketing of library services 

! 

During the development phase the library marketing material was 

created as part of the various proposed and library material 

promoted through below channels: 

EIBFS WEBSITE 

EIBFS SOCIAL MEDIA 

TRAINING CLASSES VISITS 

BANK VISITS 

EIBFS EVENTS 


EIBFS NEWS 


Studies Hosts Interactive Workshop on 

Retirement Planning 


Studies (EIBFS), a regional leader in banking and 

finance education and training, hosted an engaging 

workshop last week, dedicated to retirement planning 

and pensions. Drawing an audience of more than 

60 members from leading banks in the UAE, at the 

institute’s campus in Dubai, the event discussed 

the significance of retirement planning, and offered 

advice on how to benefit from funds in the private 

sector, from the ‘General Pension and Social Security 

Authority’. 

Experts Mohammed Saqer, Head of Customer 

Happiness Department, and Khalifa Alfalasi, Acting 

Director of Dubai Operation Center, from the General 

Pension and Social Security Authority department 

were on hand, to provide advice and answer various 

questions from industry participants. The attendees 

at the event comprised of UAE National employees, 

Human Resource Officers and several others 

nominated by leading financial institutions and banks 

within the region. 

Speaking about the event, Jamal Al Jassmi, General 

Manager of EIBFS, said: “At EIBFS, we strive to offer 

a broad platform that tackles important subjects and 

critical issues in the area of banking and finance, for 

the benefit of our stakeholders. We are pleased to 

collaborate to with the General Pension and Social 

Security Authority, as part of our continued dialogue 

with our valued industry partners. Retirement 

planning and pensions is one of the most significant 

topics today, especially for UAE Nationals. We 

strongly believe that all participants benefited from 


EIBFS NEWS 

the informative and highly interactive session.” 

During the two hour session, each attendee was 

presented with the benefits of saving early; such as 

securing wealth for future emergencies, investing 

for the next generation, and guaranteeing a similar 

lifestyle after retirement. Participants were also offered 

advice on effectively managing optimal investments of 

financial resources. Other topics also covered during 

the session, included the definition of insurance 

benefits contained in the law, the services provided 

by the law for employers, insured and pensioners, 

as well as, the definition of insurance benefits and 

pension entitlement. The highly interactive session 

closed after several questions were fielded from the 

audience. 

Aligned with the UAE government’s objective to boost 

the professional capacities of Emirati citizens, EIBFS 

recently announced that it received 5,366 UAE 

national participants for the 8 months ended 


EIBFS NEWS 

Careers Festival Day at EIBFS draws 

hundreds of UAE nationals 

The Careers Festival saw the participation of 80 financial companies 

that included banks, insurance companies and money exchanges, 

and led to one of the largest turnouts of UAE nationals at a job fair. 


EIBFS NEWS 


EIBFS NEWS 

The Careers Festival saw the participation of 80 financial 

companies that included banks, insurance companies 

and money exchanges, and led to one of the largest 

turnouts of UAE nationals at a job fair. 

The Dubai campus of the Emirates Institute for Banking 

and Financial Studies (EIBFS), the chosen venue for 

the Careers Festival Day, drew an estimated 800 UAE 

nationals for various positions on offer by financial 

companies in the UAE. All UAE nationals who attended 

the two-day festival were successfully registered in 

the Ministry of Human Resources and Emiratization 

database. 

Organized by the Ministry and the recently launched 

Government Accelerators, EIBFS supported the 

festival as a strategic partner. The Careers Festival 

saw the participation of 80 financial companies that 


EIBFS NEWS 

included banks, insurance companies and money 

exchanges, and led to one of the largest turnouts of 

UAE nationals at a job fair. With hundreds of offers 

made at the Careers Festival, the deep commitment 

of the Government Accelerators and the Ministry 

along with EIBFS to hire 1,000 UAE nationals within 

75 days in the banking and financial sector, seem well 

on the way to being fully realized. 

