Mohamed Khan- Chief Executive-Financial Services Institute
Mohamed Khan- Chief Executive-Financial Services
Institute spoke to MIFC Newsroom, on how the newly set-up Financial
Services Institute (FSI) will open new vistas of employment
opportunities for the young graduates with the new financial
product offerings and services that are being developed in the
financial eco-systemof Mauritius.
The Financial Services Institute is a key department of the
Financial Services Promotion Agency.
What is the objective of the
Financial Services Institute?
The Financial Services Institute (FSI) is a new initiative
set-up by the government, with the primary objective of upskilling
our unemployed graduates. We essentially trying to bridge the gap
between the university and workplace. Universities are all
about theoretical concepts and the FSI will develop and design
bespoke courses which will have this knowledge transfer whereby the
theoretical concepts are now transferred into the work-place. So,
we are to have range of courses which will also include
soft-skills, communication skills and also how to navigate the
corporate world. We will also offer a number of technical
courses, like captive insurance, commodities and derivatives
exchange, stock exchange, in view to make our graduates
What is the strategy of the
Financial Services Institute to address the issue of
skills-mismatch in the Financial Services Sector?
Indeed, I think there is a skills mismatch. You've got
people who have done agricultural sciences, geography, business
studies at university and we are looking to make these graduates
employable in the financial services sector. For example,
someone who has done a degree in agricultural sciences can now
working in the banking industry. As I alluded to previously,
the FSI will design be-spoke courses which will make them
employable in the financial services sector. Before we design
these courses, we will engage with operators and gather
intelligence to find out, exactly what their requirements
are. We must bear in mind that they are graduates and they
know how think, research etc. As such it should not be too
difficult to get these graduates up to the required standard so
that they discharge their duties with due skill and care and to the
satisfaction of their employers.
In terms of the new financial
services product offerings announced in the budget 2016/2017, what
will be role of FSI in regards to these budgetary
As we are aware, the government has announced a number of new
products such as investment banking, captive insurance, trading in
commodities and derivatives to name a few. So, what the FSI
can do about that? The FSI is not about supply driven
courses, it is about demand driven courses. If for instance, an
investment banking company is established in Mauritius, we will
find out what degree of expertise they require and we will
accordingly adapt our courses to suit whatever the investment bank
requires. Our graduates will, after following our courses be desk
ready for a job in the investment if we pursue that analogy.
What are the upcoming
Initiatives of the FSI?
Well in the first question I answered as to what is the primary
strategic area for development which is to make our young graduates
employable. After we have achieved this objective in part or
in whole we will then move on to the next phase of our strategy
which will be promoting financial literacy and more
competency-based trainings. Thereafter, we can reach out to
take the FSI to our African brothers and sisters. I think
with our degree of expertise; it is not beyond the realms of
possibility that in a couple of years we may become involved with
Africa and seek to meet the training requirements of their
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Over the last 40 years, the Cayman Islands has matured into one of the world's most sophisticated and successful international financial centres, providing a competitive, effective, transparent, cost-efficient and tax-neutral platform for international capital flows underpinned by an environment of legal, political and economic stability.
In the context of the Private Member's Motion, Cayman Finance strongly urges the movers of the motion and the other members of the House to remain focused on the need to protect the Cayman Islands Financial Services Industry, which is directly responsible for more than half of the Islands' economy, more than half of the government's revenue and employs more Caymanians than any other industry.
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