–Financial services professionals in Kuwait to benefit from enhancements in their product and markets knowledge–
CISI and Kuwait CMA Sign Landmark MoU
The Chartered Institute for Securities & Investment (CISI) has signed a Memorandum of Understanding (MoU) with the Kuwait Capital Markets Authority (CMA) to provide finance professionals in the country with globally recognised qualifications through accredited training partners.
Local Regulations Exam to Be Introduced
The agreement will look to establish a Kuwaiti local regulations exam to complement the existing international technical qualifications offered by the CISI, thereby making the qualifications more relevant to financial professionals working in Kuwait.
Mandating CISI Qualifications for Licensed Entities
A new qualifications framework will be put into place which makes it compulsory for certain entities licensed with the CMA to provide CISI qualifications to its employees. Both entities will also work to develop accredited training partners in Kuwait, so that financial professionals can avail of high quality training to attain their qualifications.
Zahra AlMousa – Securities Coordinator – Licensing and Registration Department, CMA
Khalid AlMufarrej – Registration Manager – Licensing and Registration Department, CMA
Zeyad Al-Fulaij – Licensing and Registration Department Director, CMA
Dr. Nayef F. Al-Hajraf – Chairman of the Board of Commissioners, CMA
The Right Honourable the Lord Mayor of the City of London, Alderman Alan Yarrow, Chartered FCSI(Hon)
Kevin Moore Chartered MCSI, Director of Global Business Development, CISI
Matthew Cowan ACSI, Regional Director – Middle East, CISI
Commenting on the partnership with the Kuwait CMA, Matthew Cowan, Regional Director of CISI Middle East, said: “The CISI is constantly looking to raise the standards of the financial services industry globally, and this move with the Kuwait CMA is a big step towards helping us achieve our goal. As a result of this MoU, financial professionals in the country will receive mandatory CISI qualifications through the CMA, while individuals and corporations seeking their advice can be assured of ethical and sound counsel.”
Focus on Regulatory Knowledge and Local Markets
The main objective of a local exam is to ensure candidates have a basic knowledge of the regulations and legislation underpinning the financial markets and the conduct of investment business in Kuwait. This raises the standards of the service provided by financial services providers to their clients in terms of their skill set, knowledge as well as ethics.
Supporting Kuwait's Goal as a Regional Hub
Kuwait Capital Markets Authority’s (CMA) aim is to position Kuwait as a regional capital markets hub and in order to achieve this objective it is imperative to create a highly skilled talent pool. The MOU will pave the way for the introduction of CISI certified programmes that will ensure that practitioners working in Kuwait’s capital markets industry have the required skills, function with the highest ethical standards and apply best practices and techniques.
CISI’s Impact in the Middle East Financial Sector
Established in 2007, CISI’s Middle East operation, headquartered in Dubai, has made a significant contribution to the professionalism of the financial services industry across the region. In its latest financial year, almost 4,000 exams were taken in the Middle East. These exams cover a range of subjects from Islamic Finance and Wealth Management to Compliance and Risk, with exams available in both English and Arabic.
