Senior Vice President-Financial Management Department
Kuwait Financial Centre (Markaz)
Total years of experience :23 years, 9 Months
•Leading the Accounts team comprising of around 15 staff
•Supervising the accounting, reporting and audit of 70+ legal entities (including Markaz, managed subsidiaries, client portfolios and SPV’s)
•Supervising accounting of 10+ mutual funds and periodic calculation of their NAV’s in coordination with Fund Manager and Fund Custodian
•Supervising the investment valuations and reconciliations on weekly and monthly basis
•Supervising the Treasury Function including money market deals, FX spot and forward deals, Funds transfers
•Planning and coordinating the annual audit and quarterly reviews with external auditors
•Coordinating with CBK auditors, CMA auditors and Internal auditors
•Responding to the queries of Regulatory Authorities, and BOD
•Supervising the daily, month-end and year-end closing process in Flexcube Financial System
•Monitoring and supervising parallel transaction input in Flexcube Financial System and Oracle Financials ERP System and reviewing the output reconciliation process
•Leading the preparation of Consolidated and Standalone Annual Budgets and Five Year Financial Projections in consultation with COO and CFO
•As member of Management Budget Committee, coordinating financial planning and budget management function across all the investment, profit and cost centres
•Supervising the dissemination of Actual vs Budget reports to respective department heads and following up for reasons for major variances on quarterly basis
•Coordinating with Risk Department for cash flow management and cash contingency planning
•Leading the preparation of Consolidated and Standalone Annual Budgets and Five Year Financial Projections in consultation with COO and CFO
•As member of Management Budget Committee, coordinating financial planning and budget management function across all the investment, profit and cost centres
•Supervising the dissemination of Actual vs Budget reports to respective department heads and following up for reasons for major variances on quarterly basis
•Coordinating with Risk Department for cash flow management and cash contingency planning
•Monitoring the company’s risk management policies and procedures and updating them in consultation with Compliance and Risk Department
•Advising the top management on appropriate insurance coverage of company’s assets
•Monitoring the company’s risk management policies and procedures and updating them in consultation with Compliance and Risk Department
•Advising the top management on appropriate insurance coverage of company’s assets
•Monitoring the company’s risk management policies and procedures and updating them in consultation with Compliance and Risk Department
•Advising the top management on appropriate insurance coverage of company’s assets
Major Achievements:
•Led the implementation of Oracle ERP system (General Ledger, Accounts Payable, Accounts Receivable, Cash Management, Fixed Assets, Treasury, Loans and Projects modules) covering 70+ legal entities. This resulted in automation of various CMA and CBK reports and consolidation reporting as well as improved efficiency and internal controls.
•Managed the whole project from vendor and system identification, RFP preparation and issuance, NDA sign-off, review of system and vendor proposals, vendor and system evaluation, shortlisting of system and vendors, organizing on-site system demos, selection of system and vendor, securing BOD approval for the project cost, system and vendor, review and finalization of technical and commercial proposals, system licence and implementation agreement sign-off, setting up project governance framework, managing the project risks, preparation of single chart of accounts, designing multiple ledger setups, preparing configuration and master data etc.
•Developed Technical Competency Matrix and Competency Mapping for job descriptions of Finance and Treasury departments in coordination with HR and CFO
•Reduced the Internal Audit observations to zero for FMD department
Noor Financial Investment Company Apr 2012-June 2014
A listed subsidiary of National Industries Group (NIG) Kuwait. Major business: Assets Management, Investment Banking, Financial Advisory.
