Senior Vice President
PUBLIC INVESTMENT FUND
Total years of experience :17 years, 1 Months
Key Profile: Setting up finance function; Setting up IFRS and Management Reporting; Stake holder Management; International taxation; Deal Management from finance perspective and Assisting in business decisions
Functions under financial accounting and control department: Financial Accounting; Special Purpose Vehicle function; Consolidation; Financial Control & Corporate Reporting & Financial Planning and Analysis;
• Designed finance division in line with the new vision of PIF and operating structure of PIF (including defining each job role with its job description)
• Implemented budgeting process and assisted in vision realisation program, ERP architecture and investment reporting system
• Implemented management reporting focused on enabling management to take an informed decision
• Assisted PIF in adopting IFRS and Implemented IFRS reporting on monthly basis
• Assisted in implementing liquidity reporting to the management
• Designed Service Level Agreements (SLAs) within Finance division and with other divisions
• Set up policies and procedure for Financial Accounting and Control Department
• Provided accounting advise in relation to new acquisitions and prepared technical IFRS papers to support the external audit and ensured proper treatment as per IFRS
• Coordinated for taxation in deals such as Soft Bank, Black stone etc. including challenging the structure and ensuring that correct reporting forms are negotiated with the counter parts
• Worked extensively with Big 4 (such as KPMG, EY etc.), Oliver Wyman, Boston Consulting Group and lawyers (such as Linklaters, Clifford Chance, Akin Gump, Kirkland and Ellis etc.) on new investment deals, investment and financing strategies etc.
• Preparing and delivering (if required) board committees and management committee presentations
Key Profile: Management Reporting; Strategic Planning and Control; Bridging gap between Management and Financial Reporting
• Preparation and Analysis of actual data with the forecasted and budgeted numbers
• Conversion of statutory IFRS figures as to how management view information based on the decision making capability in the various operations
• Review of real estate projects business plans
• Providing technical advice to the management on the impact of the decision on the statutory IFRS financial statements and overall business plan
• Preparation of budget and forecasted statement of comprehensive income, statement of financial position and cash flow
• Maturity analyses on the projects/assets profile to assist management in investment, divestment and reinvestment decisions
• Review of business plans and due diligence reports to assist the development and investment teams
• Assist treasury department in liquidity management and in preparation of cash flow reports
• Cost control reports and review of operating expenses
Key Profile: Financial Statements, Consolidation; Technical Accounting, Maintenance of General Ledger and Intercompany Reconciliations
• Preparation and review of financial statements
• Review of IFRS based consolidation including purchase price allocation, acquisition method and acquisition of Non -Controlling interests
• Provided technical advice on cash flow and fair value hedge (IAS 39), fair valuation of investment property (IAS 40 and IFRS 13)
• Performed conversion of UK GAAP accounts to IFRS for consolidation purposes
• Fund flow management in form of making cash calls from the parent company and facilitating the process of external funding if required
• Preparation review and sign-off on intercompany reconciliations
• Performed reconciliation of the General Ledger with the Trial Balance in case of difference
• Reconciliation of consolidated opening retained earnings
• Coordinating with external auditors
• Advising on the business decisions in relation to monitoring of the real estate investments
• Ensuring compliance with the tax guidelines to establish the tax substance in the jurisdiction in which the Company is incorporated
Key Profile: Financial Statements, External Audits, Consolidation, Technical Accounting, Impairment testing, Investment and Refinancing
• Preparation and review of both standalone and consolidated financial statements
• Implemented the consolidation and reporting process in subsidiaries (excel based) which included consolidation of more than 100 entities
• Hands on experience of working in European subsidiaries and facilitating the external auditors with the audit process
• Assisted in decision making relating to replacement of high cost borrowing with low cost alternative borrowings
• Managed the company's portfolio of investment, to record the investment activities, to analyze the possible variances and to make the necessary entries in accordance with the accounting classification of the investment and passing it on to the GL team
• Preparing scheme of entries for complex issues such as Government Grants and Fair Value hedging
• Preparation various technical accounting papers mainly catering IAS 39, IFRS 3, IFRS 10, IFRS 11 and SIC 10 issues
• Preparation of adhoc reports as required by Board of Directors and Audit Committee
• Performed impairment testing on private equity investments based on P/E ratio, P/B Ratio and discounted cash flow basis i.e. calculation of fair value less cost to sell and value in use
• Advised on investment structures in order to optimize the revenue recognition process. Assisted tax team in promoting tax saving where ever possible keeping in view the repatriation of funds by putting in equity debt structures
• Coordinating with the external, internal and state auditors
Key Profile: Investment Banking (conventional and Islamic); Special Purpose Vehicles; Technical IFRS consultations; Prudential Information Returns; Initial Public Offering (IPO)
• During my period with Ernst & Young I have audited Unicorn Investment Bank B.S.C. (c) (an Islamic Investment Bank. Unicorn Investment Bank is one of the leading investment Banks in the Kingdom of Bahrain and is regarded as one of the most technical clients in terms of investment structures and accounting implications. As assistant manager my primary focus was on
Consolidation and Investments (including investments under IAS 39, IAS 27, IAS 28 and IFRS 5)
Worked on the consultations for the treatment of derivatives and embedded derivatives i.e. hybrid instruments
Developed knowledge of Islamic Products such as Murabaha and Wakala
Evaluated various critical business processes and prepared various consultations on accounting matters
Reviewed various transaction structures and analyzed investment processes including acquisition, placement and post monitoring, and financial control
Reviewed entity wide control environment and assessed controls at different levels
• Performed review of Eskan Bank B.S.C.(c) - a government oriented housing development organization
• Audited closed ended private equity funds namely Unicorn Global Private Equity Fund I, Strategic Acquisition Fund and hedge funds of Investcorp Bank
• During the stay I was also provided with the opportunity to audit Special Purpose Entities mostly in real estate sector.
• Further I have worked on regulatory returns for investment banks mainly Prudential Returns - Capital Adequacy
• Worked on liquidity analysis and overall analytical review
• External review in regards to initial public offering/ capital raise
Key Profile: Retail banking; Non - performing loans; Analytical reviews
• During my period with KPMG I have audited Bank Alfalah Limited where my prime focus was on Advances including Non-Performing Loans
• Have audited the whole Financial Statements of Mirpur - Azad Kashmir Branch
• Performed Analytical Review on the performance of the Bank against last year actuals