On July 12, 2024, CFA Society Pakistan launched the Certification in Treasury Management in collaboration with the National Institute of Banking and Finance (NIBAF). This initiative represents a significant milestone in the development of Pakistan's financial sector, with the goal of integrating international best practices with the unique requirements of the local market, including Islamic Treasury products and practices that are not typically covered in international textbooks.
The importance of this initiative was underscored by the presence of Dr. Inayat Hussain, CFA, Deputy Governor of the State Bank of Pakistan, who chaired the launch event. Other prominent figures, including Muhammad Ali Malik, Executive Director of the State Bank of Pakistan, were also in attendance.
This initiative had been in the pipeline for NIBAF for several years, and they specifically chose CFA Society Pakistan as the key partner to bring it to fruition. Indeed, CFA Society Pakistan played a pivotal role, signing a Memorandum of Understanding (MOU) with NIBAF to help develop the course outline and content. The curriculum encompasses several modules, including Ethics, which is an integral part of the program.
A core team of 14 experts—comprising of treasury professionals, users of treasury functions, and academics—was assembled by CFA Society Pakistan. This diverse team worked diligently over several months to create a curriculum that is both comprehensive and relevant. The curriculum, organized into nine chapters, underwent meticulous reviews by multiple committees, including a Curriculum Committee chaired by Mohammad Shoaib, CFA, and a Governance Committee led by Muhammad Ali Malik.
The Certification in Treasury Management is designed to prepare a new generation of financial professionals in Pakistan, offering a solid foundation for those entering the field and serving as a valuable refresher for current practitioners. The initiative is expected to significantly enhance the proficiency of treasury functions and contribute to the development of Pakistan's financial sector.
As of now, registrations are underway for the first exam, scheduled for October 2024. Both NIBAF and CFA Society Pakistan remain committed to responding to market needs, with plans to offer additional short training programs in the future.
The creation of this local certification marks a significant step in developing tailored financial education within the country. In his keynote address, Mohammad Shoaib, CFA, Director of CFA Society Pakistan, emphasized the importance of this initiative:
“This is a new beginning in developing Treasury expertise in Pakistan. While the curriculum is designed to be self-study, CFA Society Pakistan is happy to work with NIBAF to offer short training programs on the subject if there is market demand.”
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