Assistant Vice President- Head of Accounts; Acting Head of Finance and IT Units
• Leading the Accounts, Finance and IT teams comprising of around 10 staff
• Planning and supervising the completion of quarterly reviews and annual audit of company’s consolidated financial statements and submission thereof to Capital Markets Authority (CMA), Ministry of Commerce and Industry (MOCI) and Kuwait Stock Exchange (KSE) within prescribed time
• Supervising the compliance with CBK, CMA, KSE and Ci-Net’s various statutory reporting requirements on timely basis
• Review and presentation of monthly, quarterly and annual consolidated financial statements of the company to Executive Management and the Chairman of Board of Directors
• Leading the initiation, compilation and presentation of Company’s Annual Budget to Board of Directors
• Management reporting of departmental level and corporate level variance analysis of Actual vs Budget on monthly basis
• Developing and periodically updating the Six Year Financial Projections of the company to review the effectiveness of existing business strategies and to highlight the need for strategy adjustments and future goals setting
• Supervising compliance with debt covenants and collateral coverage
• Analysing the company assets on periodical basis to evaluate the collateral composition and coverage as per debt covenants
• Coordinating with banks for debt negotiations, dispute resolution and facility documentation
• Review of revenue recognition and asset valuations as per IFRS and company policies
• Supervision of month and year end closing process and cut off procedures
• Participating in resolving major business and financial issues individually as well as working group lead
• Setting and monitoring of daily, weekly and monthly targets of team members and evaluating their performance
• Developing and monitoring of Accounts, Finance and IT policies and procedures implementation
• Monitoring the IT business continuity and disaster recovery processes
• Review of company contracts and advising the top management on their suitability and effectiveness
Major Achievements:
• Achieved the complete debt re-profiling of USD 560M worth of bank debt including finalization of bilateral debt restructuring agreements, the Inter-Creditor Agreement and the Security Mortgage Agreement
• Actively participated in the company’s share capital reduction (from USD 280M to USD 140M) as per CMA requirement by expediting the finalization of the year 2011 audit to hold AGM and EOGM in prescribed time in order to prevent de-listing of the company from Kuwait Stock Exchange
• Jointly led the project of getting Noor’s shares back to trading on Kuwait Stock Exchange after more than a year of trade suspension
• Overhauled the quarterly and yearly external audit processes and approach which substantially reduced the period of submission of reviewed/ audited financials to Regulatory Authorities
• Led the project for company’s future business and financial strategy development and corporate re-organisation in collaboration with external consultants
• Developed the Three Year Financial Projections as per company strategy and goals, resulting in AUM and Return objectives (KPI’s) set for each department for each of the next three years for performance measurement
• Developed and implemented the Policy and Procedures Manuals for Accounts, Finance and IT Units
• Restructured the departmental job duties to enforce staff accountability and to enhance management and statutory reporting
• Implemented the monthly management reporting by the 10th working day of each month which was non-existent before
Noor Financial Investment Company Mar 2011-Mar 2012
Project Manager Operations and Treasury Head
• As Principal Coordinator, led the planning, organisation and execution of Debt Re-profiling project for restructuring USD 560M worth of bank loans
• Coordinated a support team comprising of a Big 4 Audit Firm and a multi-regional law firm in finalising commercial and legal term sheet for debt restructuring, loan bilateral agreements, inter-creditor agreements, agency agreements for inter-creditor agent and security agent
• Coordinated with the legal team for collateralization of portfolio of assets worth USD 560M
• Led and Supervised the Annual Budget preparation and presentation
• Led the Treasury Department while ensuring alignment of Treasury Management Strategy with Corporate Strategy
• Managed a debt portfolio of USD 720M bank and related party loans
• Monitored compliance with debt covenants
• Planned and managed the cash flows under financial distress through short term and long term cash flow forecasting
• Prepared treasury reports for top management including ALM, currency risk and interest rate risk exposure reports
• Maintained SOP's and Treasury policies to ensure compliance with Legal and Statutory requirements
• Developed a Six Year Financial Forecast Model for stress testing and scenario analysis to assist in negotiating debt re-profiling with banks
• Improved Asset-Liability/liquidity and risk reporting for timely decision making of the top management
• Developed and implemented Liquidity Contingency Policy and Plan
• Introduced annual, monthly and weekly cash flow forecast to improve top management's visibility and decision making
Burhan Holding Company, Kuwait July 2006- Mar 2011
A subsidiary of Al Wazzan Holding Group, Kuwait. Major business: construction and contracting; real estate and investment. Annual turnover > USD 200M.