His Highness Sheikh Mohammed bin Rashid Al 

Maktoum, Vice President and Prime Minister of the 

UAE and Ruler of Dubai, announced that Emiratization 

would be a key focus for Government Accelerators 

– a collaboration of public and private sectors and 

academia. The initiative, launched in November 2016, 

is the first of its kind in the world. 

Speaking about the impressive turnout of UAE nationals 


EIBFS NEWS 

and companies at the Careers Festival, Jamal Al 

Jassmi, General Manager, EIBFS, said: “As part of one 

of the most important links in the collaboration, EIBFS, 

representing academia, is pleased to have hosted this 

significant event at our Dubai Campus in our role as a 

strategic partner. Today, the financial sector is the second 

largest contributor in the country, in creating jobs for 

UAE nationals. As the leading institute for banking and 

financial training in the region, we will continue to build 

and leverage partnerships in public and private sectors, 

to ensure the provision of qualified teams, capable of 

driving growth in the sector as a whole.” 

He added: “We also remain committed to offering the 

best training and rehabilitation programs in the banking 

and financial sector, in collaboration with our partners, 

including banks and insurance companies. Our goal is 

to help build a sustainable and resilient financial sector, 

which is capable of facing challenges that might arise on 

a global and regional level.” 

Speaking on his part, Ahmed Jassim Zaabi, Head of 

Government Accelerators Team, said: “The financial 

sector continues to grow and play a significant role in 

supporting the development process of UAE nationals. 

By gathering all participating organizations from the 

sector under one roof, we are confident that the Careers 

Festival Day is the right way to achieve our Emiratization 

and development of human capital targets.” 

He added: “Events such as this give citizens who 

want to work in this sector a chance. Each employee 

that has been successfully selected will have to attend 

a training program launched in cooperation with the 

Ministry of Human Resources and Emiratization, as 

well as the Emirates Institute for Banking and Financial 

Studies. Today the number of participating institutes in 

the Government Accelerator’s Emiratization objectives 

reaches more than 80 companies, spread over vital 

financial sectors such as banking, insurance and 

financial services integration.” 

Speaking at the event, Suhaila Al Jasmi, Head of 

Training and Skills Development, The National Bank of 

Ras Al-Khaimah, stated: “Supporting the government’s 

Emiratization initiative is very important for us, and we 

recently reached an Emiratization rate of 38%. The bank’s 

participation in this festival has helped us to employ 20 

talented nationals in various departments. However, we 

are dependent on training programs from institutions 

such as EIBFS, for our new employees, so that each 

employee can achieve the necessary expertise.” 

Kathim Jawad, Head of Human Resources at the leading 

money exchange and remittance house Al Fardan 

Group, said: “Our presence at the Careers Festival Day 

expresses our support for the directives of his Highness 

Sheikh Mohammed bin Rashid Al Maktoum, around the 

challenge of Emiratization, which was announced by His 

Highness at the launch of the Government Accelerators. 

Al Fardan Group recently reached an Emiratization 

rate of 11%, and we currently have supervisory and 

managerial positions that are open to anyone who is 

capable. Through our participation in the festival we 

have already hired 17 people and we are ready to hire 

more.” 

Juma Salem Al-Khatiri, Regional Director of Public 

Relations, Abu Dhabi National Takaful Company, said: 

“We are pleased to extend our support to projects and 

programs that support the government’s nationalization 

objectives in public and private companies. Our 

company’s Emiratization rate has reached 16%, and our 

management aspires to continue participating in similar 

events, to ensure that we continuously increase this 

percentage.” 

At the end of the event, Jamal Al Jassmi mentioned 

that EIBFS would collaborate with the Governmental 

Accelerators, to assess the extent of the event’s success 

in achieving its objectives after the event, and would 

prepare a report and submit it to supreme authorities to 

study and further develop similar future initiatives. 


