The Qatar Finance and Business Academy (QFBA) has officially launched the training and competency framework for the finance services industry in the GCC region, known as KAFA’A.

According to QFBA CEO Abdulaziz Al Horr, the framework model has been developed following extensive research studies, and evaluation of the local market and international case studies and best practices in developed markets such as Singapore, Hong Kong, Australia and the UK.

The KAFA’A T&C framework incorporates a range of disciplines such as retail, corporate and private banking; treasury and investments; risk management and compliance; finance; internal audit; insurance; and capital and Islamic capital markets.

It will be supported by The Qatar Central Bank, the Qatar Financial Markets Authority and the QFC Regulatory authority in key areas including licensing, supervision and surveillance, consumer protection, financial stability, economics, reserve management, issuer management, financial products, as well as intermediaries and exchanges.

Al Horr added: "Qatar’s financial sector has long anchored its economic growth, backed by robust longstanding, local financial institutions and global powerhouse names. But for it to continue its growth trajectory into more advanced and developed market levels, it must rise to world-class benchmarks and stature of competency, compliance and regulation.

"The establishment of KAFA’A embodies this very mission, pioneering an industry model with structure, depth and breadth, and bringing under its umbrella all stakeholders and ecosystem shapers in Qatar’s financial sector; a collaborative, knowledge-based, platform that follows through the future evolution of the sector’s key driving forces – conventional and Islamic banking, insurance and capital markets – by bridging gaps between educational and career advancement, job market gaps and competency development, and private and public sector policy and decision makers."

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By GlobalData