Company Profile:

Our esteemed client is a leading bank in Kenya

Designation: Head of Finance (Islamic Banking)

Location: Nairobi, (Kenya)

Years of experience: Min. 12 years to 20 years

Job Description:

PURPOSE:

The Head of Finance is responsible for assisting in developing the Banks- budgets in line with the strategic and corporate objectives and monitoring the financial performance against these budgets.

This role is also responsible for improving the control environment and ensuring compliance with all reporting requirements in addition to ensuring an effective and efficient management information system (MIS). This position also coordinates between branches to ensure proper consolidation and reporting of FCB's financial performance.

Principal Responsibility:

PRIMARY RESPONSIBILITIES :

- Review and analyse actual performance against the budget through the monthly Management Accounts. This includes obtaining and evaluating explanations provided for significant variances to ensure that they are reasonable;

- Take lead in computation and preparation of the Bank's annual budget. Liaise with all the stakeholders and coordinate the process to ensure that as far as possible, alignment to the Bank's Strategic and Corporate objectives/target ratios;

- Review key ratios against budgets, Corporate and Strategic Objectives/targets as well as regulatory requirements, providing key inputs to Management as and when required;

- Maintain the overall budgetary discipline over OPEX and CAPEX through the regular monitoring of overall expenditure levels/ trends and critical review of expenditure, before effecting payment;

- Ensure that the Bank has robust finance policies that support efficiency and are in compliance with Central Bank regulations, local and international statutory and regulatory requirements. Periodically review procedures and processes in the department to ensure that they remain relevant and effective;

- Critically reviewing significant invoices/bills/certificates (per limits agreed upon from time to time) before payment to ensure that they are within budget and approved in line with laid down procedures

- Provide leadership and oversight over the Finance department in order to ensure that it effectively discharges its mandate, within the stipulated deadlines. This includes addressing and providing guidance on matters escalated by the team, providing training to the team on new developments impacting the accounting profession as well as changes in Tax Legislation. Also actively involved in coaching the staff in one on one sessions to enhance their understanding of pertinent matters and their overall performance.

- Regularly review the General Ledger Structure and Accounts designation to ensure that they are adequate and appropriate for purposes of providing relevant and reliable Management Information on a timely basis; initiate any improvements deemed necessary;

- Regularly reviewing changes in tax legislation and ensuring that the Department's staff are fully briefed of these. This includes liaising with the Bank's Tax Advisors and training the staff members as appropriate;

- Critically reviewing the quarterly instalment tax Returns and recommending the amount payable for approval; work in liaison with the Tax Advisors, ensuring the Annual Final Tax computations are correct and are settled on a timely basis;

- Review project related costs to ensure tax implications thereof are properly understood and correctly accounted for. This includes attending limited sessions of the Project Committee meetings to gain an understanding of each project's dynamics;

- Coordinate the preparation of the audited Annual Financial Report in line with International Financial reporting standards (IFRS) and providing necessary guidance and support to the Manager Finance Reporting as appropriate in addition to addressing any critical matters arising with the external auditors; this includes facilitating and participating in Entry and Closure meetings with the Auditors/ taking note of any critical matters arising thereof for action;

- Reviewing Financial and Management Information to various internal and external stakeholders to ensure that they are correct and submitted on a timely basis.

- Submit timely and accurate finance reports and financial positions (balance sheets, Profit & loss statements) to guide the Board and Management on decision making.

- Liaise with the Central Bank of Kenya Supervision Department for clearance of quarterly unaudited and annual audited accounts before publication;

- Critically reviewing recommendations of the Auditors (as captured in the Management Letter and Internal Audit Reports) and developing appropriate measures deemed necessary to address identified gaps;

- Perform team managerial responsibilities that include managing the career of each employee under the incumbent's direct supervision and coordinating with them for their respective teams, by monitoring the employee performance, providing adequate training and assistance, managing employees- movements, giving continuous feedback and support in order to optimize the team performance

Qualification :

- Master's degree as in a finance related field (M.Sc Finance or MBA Finance)

- Bachelors- degree in Business Administration, Finance or its equivalent.

- Complete professional qualifications in ACCA/CPA-K/CFA;

- Member of Institute of Certified Public Accountants or a relevant professional body.

Desired profile :

- At least 12 years relevant experience, 5 years of which should be at senior management level in the financial services industry;

- Good knowledge of computerized accounting systems, IFRS and Generally Accepted Accounting Policies & Procedures (GAAPP).

- Knowledgeable in Banking business and concepts; and

- Knowledge of Prudential guidelines and CBK reporting requirements

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