By Mark Sutton
BankMuscat and Edutech have jointly developed an e-learning system to train bank staff on Basel II compliance
BankMuscat and learning solutions specialist Edutech have jointly developed an e-learning solution to help train the bank's staff to meet Basel II compliance.
The solution, which is in the process of being deployed, will from an important part of BankMuscat's efforts to become compliant with the Basel II framework, which governs risk and capital management requirements. The bank says that by using an e-learning solution, it will be able to educate its staff on Basel II much more quickly and efficiently than would otherwise be possible.
AbdulRazak Ali Issa, chief executive, BankMuscat, commented: "Basel II is a significant development in the global banking industry, which is continuously evolving with the emergence and improvement of new and existing standards to protect clients' finances. As we enter a new era of banking, we have partnered with Edutech to provide us with an effective tool to train our people to be able to keep at pace with the rapid developments being undertaken by international financial organisations.
"As the first bank in Oman to incorporate highly advanced technology into our training methods, we are looking forward to strengthening our partnership with Edutech to provide us with technology-enabled solutions as we move towards continuously providing world-class banking services to our customers.," he added
The Basel II Training System has been customized for BankMuscat, although the system will also be sold to other financial institutions in the region, with both Edutech and the bank promoting it.
ASF Karim, CEO, Edutech Middle East said: "We have recognised an opportunity to aid the region's economic development by introducing our learning management systems to leading financial institutions such as BankMuscat, thereby enabling them to be in line with global market trends. Our strong partnership with reputable banks across the region is a testament to our dedication towards contributing to the development of the Middle East, both in the educational and the business sector."