Acting / Deputy Chief Financial Officer
Nayifat Finance Company
Total years of experience :25 years, 7 Months
As a Finance Business Partner instrumental in aligning corporate and financial strategy to drive
companywide business growth to increase shareholders value. Empowered with functions of
Finance & Accounts, Treasury, MIS and Reconciliation.
- Core member of MANCOM and Strategy Committee for developing strategic initiative /
products, increase revenue and optimise cost savings. Participate in key decisions and
advising on long term business plan.
- Participate in Audit Committee and Board of Directors meeting and discussing in detail on
financial performance of the company and apprising the members on developments impacting
the sector.
- Developing short- and long-term budget and overseeing the progress against the targets.
Regular pre-emptive interaction with business partners on achieving the desired targets.
- As Finance Partner, liaise with other departments to ensure smooth process workflows and minimising operational bottlenecks.
- End to End Management of Finance & Account activities which includes Statutory-Management- Shareholder Group- & Regulatory Reporting, Zakat & Tax Management, MIS Dashboards, Payments management, Budgetary Controls, Annual Statutory & Group Audits.
- Ensuring adequate liquidity position of the company. Regular interaction with Banks for new
/existing credit line facilities and negotiating at competitive rates.
- Managing relationships with external & internal auditors, regulator SAMA and other external
stakeholders.
- Ensuring cohesive activities in Finance Department through mentoring, leadership, motivation and guidance to Finance team.
As a Lead, empowered with functions of Finance & Accounts, Treasury and Technology. Being a core member of the management, involved in development of strategies and products to increase shareholders value with the objective and prime focus on financial inclusion of micro credit customers.
• End to End Management of Finance & Account activities includes Statutory Financial Reporting, Management Reporting, Regulatory Reporting, Tax Management, Shareholder Group Reporting, Payments management, Budgetary Controls, Grants Reporting, Annual Statutory Audits and Group Audits.
• Active engagement in Treasury portfolio activities for money market placements, bond investments, arrangements of short- and long-term borrowings from banks. Apprising the members of ALCO about the liquidity position and deliberating on prospective course of action and opportunities.
• Core member of Strategy Committee for developing strategic initiative / products. Participate in key decisions as member of core team. Furthermore, advising on long term business and financial planning.
• Active member of Management Risk Committee (MRC) to review the portfolio under consideration and advise on important factors in the decision process. Furthermore, advising management team on best controls mechanism to mitigate risks and international practices.
• Reporting to BOD on performance of the company and apprising the members on developments impacting the sector.
Promote as a Senior Executive in FCPG, delegate high-end duties such as, proponent of empowerment; act as CFO Deputy, actively deliver support in major activities and projects. Entrusted with Core Units in FCPG with total staff strength of 10 personnel by performing main banking operations in KSA. Conduct management, business groups, and international expectation meetings.
• Financial Reporting : Responsible for all financial reporting operations related to consolidated financial statement; dynamically offer advisory support to businesses in terms of accounting for existing products and report; IFRS updates to business, branches and subsidiaries efficiently. Collaborate with External, Internal and SAMA (Central Bank) Auditors; distribute data-driven comprehensions packages.
• Zakat & Taxation: Responsible for all aspects of zakat and taxation segment, which includes monthly withholding tax returns, VAT returns, annual zakat & tax declaration. Liaison with Tax advisors ensuring compliance on zakat & tax requirements. Communicating to businesses and management on new zakat and tax developments and guiding effective mitigation approach.
• MIS & Planning: Spearhead all aspects of group businesses and segments MIS reports, account profitability reports, product cut profitability and expertly determine complications and resolve issues of MIS adjustments. Involved and attend in monthly financial performance reviews which includes CEO, CFO and Business Group Head. Participates in setting short (1 year) and long term (5 years) goals and evaluating performance against targeted goals. Undertaking sector analysis and comparing the bank’s position with competitors.
• GL Management: Overall management of General Ledger (GL) which includes GL opening, GL maintenance, mapping for the purpose of Financial, MIS and Regulatory reporting.
• CAPEX review: Responsible in the review process of Capital Expenditure Proposal (CEP) ensuring detail have adequate basis and in compliance with CEP policy. Periodic tracking of the project and coordinating with respective project manager on project completion status.
• Improve and implement organisational strategies by subsidising and leading financial, accounting information, analysis, and recommendations, also recommend financial advice on business approaches in MIS and planning progression.
• Treasury Finance: Affiliate with treasury Group to offer accounting advisory for special position; assess and evaluate all investment proposals, product and policies reviews, liquidation, impairment and risk limits as well as hedge correlation.
Achievements
• VAT implementation - As a Project Director led and trained all stakeholders which includes business, operations and Technology on its correct implementation. Presented to Board of Directors implementation plan and VAT regulation concerning Financial Sector. With effective strategy both from technology and operational process front target achieved within stringent deadline. All complex areas were duly addressed to ensure correct implementation as per VAT regulations. Effective from January 1, 2018, bank has started collecting VAT and acknowledgement received from CEO on high profile project.
• IFRS 9 Implementation - As a Project Director chalked out plan and assigned responsibilities to stakeholders which includes Risk, Treasury, Corporate and Retail Business. Prepared Business Model with necessary validation of SPPI test. Co-ordinated with Risk in defining key areas of impairment calculation process, model approach, governance structure, data completeness, determination of PDs and LGDs. Effective from January 1, 2018 all necessary reclassification and re-measurement has been carried out to adjust opening retained earning required under IFRS 9.
