Vice President Finance & International Controller
Qenta, Inc. (CONNECTDOTNET Pvt Ltd)
Total years of experience :32 years, 0 Months
Preparation of Financial Business Plan and annual budget.
Preparation & submission of proposal to regulators (i.e. Central Bank, Federal Board of Revenue & Security and Exchange Commission of Pakistan) for necessary approvals for cross-border transaction and other solutions offered by Group.
Manage taxation matters relating to E-commerce and cross-border transactions.
Liaison with external consultant for IPO preparedness, and Corporate Governance.
Manage compliance with taxation, Corporate, and other regulatory matters.
Dealing with external audit, preparation of financial statements & Policies for Digital Assets under IFRS & US GAAP.
Supervise the accounting matters of Pakistan operation under IFRS and local regulations.
Corporate Planning and Financial Reporting
Develop Group Consolidated Strategic Business and Financial Plan
Coordinate development & up-date strategic business plan with subsidiaries. Initiate strategies, corporate objectives, short & long term plans.
Review affiliates scenario based financial planning models based on key business/industry drivers with sensitivity analysis and make recommendation to rationalize
Oversee and manage the development of group annual budget and periodic financial forecasting
Implementing KPI based performance Management System to improve performance evaluation process for affiliates
Standardize budgeting & reporting formats & ensure adherence of Group guidelines & policies
Responsible for adherence of corporate financial policies
Develop & up-date group financial policies including related to Investment and risk management.
Strengthen control function through implementation of Delegation of Authority Matrix and stringent internal controls.
Group consolidated financials with disclosures in accordance with IFRS & local statute
Coordination with Group statutory audit & resolution of accounting.
Manage the operations of the Finance Department
Treasury & Corporate Finance Management
Cash Flow Forecast, dealing & negotiating with banks & fund management by maturity gap analysis.
Review Term Sheets, CTAs, & loan documents. Ensuring all terms of loan documents are aligned with terms as negotiated with banks, and that these are aligned with business and financial plan.
Monitor the financial covenants calculations, and Financial Derivatives required for calculating & executing Hedges to optimize the financing cost.
Maintain close relationships with contacts at subsidiary businesses and address their banking and treasury needs.
Facilitates bridge financing, arrange Bid, Performance, Advance Payment Guarantees/ LCs to affiliates
Investment/ JVs Management
Support Project Development team for bid submission & review financial part
Monitor\carry-out periodic valuation of investments\JVs
Negotiate the shareholders agreement and key JV terms.
Consulting services to JV partners on tax planning, registration and others
Dubai Aviation City Corporation (A Holding Company having 4 subsidiaries DWC, Dubai Airports, DAEP and DANS)
Group Director Finance - Corporate & Projects (Aug’15 - to-date)
Executive Committee Member - EMAAR South Properties LLC
Board Member and Company Secretary DuServe Facilities Management DWC LLC
Key Responsibilities:
Working on establishment of SPV to develop, manage and sell Real Estate Assets of DWC (AED 42 billion assets)
Analyzing the feasibility of Real Estate development (a fully integrated residential city) and assessing the rationality of assumptions.
Developing the business plan for each phase of the project, in order to make it bankable and secure financing.
Working on Staff village development and arranging bank facilities for financing
Reviewing the funding requirements for ongoing airport projects and dealing with banks to secure the facilities
Working with Corporate CFO on the strategic financial plan of Al Maktoum Airport expansion and exploring funding options.
Reviewing the Delegation of Authority for the DWC and making necessary changes required.
Executive Committee Member - EMAAR South Properties LLC (A Joint Venture between DWCC and EMAAR to develop Golf District in Dubai South consisting of high-end Golf Course Community including 3 Hotels)
Reviewing and providing recommendation to the Board on the Business Plan of the development and assessing the rationality of assumptions.
Reviewing the Operational results of the JV.
Review and negotiate commercial terms with Hotel operators.
Review, negotiate and approve the construction contract as per delegation authority.
Support CEO in strategic matters including developing & updating Strategic Corporate Business Plan.
Developing & Implementing Corporate Governance Frame Work and developed Risk Management Manual.
Preparing the GAP analysis to issue the Financial Statements in compliance with IFRS to comply with SAMA Regulations.
Setting-up the Treasury Department independent from Group Operations.
Preparing mid to long term cash flow and evaluating the Company’s funding requirements and submitting the request to Group Treasury Department.
Reviewing the Company’s Authority Matrix, Credit Policy, Compliance Policy and provided the necessary input for updating.
Developing and implementing necessary initiatives to implement the SAMA regulations in the Business.
Implementing the sector wise and product wise profitability analysis.
ACWA Holding Group has fully-integrated infrastructure projects and services companies with interests in power and water, manufacturing, utilities and services, construction and contracting, transportation and real estate development.
Responsibilities:
• Support Group CFO in strategic matters including developing & implementing Corporate Governance Framework
• Corporate Planning/Budgeting at Group level & supporting underneath affiliates in developing business plans & review to ensure harmonization of their targets with Group objectives
• Group Consolidation Financial Statements in compliance with IFRS/IAS & local standards
• Managing pre & post Merger & Acquisition requirements
• Financial reporting to Management & Board with variance analysis and providing the reasons thereof
• ERP- Oracle implementation - General Ledger, Project Costing & Management modules
• Strengthen control function by review/implementation of Financial accounting manual, policies/ procedures, and authority matrix
• Investment & project evaluation with financial projections, feasibilities & financial analysis
• WCM including banking relationship. Dealing & negotiating with banks; fund management by maturity gap analysis; bridge financing for affiliates etc
• Periodical financial & operational analysis of affiliates & recommendation to senior management
• Ability to synchronise business management decisions with prudent financial requisites to achieve pragmatic results
• Managing manpower at Head Office and subsidiaries including training, leading and recruiting
• Pretty well versed with the financial best business practices of middle east region
• Manage treasury function of the organization.
