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Senior Officer Reporting – Finance (Islamic Banking)
Responsible to ensure timely & prompt preparation of all Finance reporting within Bank for MIS purposes and to external authorities for Regulatory purposes. Ensure all transactions are complied with IFRS, AAOIFI and local regulatory requirements. Ensure reconciliation of all bank’s reconciliation via NOSTRO accounts, CBO, and Inter Branches etc. Responsible to update bank’s General Ledger and Chart of Account. Review of Bank’s financial performance and its comparison with approved budget. Ensure timely and accurate charging of Fixed Assets Depreciation, staff salaries payments & bills payments etc. Assist Financial Controller in managing day to day Finance Department operations.
•To ensure preparation of statutory Islamic Banking regulatory reports and its timely reporting to regulatory authorities i.e. CBO, CMA, MSM and MCD etc.
•Ensure compliance with all bank’s applicable rules & regulations.
•Responsible for the preparation of Islamic Banking Financial Statement and all other Islamic Banking statutory reporting within and outside bank.
•To prepare appropriate workings of cost of fund (PLS rates) of the Bank on monthly basis and ensuring its compliance with Shariah and its timely reporting to top management.
•To ensure formation of different pools of liabilities and tagging of assets against them and to ensure appropriate allocating of its income to General pool, treasury pool and any other pool as per the guidelines of the Shariah and regulatory authorities.
•Assist in determination of rate of profit on monthly basis and distribution of profit to depositors. (Pool Management).
•To ensure accurate and timely preparation of daily, weekly, monthly, quarterly and yearly management reports as required by top management to assist them in decision making process by providing correct financial position, profit and loss account and cash position of the Bank.
•Ensure preparation of analysis, projections and its reporting as required by top management (Management Reporting).
•Ensure full compliance with relevant International Financial Reporting Standards (IFRS) and Islamic Accounting Standards (AAOIFI) for the proper month end and year end closings. (Financial Reporting).
•Responsible for the quarter and yearly (half yearly / annual) audit of the financial statements and full co-ordination with External & Internal auditor.
•Ensure proper accounting treatment in accordance with International Financial Reporting Standards (IFRS), Islamic Accounting Standards (AAOIFI) and local regulatory requirement.
•To prepare and maintain Islamic Banking Chart of accounts of the bank as per the requirement of the user department and its mapping with Conventional banking Chart of Account for consolidation purposes.
•Ensure coordination with the Information Technology department to ensure that "IMAL” Islamic banking software is functioning properly from finance and accounting point of view.
•Ensure smooth, proper and correct integration of IMAL system with any other system.
•Ensure involvement in new product developments from finance point of view and ensure its correct accounting and reporting.
•To review and reconcile all suspense accounts and ensure that there are no long outstanding amounts / entries and investigate for any unusual / un-reconciled transactions.
•To review and reconcile Bank’s all NOSTRO accounts, CBO and daily bank’s Inter Branch reconciliation and investigate for any unusual / un-reconciled transactions.
•To ensure & comply all the reporting requirement of MIS on timely basis.
•To ensure preparation of Bank’s Lending Ratio on daily basis.
•To ensure appropriate recording of transaction in Bills Payment System.
•To review and guide Accounts Manager regarding on any unusual transactions.
•Review the Overhead cost and ensure appropriate Bank’s provision has been made in accordance with the Bank’s approved budget.
•To ensure that all Fixed Assets are recorded in system with correct depreciation rate and useful life for calculation of monthly depreciation and to ensure it is tallied with Bills Payable System.
•Review all suspense accounts related to Head Office and ensure that all are balanced and reconciled and proper actions are taken for long outstanding items.
•Review the staff salaries to ensure the correctness of the accounting entries.
•Ensure Pre-payment entries are recorded correctly and on timely basis.
•Ensure liaison with External Auditors for timely completion of their audit.
•Ensure liaise with Internal auditors to rectify and comply with all their comments.
•Ensure preparation of overhead budget of the bank and assists Financial Controller on finalizing the consolidated budget for the bank.
•To ensure that year end procedure are effectively carried out and implemented to ensure zerorisation of profit and loss account after business year end.
•Assist fellow colleagues to ensure that they are operating within the guidelines and policies of the bank.
•Responsible to assist Financial Controller in day –to –day operation of Finance Department.
•To communicate with ITD and relevant department on incorrect entries posted in the GL through system error or due to any other reason. Follow up with relevant department and ITD until correction is made and correct position of GL is restored.
•Act as a replacement for accounting manager during their leave from work.
•To liaise With ITD and to assist in automation of financial, management, and statutory regulatory report to improve the accuracy and efficiency of reporting.
•Oman National required
•A candidate should be a degree holder / Chartered Accountant and should have working experience of at least 3 years in the related field.
•Should be responsible to update bank’s General Ledger and Chart of Account and be able to review the Bank’s financial performance and its comparison with approved budget.
•Should ensure timely and accurate charging of Fixed Assets Depreciation, staff salaries payments & bills payments etc.
•Should assist Financial Controller in managing day to day Finance Department operations.
•Should be a team player and solution oriented.
•Should possess excellent communication skills
•Should be able to effectively prioritize and execute tasks in a high-pressure environment
•Should be self-motivated, initiative, innovative and dynamic
About the Company
Established on January 1 1990, Bank Dhofar is an Omani commercial bank wholly owned and managed by Omanis. With successive years of constantly setting new standards in banking, BD has attained an impressively expanding network of 50 operational branches and 89 ATMs.
Through an international network linked by advanced technology, BD provides a comprehensive range of financial services that encompass personal financial services; commercial banking; corporate, investment banking and markets; private banking; and other activities.
Its Board of Directors & Management Team consists of eminent professionals like accountants, management experts, economists, businesspersons, etc. The Bank has strengths in both retail and corporate banking and is committed to adopting the best industry practices internationally in order to achieve excellence.