EthraaApril 6, 2023 2023-08-15 14:03
WHO ARE WE?
The ETHRAA Financial Program was launched in 2022 under the generous directives of His Highness Sheikh Mansour bin Zayed Al Nahyan – Deputy Prime Minister, Minister of Presidential Affairs and Chairman of the Board of Directors of the UAE Central Bank.
The ETHRAA Financial Program stipulates that the Central Bank of the UAE adopts the principles of nurturing a generation of national expertise capable of leading business sectors in the future by ensuring the provision of a suitable and stable work environment that contributes to enhancing their competitiveness and productivity.
The Emirates Institute of Finance (EIF) is working on implementing plans to attract and prepare national competencies to work in the UAE’s financial sector and integrate them within it, so that they have a role in strengthening the national economy and achieving a qualitative development shift in the Emirates, in order to achieve the ten principles on which the state’s vision for the next 50 years is based.
To be the first platform to recruit and qualify UAE nationals to occupy important and leadership roles in the financial sector in the country, which include banks, finance, insurance and exchange companies, and financial technology companies.
- Employ and train 5,000 male and female citizens to occupy key leadership roles in the financial sectors by 2026
- Qualifying a generation of national expertise capable of leading the business sectors during the next five years
- Strengthening the national economy and achieving a qualitative development shift in the national economy by 2026
WHAT ARE THE BENEFITS OF JOINING THE ETHRAA PROGRAM?
ETHRAA PROGRAM SUBMISSION REQUIREMENTS
- To be a citizen of The United Arab Emirates
- A recent graduate from an accredited local or international university
- A cumulative GPA of 2.8 or above is required
- Studied any major related to finance, financial management, information technology, digitization, human resources, and marketing
- Completed mandatory national military service (for males)
- Demonstrate flexibility and eagerness to learn and add value
Frequently Asked Questions
The “Empowerment of Human Competencies in the Financial Sector” initiative is one of the initiatives implemented as part of the Emiratisation strategy in the banking and insurance sectors for the years 2022 – 2026. This initiative aims to increase national participation in leadership roles within the financial sector of the country, by creating 5,000 new vital positions for Emiratis in the financial sector by the end of 2026.
The Central Bank’s initiative will be carried out in collaboration with the Emirates Institute of Finance, the UAE Banks Federation, the Emirates Insurance Association, specialized international institutes, and training centres related to the financial sector. Additionally, licensed financial institutions and insurance companies operating in the country will participate, along with support from accredited international institutions.
The “Empowerment of Human Competencies in the Financial Sector” initiative encompasses a range of educational and training programs and initiatives, including ” Ethraa- Financial Sector Emiratisation Programme”. This program, designed for specific pathways, aims to develop scientific, practical, and job-related skills for citizens with competencies and qualifications, as well as recent university graduates entering the job market. The goal is to enhance the growth of the financial and economic sectors in the country.
- Creating 5,000 new positions in the banking and insurance sectors by 2026, including 3,500 positions in the banking sector and 1,500 positions in the insurance sector.
- Implementing a targeted and customized points-based approach for banks and insurance companies to enhance localization in the financial sector.
- Generating new jobs in the financial sector by repatriating roles previously outsourced by banks abroad to the UAE.
- Establishing new roles for citizens within subsidiary companies of banks within the country.
- Creating new positions for experienced citizens in fintech companies.
- Enhancing current competencies within the banking sector.
“Ethraa” is a national program initiated by the Central Bank of the United Arab Emirates for localization in the financial sector. It stems from the “Empowerment of Human Competencies in the Financial Sector” initiative.
The collaboration will take place with the Emirates Institute of Finance, which will serve as the Central Bank’s engine in the recruitment, development of training programs, and qualification of Emirati talents.
- Supporting Localization Strategy: The program aims to support the national localization strategy and elevate the UAE’s human development system. It seeks to prepare productive Emirati talents within the financial sector to contribute to the state’s economy.
