In 2012-2013, the IBS and KFAS signed a memorandum of understanding expanding their cooperation to a new level making their services available for a wider spectrum of companies in all sectors in the State of Kuwait. Through cooperating in offering state of the art training, development and joint studies, the two organizations seek to better achieve their objectives of supporting the development of national workforce and Kuwaitization of the private sector with the aim to contribute to the development of various economic sectors and the Kuwaiti economy as a whole.
The MOU covers cooperation in offering programs, courses, symposia and conferences for companies through the professional unions representing them in sectors such as Banking, Finance, Real Estate, Insurance, the Industrial and other sectors. Also, the cooperation enables participation in Islamic Banking and Finance training events for interested companies from other than the Banking and Financial sector.
The cooperation provides Kuwaiti companies with increased funding for the training and development activities they need to grow their national workforce. KFAS will fund programs and courses offered by the IBS for eligible companies through specific mechanism set by the professional unions representing each economic sector.