KAFA’A: PAVING QATAR’S FINANCIAL TOMORROW, TODAY
KAFA’A 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. Training 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.
KAFA’A is centred on a solid vision of inspiring and empowering professionals in the financial sector with a commitment for excellence and the development of core competencies, exchange of knowledge and the standardisation of market requirements and qualifications.
Our efforts, investments, partnerships and resources will pour into building a globally competitive workforce in Qatar’s financial sector that is guided by the principles of life-long learning, open collaboration and continuous professional development.
Deeply engrained in the fabric and mission of KAFA’A are values and principle that will play an instrumental role in raising the bar for the Qatari financial sector, elevating it to world-class stature and leadership position.
Firstly, KAFA’A strongly believes in cultivating and advocating the overall development of talent across the financial sector. Special emphasis is placed on empowering each and every talent to acquire a competent skillset that can withstand the demanding and unpredictable challenges of the present and the future.
When it comes to innovative thinking, KAFA’A also highly values fresh ideas that are big, brave and can push boundaries. This open-minded approach will greatly contribute to the constant improvement and growth of the financial sector and its competencies.
As the harbinger of things to come in the industry, it has also stretched its ambition to build successful cooperative relationships with several local, regional and international bodies and institutions that are committed to the development of skills and expertise.
Furthermore, KAFA’A respects and appreciates the huge diversity of individuals working within the financial sector. It also understands and recognizes the fact that this diversity can bring unique experiences to the market, which can often be inspiring, enriching and highly rewarding.
Lastly and importantly, KAFA’A is committed to providing a dynamic support community for the financial sector. This powerful forum and platform is where professionals, industry experts and regulatory bodies can constantly collaborate and share new ideas, opinions, skills and knowledge with each other.
KAFA’A has a set of bold and ambitious objectives for the future and this what drives it forward everyday.
KAFA’A strongly believes in providing a flexible platform that encourages and fosters constant improvement and professional development for all people working across Qatar’s financial institutions.
By embodying today’s sharing economy, KAFA’A also aims at bridging the conversational gap between various disciplines and avenues in the financial sector. To this end, it will foster an open and collaborative environment where professionals, industry experts and regulators can openly their share, learn and discuss ideas, opinions skills and knowledge.
Backed by a prosperous economic outlook driven by massive infrastructural investments and diversification into new growth sectors, the long-term objective of KAFA’A is to elevate Qatar’s status internationally and enhance its reputation as the unmatched leader and benchmark for the finest financial services in the world.
One of the key objectives for KAFA’A is to create a robust yet flexible governance structure to provide strategic guidance for the development of core competencies. This focused mission to hone and evolve the proficiencies of all professionals working across the industry will, in turn, create tremendous value for the market.
With a meticulously planned approach, strategic thinking and unwavering commitment to success, accomplishing these goals effectively and efficiently is only a matter of time.