Speech by His Excellency the
Governor of SAMA
On the Occasion of the
Graduation of the 7th and 8th Batches
Of the Financial Planning
Program and
The 2nd and 3rd Batches of
the Wealth Management Program
Wednesday 27-12-1427 H
Corresponding to 17-1-2007 at 1:00 pm
Dear Audience,
I am really glad on this
blessed day to be with you in this happy occasion to celebrate the graduation of
the 7th and 8th Batches of the Personal Financial Planning Program, and the 2nd
and 3rd batches of the Wealth Management Program.
In pursuance of its key
role in developing the banking and financial sector, SAMA has been very keen to
develop human resources in all financial and banking specializations. To this
end, SAMA has made many initiatives. It has instructed the IOB to conduct a
comprehensive study on the investment sector to determine the professional and
educational criteria that must be satisfied by personnel involved in the various
areas of investment. The findings of the study have showed that all staff
working in investment and financial intermediation should have certain basic
knowledge and skills in these fields. To meet these needs, the IOB designed
scientific subjects and standardized tests on the basics of investment and stock
trading.
Moreover, the findings
have indicated that banks’ customers are in need of persons specialized in
offering financial advisory services. Therefore, the IOB has worked on
developing two programs, namely,
·
Personal Financial Planning Program.
·
Wealth Management Program.
These two programs have
been designed according to the latest international scientific standards. They
have been designed after the model of capabilities required in a successful and
professional financial planner and wealth manager. A number of members of the
training staff in the Institute of Banking have participated in this process,
and experts have also been hired from prestigious universities and educational
institutions outside the Kingdom. As a result of this model, more than ten
programs in financial planning and four programs in wealth management have been
carried out. The programs have been commended by Saudi banks.
Dear Attendance,
Management of
investment operations requires specialists enjoying necessary knowledge,
required skills, and
professional conduct. The
role of a financial advisor has gained more importance, and it should be
practiced by qualified professionals who care, in the first place, for the
interests of their customers who have put their confidence in them, and they
should comply with the application of the policies of the supervisory
authorities and financial institutions to which they belong. The importance of
transparency and responsibility increases with the increase in investment
awareness and competition among financial institutions. Here arises the evident
need to develop standards and ethics of the profession and to implement such
standards in a very professional and scientific integrity.
Dear Graduates,
The responsibility
entrusted to you must be borne with professional enthusiasm and competence. The
knowledge you have acquired through your training here is only part of the
cherished objective. The more important requirement is to conduct yourselves in
a sound professional manner, comply with regulations, and invest your
capabilities and knowledge to attain real professionalism.
May Allah render your
knowledge useful to you and your country. I wish you all success, and may God
bless you.
