The role holder is responsible for managing the Finance Division mandate including financial accounting and reporting of both the Policy Holders Fund & Shareholders Fund, insurance and administrative disbursement review and processing and follow-up of collection of accounts receivable.
Participates in the development and implementation of the Finance and Information Technology Department plans, in line with the corporate objectives.
Manages the implementation of Finance Division mandates, providing leadership and facilitating work processes in order to achieve high performance standards.
Ensures compliance with organizational policies, procedures and quality standards in the Finance and Information Technology Department.
Proactively reviews and streamlines the process and activities being undertaken in delivering the division mandate to enhance quality, efficiency and effectiveness and reduce operational risks.
Provide input for annual report, strategy formulation, capital increase proposals, resource mobilization proposals,
Policies and Procedures
Develops a comprehensive policies, procedures and guidelines manual covering all functions and activities within the division.
Responsible for preparation of the financial statements including adopting appropriate accounting policies and make necessary recommendations to ensure compliance with latest IFRS and IFSB standards.
Develops and implements effective internal control mechanism and corporate governance guidelines of ICIEC to ensure assets are safeguarded and liabilities properly managed.
Provides guidance on interpretation of policies and procedures, relevant IFRS pronouncements and legislative regulations applicable for the division; supervises compliance with all regulatory and legislative requirements.
Monitors latest standards to ensure financial statements and processing is in conformance with necessary international financial reporting standards and meets audit requirements and make comprehensive proposals to IMC for implementation of any new standards.
Defines requirements for reporting and financial accounting to ICIEC-IT to ensure optimal efficiency and effectiveness of use of systems and technology for all financial reporting and control activities (including development of Business Intelligence Reports and Dashboards for Management, integration of AMEX corporate cards/CTA, new systems implementation requirements, implementing new policies and guidelines, etc.)
Plans, reviews, assesses and evaluates the consolidated administrative and capital budget based on the departmental business plans, budget requests and MTBS.
Oversees the implementation of management decisions within the budget process prior to the clearance of the CEO and further submission to the Board of Executive Directors for approval including the presentation of ICIEC Budget proposal, preparation of Medium-Term Budget Framework (MTBF) and identifying opportunities for savings and redeployment
Recommends on maximizing cost efficiencies, minimizing wasteful spending and preventing resource expenditures on non-priority areas to ensure that the budget is linked to the programs of the Corporation from a utilization point of view and from the operational plan perspective.
Dynamically manage and report on budget utilization and propose re-allocations as considered necessary to redeploy resources to needed areas to contribute to achievement of organizational objectives and strategy.
Provide a monthly budget utilization and forecast for the year to IMC for information and decision-making.
Operational & Administrative Disbursements
Responsible for overseeing processing all operational and administrative disbursements and detailed review of all disbursement authorizations in accordance with the approved budget and relevant policies and guidelines with zero errors.
Responsible for preparation and review of SWIFT messages for effecting settlement of all payments/transfers/etc.
Responsible for resolution of any bank payment queries, enhanced due diligence, etc.
Ensure timely settlement of all pension fund obligations to minimize penalties.
Serve as focal point for AMEX/Corporate credit card providers and implement satisfactory reconciliation, processing and recovery processes to ensure prompt settlement of all amounts by the Corporation and staff.
Review and process petty cash replenishment requests in accordance with approved budget and rules
Coordinate with Administration/HCA and IT Division/DFI to streamline the procure to pay process to ensure completeness of accruals and expense commitments as well as timely payment/settlement.
Maintain proper records of amounts due to all vendors and respond to vendor reconciliation queries.
Share Capital Dues
Responsible for maintaining share capital statements for shareholders on an accurate and timely basis.
Responsible for overdues on Share Capital follow-up including sending bi-annual follow-up letters to Member Countries.
Financial Accounting & Reporting
Ensures implementation of appropriate operational procedures to meet accounting, reporting and disclosure requirements of the international financial reporting standards for both PHF and SHF.
Analyzes market forces that might impact ICIEC’s growth in future and calculates growth factor for different line items in financial statements.versees research and analysis on relevant areas like Risk Management, Basel Guidelines, IFRS accounting standards and others.
