Third, is to raise the quality of learning programs offered to financial practitioners in the country. This task was given to the Financial Accreditation Agency. The FAA has successfully launched the Finance Qualification Structure and FAA Learning Standards in September 2014. The Learning Standards will promote minimum standards in designing, developing and delivering learning programs. The Finance Qualification Structure will help to map professional qualification into a single framework that employers can use to compare and account for an employee’s prior learning. Ultimately, it will create seamless mobility for financial services practitioners to move across the industry within the financial sector. Another initiative conceptualised in 2014 and will be introduced in 2015 is the Financial Institutions Directors’ Education programme in Islamic Finance and Shariah Leaders Education Programme. These learning interventions are specifically designed to broaden the perspective of directors and shariah scholars on emerging opportunities in Islamic Finance, while equipping them with the necessary technical knowledge and skill sets. Offered at the ICLIFLeadership and Governance Centre, the programs will deploy proven learning methodologies and approaches. The industry has also done their part in transforming the financial services education landscape. The AICB and the Asian Banking School, the newly established entities created as a result from IBBM’s transformation in 2014, are committed to creating a greater brand identity through the offering of industry-focused professional examinations, qualifications and awards which are in tune with the evolving landscape of the financial sector. Of significance is the Chartered Banker Qualification.

On the basis of current assumptions for the development of external conditions this year and in 2004, prices of marine products are now expected to fall by 4% this year and to remain unchanged between 2003 and 2004. Exports of marine products are expected to grow by 3% this year due to increased quotas for the fishing year [beginning September 1] and a larger blue whiting harvest this summer. The assumed increase in catch volume for 2004 is 5%. Aluminium prices are expected to rise by 4% this year, based on futures prices and the pricing assumptions of the two aluminium companies, Norðurál and Alcan Iceland. Import prices in foreign currency are expected to decrease by ½%. Fuel prices are based on futures. These have been on an upward trend in recent weeks and are now expected to rise by 9% this year but fall by 14% in 2004. The terms of trade for goods and services are expected to deteriorate by 1½ percentage points this year. In 2004 they are expected to improve by three-quarters of a percentage point. Assumptions for short-term foreign interest rates are 3% this year and 3½% next year. BIS Review 45/2003  3  According to the Central Bank’s macroeconomic forecast, output growth will be 2¾% this year and 3½% in 2004. This forecast assumes that the Norðurál aluminium smelter expansion will go ahead; if not, the respective growth figures would be 2¼% and 2¾%. Private consumption growth is forecast at 2% this year and 3% next year.