KAFAA is a groundbreaking initiative created around a unique and progressive philosophy: To raise the overall competencies of people working across Qatar’s financial sector.
A brainchild of Qatar’s financial stakeholders, KAFA’A, a Training & Competency (T&C) framework, is wholly sponsored by the Financial Markets Development Committee (FDMC) – which includes the Ministry of Economy, Ministry of Finance, Qatar Central Bank, Qatar Financial Markets Authority, and QFC Regulatory Authority. It was established in June 2015 with the collaboration of the Qatar Finance and Business Academy (QFBA).
With over 120 licensed and authorised financial firms operating in Qatar, there is now an ever pressing need to ensure reliability and mobility of talent in the financial sector. As Qatar’s National Vision 2030 continues to drive economic prosperity in a region that is witnessing a radical transition into new growth sectors, the financial industry needs to be equipped to not only keep pace with but, also, lead on this transformation. KAFA’A is here to stretch the industry’s ambitions, capabilities and role to new heights.
This bold move and the first of its kind in the region aims at bridging gaps, eliminating market inconsistencies and discrepancies, regulating qualifications and standardising best practices to raise Qatar’s profile on the international map as a world-class financial hub.
The Governing Council of KAFA’A, comprising representatives from financial institutions, regulatory bodies and government agencies, has been entrusted with the responsibility of maintaining the highest standards; stringent measures are enforced to ensure the effective delivery on training and the continuous improvement and professional development of the unique mix of local and international workforce.
As such, the council defines benchmark qualifications, experience and technical competencies for key job categories and roles within financial services institutions and regulatory bodies, specifically focusing on quality assurance and standardisation.
raining standards, curriculums and certification programmes falling under KAFA’A’s remit are accordingly developed, adhering to rigorous standards and clearly defined guidelines and objectives.
Building pillars and shaping agents of change
KAFA’A addresses the core pillars of Qatar’s financial services, namely banking, insurance and capital markets, Islamic banking and Islamic capital markets.
It equally provides a holistic and comprehensive view of operational and managerial structures for these core verticals, covering treasury and investments, risk management and compliance, finance and internal audit.
To this end, its partnership with Qatar’s financial regulators, such as the Qatar Central Bank, Qatar Financial Markets Authority and QFC will play a central role in setting clearly defined structures and systems for licensing, supervision and surveillance, consumer protection and financial stability, among others.
For more information please visit Kafaa
