Advanced Course of the Sustainable Microfinance Training Program for United Nations Relief and Works Agency for Palestine Refugees Employees
In continuation of the Institute's efforts to meet the training needs of the microfinance institutions on the local and regional levels to create trained and qualified cadres who possess the necessary skills to serve their institutions and raise its standards , and in accordance with the contract concluded with AMIR Program previously, the Institute held at its premises in Amman the "Advanced Course of the Sustainable Microfinance Training Program" during 3/12-7/12/2006. Seventeen trainees from United Nations Relief and Works Agency for Palestine Refugees (UNRWA) employees working in Syria, Lebanon, the West Bank , Gaza Strip and Jordan attended the course.
This course which consists of (35) training hours aimed at developing the participants' skills and increasing their productivity, and providing them with the best practices of achieving sustainability and profitability and managing their credit portfolios through measuring delinquency and controlling risks, in addition to forecasting and budgeting and management information systems as well as building a strong organization.
The Institute has decided, however, to hold more training courses for microfinance institutions in different subjects covering their various training needs , in addition to continuing its efforts to attract the best - known international institutions dealing in supporting and developing the microfinance industry in the third world such as the World Bank , the Cooperative Group to Assist the Poor (CGAP) , PlaNet Finance / France , ACCION / Austria as well as other institutions in this vital field.
The Institute's Management Participation in Regional and International Conferences
Dr. Marwan Al - Zoubi , Dean of the Institute of Banking Studies attended the annual conference held in Kuwait during the period 16/12-18/12/2006 which was organized by the Economic Research Forum, a part of Euro - Mediterranean Forum of Economic Institutions which aims at supporting the economic integration and growth in the Arab and European region .
However, the Board of Trustees of the Economic Research Forum have chosen the Dean of the Institute as a Research Associate to participate in evaluating the researches presented to the forum in different financial fields .
Also, the Financial and Administrative Assistant to the Dean attended The Second U.S. - Middle East / North Africa Private Sector Dialogue (US-MENA PSD) Conference, which was organized by the Union of Arab Banks, the U.S. Department of Treasury and Federal Reserve Bank of New York in cooperation with The Middle East / North Africa Financial Action Task Force, Arab Bankers Association of North America and American Bankers Association. The conference took place at the Federal Reserve Bank in New York during 11/12-13/12/2006.
This conference aimed at uniting the international efforts to combat money laundering and financing dubious activities through upgrading the level of awareness and strengthening the means of communication and bring closer the cultures of the two regions .
The Comprehensive Exam of the MBA Program
Following the academic affiliation and cooperation agreement concluded between the Institute of Banking Studies and the University of Jordan regarding the implementation of the MBA Program in Banking and Finance at the Institute's premises, the November comprehensive exam was held on 30/11/2006 . This exam was prepared by a specialized committee formed from the Institute's teaching faculty headed by the Dean of the Institute in accordance with the granting Master's Degree regulations at the University of Jordan. The Institute's Board of Directors approved the results of the comprehensive exam in its resolution number (800) dated 24/12/2006 and forwarded them to the Council of Deans of the University of Jordan for approval and issuing of certificates and grades .
Specialized Banking Seminars Held at the Institute
During the Last Quarter 2006
The Institute of Banking Studies held during the fourth quarter of this year three specialized banking seminars as follows:
1. Banking and Financial Services Regulatory Compliance Seminar
This seminar took place during the period 5/11-9/11/2006 in cooperation with Bond Associates Ltd. / UK and was attended by (25) participants representing the different banks and financial institutions . The seminar focused on the importance of banksÕ compliance with the regulations and international banking standards as well as determining the role of the compliance officer and the nature of the challenges and difficulties facing compliance officers in the fields of money laundering , risk management, internal and external inspection and auditing according to the resolutions of Basel II , and the impact of the International Accounting Standards , especially (IAS 32 and 39), on the compliance process . Also, the seminar discussed the significance of the upper management role in controlling performance in general and the degree of compliance, and emphasized the increasing need to create an independent entity for compliance in banks and financial institutions responsible for measuring compliance with banking and financial regulations and international standards.
2. Advanced Private Equity and Venture Capital
Seminar
This seminar was carried out during the period 26/11-29/11/2006 in cooperation with Euromoney Training / UK . The seminar discussed the different aspects related to private equity industry and venture capital and the private equity approach to valuation and the investment process and structures. The seminar also discussed the ways of organizing the relation between the corporate partners and the management on one hand and the relation with limited partner on the other hand , as well as the remuneration of the management team , types of private equity, fund investor key placement agents and intermediaries and emerging market issues. The seminar was attended by (13) trainees specialists in capital markets and investment in different financial and banking institutions.
