NTF to help CMA achieve insurance sector Omanisation goals

MUSCAT, AUG 4 – The Capital Market Authority hosted an introductory seminar on the National Training Fund (NTF) focusing on the range of training services offered by the Fund and the mechanisms for the training and qualification of Omanis working for public and private sector institutions. The seminar was attended by a number of officials of the CMA and representatives of the National Training Fund, in addition to representatives of various insurance companies and brokers.
The CMA is keen to familiarise the insurance companies and brokers with the services of NTF to help achieve the Authority’s vision of empowering national cadres and achieving the Omanisation ratios agreed with the Ministry of Manpower by 2020.
Rashid Mohammed al Rashdi, Director of the Insurance Institutions Regulation Department, said: “We are endeavouring, in collaboration with NTF, to intensify qualification and training programmes for the national cadres working in the sector by availing ourselves of the training services offered by NTF for the employees of the private sector to achieve the CMA’s vision.” He added, “The CMA has set up a package of training programmes this year and hopes to expand them in coordination with NTF.”
He emphasised that CMA’s target is 50 per cent Omanisation in senior positions, 75 per cent for the mid-level positions, and 90 per cent for operational positions by the end of 2020.
NTF was established by Royal Decree in 2016 with the aim of capacity building for Omani human resources and to bridge the gap between the graduates of educational institutions and the labour market.
The Fund aims to enhancing cooperation between the priority sectors to identify employment opportunities, current requirements and future needs to build up comprehensive informational structure to support training through data and information collection relating to the supply and demand, inputs and outputs of the various training programmes and to provide support and advice to the concerned government and private sector entities related to training and employment policies and international quality and accreditation standards.