EIBFS NEWS 


Article 

THE GAINT LEAP AHEAD: 

NEW NATIONALIZATION STRATEGY IN 

BANKING & INSURANCE SECTORS 

Dr Allen Baby 

Faculty- Emirates Institute for Banking & 

Financial Studies, Sharjah 

The year that passed by, saw significant transformation in the economic landscape of the United Arab 

Emirates. The year was marked by various achievements in key economic sectors, which boosted the 

resilience of the economy at a time of challenging macro-economic headwinds. A key highlight of the year 

was the silent but immensely powerful movement in the Banking and Insurance sectors, in the form of 

the new nationalization strategy, which would change the trajectory of these sectors in the years ahead. 

The new Emiratization strategy in the Banking and Insurance sectors approved by the UAE Cabinet will 

come into effect from January 1st of 2017, marking the beginning of a significant journey ahead. The 

new system, referred to as the ‘point based system’, focusses on creating ‘quality jobs’ with long term 

sustainability as the focal point. The new system would not only create jobs for Emiratis, but also focuses on 

developing their core competencies and skillsets which would help them to scale up the corporate ladders. 


Article 

New Point System: A directional change 

The current quota system, especially in the Banking 

sector, has been largely successful in attracting 

Emirati talent to the industry. These institutions were 

mandated by the Government to have a percentage of 

the work force as Emiratis with the number increasing 

every year. 

Though it was heartening to see more Emiratis 

joining these sectors over the past few years, 

there were many key challenges in this regard. 

A key analysis was that the kind of jobs created 

was mostly non critical jobs with a high skewness 

in favour of the front end retail banking in the 

branches. 

The presence of Emiratis in key domains in the 

Banking and Insurance sectors like corporate 

banking, treasury, credit, investments, actuarial, 

underwriting etc has been extremely low. 

It is in this context that the Emiratization strategy 

is set for a transformational overhaul with key 

objectives of employment generation and talent 

development. The Banks and Insurance companies 

would be given a target point by their respective 

regulators based on their business parameters of 

operating income and gross premiums written. This 

ensures that the Emiratization targets are aligned 

to the business objectives and ensures fairness as 

larger institutions will have higher institutions and 

vice versa. This is a remarkable shift from the one 

size fits all approach under the current model. 


Article 

Focus on Competencies and Knowledge 

transfer 

l A remarkable highlight of the new system is the 

focus it gives for the knowledge and competency 

development of Emirati talent to help them scale up 

their career objectives. 

This is envisaged through a key parameter called as 

‘input points’, where points are given on the basis of 

‘the investments made in training and development 

of Emirati talent’. This incentivizes Banks and 

Insurance companies to invest higher amounts in 

training and development of the Emirati talent so 

that they can have the chance of achieving up to 

20% their targets through this parameter. Thus the 

onus is on the Banks and Insurance companies to 

train and develop Emiratis talent to take up more 

key roles in these sectors. 

l Another way this system bats for the key objective 

of quality job creation, is by incentivizing Banks 

and Insurance companies to create jobs in ‘critical 

positions’ and in the higher organizational hierarchy. 

Institutions where Emiratis work in critical roles in key 

departments like corporate banking, treasury, credit, 

investments, actuarial, underwriting are rewarded 

with two points, thus helping them achieve their 

targets. This would foster the knowledge transfer and 

development of competencies of prospective Emirati 

talent pool in the future. 

l The system aims at empowering the Emirati talent 

in these industries to ‘think big’ and shoulder greater 

responsibilities. This is evident from the way another 

key parameter called as ‘hierarchy points’ are awarded 

to the Banks and Insurance companies. Emiratis 

in top management will get 5 points, while middle 

management gets 3 points and non-managerial 

roles get just 1 point. This means that a role in top 

management could be equal to five non managerial 

jobs. This will create greater opportunities for Emiratis 

to fine tune their skillsets and eventually take top 

leadership positions in these industries. 