3. Islamic Capital Markets and Retail Finance Seminar
This seminar was held during the period 17/12-20/12/2006 in cooperation with Euromoney Training / UK and was attended by (18) trainees from different banks and financial institutions. The seminar focused on all aspects related to Islamic capital markets and primary underlying principles of Islamic finance as applied in the capital markets , as well as capital markets and securitization, legal - tax and infrastructure concerns for the Islamic capital markets , in addition to Sukuk Al Intifa'a , Sukuk Al Salam and Musharaka Sukuk , Hedging - portfolio and balance sheet management , Islamic retail finance , Riba - Gharar and contract . The seminar dealt also with many practical cases to enrich the participants' knowledge in the practical applications of these fields in some Islamic countries .
The Institute of Banking Studies Board of Directors Meeting
The Board of Directors of the Institute of Banking Studies held its 137th meeting on Sunday 24/12/2006 . His Excellency Dr. Umayya Toukan , Chairman of the Board and Governor of the Central Bank of Jordan presided the meeting.
The Board members discussed the subjects on the agenda : budget for 2007 , upgrading the computer labs at the Institute's premises and at its two branches in the North and South of the Kingdom . The Board also discussed the results of the Institute's second group comprehensive exam of the MBA Program in Banking and Finance , as well as the achievements of the Institute during 2006 and the Institute's future prospects .
Finally , H.E. Chairman of the Board and the members highlighted the distinguished achievements of the Institute during 2006 in the different training and academic fields , and gave tentative approval on the Institute's future plans for 2007 which will enable the Institute to consolidate its position as a specialized training center to train and qualify local and regional human cadres .
The Institute's Achievements During 2006
During the year 2006 , the management of the Institute of Banking Studies headed by H.E. Chairman of the Board of Directors was eager to introduce a comprehensive and qualitative development in the Institute's activities and its training and academic programs. This was done in view of the management's deep rooted and firmly established belief in the significant role of training and developing human resources in developing our banks and financial institutions. The management of the Institute gave priority to expanding and diversifying the training activities of the Institute in all aspects of financial and banking knowledge directly related to the present situation of the Jordanian financial and banking institutions and their future outlook. The total number of training courses and seminars held during 2006 reached (334) courses and seminars attended by (5308) trainees as compared with (298) courses and seminars attended by (5321) trainees during 2005. The achievements of the Institute during 2006 are as follows:-
First : Training Activities
* Training Courses
During this year the Institute has carried out (251) training courses attended by (3973) trainees . The training courses covered eleven major aspects:
1- Specialized Banking Operations.
2- Advanced Banking Operations.
3- Banking Operations in English .
4- Accounting and Finance.
5- Bank Marketing .
6- Computer .
7- Internet.
8- Islamic Banking Operations .
9- Portfolio Investment .
10- Managerial Skills.
11- Special Courses.
* Seminars in Cooperation with Regional and International Institutions
The Institute has carried out during this year (13) banking seminars attended by (265) trainees in cooperation with several regional and international banking institutions. These seminars aimed at achieving several objectives of top priority to the Institute . The seminars were as follows :
- Understanding Leadership and What it Means to be a Leader / in cooperation with Progressive Banking Solutions/ Ireland.
- Advanced Anti - Money Laundering / in cooperation with Bond Associates Ltd. / UK .
- Securitization in Islamic Banks / in cooperation with the Islamic Research and Training Institute / the Islamic Development Bank - Jeddah .
- IT Auditing and Controls / in cooperation with MIS Training Institute / UK .
- E-Banking Risk Management / in cooperation with Euromoney Training / UK .
- Excellence in Customer Service / in cooperation with Crown Agents Bank / UK .
- Preparation and Control of Bank Budgets / in cooperation with Progressive Banking Solutions / Ireland .
- Risk Based Internal Auditing / in cooperation with MIS Training Institute / UK .
- Cash and Market Liquidity Management / in cooperation with Sigma Associates / UK .
- Bank Fraud Prevention, Detection and Effective Recovery / in cooperation with Bond Associates Ltd. / UK .
- Banking and Financial Services Regulatory Compliance / in cooperation with Bond Associates Ltd. / UK .
- Advanced Private Equity and Venture Capital / in cooperation with Euromoney Training / UK .
- Islamic Capital Markets and Retail Finance / in cooperation with Euromoney Training / UK .
* Specialized Professional Diploma Programs
The Institute continued implementing the Specialized Professional Diploma Programs to accommodate the increasing demand for courses dealing with financial matters, bank credit and investment portfolios management, as well as the needs of the financial and banking sector cadres in order to create qualified human resources able to comprehend and use the required skills efficiently , and to cope with the financial and banking developments occurring on the international level .
