This role is responsible for guiding the overall ITFC strategy and business decisions by providing financial insights and recommendations to the senior leadership. This role is also responsible for reporting financial performance and for ensuring that the financial statements are prepared in compliance with AAOIFI Standards, International Financial Reporting Standards (IFRS) and applicable accounting policies. Also, this role is responsible for preparing and reporting financial performance for any fund, program and the like managed by ITFC as may be required under the relevant standards.
1.0 JOB PURPOSE
This role is responsible for guiding the overall ITFC strategy and business decisions by providing financial insights and recommendations to the senior leadership. This role is also responsible for reporting financial performance and for ensuring that the financial statements are prepared in compliance with AAOIFI Standards, International Financial Reporting Standards (IFRS) and applicable accounting policies. Also, this role is responsible for preparing and reporting financial performance for any fund, program and the like managed by ITFC as may be required under the relevant standards. In addition, this role is also responsible for all budgetary consolidation & reporting and financial forecasts, this role is responsible for ensuring compliance with internal control systems and procedures and acting as the financial advisor to the senior leadership of ITFC.
2.0 KEY RESPONSIBILITIES
Key Strategic Responsibilities
- Establishing Finance & Accounting’s short- and long-term objectives in line with departmental strategy and objectives, to support ITFC growth while providing a robust and effective finance support infrastructure.
- Developing and monitoring plans, systems and internal processes as required to govern all aspects of Finance & Accounting in accordance with the relevant ITFC policies, other applicable policies (funds programs etc,) regulatory requirements and overall direction of the ITFC strategy.
- Supervising improvement initiatives at the division level (such as leveraging technology for accounting & reporting, documentation of accounts policies and processes etc.) in order to contribute to the overall effectiveness of Finance & Accounting.
- Providing guidance for policies, procedures, and directives that define the operating protocols, systems and controls within Finance & Accounting to ensure efficient and accurate accounting.
- Guiding the organizational philosophy on cost controls, expenses and policies and ensuring mechanisms for implementation and monitoring as per established standards.
- Driving the department towards best practices and industry standards in Finance for the entire cycle of revenue management/monitoring.
- Deriving tangible connections between ITFC operations and its financial performance and conducting feasibility studies for projects with major financial.
- Ensuring that the IT system in operation is generating the required results, proposing enhancements (if needed) and following up on related implementation.
- Guiding the Senior Manager -Financial Planning & Budget with deriving tangible connections between ITFC operations and its financial performance and analyzing feasibility studies for projects with major financial implications.
- Incorporating best practices for the preparation of the administrative budgets across the organization including setting out consistent guidelines for each department to follow.
- Ensuring that the IT system in operation (SAP or otherwise) is generating the required results and is responsible for proposing enhancements (if needed) and following up on related implementation.
- Ensuring that the IT system for managing Funds, programs and the likes (SAP or otherwise) are generating the required results and is responsible for proposing enhancements (if needed) and following up on related implementation.
- Determining the staffing needs for the division based on the workload and work allocation and finalizing these with the Head of Finance and Operations.
- Managing the team under Finance & Accounting by evaluating performance of team members, providing feedback on an ongoing basis, identifying development needs and coaching them to ensure ongoing capability development.
- Conducting trainings for the ITFC team on various aspects on which the role holder has subject matter expertise.
- Contributing to the formulation of the departmental budgets in conjunction with organizational budget, tracking expenses and ensuring adherence.
- Providing overall recommendations to the senior management on efficient utilization of the budget.
- Advising the ITFC senior leadership and board on key financial metrics pertaining to cost and profitability to provide clarity on the financial health of ITFC as well as guiding them on effective pricing strategies, calculation of cost of funds etc.
- Supervising all operational accounting entries such as payables, receivables, collections and general ledger in compliance with AAOIFI, IFRS and internal standards.
- Supervising all funds, programs and the likes accounting entries such as payables, receivables, collections (as applicable) and general ledger in compliance with AAOIFI, IFRS and internal standards
- Approving financial transactions (settlements) as part of ITFC compliance procedures.
- Validating the accuracy of the financial information generated by reconciling the information generated by various systems and/or from various sources.
- Overseeing the amortization schedule, reconciliation of bank account statements, deposits and cash flow in order to ensure accuracy and comprehensive bookkeeping.
- Reviewing periodic reporting on the financial performance of the business, monthly and quarterly financial statements (balance sheet, income statement, cash flow, general ledger etc.), variance reports and critical financial milestones achieved and analyzing and reporting the same to the senior leadership and board of ITFC.
- Overseeing financial forecasts, annual administrative Budgets and related reports.
- Providing the information required to facilitate decisions during the budgetary meetings and consolidating the annual budget and expense plan based on inputs received from various departments.
- Overseeing regular budgeting and utilization reporting on all departments’ expenses and tracking variances from the budgeted costs and incorporating changes to the budgets as and when required.
- Overseeing and sharing capital status, updating and replies to request of information, correspondences with shareholders.
- Examining accounting policies in view of regulatory changes and ensuring that they are updated as per market best practices and the internal accounting principles followed by ITFC. Also, providing guidance and interpretation for accounting policies.
- Ensuring overall compliance to AAOFI Standards and International Financial Reporting Standards (IFRS) standards and internal IDB Group requirements, where applicable, and advising on the timely adoption of changes in any International Financial Reporting Standards (IFRS).
- Guiding provision of comprehensive documentation to external auditors and initiating necessary corrective action based on audit findings.
- Leading interactions with Risk Management and Legal to mitigate risks and incremental liabilities (including any contingent liabilities).
- Participating & providing inputs in various committees, as applicable to the role.
Qualifications & Other Certifications
- MBA or relevant Masters Degree in Finance
- CPA, ACCA or CA
- English is compulsory
- Arabic or French is highly desired
Years of Experience
- Minimum of 9 years of experience
- Minimum 3 years of Managerial/Team leadership experience
- Prior experience in Finance in a Banking and Financial Services Environment
- Exposure to an Islamic Trade Financing set up is preferable