IBSL successfully moves forward with new academic program in Applied Banking & Finance

• Below is a joint statement given by two Deputy Governors of the Central Bank B.D.W.A. Silva (Chairman, IBSL) and P. Samarasiri (Vice Chairman, IBSL)

Briefing the progress

IT is in January 2014 that the Governing Board of the IBSL launched the New Academic Program in Applied Banking and Finance covering Intermediate in Applied Banking Finance (IABF) and Diploma in Applied Banking and Finance (DABF). The response from the students and professionals during a short period of time has been very encouraging which proves the successful footing of the program.  

Three examinations were conducted. Nearly 7,500 students have enrolled as new students for the IABF. A large number of students in the old academic program of CBF and DBF have transferred to the new program. Nearly 57,000 subject students have sat for three examinations conducted so far. The IBSL conducts classes at its College of Banking and Finance for the program and a number of its accredited centres are offering tuition.  Nearly 100 international text books were acquired for the IBSL Library. 

As the next step, the IBSL Graduate School of Banking and Finance will be established in the 13-storied new building at a prime location in the Colombo City next year. 

 

The IBSL’s mandate given by the Parliament

We wish to emphasise that the IBSL is the only academic institute specifically authorised by an Act of Parliament to offer training, examinations and qualifications in Banking and Finance subjects. As per the Institute of Bankers of Sri Lanka (Incorporation) Act No.26 of 1979, the following is the mandate of the IBSL:

n To provide instruction and training for employees of banking institutions and for employees of the Central Bank of Sri Lanka in the study of the theory and practice of banking and of related subjects and of such purpose to provide all facilities including lectures, discussions and library facilities;

•  To conduct examinations and to issue certificates to those who are successful in such examinations;
•  To facilitate and encourage discussions on matters of interest to bankers; and
•  To take such measures as may be desirable to further the interest of banking.

The IBSL completing its 52 years of service this year now has reached the status of awarding market-recognised academic and professional qualifications in banking and finance including graduate program. At present, the total number of students in active registration is about 25,000 and the total membership inclusive of Associates and Fellows stands at 30,000. 

The IBSL, through this new academic program, is to introduce a new profession of banking and finance in banks, non-banking financial institutions, corporate sector and investor community to better manage their banking and financial businesses in the emerging high middle income Sri Lanka. The 17 subject streams and coverage in the new program have been specifically designed for that purpose with the up-to-date knowledge in theory and application of banking and finance subjects and focus on the quality and the professionalism to be recognised by the market in few years to come.   

We place on record the excellent leadership and support given by the Governor and senior management of the Central Bank, the members of the Governing Board and Bank CEOs.  Students, members and resource persons (lecturers and examiners) are the most valuable stakeholders who move the IBSL forward. We invite higher education students and banking and finance professionals and staff members to join the new program to yield long-term career benefits and to stay relevant to the ever emerging global banking and financial markets.