The College of Banking and Financial Studies (CBFS) is one of the leading educational institutions where a lot of Omani manpower has been educated from before joining banking and financial institutions in the last three decades. It has been implementing the policy of preparing the young Omanis to replace expatriates in many important institutions. It has been implementing the policy of “Omanisation” across the Sultanate. Since the mid-1980s, CBFS has helped in providing various banks and financial institutions, apart from other institutions with qualified manpower, leading to a spurt in the rate of “Omanisation” in a number of national banks and foreign bank branches by over 90 per cent.
This was achieved under the Royal Directives of His Majesty Sultan Qaboos to train and educate Omani citizens in all fields and sectors. The Central Bank of Oman (CBO) has played a major role in providing support for the programmes and activities of CBFS since its establishment in 1983 under the Royal Decree No (64/83) on Establishing the Oman Institute of Bankers, which was modified to the Institute of Banking and Financial Studies by the Royal Decree issued in 1988, and then to the College of Banking and Financial Studies by the Royal Decree No 12/2004 issued on January 28, 2004.
Known as a professional academic institution specialising in the field of academic and occupational programmes as well as banking and financial research and studies, CBFS helps provide the banking and financial sector with qualified and well-trained human resources by offering academic and occupational programmes together with higher degrees (MA) in collaboration with prestigious academic institutions worldwide. In addition, CBFS offers regular business management programmes and diplomas in banking, accounting, information technology, chartered accounting and other specialisations.
The CBO seeks through CBFS to activate and expand the role of the banking sector to help achieve sustainable development, support the activities of local banking and financial institutions and maintain the “Omanisation” strategy in these institutions, apart from preparing highly-qualified work force for playing a vital role in this important activity of expansion and growth in accordance with the decision of CBO’s Board of Governors to allow the practice of Islamic banking. CBFS is fully-prepared to offer specialised programmes in the field of Islamic banking in collaboration with the Bahrain Institute of Banking and Finance.
The Government of the Sultanate has always shown great interest and concern in human resources development in various specialities, and is keen to provide experienced and qualified human resource to realise the country’s future prospects. While keeping abreast with the latest technological developments, aiming to establish a modern government capable of managing and developing the economy and enhancing the role of the government and private sectors, the government is also intent on strengthening partnership and collaboration among them. This is expected to contribute in development efforts and providing job opportunities for Omanis wherever available by giving preference to citizens capable of playing a role in these fields.
Accordingly, CBFS is playing its part in keeping in line with the latest developments emerging on the banking and financial arena across the world, along with preparing Omani youth to work in various positions of importance to the country with focus being given to specialised fields. CBFS has achieved major developments through the past years by increasing the number of its students from 411 in 2000 to almost 1,600 in the current year. Meanwhile, CBFS has always maintained its academic and performance quality, simultaneously, earning a number of local, regional and international accomplishments along with its academic progress. The institution undergoes constant review and scrutiny from the Oman Academic Accreditation Authority since it is connected with academic programmes from prestigious international institutions whose studies and educational research are shared with CBFS. Therefore its students today graduate with certificates that are recognised by several prestigious universities around the world.
The success of the “Omanisation” policy in local banks is not only attributed to the existence of the Omani workforce that is trained in the fields of banking and finance, but also on the subject of the salary earned by the employee for working in such institutions where the benefits are at times at a competitive rate with the oil and gas companies operating in the country.
Banks and financial institutions have today become magnets that draw Omani manpower since most of them prefer office work that such institutions offer. All these factors have helped achieve the “Omanisation” policy in the field of banking and finance. The CBFS is now involved in the preparation of future generations for working in the fields of management, accounting and modern technologies which lack Omani manpower and are now managed by expatriates.
The Sultanate is about to implement several vital projects in various specialities in the upcoming years, whether in the economic or social fields, which requires local universities and colleges to prepare Omani youth and arm them with the necessary education that enables them to bear responsibilities and perform their tasks without any difficulty.
The current global challenges make it imperative for academic institutions to adopt a conscious academic approach to face such challenges and invest these valuable human capabilities to play an effective role in the places they join. This requires educational and academic institutions in the Sultanate to apply comprehensive quality management throughout all educational stages, from elementary school to college, in order to keep abreast with the rapid developments witnessed around the world in all businesses and specified fields.