Prepares monthly abridged financial reports for the ICIEC Management Committee as well as comprehensive quarterly financial reports to the Audit Committee/BOD covering performance of the PHF, SHF, Investment Portfolio and Administrative Budget utilization as well as strategic management discussion and analysis.
Prepares detailed financial and strategic analysis of Corporate performance and provides periodic and ad-hoc reports as requested by the management.
Responsible for financial statements preparation and coordination with the external auditors regarding year-end audit.
Ensure timely and accurate reconciliation and settlement of all inter-fund accounts with IsDB Group members.
Ensure accurate reporting of all revenues and accruals/deferrals related to insurance operations including broker commission in the PHF in accordance with the approved policies and standards.
Develop and implement adequate coordination mechanisms with the GLC regarding Claims and NPLs to ensure adequate claim reserves are maintained and reviewed in documented manner on quarterly basis.
Develop and implement adequate monitoring and control mechanisms to ensure complete, accurate and timely accrual and payments to reinsurers for amounts due under ceded insurance operations (and accrual and recovery of amounts due to ICIEC for inward reinsurance operations).
Ensure adequate reserves are maintained for incurred but not reported claim exposure by providing input to RMD for policy framework formulation, review and validation of the calculation and application of the model and undertaking overall analytical review.
Closely monitor and follow recovery of all amounts due from staff relating to corporate credit cards, business travel, housing loans, special advances, etc. and provide a quarterly detailed report to IMC.
Formulate effective responses and enhancements to all observations and recommendations from the external and internal auditors.
Responsible, jointly with RMD, to establish an effective credit policy including compliance monitoring and follow-up.
Responsible for maintaining accurate records and sending statement of account to customers on a monthly basis.
Responsible for reconciliation and resolution of all customer account queries in coordination with the business development and underwriting functions.
Responsible for preparation and follow-up of weekly receivables ageing report
Responsible for ensuring adequate provision and reserves made for doubtful amounts.
Implement adequate measures to ensure accuracy of the accounts receivable ageing report including (i) split payment dates, (ii) obtaining and processing remittance advice for customer account payments, etc.
Obtaining written confirmation of balance due on annual basis for all customers at end-Q3.
Propose to the IMC on quarterly basis write-off of unrecoverable receivable amounts and transfer of inactive MOPs to ICIEC Waqf.
Monitors the preparation of timely and accurate reports of ICIEC’s bank balance reports to analyze cash position of ICIEC to ensure availability of adequate cash funds for execution of administrative disbursements.Routine Treasury Operations
Manages all operations pertaining to bank reconciliations to ensure they are completed on a daily basis and are checked for accuracy and completeness.
Reconciles all treasury related accounts including loans on a monthly basis.
Focal point for relationship management and customer account update process on all bank accounts.
Ensures booking of all inflows and outflows from/to the Corporation bank accounts on a timely basis.Ensures timely and accurate generation of cash-related transactions and manages banking and e-banking payments and collections for funds and investment transactions, treasury-related accounts reconciliation and bank account management and forex and prepares monthly currency exposure reports.
Reviews accuracy of Treasury-IDB Investments management fees.
People Management Responsibilities
Defines goals and key performance indicators for each member of the team and ensures effective application of the ICIEC Performance and Development Review process.
Ensures high level of employee engagement and capability development by providing on-going feedback and coaching to team members.
Use JIRA to monitor delivery of tasks within assigned deadlines, accuracy and quality as well as completeness of documentation and audit trail.
Position Requirements and Qualifications:
Field of Study
Academic Qualifications and Relevant Experience
High School Diploma
Nature of Experience
Prior experience in Finance, with minimum 10 years of experience inmanaging treasury and investment operations in Finance/Banking Industry, Investment houses or other financial institutions
Professional Certifications (as applicable)
CA/CMA/CPA certification is required.
Relevant certifications such as CFA is an added advantage.
Business Language Skills
Good command of written and spoken English essential, additional languages such as Arabic, French is an added advantage
Key Performance Indicators
Timely recording of all transactions and reconciliation of bank accounts
Timely delivery of data/MIS
Completeness and accuracy of customer account statementsAccuracy of customer account statements
Accounts Receivable Overdues
Accuracy and efficiency of payment review
Quality of financial reporting, analysis and recommendations
Efficiency and effectiveness of Finance business processes
Staff supervision and development
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