Training employees for banking and finance institutions:

IBSL moulds banking professionals

Ruwanthi ABEYAKOON

THE Financial sector contributes immen-sely to the economy. The Institute of Bankers of Sri Lanka (IBSL) builds professionalism in the rapidly growing financial sector.

Vice Chairperson, IBSL and Assistant Governor, Central Bank, Rose Cooray unfolded the history and the services offered by IBSL to uplift the country’s banking sector.

“The Institute of Bankers of Sri Lanka was established in 1964. At the time it was called the banker’s training

 institute. The institute was incorporated as the Institute of Bankers of Sri Lanka by Act No 26 of 1979. The Central Bank of Sri Lanka has been playing a leading role in guiding the institute from its inception,” she said.

Cooray added that the main objective of the institute is to provide knowledge and training for employees of banking and finance institutions in the study of the theory and practice of banking and related subjects.

“All facilities are provided to the students sitting for banking examinations. The institute facilitates and encourages discussions on matters of interest to bankers and takes measures desirable to develop interests in the banking field,” she said.

“In keeping with the above objectives, the institute offers three major professional qualifications in addition to a variety of the other courses and training programmes.

They are the Certificate in Banking and Finance (CBF), Advanced Certificate in Banking and Finance (ACBF) and Diploma in Banking and Finance (DBF) qualifications.

The principal factor that led to the creation of the institute is the process of rapid expansion and the need of training the large number of recruits as quickly as possible,” she explained.

The vision of IBSL is to be the best solution provider to the financial services industry. Achieving excellence in delivering professional qualifications and solutions of the highest order in line with the international best practices while meeting the aspirations of the stakeholders is the mission of the institute.

“It also provides instructions and training for employees of banking institutions and the Central Bank.

The link up with the School of Finance of the Institute of Financial Services (IFS) formerly known as Charted Institute of Bankers (CIB) London is another significant achievement in its attempt to gain international recognition.

It also gave further endorsement for the standard maintained and achieved by the Institute,” Cooray said.

She also said the College of Banking and Finance is the training arm of the institute, which was significantly expanded during the past two years.

The college delivers around 80 programmes including Professional Banking programs, Post graduate diploma programmes and certificate courses.

“With the opening of the institute’s professional banking and finance examinations for school leavers, there is

 a high demand for the courses.

The college has modernised its learning environment. Another significant achievement of IBSL is expanding the international partnership with another foreign university from the year 2007.

The Northumbria University UK recognises IBSL students who have successfully completed the Diploma of Banking and Finance in English medium with 6.5 IELTS for their Masters of Business Administration Degree (MBA) programme,” she explained.

“IBSL has already negotiated with Manipal University to offer an MBA programme direct and through distant learning method in Sri Lanka and is planning to introduce the MBA programme by mid 2008,” Cooray added.

The 12th Annual Convocation will be held on October 3 at the BMICH where around 400 students who have completed their studies will receive diplomas, certificates, cash prizes and gold medals. IBSL is determined to continue its valuable services for the betterment of the country’s financial sector.