Another key hallmark of the new Emiratization system 

is that it is ‘highly futuristic’ and forward looking. At 

a time when financial technology is resulting in rapid 

automation of banking jobs across the world, the 

new Emiratization system aims at developing the 

competencies of Emirati talent to ensure that their 

careers do not get stuck in non-core banking roles, 

which could become redundant in the future. 

As Banking across the world is quickly moving to the 

digital world and new lending methods like Peer to 

peer lending is making rapid strides, it reminds us 

of what Bill Gates said two decades back “Banking 

is necessary, but Banks are not”. Core banking 

domains would continue to remain in one form or 

other when traditional brick and mortar banking could 

eventually become history. It is clearly evident that the 

major move in respect to new Emiratization strategy 

has foreseen the massive futuristic changes going to 

happen in the UAE and global banking industry. 

Emirates Institute for Banking and Financial Studies 

(EIBFS) has worked hands in glove with the Ministry 

of Presidential Affairs, Central Bank and Insurance 


Article 

authority to ensure that the new system is set for 

a perfect launch in 2017. EIBFS has shared its 

knowledge and domain expertise in this area with the 

Banks and Insurance companies to ensure that they 

are fully prepared to implement the new model. 

Neil Armstrong, when he made the first step of human 

race on the moon, said “this is a small step for man 

but one giant leap for mankind”. To borrow these 

immortal words, the new Emiratization system will be 

marked in the cherished history of UAE Banking and 

Insurance industry, as a visionary move that created 

quality sustainable jobs which was augmented by 

knowledge transfer and development of competencies 

of Emirati talent. 


Article 

NY Expands Jurisdictional 

Reach Over Foreign Banks Using 

Correspondent Accounts 




Article 

The New York Court of Appeals recently gave a legup 

to plaintiffs seeking to hale foreign banks before 

New York state courts, clarifying that the use of a New 

York-based correspondent account could, under certain 

circumstances, suffice to provide personal jurisdiction, 

even where the foreign bank does not direct that funds 

be deposited into the New York account. On November 

22, 2016, the Court, in a 4–3 decision in Al Rushaid v. 

Pictet & Cie, determined that a New York court could 

exercise jurisdiction over a Saudi businessman’s suit 

against a Swiss bank that allegedly accepted transfers of 

laundered funds from its New York-based correspondent 

accounts. Although the Swiss bank lacked any physical 

presence in New York, and did not itself deposit funds 

in the New York accounts, the majority found that 

“repeatedly approv[ing] deposits and the movement of 

funds through [a New York] account for the benefit of 

its customer” constituted “transacting business in New 

York” within the meaning of CPLR § 302(a)(1). 

In the underlying action, Saudi businessman Rasheed 

Al Rushaid sued Swiss bank Pictet & Cie for aiding 

and abetting three employees of his oil business 

in obtaining bribes and kickbacks from third-party 

vendors. The vendors allegedly wired the illegal 

payments to Pictet’s correspondent accounts in New 

York, and the funds in turn were transferred to Pictet 

accounts in Switzerland that had been set up by a 

Pictet executive for the allegedly corrupt employees. 

Judge Jenny Rivera, writing for the majority, 

acknowledged that under the Court’s prior precedent, 

merely owning a New York correspondent account or 

“passively and unilaterally” receiving funds through 

such an account, would not give rise to personal 

jurisdiction over a bank or individual. On the other 

hand, “[r]epeated use of a correspondent account 

on behalf of a client” constitutes a course of dealing 

in New York giving rise to personal jurisdiction— 

whether the “use” of the account involved the 

foreign bank actively depositing money or simply 

“approv[ing] deposits and the movement of funds.” 

The majority found that Pictet “affirmatively act[ed]” 

by crediting the funds transferred first to the New York 

correspondent account and then to the employees’ 

accounts in Switzerland, and that crediting these 

transactions was an “essential step in the moneylaundering 

scheme.” As a result, exercise of personal 

jurisdiction over Pictet was warranted under New York’s 

Long Arm statute and within the bounds of “traditional 

notions of fair play and substantial justice” under the due 

process clause of the United States Constitution. 

