Driving its mission to build a rehabilitation, training and competency development framework for Insurance and Takaful professionals
KAFA’A spearheads a host of programs and conferences in partnership with Qatar’s leading insurance and Takaful players
•Dr. Abdulaziz Al Horr: in its mission to elevate the performance and competency levels across the sector, the KAFA’A project has adopted the highest world-class standards in insurance and Takaful, building on an integrated skillset that will pour into the growth and sustainability of the State of Qatar
•Under the wider insurance and Takaful curriculum, the program places particular attention and focus on Islamic finance and, in parallel, provides in-depth and thorough understanding of concepts and principles driving the sector’s product and service development.
KAFA’A, the Training & Competency (T&C) framework incepted by the Qatar Finance Business and Academy (QFBA) and mandated by Qatar’s Financial Markets Development Committee (FMDC), collaborated earlier this month with leading and established insurance and Takaful institutions for a slew of programs and conferences targeted at strengthening, developing, and bridging training and educational gaps for the sector’s workforce.
Commenting on this occasion, Dr. Abdulaziz Al Horr, CEO of QFBA, said: “the KAFA’A project has been designed and is continuously honed to actively tackle a broad knowledge-based gap that is stifling the potential of the insurance and Takaful arenas in Qatar – even more so at a time when both are attracting a widening swath of specializations, as well as talents and institutions. To this end, the project is guided by a focused vision to raise the competency standards and skillsets of sector professionals in the state of Qatar to meet international, competitive benchmarks, as well as to set up an integrated, holistic framework at the service of rehabilitation, training and evaluation stage built on world-class best practices and standards.
Dr. Al Horr continued by saying: “KAFA’A’s advanced curriculums in the insurance and Takaful arenas have been devised on a set of world-class standards, combining best practices and cumulative international expertise, shedding the light on the sectors’ various specialization opportunities and job market needs and requirements, overcoming obstacles that are hindering training efforts, and strengthening competitive talents to match the meet sophisticated and developed career advancement systems on a global level.”
Dr. Al Horr pointed to a number of vital and integral specialization and core areas driving the insurance and Takaful sectors forward; at the forefront of which are Shari’ah compliant insurance, IPOs, intermediaries, settlements, underwriting, claims, risk management as well as
Corporate governance and private practice principles pertaining to insurance and Takaful.
KAFA’A’s preliminary survey and research highlight several gaps that are hindering the growth of the insurance and Takaful sector in the state of Qatar between demand and supply of training, limited access to facilities, lack of consistency in defining competency and a highly fragmented structure for continuing professional development within Qatar’s financial industry; all areas that the KAFA’A project will be actively tackling.
In response to these challenges, KAFA’A will work in close collaboration with leading major financial and banking institutions in the State of Qatar under the supervision of the Qatar Central Bank and QFMA and QFCRA to provide advance training services that promote a knowledge-based sharing economy, networking opportunities, mutual skill and principle exchange; all at the service of developing technical, management and leadership capabilities of sector professionals while building an inter-connected network of experts, whose expertise and experience will pour into KAFA’A’s curriculums and programs.
KAFA’A covers all core and non-core areas involving insurance and Takaful product and service development, regulatory controls, guiding principles and foundations.
In close collaboration with industry experts, leading institutions, organizing committees and authoritative figures, KAFA’A works with a focused vision and primary objective of elevating the Insurance and Takaful sector to transform it into a competitive platform and powerhouse with international promise, governed by the human and economic development pillars of the Qatar, National Vision 2030, and aligned with progressive plans aimed at building a general training, competency and career advancement framework for the sector.
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