DUBAI - The University of Dubai (UoD) was awarded the financial quality certificate MSI 20000; an international standard allocated to the financial quality of companies, making it the first educational institution in the region to obtain such certification. The financial quality certificate was awarded by COFICERT with the technical support of Talal Abu-Ghazaleh & Co. Consulting (TAG-Consult), a member of Talal Abu-Ghazaleh Global “TAG.Global”.
The standard is a comprehensive measurement and evaluation model of financial performance that is based on benchmarking in the business sector, and it focuses on two main aspects, the financial solidity and financial performance.
The UoD was awarded the certificate during a virtually held ceremony attended by HE Mr. Majid Hamad Al Shamsi, Chairman of UoD Board of Trustees; Board members; HE Dr. Eesa Al-Bastaki , President of UoD; HE Dr. Talal Abu-Ghazaleh, Chairman and Founder of Talal Abu-Ghazaleh Global; representatives of the french non-government organization MSI Observatory (the standardization body of the standard MSI 20000) ; and representatives of the French certification body awarding the certificate: COFICERT.
Dr. Al-Bastaki expressed his pride that the UoD had obtained the certification, making it the first educational institution in the Middle East to obtain the MSI 20000 financial quality certificate.
He pointed out that the certification had consolidated the UoD’s efforts in developing and supporting its financial strategies, and it also proved its commitment to the continuous improvement of the financial position and the development of its risk management.
He added that the financial quality was part of the overall quality of any institution that aimed to succeed and make progress in several areas, noting that successful institutions and companies competed with each other to implement financial standards that secure financial sustainability, based on the quality of services and products they provided in global markets.
Al-Bastaki said that the University received the certificate with merit after undergoing a comprehensive evaluation of financial performance over the last five years, by analyzing the financial statements and comparing it to global performance indicators. He added that by taking this challenge, despite the repercussions of the Coronavirus pandemic, the UoD had proved to the world, and to the relevant parties, the strength of its financial performance and its success in managing the crisis.
For his part, Dr. Abu-Ghazaleh expressed his pride in this global achievement by the University of Dubai in receiving the MSI 20000 certification which proves to the world the extent of the Arab institutions' commitment to the global best practices, as well as, their keenness on the quality financial performance, financial governance, disclosure and transparency.
Furthermore, Dr. Abu-Ghazaleh stated that the MSI 20000 certification is handled by TAG-Consult in its capacity as the exclusive professional partner of IWK Corporate the technical supporter of MSI Observatory in the Middle East, pointing out that the University has deservedly received the certification after undergoing a comprehensive financial performance assessment over the last five years based on the analysis of financial statements and comparing them with the global performance measurement indicators.
According to the evaluation report issued in collaboration with TAG-Consult, the UoD has achieved an outstanding score by conforming to the requirements of the standards. The UoD has scored 161 poin
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