chief financial officer
Arabia Falcon Insurance
Total years of experience :23 years, 5 Months
Led the project of incorporating Oman Operations. Actively participated in the negotiation and setting terms and conditions of the acquisition of Falcon insurance company and merging both companies into Arabia Falcon Insurance (AFIC).
•Led the project of reengineering and integrating the operations and finalizing the readiness for initial public offering (IPO).
•Led the project of restructuring Finance, HR, and IT functions, drafting and amending policies & procedures for these departments.
•Coordinated with external financial consultants and legal advisors to successfully finalize the IPO and transform the company into publicly listed company.
•Oversee the financial reporting, financial control, treasury and investment and investors relation functions.
•Lead the implementation of new accounting standards related to the insurance industry (IFRS 9 & IFRS 17)
•Liaise with the internal & external auditors, facilitates their work and ensure proper disposition of their observations.
Managed Finance, Treasury, Accounting, Budgeting, HR &administration, and IT departments.
•Formulated the company strategy along with other members of the management executive committee and other board committees
•Acted as member of Financial and Investment Committee, Risk Management Committee and Executive management committee which directed day to day operations.
•Managed company’s relations with external stakeholders including government and regulatory bodies, tax authorities, shareholders, Banks, rating agencies, and press etc.
•Represented the executive management committee in board meetings
•Actively participated in creating effective corporate governance framework and enterprise risk management function.
•Formulated Investment strategy and investment mix that substantially enhanced the utilization of financial resources and increased return on investment
• Managed the Cash Flow and liquidity of the company and designed an effective cash flow projection excel model to reduce the size of idle cash and cash safety margin.
•Effectively led the project of having the company rated B++ by the international rating agency (A.M. BEST)
•Enhanced the workflow of accounting, treasury, HR, and IT departments to fit with the exceptional average 40% annual growth in company's business.
•Effectively managed the P&L of the company with profitability growth of more than 400% in 3 years.
Managed the accounting and financial reporting department, developed the department plans, programs, and recommended financial policies, systems and procedures that deemed to be essential for the achievement of proper internal control
•Supervised the preparation of consolidated financial statements for the company and its subsidiaries
•Conducted close control over the validation and updating of financial reports prepared by accounting departments of company's subsidiaries
•Coordinated with external and internal audit in the preparation and review of financial statements and executing internal audit programs
•Prepared regular and ad-hoc reports to Banks and lending agencies about the banking facilities and the market value of company's assets under lien and compliance to the lending terms
•Led the implementation of financial and controlling modules of SAP and the integration of the portfolio management system (advent) with the accounting software (SAP)
•Participated in various projects assigned by the executive management such as participating in the setup of PREMCO joint venture with Premier Oil (England), Valuation of private equity stakes in different companies, closely followed up the valuation of multi-billion derivative contract with major telecom company in Europe and reviewed the financial statements of the SPV created for this purpose.
•Led a cross functional team that finalized the capital budget of multibillion real estate investment project in Algeria
•Created effective excel model to manage company's over than 10 billion AED banking facilities and loans and to monitor the monthly interest charged by banks.
Supervised the preparation of all fiscal, quarterly, and monthly reporting activities for The Company including financial reports and statements, reports to insurance supervisory committee, budget-actual variance reports and cash flow projections.
•Led the hiring process of key employees to fill the planned organizational structure of the company. Conducted training and job shadowing for new hires in the accounting department.
•Supervised the implementation of Oracle based insurance software.
•Involved in allocating company's financial resources of more than $20 million to different banks and negotiated interest rates and deposit terms
•Created credit control function and drafted the company's credit policy and procedures.
•Coordinated quarterly reviews and annual audit with external auditors and managed the relationship with other external stakeholders such as tax authorities and insurance regulators
•Set up the accounting, treasury, HR, & IT department and created written policies & procedures for these departments and supervised the implementation of departments’ IT systems - Accounting, HR, & Insurance system.
courses: Microsoft Office - Word, Excel, PowerPoint •SAP – FI-CO modules •Insurance systems: AIRAS - PREMIA EDUCATION_____________________________________________________ •Certified Public Accountant (CPA), American Institute of Certified Public Accountants 2005
courses: Flow and Working Capital Management, Dubai, International Academy of Financial Management, CCFM (Certified Cash Flow Manger) Designation 2009 •Use of Business Intelligence Software for decision making, Beirut Lebanon 2010 •Integrated Financial Information Systems, Ministry of Finance
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