• Review of financial statements and variance analysis with budget and last year results.
It’s a district cooling service provider involved in the supply of chilled water to building developers and end users. It is a joint venture between M’Sharie L.L.C. (a subsidiary of Dubai Investments) and Union Properties PJSC. It’s a new establishment under tremendous growth. ( A Project of AED 2.0 billion)
Member of Management Committee
Member of Tender Committee
Responsibilities includes;
• Plan and arrange financing requirements at an organizational level and intimate GM/BOD for effective action on the same. Presently arranged AED 669 million syndicate loan for ongoing projects.
• Support GM and co-ordinate with various departments for preparation of annual business and financial plan including budget.
• Provide valuable support to GM in planning of new projects through evaluation of new services, validation of assumptions, run financial models, scenario analysis and carrying -out cost benefit analysis
• Support GM in implementing culture of adherence to processes across the organization
• Development and implementation of financial policies & procedures and Internal Control systems
• Monitoring the financial and contractual aspects of the Projects under implementation & execution.
• Coordinated with Legal Consultant for finalization of Contracts for different projects.
• Manage cash flow of the organization
• Supervising the implementation of Integrated Management System i.e. ISO 9001, ISO 14001 & OHSHA 18001
• Review of financial statements and variance analysis with budget and last year results.
It’s a finance company and just started soft operations from September 2004. The Company is planning to undertake Islamic and as well as all commercial banking products.
As a Financial Controller following were my responsibilities;
• All financial and corporate matters including compliance with statutory requirements
• Reviewed the strategic plan and amended on the basis of current actual results
• Monitoring of liquidity of the company and placement of funds with other banks and financial Institutions.
• Develop the accounting policies & procedures for the products under development & approval with Sharia Committee.
• Coordinated implementation of banking software
• Liaising with Central Bank for initial set up requirements
• Coordinating with the consultants for preparation of Accounting Policies and Procedure Manual
Looked after three companies of the Group One footwear manufacturing unit, one dealing in Whole sale & retail Trading and One stitching Unit. The main activities of the Companies are importing, selling and trading of traditional Arab footwear, textiles and other related items of famous brand name “FARES” & “NIBRAS”.
The scope of work was consist of:
• Supervision of all activities connected with financial accounting and MIS reporting.
• Preparation of annual budget, projected cash flow statement and production plan for footwear & stitching Units
• Review of the costing sheets of the production & purchases and recommend the initial pricing of different products in view of targeted profitability
• Arrangement of banking facilities to meet the financing and working capital requirements
• Developed the system of purchases and pricing mechanism of products from time to time based on aging of stock
• Developed & implemented the credit policy for the customers
• Analysis of profitability reports and recommendations to General Manager for improvement of profitability
• Supervision of IT department functions.
The scope of work was consist of:
• Experience of using business audit techniques developed by Firm covering areas like planning, risk assessment, evaluation and reporting weaknesses
• Strategic evaluation of our clients, using SWOT analysis techniques for identification of significant business risks and critical success factors
• Development and formulation of work programs, understanding and extensive review of accounting and internal control systems with multiple objectives of recommending improvements and developing strategic audit plan
• During the latest assignment of a Multinational Bank in Middle East, performed following work:
- Review the Credit Portfolio of the Bank
- Review the Credit Risk Management Manual and ensure the compliance of policies and suggested the management improvements in the Credit Risk Management Manual in relation to Middle East environment
- Review the Calculation of allowances for bad & doubtful loans & advances and ensure total risk in credit portfolio is properly reflected
- Review the line of business reporting along with basis of reporting
Member of Management Committee
Member of ALM Committee
Responsibilities were included but not limited to:
• All financial and corporate matters including compliance with statutory requirements
• Development of strategic plans, corporate goals and monitoring thereof
• Assets & liability Management of the bank.
• Investng Making and monitoring the investment of the Bank in different stocks to maintain the SLR.
• Preparation of detailed analysis of /industry risk, currency risk, interest rate risk and liquidity risk on quarterly basis
• Profitability analysis of different products and advising the management measures to improve the profitability
• Review and development of policies for newly developed products
• Ensuring that the system of internal control is kept up-to-date in accordance with the recommendations of the external, internal and Central bank auditors
• Finalization of Financial Statements in accordance with the International Financial Reporting Standards and other statutory requirements
Assignments include:
• Supervision of statutory and internal audits of local and multinational companies
• Training of a team of Students of Chartered Accountancy
• Preparing of systems and procedural manuals for different clients
• Designing and implementation of computerized accounting and MIS systems
• Supervised initial audit assignments which required
- Detailed system analysis and documentation
- Advising the management on implementation of accounting and internal control
Systems
During the five years, gained extensive practical experience of accountancy, compliance and operational audits of different segments of business.
The scope of work include:
• Development and formulation of work programs, understanding and extensive review of accounting and internal control systems with multiple objectives of recommending improvements and developing strategic audit plan
• Conducted credit portfolio analysis and audits of financial institutions, which were carried out with the objective of assessing adequacy of credit extension and prevention of money laundering policy
• Ensuring compliance with International Accounting and Auditing Standards, local and international statutory requirements
• Experience of using business audit techniques developed by Ernst & Young International covering areas like planning, risk assessment, evaluation and reporting weaknesses.