Oversaw financial services and business analysis activities to develop culture of continuous improvement, process flows and standard operating procedures; constantly enhanced and improved client’s satisfactions by reviewing all staff and stakeholders.
• Operations & Technology: Attended as a Business Analysis & Planning Head O&T, regulated O&T Finance department, established group with respect to cost which resulted in approximately 50% of the Bank’s total cost base.
• Regulated group comprises of 24 divisions, 16 operations, 8 technology and 850 staff to manage financial planning & MIS functions, steered quantitative and qualitative analysis resulting in efficiency and cost reduction. Build a culture of continuous improvement that ensures process flows and standard operating procedures are both kept current and reviewed by all staff and stakeholders, and constantly enhanced and improved.
• CAPEX Management: Provided strategic guidance on preparing and managing CAPEX budget. Detailed assessment with Project Managers and monitoring.
• Vendor Management: Efficiently managing and handling the entire array of O&T contracts administration operations and coordinating with O&T divisions for vendor evaluation and periodic assessments.
• HR function: Accountable for all features of human resources function of operations & technology group, which included ran hiring management system, allocated resource, executed salary actions and controlled Head Count within budget. Build a culture of continuous improvement that ensures process flows and standard operating procedures are both kept current and reviewed by all staff and stakeholders, and constantly enhanced and improved.
Achievements
• Navigated highly leveraged situations familiarising Centralised Contract and Capital Expenditure Discipline resulting in improving the capital management progression and accomplishing bulk discounts.
• Leveraged HR background in explaining employees’ requirement by Capacity Planning which resulted, decreasing overall CTC and overtime cost in process improvement and cost reduction operations by working at Samba Financial Group.
Directly reported to Chief Financial Officer as a Vice President; headed and directed finance unit through highly qualified team of 10 including two qualified chartered accountants by acting as a Head of Financial Reporting and Taxation.
• Financial Reporting & Taxation: Commanded and steered Financial Control Department, examined statutory quarterly, half yearly and annual financial reports, including same frequency reporting packs to Samba-KSA; facilitated CFO in developing BOD and AGM packages.
• MIS & Planning: Possessed in depth knowledge of financial activities while consolidating MIS and budgeting activities for all business segments subsequent, moreover executed budget and forecast process for all business segments.
• Associated with Business Head for business plans, implemented profit improvement strategies, developed new transfer pricing mechanism approved by business heads and created monthly ALCO package by covering FCPG responsibilities.
• Taxation: Implemented fiscal, tax planning and obligations strategies, submitted annual income tax return, withholding tax and advance tax. Recommended advice on taxation process to facilitate requests of staff across all branches and respective departments. Fostered strong rapport with tax advisers for pending merged entities litigation and determination.
Achievement
• Executed Core Banking Application, as a core and focal member of integration team, cultivated strong relationship with all departments to ensure smooth transition and appropriate reconciled balances. Volunteered high-level, strategic consultative advice for resolution of complications while addressing to FCPG in system implementation and team management at Samba Bank Limited.
Led a team of 7 including two ACCA qualified personnel in coordinating the overall financial operations and directing financial activities in achieving short term and long term strategic objectives. Stewarded administration of funds, maintained adequate funds to achieve banking business needs and place unutilised funds with financial institution. Arranged quarterly income tax report, yearly tax return reports, yearly income tax declaration, and submitted declarations on time and deadlines.
• Regulatory Compliance: Overhauled and professionalised the entire internal and external financial regulatory reporting and achieved regulatory needs including State bank of Pakistan.
• Nurtured strong and exceptional relationship with external and internal auditors based on financial audits to accomplish corporate as well as directly reported to external auditor related to regulatory deadlines and requirements.
Achievement
• Stimulated as an Associate Director in Banking Sector, generated GL structure and accounting movements while supplying the requirements of Micro Finance at Tameer Microfinance Bank.
Directed team of 6 individuals including one qualified Chartered Accountant under direct reporting as well as successfully liable for end to end management of the Financial Control Department including preparation and checking of budget.
• Business Development: Ensured fund positioning to accomplish business needs and place unutilised funds with financial institutions. Strengthened relationships with banks as well as exchanged credit facilities and contractual terms.
• External and Internal Auditing: Succeeded in tax related matters and confirmed submission of tax returns; dynamically synchronised and cooperated with external and internal auditors and promptly closed completely audit comments.
Achievement
• Implemented ERP system and played a pivotal role in development of in-house supply chain management system in accordance with consideration on satisfactory customer experience at Trakker Private Limited.
Allocated obligations to evaluate and measure risks in area of accounting and internal control systems; completed risk reviews and instigated controls to moderate risk connected with every stage of transaction process. Strategically formulated and developed risk management policies, considered current and future exposure to risk.
• Policies & Procedures: Effected policies and procedures to diminish financial, operational, legal and regulatory risks. Supervised and directly reported to CEO as an Assistant Manager based on risk, audit and special assignments of branches.
• Strategic Auditing: Proficiently prepared and submitted quarterly audit report to audit committee for period below assessment and annual audit report for financial year to ORIX Corporation Japan in strategic auditing operations.
• International Assignments: Selected to Saudi ORIX Leasing Company, associated with ORIX Leasing Pakistan Limited for formulating operational manual of marketing and accounting system and recognising operational bottlenecks of business on a regular basis.
Associated with Arthur Andersen in Pakistan. The firm later merged with Ernst & Young. During the association with the firm, gained audit experience in the different sectors During this period, deputed for International Assignments to Andersen Dubai and Muscat in 2002 and 2001 respectively. During this association, gained audit experience in various industrial segments of the Gulf Region such as shipping, trading, advertising, concrete, construction, real estate.