The training year 2016/2017 was marked by very important accomplishments for the IBS, most importantly signing a Trusted Partner Agreement with the renowned London Institute of Banking & Finance (formerly known as the ifs), whereby the LIBF offers accreditation to a number of IBS programs and professional certification offerings, as well as a Cooperation Agreement with the Frankfurt School of Finance & Management GmbH, by which the IBS became an accredited Online Examination Center for the Association Cambiste Internationale (ACI).
Among its endeavors to support the fulfillment of social responsibility of the Kuwaiti banking community, the IBS continued for the third consecutive year the management of the Master Degree Scholarship Program offered by the Central Bank of Kuwait and Kuwaiti banks to Kuwaiti graduates. For the first time, holders of undergraduate qualifications in all majors will be welcome to apply to the program for the coming years, as long as they meet all other eligibility requirements, with the purpose of assisting a wider segment of graduates to attain their postgraduate degrees.
Also, the IBS drafted a proposal for “The Kuwaiti Economic Researcher Prize”, another initiative by the Central Bank of Kuwait and Kuwaiti banks to present an annual prize to researchers who make a contribution to the Kuwaiti banking and financial sector through innovative studies.
Another youth-centered initiative is the ongoing collaboration with the Manpower and Government Restructuring Program (MGRP) to train and employ new Kuwaiti university graduates and Diploma holders.
The IBS continued throughout 2016/2017 to present the signature programs it is well-known for; the Executive Development Program in collaboration with Harvard Business School, the Mini MBA Program, and three leadership-focused seminars presented by world-ranking speakers.
It also continued to present examination preparation courses for International Professional Certification Programs which included this year for the first time Certified Professional (SHRM-CP), Senior Certified Professional (SHRM-SCP) and Professional Selling Skills (PSS) Certificate.
In the area of Islamic Banking, we strive to assist Islamic banks with the implementation of the “Shariah Supervisory Governance for Kuwaiti Islamic Banks” instructions issued by the Central Bank of Kuwait in December 2016. Accordingly, the IBS presented two new Islamic Banking Certification Programs: Certified Islamic Specialist in Sharia Auditing (CISSA), provided by the General Council for Islamic Banks and Financial Institutions (CIBAFI) and Certified Shari’a Adviser and Auditor (CSAA), provided by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The IBS also ventured into new frontiers during the past year; presenting for the first-time the Real Estate Valuation Program, in collaboration with the Kuwait Banks Association, the Saudi Authority for Accredited Valuers (TAQEEM) and the Kuwait Real Estate Appraisal Association. This is a testament to the IBS’s continuous efforts to diversify its program offerings and to extend its services to further sectors.
In the area of Consultations and Research, the IBS continued to conduct research studies, communicating their findings and recommendations to its Kuwaiti member banks, as well as continuously upgrading the online database “Bayanati” and enhancing it with user-friendly analytical features and functions so that users get the utmost value out of it.
It is also noteworthy that the IBS has operated in 2016/2017 under its new bylaws and organizational structure, approved by the Board of Directors in June 2016; a change that has brought more coordination to its operating activities, thus enabling it to serve its customers with optimum standards of quality and professionalism. The year 2016/2017 also witnessed the launch of the new IBS social media look and feel, which comprises an all-new website, accounts on Twitter and Instagram and an app for smart devices, all meant to bring us closer to our customers and enable them to have more access to the institute’s activities and services.
We are determined to continue to work very hard during the forthcoming year, 2017/2018, to improve and diversify our program and service offerings, so we may continue to diligently serve the banking and finance community, as well as all other sectors in Kuwait.
Prof. Yaqoub S. Y. Alrefaei