Notably, Judge Eugene F. Pigott authored a sharp 

dissent, arguing that “the majority risks upending 

over forty years of precedent that holds the mere 

maintenance of a New York correspondent account 

is insufficient to assert personal jurisdiction over a 

foreign bank.” Judge Michael Garcia’s concurrence, 

however, sought to temper the differences between 

the majority and dissent, pointing out that they in 

fact differed only on the factual question of whether 

Pictet’s conduct was “purposeful,” “affirmative,” or 

“deliberate.” 

Nevertheless, the Court’s decision makes it 

clear that foreign banks, despite having no other 

connection to New York, may be subject to the 

state’s long arm jurisdiction through the use of 

correspondent accounts. 


Article 

The rise of women in the 

UAE financial sector 

Noura Abbas 


Article 

The GCC region has witnessed a substantial rise in 

the role of women in the banking and financial services 

sector. People I knew were surprised when I personally, 

as a health information management graduate, opted 

to pursue a career in business management. After 

joining Dubai International Financial Centre (DIFC) as 

a Quality Management Specialist, and then moving on 

to the position of Business Excellence Manager, I found 

myself drawn to the inner workings of the banking and 

financial services sphere. 

What appealed to me the most, were the plentiful 

opportunities open to women of all backgrounds, and 

the challenging roles that enabled sustained growth and 

prosperity. Moreover, as a UAE national, I felt a strong 

calling to serve my country and make a meaningful 

contribution to growing the talent pool in this sector – 

particularly for Emirati women. 

In my current role as director of training at the Emirates 

Institute for Banking and Financial Studies (EIBFS), it is 

rewarding to facilitate the growth of female trainees and 

employees within our sector. According to a recent study 

by Oxford Strategic Consulting, females are significantly 

more likely than males to want to work in the banking and 

financial services sector – a ratio of 29 per cent versus 11 

per cent. Closer analysis suggests that the employment 

preferences of women in the UAE coincide with what 

the sector has to offer, most notably the female-friendly 

organisational culture and acceptance of female cultural 

values that are prevalent in this sphere. 

In addition, women show a considerably higher tendency 

to opt for generous benefit packages (63 per cent versus 

51 per cent) and opportunities for fast promotion (17 per 


Article 

cent versus nine per cent) than their male counterparts. 

Governments in the GCC region have amplified their 

efforts to address the existing challenges faced by 

female entrepreneurs and have introduced a range of 

empowerment measures across the political, business, 

and educational arenas. These include market regulator 

improvements, lower entry levels and exit barriers, 

increased representation in chambers of commerce, and 

a greater focus on female literacy. In the last decade, the 

female literacy rate in the GCC region has been on a par 

with or above most developing nations across the world: 

nearly 100 per cent among 15- to 24-year-olds and 

almost 90 per cent among 25- to 64-year-old women. 

From another viewpoint, improvement in social 

conditions, driven by changing demographics and 

patterns in gender diversity in the private sector, is a 

key factor motivating women to work. As a result, the 

GCC region has witnessed an increase in workforce 

participation of adult females over the age of 25 with 

a 6.8 per cent compound annual growth rate in the 

last decade. 

Women in society have taken extraordinary measures 

to address the issues of balance between family 

obligations and work commitments. The Dubai 

Women’s Establishment has launched a variety of 

successful initiatives aimed at creating an environment 

where women have the opportunity to build their 

careers without compromising on their role as mothers. 

The Central Bank of the UAE has served as a strong 

facilitator encouraging greater participation of UAE 


Article 

nationals in the banking sector by allocating quotas for 

Emirati employees across banks in the country. More 

recently, the bank has moved beyond the quota system 

to a point-based system that aims to enhance the quality 

of jobs available to Emirati nationals, in order to allow 

them to grow within their organisations. 