- Capacity Building and Qualification: The program strives to build advanced national capacities and qualify young Emirati talents to be competitive. This is achieved through training programs and career paths in collaboration with esteemed academic institutions, aligning with global best practices.
- Enhancing Workforce Competitiveness: By enhancing the competitiveness of the Emirati workforce, the program aims to enable citizens to fill 5,000 positions in the financial sector in line with the state’s strategic priorities over the next five years.
- Qualification for Specialized and Leadership Roles: The program aims to qualify citizens for specialized and leadership positions within the banking and insurance sectors, enhancing the global competitiveness of the financial sector. Boosting Attractiveness of Financial Sector Employment: The program aims to enhance the attractiveness of working in the financial sector.
The program aims to build advanced national capacities and qualify young Emirati talents to be competitive, thereby empowering the financial sector. This is achieved through training programs and career paths in collaboration with esteemed academic institutions, aligning with global best practices.
“Ethraa” program targets young Emirati citizens who are graduates of local and international universities, holding a bachelor’s degree with a cumulative GPA of 3.0 or above, and aged between 20 and 25 years old.
“Ethraa” offers job opportunities across all disciplines within the financial sector, with a focus on the following specializations: credit, financial technology, compliance, risk management, cybersecurity, accounting, and auditing. Registration for “Ethraa” is done through the program’s website (https://eif.gov.ae/ethraa/), followed by complying with the specified steps, conditions, and eligibility criteria.
For each activity within the program, there are specific qualification criteria, eligibility conditions, and requirements. Applicants will be contacted by the Emirates Institute of Finance after registering for the program. There are no financial fees associated with registering for “Ethraa,” as the program aims to provide an encouraging environment for accessing available job opportunities.
Registration for “Ethraa” is done through the program’s website. After accessing the website, individuals should follow the specified steps, conditions, and eligibility criteria.
For each activity within the program, there are specific qualification criteria, eligibility conditions, and requirements. After registering for the program, applicants will be contacted by the Emirates Institute of Finance to communicate further details and instructions.
There are no financial fees associated with registering for “Ethraa,” as the program aims to provide an encouraging environment for you to access available job opportunities.
Participants submitted to the program will undergo an interview and assessment conducted by the Emirates Institute of Finance. Following this assessment, qualified individuals will be nominated to the operating banks and insurance companies within the country.
Yes, registration is possible if the specified conditions and requirements are met, which include:
- The applicant should not be currently employed in the banking and insurance sectors in the country.
- If the applicant has previously worked in the banking and insurance sectors, there should be a gap of at least one year since their last employment.
- Citizens working outside the banking and insurance sectors are eligible to apply and register for the program.
Yes, registration is allowed, as the initiative targets all citizens who meet the age, university degree, GPA, and other requirements, regardless of gender or parental status.
Participants from national service recruits in “Ethraa” will be treated according to the procedures followed in the country for this category.
Participants in the program will receive the benefits and perks available to workers in the banking and insurance sectors, including competitive salaries, year-end performance bonuses, enrolment in county retirement funds, and entitlement to annual leave.
Support for retirement salaries is provided to participants in “Ethraa” initiative through the employee retirement system implemented in the banking and insurance sectors.
The program’s duration extends for 12 months, during which participants will be actively engaged in their roles.
The number of training pathways depends on the previously mentioned job specializations.
Professional and practical training is provided in collaboration with the Emirates Institute of Finance. This institute works to develop programs for the development and preparation of national talents in the financial sector, in partnership with prestigious academic institutions such as Harvard and Oxford universities. These partnerships aim to offer cutting-edge programs in accordance with global best practices and to meet the evolving needs of the job market.
The vacant positions and specializations are determined by the banks and insurance companies in the country. Participants cannot choose between or select multiple specializations. The assessment and selection process will be based on the specific job openings within the banking and insurance sectors.
No, it is not permissible. Participants who join the program will be under an employment contract. Therefore, any interruption in the program will automatically lead to the termination of the contract.