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.