UAE Debuts Bachelor's Programme In Actuarial Science To Foster Economic Development

The Central Bank of the UAE (CBUAE) and the Scholarship Office at the Presidential Court, in partnership with the Emirates Institute of Finance (EIF), have introduced a Bachelor's Programme in Actuarial Science. This initiative aims to develop skilled national professionals in risk management and financial planning.

The Emirates Institute of Finance will oversee the programme's implementation under the CBUAE's Ethraa programme for localisation in the financial sector. This will involve collaboration with both local and international experts. The initiative was discussed during a meeting attended by Saif Al Dhaheri, Assistant Governor of the Central Bank for Banking Operations and Support Services; Juma Al Rumaithi, Director of the Scholarships Office at the Presidential Court; and Noura Alblooshi, General Manager of EIF.

The meeting included directors from over nine public and private universities across the UAE. Discussions focused on how to implement the programme effectively and its importance in developing highly skilled national cadres in actuarial science. This field is crucial for risk management and financial planning strategies.

A Technical Advisory Committee will be established, comprising leading experts from participating universities. This committee will develop the curriculum, including courses, admission requirements, and study duration. Additionally, they will ensure that qualified teaching staff are secured from both within and outside the country.

Specialised laboratories will also be provided to support the educational process. The goal is to create an environment conducive to learning and innovation in actuarial science.

Strategic Investment in National Capabilities

Juma Al Rumaithi highlighted that this programme is more than just an educational initiative; it is a strategic investment aimed at strengthening the UAE's future by developing national capabilities. "We believe in building a knowledge-based economy driven by innovation and specialisation," he said. "The Actuarial Science programme is one tool that will help us achieve this vision."

Noura Alblooshi emphasised that launching this Bachelor's programme reflects EIF's commitment to academic and professional excellence. Through collaboration with Emirati universities and the Presidential Court, this programme aims to promote sustainability in the national economy by meeting its growing demand for specialised expertise.

Qualitative Leap for Insurance Sector

Saif Al Dhaheri stated that launching this programme represents a significant advancement for the country's insurance sector. "This reinforces our belief that investing in qualifying national actuarial competencies is the most effective approach to address risks and achieve progress in this vital sector," he said.

The programme aims to graduate a new generation of national experts capable of providing innovative solutions in risk management, big data analysis, and designing new financial products. This will strengthen the UAE's position as a leading destination for insurance investments while supporting sustainable economic development.

This initiative marks a significant step towards enhancing local expertise in actuarial science, ensuring that future professionals are well-equipped to tackle challenges in risk management and financial planning.

With inputs from WAM