Finance Manager
• Reviewed and analysed the operations and divisions budgets and led the completion of Consolidated Master Budget based on approved business plan
• Participated in Strategic Planning Process and supported the top management in strategic decision making (investments, divestments and re-organisation)
• Reviewed and presented Monthly Consolidated Financial Statements (multi-tiered) as per IFRS
• Performed financial benchmarking of the company against a peer group of companies and recommended improvements to the top management
• Reviewed and monitored receivables, payables, bank reconciliations, loans, collateral and inter-company balances
• Managed the Forex exposure of the company through financial derivatives
• Monitored the liquidity and solvency position of the company and advised the top management on treasury decisions
• Performed Investment Appraisals and feasibility studies using quantitative methods, performed sensitivity and scenario analysis with recommendations to the top management
• Arranged project financing with banks and ensured compliance with loan covenants
• Reviewed and monitored compliance with company policies, internal control procedures and applicable laws
• Effective coordination with shared services centre, banks, auditors, lawyers and consultants
• Developed Business Plan and Financial Model of a proposed overseas Construction Company and led the completion of Private Placement Memorandum
• Participated in the sale of an Oil and Gas sector contracting subsidiary, including development of valuation model and investment offer document.
• Created multi tiered consolidation templates in MS Excel for efficient and accurate budgeting and financial reporting
• Resolved a complex stream of financing and investment transactions involving a large number of group entities and prescribed correct accounting treatment
• Developed new policies and procedures and project incentive plans
• Improved liaison with auditors that reduced the audit duration by 4 months
A.F. Ferguson & Co - Pakistan, Chartered Accountants March 2005- June 2006
(A Member Firm of)
A. F Ferguson & Co is the largest audit firm in Pakistan and represents Pricewaterhouse Coopers which is one of the world's Big 4 audit firms.
Assistant Manager- Global Risk Management Solutions (GRMS) / Corporate Consultancy
• Implemented Oracle Financials ERP Suite with emphasis on managing the change, by leading a Cross Functional Team comprising 10 professionals
• Examined Business Processes, Identified In-Efficiencies, and Re-Engineered the in-efficient processes
• Performed User Requirement Analysis, Process Mapping and Gap Analysis
• Reviewed Functional Design and Technical Design Documents developed by the team
• Led the successful implementation of Oracle ERP suite at the biggest natural gas transmission and distribution company in Pakistan within target deadline
• Designed a number of Statutory and Management Reports that enhanced the monthly reporting process and brought about significant time and cost savings to clients reporting process
A.F. Ferguson & Co - Pakistan September 2004- February 2005
(A Member Firm of)
Assistant Manager- Assurance and Business Advisory Services (ABAS) / Assurance Services
• Planning, Resourcing, Executing and Monitoring the Assurance engagements of local and multinational clients as per International Standards of Auditing (ISA's) and PWC Risk Based Audit Methodology
• Review of System Designs, Testing and Evaluation of Accounting and Internal Controls and Recommending improvements to clients
• Reviewed compliance with IFRS, applicable Statutory requirements and prescribed Quality Control standards
• Supervised and mentored audit teams
A.F. Ferguson & Co - Pakistan September 2000- August 2004
(A Member Firm of)
Audit Trainee - Assurance and Business Advisory Services (ABAS) / Assurance Services
• Completed 4 years of extensive Audit Training and performed in various roles ranging from Junior to Supervising Senior
• Audited various blue chip companies operating in such industries as Banking, Packaging, Biotech, Manufacturing, Power Generation, Pharmaceutical, Textile and Livestock
Bachelor of Commerce (B Com) Hailey College of Commerce, Punjab University, Lahore, Pakistan 1995-1997 Major in Accounting, Auditing and Taxation. (A+ grade)