And following the big success the Institute achieved through presenting the specialized professional diploma programs in the above - mentioned subjects, and upon the approval of the Institute's Board of Directors to launch a new specialized professional diploma program in its resolution number (780) dated 8/9/2005 , the Institute launched the Specialized Professional Diploma Program in Banking LeadershipÓ at its premises in Amman during 7/5 - 20/7/2006. This program aimed at qualifying the employees who occupy administrative, supervisory and leadership positions to acquire a specialized professional diploma in banking leadership (bank leader).
In view of the above, the Institute has carried out at its premises in Amman and at its branches in Irbid and Aqaba ten specialized professional diploma programs during the year 2006 on Financial Analysis , Bank Credit , Investment Portfolios Management and Banking Leadership . These programs were attended by (159) trainees who sat for a comprehensive exam at the end of each program. Those who successfully passed the financial analysis program were granted the "Financial Analyst certificate , whereas those who successfully passed the bank credit program were granted the Credit Officer certificate and an Investment Portfolio Manager" certificate for those who successfully passed the investment portfolios management program, while those who pass the banking leadership program were granted the certificate of ÒBank Leader. These certificates were signed by H.E. Dr. Umayya Toukan , Chairman of the Institute's Board of Directors and by the Dean of the Institute.
* Brokers Training and Certification Program
In view of the Institute's efforts to reinforce the local capital market with qualified and well trained cadres , and due to the big demand to attend this program as a result of the tremendous growth of the local financial market. The Institute of Banking Studies has extensively carried out the Brokers Training and Certification Program at its premises in Amman in addition to start holding it at the InstituteÕs branch in Irbid . The program was held (12) times this year in cooperation with Jordan Securities Commission and was attended by (372) trainees from various banks, financial institutions and brokerage firms. The trainees who passed successfully the required exams were granted certificates qualifying them to get permits from Jordan Securities Commission to work as brokers.
* Investment Advisor Training and Certification Program
In view of the agreement signed by the Institute of Banking Studies and Jordan Securities Commission on 20/7/2005 in cooperation with AMIR Program funded by USAID, and the National Association of Securities Dealers / USA and in continuation of the InstituteÕs persistent efforts to develop the capital market and deepen the concept of specialization in all professions under it in conformity with the new Securities Law, the Institute has launched at its premises in Amman the ÒInvestment Advisor Training and Certification ProgramÓ during 28/5-20/7/2006.
This program, the first of its kind in Jordan and the region, aimed at raising the professional standard of the securities market professionals through providing them with a comprehensive knowledge on capital markets as well as the latest amendments to the laws and regulations of securities and applied standards in this field. The program focused on the various technical and applied aspects of the methods of quantitative, fundamental and technical analysis of investment tools, investment portfolios and equity. The program dealt also with the usage of the new investment products in local markets, and management of investment portfolios according to the latest standards and practices in the international financial markets, in addition to enriching the participants knowledge in the ways of linking the macro and micro-economic indicators with capital markets.
This program which was carried out in English language over (8) weeks for (160) training hours has been presented to the participants through lectures using various training methods such as discussions, case studies, teamwork, research and strategic sessions. The training program concentrated on theoretical and applied techniques and met distinguished participation from various banks and financial institutions as well as investment and brokerage companies. Twenty one trainees who have Bachelor Degrees in Finance, Accounting, Business Administration and Economics attended the program. At the end of the program, participants who passed the required certification exam got licenses from Jordan Securities Commission qualifying them to work as Investment Manager, Investment Trustee and Financial Advisor .
Moreover, the Institute has conducted the qualification exam according to the Jordan Securities Commission regulations for the professionals seeking to be certified from the Jordan Securities Commission and holding a MasterÕs Degree in any specialization of the Business Administration faculties, or a CFA certificate , or have more than five years of practical experience.
* Mock Dealing Room Courses
The Institute of Banking Studies continued during this year to implement the Spot Foreign Exchange and Money Markets Dealers Training and Certification Program which was held at the InstituteÕs Mock Dealing Room to enable the participants to practise such operations in a simulated environment similar to their actual work nature.
The program is divided into two parts : Windeal for Spot FX which covers the principles of dealing in foreign exchange and the operations carried out in the dealing room, as well as cross rates, the rules and risks of dealing in foreign exchange, short term derivatives in loans, and local and international bank deposits. The second part is Windeal for Money Market , this part covers the nature of dealing in deposits and interest rates arbitrage and the interaction of the money markets with foreign exchange markets, in addition to managing risks of dealing in the money market instruments, bank credit, credit rating, analysis and evaluation of money markets and the principles of managing assets and liabilities in banks.
Ten training courses were held within this program and were attended by (86) trainees from different banks and financial institutions.
* Comprehensive Training Program for Beginners
During this year, the Institute carried out four times the Comprehensive Training Program for Beginners which was attended by (83) participants from different financial and banking institutions in Jordan. The program consisted of (70) training hours and included two parts: the internal banking operations and external banking operations.
