INdustry

Overview

Kafa'a was launched as an initiative of the Financial Markets Development Committee (“FMDC”) with a view to further enhance the quality of the Financial Services (FS) sector by introducing a framework to help enhance competency levels across the sector. Qatar’s FS sector represents an important component of its economy. 

A key pillar of Kafaa is the development of a consistent training framework and illustrative curriculum which is competency based. Technical competencies for key job families have already been defined across the FS sector (including the regulator).
The “Strategic Plan for Financial Sector Regulation” launched by H.E. The Governor of the Qatar Central Bank in December 2013 highlights the need for a framework for competencies and for training.
A standard that outlines required competencies for individuals working within FS sector is critical to promote the health of the financial system. It is equally important to ensure training infrastructure is competency based to help the FS community align themselves to established competency standards.
Kafa'a framework is also targeted at fulfilling some of the key goals of Qatar’s ambition envisioned in QNV 2030 which among other goals, focuses on human development.

It will help support the achievement of the 6 objectives identified in the Strategic plan for financial sectors.

This document defines the key job families and roles and relevant competencies pertaining to QCB and QFCRA.

Banks will need to tailor the framework to suit its specific envir0nment in terms of organisational structure, people and process

Six Critical Goals from the Strategic Plan for Financial Sector Regulation

Develop a consistent risk-based micro-prudential framework
Expand macro-prudential oversight
Strengthen financial market infrastructure
Enhance consumer and investor protection
Promote regulatory cooperation
Build human capital through training and professional development…