The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its ex-post facto approval of the MoUs signed in 2008 and 2011 and the renewal of Memorandum of Understanding (MoU) between the Institute of Chartered Accountants of India (ICAI) and College of Banking and Financial Studies (CBFS), Oman. The MoU will facilitate working together for strengthening the accounting, financial and audit knowledge base within Oman.

ICAI has a strong membership base of over 6000 members in the Middle East region and the MOU aims at providing assistance to CBFS by admitting Omani Nationals to the membership of ICAI. The aim is to work together to develop a mutually beneficial relationship in the best interests of members, students and the institutes. The MoU is also expected to provide an opportunity to the ICAI members to expand their professional horizons and, simultaneously, ICAI is expected to become an entity which aids and strengthens professional capabilities of Omani nationals.

Through such activities, substantial goodwill is expected to be generated for India, Indian citizens and Indian Chartered Accountants in the Sultanate of Oman. It is also expected to lead to enhancement of remittances by Indian nationals to India.

Since Oman does not have a local professional accountancy Institute and it is the ICAI which has been collaborating with CBFS, Oman in matters relating to the profession. The MoU is expected to make a positive impact for the Indian Chartered Accountants currently working in Oman and other markets and for those Indian professionals who intend to move to Oman for pursuing their profession there. As such, enhanced employment opportunities are expected to be created for Indian professionals in the Sultanate of Oman.

Background:

The ICAI is a statutory body established by an Act of Parliament of India. The Chartered Accountants Act, 1949, to regulate the profession of Chartered Accountancy in India. CBFS is a Government organization established by a Royal Decree of the Sultanate of Oman in 1983, with the objectives of educating and training bankers and encouraging research in Banking and Financial subjects. It is under the juristic supervision of the Central Bank of Oman (CBO) and is supported by the commercial banks operating in the Sultanate. Over the last three decades, the College has been helping the financial services industry in Oman to meet its human resource development needs by offering academic and training courses that are tailor-made for the emerging needs of Oman.

Mutual recognition of professional qualifications expands membership and cooperation between Indian Chartered Accountants and Omani banking college. The Cabinet approved renewal of the MoU between ICAI and CBFS, Oman to continue institutional collaboration to strengthen accounting, financial and audit expertise in Oman, including admission of Omani nationals to ICAI membership, professional training and capacity-building activities to develop mutually beneficial relationships and expand professional opportunities for Indian Chartered Accountants in the Sultanate.