This program aimed at widening the traineesÕ knowledge in different aspects of banking operations, in order to facilitate assimilation in their institutions and to develop their mental abilities and productivity. The program has been designed using the latest scientific approaches that conforms to the nature of the financial and banking activities.
* Electronic Cheques Clearing System
In view of the distinguished success of the Institute of Banking Studies in its training activities and the good reputation it enjoys among the different banks and financial institutions on the local and regional levels, the Institute has conducted in cooperation with the Central Bank of Jordan and ProgressSoft Corporation training courses on using and implementing the Electronic Cheques Clearing System at its premises in Amman for local banks employees during the period 12/3 - 24/5/2006 .
This clearing system has been adopted by the Central Bank of Jordan to be applied in Jordanian banks within its policy which aims at developing the Jordanian banking sector cadres through introducing them to the latest techniques used in the payments systems.
These training courses were implemented at a rate of four training courses per week and (15) training hours for each. The number of training courses held in this field was (43) training courses attended by (508) trainees from the different Jordanian banks.
Second : Aptitude Exams
In view of the Institute's efforts to create trained and qualified banking and financial cadres who possess the necessary skills to serve their institutions and raise the standard of the banking and financial sector and also to assume a more effective role in performing their assigned posts, several aptitude exams were carried out at the Institute's premises for evaluating the efficiency of the employees of the posts of : Branch Manager, Operations Manager, Commercial Services Officer, Customer Services Officer, Credit Officer , Archives and Tellers and were attended by (89) employees of Jordanian banks. The aptitude exams have been very effective in helping banksÕ managements to fix the functions of the different jobs for which aptitude exams were designed and to strengthen the weak points of the employees and highlight the strong ones , in addition to simplifying the planning process of the employeesÕ training needs, and using these exams for vertical as well as horizontal promotion on one hand and progress of employees on the other hand. The concept of these exams also helped the employees through creating a self drawing force and motivate them to develop themselves and implement more applications of their jobs functions.
Third : Academic Activities
The success percentage in the intermediate university certificate exam for the Institute's students both in the Ordinary and Islamic studies in Amman and Irbid was (68%), whereas the success percentage for all participants in the intermediate university certificate exams in the Kingdom was (52.25%) for the managerial and financial program and (63%) for all specializations .
Fourth : MBA Program in cooperation with University of Jordan
The Institute continued the implementation of the MBA Program in Banking and Finance in cooperation with University of Jordan at its premises in Amman in English language in the afternoons . Fifty five employees from the different Jordanian banking and financial institutions joined this program, seventeen students of the second group of the program sat on 16/7/2006 for the comprehensive exam after completing the requirements. The results were announced after being approved by the Institute's Board of Directors and the University of JordanÕs Council of Deans, (16) students successfully passed the exam while the only student who couldn't pass the exam sat for incomplete exam which was held on 30/11/2006 and his result was sent to the University of Jordan to be approved by the Council of Deans after being approved by the Institute's Board of Directors.
However , (17) students remained from the third group of the MBA Program in addition to (21) students joined the program at the beginning of the academic year 2006 / 2007 after being selected from a big number of candidates from the different banking and financial institutions in accordance with the acceptance regulations of the Higher Studies Faculty of the University of Jordan .
Fifth : Promotion of Authorship
In view of the Institute's eagerness to support authorship in subjects related to developing banking operations and the efficiency and experiences of those working in the financial and banking sector, the Institute has sponsored a book written by Dr. Mahmoud Al- Kilani on Legal Aspects of Bank Operations . This sponsorship was done in view of the Institute's belief that such a book will enrich the Arab library in this field and will put between the hands of researchers in the banking and financial different aspects a distinguished reference.
Sixth : The Library
During the year 2006 the management of the Institute enriched the Institute's library with a large number of references , periodicals , financial and banking bulletins and specialized books from local , Arab and international publishers. The Institute's Library has thus become an important reference for qualifying and upgrading the abilities of the financial and banking cadres in Jordan , and a distinguished platform for spreading bank knowledge and technology.
In view of the above, and in order to spread and encourage knowledge, research and reading, the Institute has provided the library with (198) reference books in Arabic language and (126) reference books in English language, thereby increasing the total number of books and references in Arabic language to (9942) and the number of books and references in English language to (3763).
Seventh : Scholarships
In order to encourage the Institute's students of the Intermediate Diploma Program to continue their higher studies, the distinguished ones among them were given special attention from the Institute's management, and were granted scholarships to continue their university studies in the governmental universities inside Jordan. In this context, Mr. Ghaleb Shonaq from the Cities and Villages Development Bank continued for the second year his scholarship to get the Bachelor Degree in Financial and Banking Studies from Yarmouk University .