Banks across the country should accumulate a certain 

number of points based on the quality of positions given to 

UAE nationals – the higher the position, the more points 

the bank gets. Considering the UAE female population’s 

preference for challenging roles and job growth, the new 

system goes a long way towards attracting more women 

to the banking industry. 

Given its fundamental role in the country’s drive to create 

a sustainable economic future and diversify its economy 

away from oil, banking is a strategic sector for the UAE. 

While oil-exporting countries continue to encounter 

significant challenges due to falling oil prices and global 

economic instability, our government has set the pace for 

national economic growth through its various initiatives 

aimed to enhance employment in the UAE. 

With a wide variety of courses and training programmes 

on offer, EIBFS is ideally positioned to spearhead this 

effort. This year-to-date, the institute has delivered a total 

of 833 vocational training and educational programmes 

– more than half of which drew the participation of UAE 

nationals. 

We must keep in mind that the banking and financial 

services sector fluctuates under the influence of 

unforeseeable economic issues. As thought leaders 

of our nation, we should prepare employees to tackle 

any present and future challenges that our country may 

face. For this reason, EIBFS constantly develops and 

updates its training portfolio to meet industry demands, 

including the introduction of courses addressing the 

issue of corporate restructuring. 


Article 

‘Loyalty is the most 

fundamental value of 

being an Emirati’ 

Iman Al Tiniji 


Article 

As it globalizes, UAE will keep its marvelous traditions intact, said Eman Al Tenaiji, 

lecturer at Emirates Institute for Banking and Financial Studies. 

Even as a young girl, Eman Al Tenaiji was wanting to take up banking as a profession. 

“I am proud to have been born into an educated family that emphasizes on learning 

and self-development. I developed a deep interest and admiration for the banking 

sector, particularly under the influence of my father who works in the UAE Central 

Bank. I acquired a bachelor degree in business from UAE University. 


Article 

My mother was also a significant influence on me, as 

I developed from her a love for learning and teaching 

through her career as a school teacher. Today, I am 

a lecturer at the Emirates Institute for Banking and 

Financial Studies (EIBFS) where I combine my passion 

for banking and teaching,” said Al Tenaiji. 

She considers her university years to be the best years 

of her life. After graduation, she got the master’s degree 

in finance from Zayed University. 

“One of the biggest challenges I endured was finding 

time to balance studying for my master’s degree while 

working at National Bank of Abu Dhabi. In my opinion, 

nowadays, women and men are equally recognized in 

all industries. Women have been proving themselves 

day by day by working alongside men towards the 

organisational goal. There are many examples of UAE 

women leaders who have proved that being a woman is 

not an obstacle to success,” said Al Tenaiji. 

The Emirati identity, she said, is founded on the UAE 

culture that has been “embedded in us for generations. 

I believe the Emirati identity has always been present. 

The UAE has a rich culture and a strong heritage with 

Emirati values embedded in all Emirati households”. 

“Emiratis have set milestones in a variety of sectors 

and are continuously looking for bigger and better 

opportunities for the UAE. I believe that female Emirati 

identity is not necessarily different; nowadays, women 

and men in UAE society are more or less equal. Following 

the union of the emirates in 1971, the Constitution 

granted equal rights for men and women.” 

And no matter how globalized the UAE becomes, it will 

continue to keep its traditions intact, which is a reflection 

of the love of Emiratis for their country, said Al Tenaiji. 

On the qualities that define Emiratis, she said, “I believe 

loyalty is the most fundamental value [of being an 

Emirati]. This country has given its citizens a plethora 

of opportunities and has done an impeccable job in 

developing economy and quality of life. Loyalty to our 


Article 

nation and leadership is extremely important to me, it is 

our job to give back to our nation by contributing to its 

success and by being upstanding citizens.” 

Personally, the values that drive her and make 

the difference to what she does are ambition and 

appreciation. “I am a very ambitious person and am 

always looking for ways to develop and grow. I always 

ensure I am appreciative to those who have helped me 

become the person I am today,” she added. 

