KUWAIT, Jan 3 (KUNA) -- Sheikh Salem Abdul Aziz Al-Sabah, Governor of the Central Bank, Chairman of the Board of Directors of the Institute of Banking Studies (IBS) , announced that the IBS would work with Harvard Business School to present an executive education program for senior leaders in the Kuwaiti banking sector.
The Governor pointed out that the program, initiated by the CBK, is sponsored by the IBS member banks, the CBK, National Bank of Kuwait, Gulf Bank, Commercial Bank of Kuwait, Burgan Bank, AlAhli Bank of Kuwait, Bank of Kuwait and the Middle East, Kuwait International Bank, Industrial Bank of Kuwait and Boubyan Bank.
This program, said the Governor, is one of the strategic developmental projects the banking sector is pursuing, led by the Central Bank and organized by the IBS, to upgrade the skills of the national workforce, of which executive leadership comprises the key component.
The Governor indicated that preparations for this effort began over a year ago after a resolution had been taken to organize a high-level program with the help of a leading international business school.
IBS initiated communication with Harvard Business School, and the two parties reached an agreement around the beginning of this year.
The Governor pointed out that this will be the first custom program Harvard Business School has delivered in the GCC region, affirming that the School is very selective in undertaking such projects, especially those beyond its campus in Boston, USA.
The program, the Governor explained, is designed around two integrated themes: 'Strategic Management' and 'Leadership'.
These themes were agreed after a one-week visit to Kuwait last April by Dr. James Dowd of Harvard Business School, who will serve as Faculty Chairman of the program. Dr. Dowd and members of the IBS management spent the week in extensive discussions with chairpersons, chief executive officers, general managers and assistant general managers in a number of Kuwaiti banks. With the information gained in these meetings, a program was designed in two integrated modules.
The first, titled 'Developing and Executing Effective Strategies' will be held from 23 to 27 January 2010. The second module, titled 'Maximizing Leadership Impact,' will be held from 11 to 14 April 2010.
Sheikh Salem affirmed that this executive education program will adhere to Harvard Business School's high standards thus ensuring that participants and their banks will be provided with the same quality of learning experience for which the school is so well known.
At the end of the program, participants will receive a Harvard Business School certificate, verifying that they have completed the program.
The Governor elaborated that the world-famous Harvard Business School case studies will be the main learning tool in the program; these case studies are written by the school's faculty and are used in numerous universities and executive development centers.
Besides selecting banking and finance cases, the faculty have also chosen some that focus on other industries to diversify participants' learning experience. The program will also include application sessions in which participants will focus on how the concepts and frameworks presented by Harvard faculty can be put to work in their own organizations.
The Governor stressed that the Central Bank is keen to see that the challenges the Kuwaiti banking sector is dealing with will not, in any way, jeopardize the sector's investments in developing the national workforce.
He went on to explain that, on the contrary, that the current challenges we face in the Kuwaiti banking sector have made it more necessary than ever to focus on national talent development, as fundamental solutions that strategically deal with economic challenges require national cadres who have the technical and managerial know-how needed to formulate and execute the strategies of national institutions and to lead these institutions and their work teams towards achieving the targeted results. - Kuna