The UAE Central Bank has asked banks in the country to hire more Emiratis as part of the emiratisation strategy for the banking and insurance sectors in the country.

In 2017, the UAE Central Bank introduced a point-system for banks to drive emiratisation. In April 2019, the UAE Central Bank set a target of 29,736 points to be achieved by banks operating in the UAE by the end of the year, the central bank said in a statement.

Five points are allotted for banks recruiting Emiratis in top management roles. While those banks hiring emiratis in middle management roles could secure three points, non-administrative roles have a reward of one point.

Banks can also gather points through training and development along with scoring two additional points when recruiting an Emirati citizen in the fields of investment and risks management.

By the end of June 2019, the majority of banks achieved 28,050 points. This indicates that “other banks need to increase the numbers of their Emirati workforce and ensure they undergo the necessary training in order to achieve the end of year target.”

In 2018, the majority of banks, were able to achieve the required 26,806 points, with some banks exceeding the target, the statement said. The central bank governor, Mubarak Rashed Al Mansoori, met with  Abdul Aziz Al Ghurair, Chairman of the UAE Banks Federation and discussed the importance of Emiratisation and improving the Emirati competency in the banking sector.

“They also discussed recruiting new graduates and increasing trainings budget where banks can invest in drawing a clear career path to the new Emirati graduates,” the statement said.

(Writing by Gerard Aoun, editing by Seban Scaria)

Gerard.aoun@refinitiv.com

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© ZAWYA 2019

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