Institute to be set up to train Omanis for accounting
By Ravindra Nath (Our correspondent)
16 January 2008
MUSCAT Oman has taken a major step in its bid to
localise jobs in the accounting profession, which, it
feels, holds considerable scope to absorb nationals,
with a decision to set up an institute to train them.
The Oman Institute of Chartered Accountants will be
established by the College of Banking and Financial
Studies (CBFS) with assistance from the Institute of
Chartered Accountants of India (ICAI).
The two sides signed a memorandum of understanding
here on Monday on the sidelines of an official visit
to Oman by Indian Minister of External Affairs Pranab
Kumar Mukherjee. Iqbal bin Ali Khamis, the Central
Bank of Oman's Senior Vice President and CBFS, inked
the deal with Sunil H Talati, President of ICAI.
The new move, Dr Ashraf bin Nabhan al Nabhani, Dean of
CBFS, said, was primarily aimed at enhancing the
skills of Omanis in finance, accounts, auditing and
allied areas. He noted that the accounting and audit
professions had both been identified as offering
substantial potential for Omanisation by the
With the setting up of the institute, Dr Nabhani said,
the college was creating an opportunity for young
Omanis to acquire 'international level qualifications'
with special emphasis on local laws and regulations
governing the two professions.
He added CBFS anticipated that young Omanis could look
for 'several thousand' jobs in this field over the
next few years.
"We are thus attempting to equip and enable them with
professional qualifications and analytical skills that
will stand them in good stead in the job market both
in the private and government sectors," he said.
ICAI is one of India's top accounting bodies,
achieving recognition for its contribution in the
fields of education, professional development and
maintenance of high accounting, auditing and ethical
standards. It has 145,000 members of which about
14,000 reside outside of India, while a further
300,000 students pursue their chartered accountancy
The institute is based in New Delhi and has 18
chapters outside of India, Oman now becoming the 19th.
An executive committee has been constituted to support
the formation of the Oman Chapter with Davis
Kallukaran as Chairman, and Naganath Pai, Kishore
Rabi, Surendra Joshi and Harshendu Shah as members.
Besides accelerating Omanisation, Dr Nabhani
explained, the new institute would draw up guidelines
to regulate the profession and set up national
accounting standards and harmonise them with world
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