CMA launches training for Omani staff in insurance

MUSCAT: The Director-General of Insurance Supervision, Ahmed Ali al Maamari confirmed that national cadre working for the insurance sector are able to lead the sector and achieve CMA’s Omanisation policy.

He said in the opening speech in the inaugural ceremony of the training programmes “Tamkeen 2017” that CMA is executing new package of training programmes for the third year as part of its policy to enhance the contribution of the insurance sector in the national strategy to activate the role of the private sector institutions in accommodating the national manpower.

The event was attended by Sayyid Naser Slaim al Busaidy, Chairman of the Omani Insurance Association, Khalfan Mohammed al Sharji, Director-General of Capital Market Institutions at CMA and general managers and human resources managers of insurance companies and brokers.

Al Maamari said the insurance is one of pillars of the national economy and is witnessing considerable growth in the recent years recording RO 454 million in 2016 in addition to positive projections of growth in the coming years .

Al Maamari said the Omanisation rate in the sector reached 70 per cent with 1,960 national employees of the total 2,698 employees.

On the efforts of Insurance Business Training Committee Al Maamari said the committee, in the past two years, with the sanction of CMA’s management, executed Omanisation policy based on training and qualification for the purpose of developing the knowledge, capabilities and skills of national cadres to enable them to take the helm of the industry gradually through competence and efficiency.

The training committee has realised a number of achievements in 2016 including but not limited to creation of database for the employees of the sector at various levels and their qualifications to assist the committee in making well informed decisions in accordance with up to date information on the new Omanisation policy in addition to identification of appropriate training programmes for national cadres.

He added 18 programmes were executed in 2016 compared to 15 in 2015 including specialized training in insurance, accounting, commerce and marketing in addition to programmes on executive leadership and human resources development as well as allowing opportunities for professional certification in CII inside the Sultanate of Oman, further to conducting and participation in workshops and awareness exhibitions.

Around 500 employees of the insurance companies and brokers have benefited from such programmes. Will the expected five per cent value added tax (VAT) dim the glitter of gold jewellery?

While ruling out any major impact after introduction of the tax from the beginning of next year, retailers and consumers say that gold is a commodity that has great value and people prefer to invest in.

“Gold is a prized and coveted commodity which is viewed throughout the world as an asset with real inherent value. It’s highly esteemed as an investment. Hence tax will not discourage buying interest”, said Najeeb K, Country Manager, Malabar Gold.

There is a talk that people may cut quantity of gold purchases after the GCC governments implement VAT on all non-essential goods including gold jewelleries, tobacco and luxury cars.

“Most countries in Europe, Asia and Africa charge VAT and that does not mean people stop buying. We do not believe VAT will deter jewellery customers,” says Najeeb.

Beginning January 2018, GCC countries including the Sultanate of Oman are expected to implement VAT, which will apply to purchases of goods and services, with the exception of certain products that are considered essential.

The VAT is added to products incrementally, over the course of the production and distribution process, culminating in an increase in final pricing to consumers.

According to Anto, General Manager of Joy Alukkas, VAT at five per cent will have a modest effect on the quantity of purchase.

“People consider gold as a safe haven asset even for their next generations. Throughout history it has been viewed as a store of value. The planned tax measure is not intended to have a real impact on discouraging consumption”, he says.

Products and services are divided into three broad categories for VAT purposes like products with standard