A Memorandum of Understanding was signed between the Institute of Financial Markets of Pakistan (IFMP) and Bank Alfalah in Karachi for the training of financial market professionals, stated a press release Wednesday.
Dr Izhar Hussain, Chairman IFMP and Nauman Ansari, President and CEO of Bank Alfalah Limited, signed the MoU, at a ceremony held at Bank Alfalah's Head Office, Karachi. The event was also attended by Saqib Khan, from USAID and Ali Jafferani, Chief of Party, USAID Financial Market Development (FMD) Activity.
Under this MoU, the IFMP (the only SECP accredited securities market training institution in Pakistan) and USAID Financial Market Development Activity will jointly train financial market professionals to better understand and increase their skills in marketing, trade, and the investment of fixed income products under the "Fixed Income and Trading Investment" Certification course. The course will also enhance practitioners' ability to assess the risks related to credit products and the techniques for managing such risks. Over 35 trainings have been conducted so far across Pakistan at universities and local banks benefitting over 3,000 participants. Under the MoU a series of trainings will also be held for Bank Alfalah.
Speaking at the event, Nauman Ansari, President, Bank Alfalah said, "This MoU with the IFMP is an important initiative for Bank Alfalah. We have an online portal for fixed income investment for Bank Alfalah clients, and under this MoU, the IFMP and USAID FMD will extend trainings to our people on the front line in remote areas, ensuring they have the capacity to guide our clients better."
Dr Izhar Hussain, Chairman, IFMP said, "This is the first ever training program designed by the IFMP in partnership with USAID on fixed income in Pakistan designed to create critical knowledge base and skill set amongst students and different institutional investors such as commercial banks, mutual funds and insurance companies, pension fund managers." He said it covers variety of fixed income securities from conventional and Islamic markets including sovereign, corporate, structured, credit/ asset- backed bonds and related derivatives. "This MoU between Bank Alfalah and IFMP will enhance the efforts in developing market in these areas. -PR