Expressing her love for her country, Tenaiji said, “I 

am extremely proud of my country and its immaculate 

accomplishments in the past 50 years.” 

The most prominent milestone of the UAE, she said, 

has been the union of the seven emirates. “It was the 

foundation of our country and that occasion set the 

pace of our growth as a nation. Under the leadership 

of (late) Shaikh Zayed Bin Sultan Al Nahayan, the 

UAE grew into one of the most prosperous nations 

in the world. Through the unification, we became 

stronger together.” 


Article 

Dynamics of 

Training in Financial 

Establishments 

Dr. Farzana Firdousi 

(Academic Co-ordinator) 

EIBFS – Sharjah Campus, UAE. 


Article 

Businesses surviving in a technologically evolving 

era face immense challenges in terms of the growing 

need to train and prepare their workforce to contend 

with competitors and rival establishments. Roles and 

functions to be performed by employees have changed 

considerably due to the dynamically changing work 

environment, imbued with innovations and hi-tech 

innovations .Traditional business models, devoid of 

technological edge will soon be obsolete. Organizations 

that fail to redesign their training practices often struggle 

with organizational growth and productivity issues, for 

which leading companies are abandoning traditional 

methods of training in favor of more effective practice 

often involving technology innovation that engage talent 

and improve performances. 

Training plays a vital role in employee development, 

growth of a business, increasing sales and profitability 

of financial establishments .When given a strategic role 

it can assert influence on the output and performance 

of employees at different levels. In view of the present 

business environment with exponential growth in 

technology, its impact on the economy and society at 

large, the need for training and development is even 

more distinct than ever. 

Transforming employee behavior and job performance, 

with a need to increase productivity can often be said to 

be the most important reasons for training and coaching 

employees at all levels. Training is essential not only to 

increase productivity but also to motivate and inspire 

workers by signifying the importance of their jobs and 


Article 

providing all the information they need to perform those 

jobs effectively. General benefits derived from employee 

training could be increased job satisfaction and morale, 

increased efficiencies in processes, resulting in financial 

gain, increased capacity to adopt new technologies and 

reduced employee turnover .Training that is appropriate 

to the needs of an organization can add great value to 

the organization and its image. The significance and 

value of training has long been recognized and therefore 

majority of the organizations invest a percentage of their 

profits in staff training and development. Most banks 

in the UAE invest towards training and development 

of their national workforce in order to improve their job 

performance and to further job opportunities. 

Buckley and Caple (1995) describe 

training as: 

A planed and systematic effort to modify or develop 

knowledge /skill/attitude through learning experience, to 

achieve effective performance in an activity or range of 

activities. Its purpose, in work situation, is to enable an 

individual to acquire abilities in order that he or she can 

perform adequately a given task or job. 

Without the right training, employees can be the 

organization’s biggest liability. Trained effectively, 

however, they can become the organizations biggest 

asset (Bartram and Gibson, 2000). Rosner (1999) adds 

another ingredient for success – support after training. 

He states, “The most effective programs train workers 

in new behaviors and then train managers to support 

employees as they apply learning daily (Rosner,1999, 

p.43). Support and endorsement from management can 

greatly enhance training results. 

There are a number of financial organizations that link 

training to their business strategies. Training functions 

are being judged with how well training objectives 

meet the strategic objectives of the organization. As 

every organization has different ways of linking training 


Article 

to business strategies in some countries it may not 

constitute a central part of the business strategy. 

Coopers and Lybrand (1985) suggest: 

few employers think training sufficiently central to 

their businesses for it to be a main component in their 

corporate strategy the great majority did not see it as 

an issue of importance..Training was rarely seen as 

investment but as an overhead which would be cut when 

profits are under pressure forced on the company as a 

reaction to other developments. 

Most businesses have a clearly defined strategy and set 

of objectives that direct and drive all the choices made 

for training decisions and organizational development. 

