With the technical support provided by TAG-Consult The University of Dubai Consolidates its MSI 20000 - Financial Quality Certificate
DUBAI - The University of Dubai (UoD) consolidated its excellent results and achieved an outstanding score in conforming to the requirements of theMSI 20000 certification, awarded with the technical support of Talal Abu-Ghazaleh & Co. Consulting (TAG-Consult), a member of Talal Abu-Ghazaleh Global (TAG.Global).
The University achieved this score, even exceeding its initial score of 161 points out of 200, which was already more than 60% of the requirements of the standard.
The UoD was awarded the MSI 20000 certification at the end of 2020 to become the first educational institution in the region to obtain the financial quality certificate, which is the international standard allocated to the financial quality of companies based on the results of the first surveillance audit.
The certificate was awarded by the French certification body COFICERT, with the technical support of TAG-Consult, the exclusive agent of the COFICERT in the Middle East.
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.
Out of the 60 global performance indicators, the UoD was evaluated on its financial governance, where it exceeded its previous results in nearly all of them. Despite the spread of the Coronavirus (COVID-19) pandemic, which had a major impact on the global economy; these outstanding results confirm once more the firmness and the solidity of the UoD, as well as, its continued growth achieved during the last six years.
It is worth mentioning that the results of the MSI 20000 evaluation report show that the UoD has achieved excellent rates in the results of benchmark comparisons in the university sector, which include the best leading international universities, such as “Oxford, Amsterdam, and Quebec, in addition to the University of London, Paris School of Business, and others. The UoD has even outperformed these institutions financially on several criteria.
President of UoD, Dr. Eesa Al-Bastaki, pointed out that the certification had consolidated the UoD’s efforts in developing and supporting its financial strategies, proving once again the University’s commitment to continuous improvement of the financial position and the development of its risk management.
He added that the financial quality is part of the overall quality of any institution that aims to succeed and make progress in several areas, stating that successful institutions and companies competed with each other to implement international standards that secure financial sustainability, based on the quality of services and products they provided in global markets.
Dr. Bastaki also said that the UoD took this challenge, despite the repercussions of the COVID-19 pandemic, as the new results proved to the world and to the relevant parties the strength of the University’s financial governance and its successful strategy in managing the crisis.
For his part, HE Dr. Talal Abu-Ghazaleh, founder and chairman of TAG.Global, expressed his pride in this global achievement made by the UoD in consolidating the MSI 20000 certification. He pointed out that the University proved to the world the extent of the Arab institutions' commitment to the global best practices, as well as their keenness on maintaining quality financial performance, financial governance, disclosure and transparency.
Furthermore, Dr. Abu-Ghazaleh stated that the MSI 20000 certification is handled by TAG-Consult; being the exclusive professional partner of COFICERT.
University of Dubai (UoD)
Located in Dubai’s Academic City, the UoD is one of the institutions affiliated with the Dubai Chamber. It aims at supporting the UAE’s government initiative to qualify its citizens through human resources development programs in both the private and public sectors. The UoD adopts university curricula that satisfy the highest local and international educational standards approved in the UAE and the USA.
Talal Abu-Ghazaleh & Co. Consulting (TAG-Consult)
TAG-Consult operates out of the Talal Abu-Ghazaleh Global offices, which has more than 100 offices in the Middle East, Africa, and the world and representative offices spread in Asia, Europe, North America, and Latin America. It also operates through a network of experts and specialists to offer the best management consulting services to local and international companies and institutions, in accordance with the best practices in this field.
COFICERT
COFICERT is the first specialized and specifically dedicated body to the certification of the financial and extra-financial standards in the world. The organization gathers national and international experts around standards and certification marks, related to Finance: such as financial governance, anti-money laundry, counter financing of terrorism, corporate social responsibility. COFICERT is the contraction of the following terms: “COMMISSION FOR FINANCIAL CERTIFICATIONS”.
MSI 20000 Standard
The standard focuses on evaluating all the data related to financial affairs and companies’ management through a sectoral approach and strict principles, based on many evaluation criteria and performance indicators utilizing benchmarking. The standard was developed by the French, non-governmental organization MSI Observatory, by leading experts in the field of finance. It was then tested and adapted over several years. It was first launched in 2008, during the global economic crisis.