ABU DHABI, 11th September, 2024 (WAM) — The Central Bank of the UAE (CBUAE) and the Scholarship Office at the Presidential Court, in collaboration with the Emirates Institute of Finance, have announced the launch of a Bachelor Programme in Actuarial Science in the UAE.

The announcement followed a meeting of the initiative’s Executive Advisory Committee, which includes Saif Al Dhaheri, Assistant Governor of the Central Bank for Banking Operations and Support Services and Deputy Chairman of the Board of Directors of the Emirates Institute of Finance (EIF); Juma Al Rumaithi, Director of the Scholarships Office at the Presidential Court; and Noura Alblooshi, General Manager of the EIF.

The meeting was attended by directors of more than nine public and private universities across the country, where discussions focused on the implementation of the programme and its role in developing highly skilled national cadres in actuarial science—a critical speciality in risk management and financial planning strategies.

The Emirates Institute of Finance, under the leadership of the CBUAE, will be responsible for implementing this project within the Ethraa programme for localisation in the financial sector, in collaboration with a select group of global and local experts and specialists.

The meeting discussed the formation of a Technical Advisory Committee, which will consist of leading experts in actuarial science from the participating universities. This committee will be tasked with developing the curriculum, including courses, admission requirements, and the duration of study.

It also discussed securing qualified teaching staff from both within and outside the country and providing specialised laboratories to support the educational process.

Al Dhaheri stated that the launch of this programme represents a qualitative leap in developing 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.”

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

Al Rumaithi, in turn, said, “This programme represents more than just an educational initiative; it is a strategic investment aimed at strengthening the future of the UAE and developing its national capabilities. We believe in the importance of building a knowledge-based economy driven by innovation and specialisation, and the Actuarial Science programme is one of the tools that will enable us to achieve this vision.”

Alblooshi affirmed that launching the Bachelor’s programme in Actuarial Science reflects the EIF’s commitment to academic and professional excellence. Through collaboration with the Presidential Court and Emirati universities, this programme represents a fundamental pillar in promoting the sustainability of the national economy and meeting its growing demand for specialised expertise.