The U.K.’s Chartered Insurance Institute (CII) announced that it is to establish an office in the Dubai International Financial Centre (DIFC) early in 2006, its first permanent base in the region.
“The office will enable the CII to cement its existing connections in the Middle East and provide a local service to help the DIFC in its plans to establish a centre of excellence for the insurance industry in the region,” said the bulletin.
CII Director General Dr. Alexander Scott commented: “This is a hugely exciting venture and indicates our commitment to supporting the development and raising of standards in technical practice and ethical behaviour amongst insurance practitioners in the Middle East.
“Initial forecasts suggest that well over 20,000 insurance professionals will be working at the DIFC within a matter of years and there is a real need for the respected, authoritative qualifications that the CII provides.”
In addition to the office the CII will recruit a Head of Regional Business Development and put in place the local resources to support its activities. Fetooh Al Zayani, Head of Insurance and Reinsurance at the DIFC explained: “One of the strategic goals of the DIFC is to contribute to the creation of a knowledge economy by assisting the UAE and the rest of the region in preparing a qualified talent pool in the financial services sector and becoming a regional hub for financial services education/training, product development and innovation. This is especially true for Insurance where affiliating with top educational providers such as the CII has been our top priority.
“The CII was our first choice for insurance because of the well-known and very strong brand name internationally but especially in the DIFC region. We hope to work closely with the CII to develop a curriculum that will serve the region’s needs and assist us in raising the profile and standards of our regional insurance industry. We are very proud and honoured to have the CII establish their first office in the region at the DIFC.”
The CII’s announcement also noted that its “qualifications are recognised world-wide as objective measures of commitment and knowledge. There are currently 930 CII members in the Middle East of which 200 have the highly acclaimed professional level Associateship (ACII) qualification.
“The CII will play a major role from its base at DIFC helping to ensure a ready supply of technically competent, qualified people and, through CII membership which requires individuals to abide by a Code of Ethics and Conduct, support the development of an ethical framework for practitioners.”
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