UAE Central Bank asks lenders to hire more Emiratis to meet their annual target
Emiratisation in the banking sector works on a points system and the central bank has set a target of 29,736 points for lenders to hit by year end
The UAE's banking regulator urged lenders operating in the country to increase the size of their Emirati workforce in order to meet their UAE nationals recruitment target before the end of 2019.
Emiratisation in the banking sector, which works on a points system, is defined by a target of 29,736 points set by the Central Bank in April which the banks must achieve by the end of this year. Most lenders were able to achieve 28,050 points by the end of June, the regulator said in a statement on Saturday.
The figures indicate that "other banks needs to increase the numbers of their Emirati workforce and ensure they undergo the necessary training in order to achieve the end of year target," the banking regulator said.
The statement comes after Sheikh Mohammed bin Rashid, Vice President and Ruler of Dubai, published a six-point agenda that also addressed the issue of Emiratisation.
"There has been a growing number of complaints about Emiratisation and we hear them. And a decline in people’s satisfaction with regards to the officials dealing with this phenomenon. We are observing that," he said in his letter. "Providing jobs for Emiratis was and will remain our top priority. Our situation is like that of all countries in the East and the West. We stand firm in this season to follow up this issue and hold accountable those negligent. There will be new decisions as well, if Allah wills."
The central bank governor Mubarak Rashed Al Mansoori has met with Abdul Aziz Al Ghurair, chairman of the UAE Banks Federation and discussed ways to improve competencies of UAE nationals in the banking sector, according to the central bank statement.
They also discussed recruiting new graduates and increasing training budgets, so banks can invest in drawing a clear career path for new Emirati graduates, it noted.
The majority of banks, in 2018, were able to achieve the required 26,806 points, with some banks exceeding the target, according to the statement.
The central bank first began to implement the points system in 2017 and since then, the Emiratisation strategy has become dependent on the operating profits of banks, whereby higher profits means more target points are required to be achieved.
Hiring Emirati’s in top management roles earns five points, middle management is three points and non-administrative roles gets one point. These points can double when hiring people of determination.
Additional points can be accrued through training and development along with scoring two additional points when recruiting an Emirati citizen in the fields of investment and risks management.
Updated: September 7, 2019 06:32 PM