Finance Manager – Islamic Banking & General Ledger

Job Purpose

To ensure effective Islamic Banking financial reporting framework implementation. Islamic financial and regulatory reporting including consolidated financial statements and separate ALCO process implementation. Responsible for implementation of Islamic Banking products accounting and alignment of their accounting treatment in line with Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Standards and International Financial Reporting Standards (IFRS) including new changes impact and execution plan.

Involvement in GL Ownership / Control / GL Sign-offs.
Support in implementation of Shari’a Governance Framework across the Bank.

Key Accountabilities

GL ownership framework compliance and products testing

 Ensuring initiation / execution of the respective level of controls to enhance the control environment. Support in product testing from Finance perspective and ensuring seamless reflection in the system from GL / financial / accounting related matters.
 Review GL ownership framework in place and ensure implementation of same across the bank.
 Review current version of framework in place and suggest improvement in light of various new implementations like Finastra, Front Arena and AA module of T-24.
 To authorize new Product Categories/PL categories and Internal Accounts in T-24 in liaison with FC team and respective GL owners/request initiator..
 Engagement with support units along with monthly meeting with proper action points tracking.
 Monitor all GL Reconciliations including:
o CAL vs Subsidiary
o T-24 Reconciliation
o Branch wise CAL vs Subsidiary
o System generated CAL
 Prepare Catch All workings and authorize system TB for new lines
 To conduct quarterly exercise of Account Closure across the bank. This will involve co-ordination with input units and IS&T and later on ensure that agreed accounts are getting closed in system.
 Update and maintain GL Listings reflecting all updated accounts.
Separate ALCO process implementation and management from the Islamic Banking front. Regularly monitoring Islamic Assets and Liabilities Mismatch.
Internal (MIS) reporting
 Responsible for preparing various reports and business performance packs, highlighting risks & opportunities through detailed review of product profitability reports for Islamic Banking.
 Manage end-to-end process of Profit Management & Distribution to depositors
 Responsible for the computation of Zakat as approved by the Fatwa and Sharia’a Supervisory Board
 From Islamic banking perspective: Reporting to MANCOM on bank level performance and key governance ratios for management information and decision making, ensuring accuracy, completeness and effectiveness.
 Responsible for preparing various reports and business performance packs.
 Be part of implementation of new Islamic Banking Products and designing of their accounting in line with AAOIFI and IFRS.
 Establish ring-fencing arrangements of Shari’a compliant assets and liabilities in liaison with Treasury and IS&T functions.
 Review and establishing monitoring of Islamic banking KRIs in line with promulgated standards
 Establish a framework to manage any surplus or deficit in Sharia compliant manner in liaison with Treasury ALM desk and Middle Office.
 Identify and resolve GL issues via daily monitoring of books of Accounts.
 Responsible for the preparation of the policies and procedures manuals of related areas.

 Team engagement and liaison
 Growth and development of staff in the department through ongoing mentoring and coaching as part of job rotation and succession planning.

Job Context

Given the gradual development of Islamic Banking products, the role is also expected to develop for Islamic Banking financial / regulatory reporting and products accounting / testing support.

This role is also designed to evolve into one FC manager leading and taking control of most of Islamic Banking and GL control activities.

Education

Masters Degree in Finance / Banking/ MBA

Experience and Skills

Educational Level
Master /Graduation in Finance

Professional Qualification (Preferable)
ACCA/MBA/CPA/Masters in Commerce/Economics.
Diploma/Certification in Islamic Banking is add on.

Background and experience
Minimum 5-7 years’ experience of Finance department in the banking industry.
Islamic Banking experience required.
Audit Firm training experience is needed.

Technical Competencies

Asset Liability Management and Market Intelligence- Finance- Proficient

Change and Innovation - Proficient

Communication - Proficient

Cost and Vendor Management Control- Finance-Basic

Data Governance and Business Intelligence (BI)- Finance- Basic

Evaluating and Solving Challenges - Proficient

Financial Analysis and Performance Management- Finance- Advanced

Financial Control and Accounting- Finance- Proficient

Financial, Regulatory Reporting and Compliance- Finance- Proficient

Results Orientation - Proficient

Strategic Planning and Budgeting- Finance- Basic

Working and collaborating with others - Proficient