Organizations that plan their training process are more 

successful than those who have weak or unstructured 

plans. Most business owners want to succeed and 

optimize profits, but do not engage in training policies 

that promise to improve their chances of success. 

A well-conceived training program can help business 

flourish. A program structured with the company’s 

strategy, mission and objectives in mind has a high 

probability of improving productivity and other goals 

that are set in the training mission. Traditional models of 


Article 

training are unable to bridge the gap between employer 

expectations and employee output or to improve levels 

of engagement and performance of employees. By 

aligning training strategies with organizational objectives 

and leveraging innovative technology to the maximum 

extent, organizations will be able to significantly improve 

their employee performance. 

The purpose of formulating a training strategy is to answer 

two relatively simple but vitally important questions like 

what is our business. And what should our business 

be? Armed with the answers to these questions and a 

clear vision of its mission, strategy and objectives, an 

organization can identify its training needs. The answer 

to both these questions could be derived from short and 

long term company goals. 

Training will also give an employee a major competitive 

advantage. If an organization has a proficient, 

committed, well-led workforce, it can perform better than 

the competitor in terms of good customer service and 

good product delivery compared to an organization that 

has employees who don’t know what they are doing. 

Suitable staff development cannot be something that is 

undertaken every now and then, it is a vital and daily 

aspect of work, of personal and professional identity 

of an employee. Diverse training strategies should be 

implemented in different financial organizations to enrich 

professional development of their staff. 

Educational or training strategies that have an 

interactive or experiential component may be the most 

beneficial to financial organizations learning new or 

advanced direct service skills. These can be formal or 

informal relationships with skilled mentors who offer 

expert guidance and encouragement pertaining to 

the knowledge and skills that they need to maximize 


Article 

their potential. The objective is to offer guided work 

experiences, role modeling, and expert coaching so 

the introduction of essential knowledge and skills are 

mastered to desired levels of proficiency. An alternative 

way to accomplish this is to encourage job shadowing 

for new employees with experienced employment 

consultants within the same organization. 

Pre-service training or orientation programs are 

commonly used by organizations to support the learning 

needs of new employees as well as introduce them to 

their organization. The first step, is usually to involve 

each person in his / her plan as adults learn best when 

they can identify their own goals and objectives. Work 

orientation or induction programs can be offered to 

the employees either within the same organization or 

outsourced to Institutes or training providers. Bank 

employees can be given thorough meticulous knowledge 

of their banks products and services before they enter 

their main stream job positions in order that they gain 

expertise in their field of work. This is very beneficial 

to young and inexperienced graduates who have no 

previous banking experience. Organizations should 

device strategies and incorporate it in their business 

plan as an integral part of their HRD strategy in order to 

maximize output from employees from initial stages of 

work placement. 

As the business environment is constantly changing due 

to continuous developments in technology, the knowledge 

and skills required for employee and management 

development will also change from time to time. To 

compete with others, organization require to incorporate 

training strategies with their business development 

plans in order to achieve their desired goals. Training 

design and delivery can be made more effective through 

ensuring that the training program objectives are clearly 

focused on the organization’s priorities and goals. 

Besides this, participants’ learning outcomes must be 

stated in terms of productivity required in the workplace 

and measurable performance standards. 

Though training and development is one of the most 

important part of talent management, it is also one of the 

most dynamic area in terms of changing trends in training 

practices. With recent technological advancements and 

the precipitous adoption of social collaboration, training 

and development has changed significantly. Taking a 

decision to improve employee learning and investing in 

learning management practices is often an intimidating 

challenge for organizations. Training can no longer be an 

afterthought in organizations. It must become an integral 

function of staffing and business strategy. When it is not 

properly planned for, any endeavor to satisfy a training 

need will usually result in failure. Therefore, it is vital to 

create a written, well-thought out plan for training and 

development in order to increase profits and improve 

and develop employee performance at all levels. 


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