Memorandum of Understanding (MoU) between ICAI and College of Banking & Financial Studies (CBFS), Oman

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.