IDB3295 - Senior Waqf Funds Financial Specialist Business Unit: Operations Complex Division: Not Applicable Department: Special & Trust Funds Contract type: Conditional Regular (Indefinite) Employment Country: Saudi Arabia Location: Saudi Arabia - Jeddah Closing date: 01-May-2024

Job Purpose:

The Senior Waqf Funds Financial Specialist will contribute to monitoring and managing the Fund’s financial affairs and performance. The Senior Waqf Funds Financial Specialist will assist in executing the strategic objectives set by the Waqf Fund Board of Trustees, assist in the preparation of the Annual budgets based on the Annual Spending Policy, and study the allocation of resources for grants and programs.

Key Accountabilities:

Strategic and Operational Planning

• Participate in the preparation of the strategic plans, annual business plans, and budgets including allocation of grants to various programs and activities.

• Participate in developing the three-year work plan, next year’s spending capacity, and respective annual budget by working with the Business Units funded by the Waqf Fund.

• Participate in developing strategies and work with the Finance Complex to manage the Fund’s assets, liquidity, earnings, spending, and undisbursed financial commitments to ensure long-term financial sustainability of the Fund by adhering to the Fund’s governance structure, i.e., Board of Trustees (BoT).

• Participate in the development and updating of the Fund’s rules and regulations, policies, and procedures, and provide recommendations.

• Ensure adherence to the Fund’s policies (Investment Policy Statement, Spending Policy, Attributable Net Income Allocation Policy, etc.) by working with the Finance Complex.

  Financial Management Responsibilities

  • Participate in maintaining the professional relationship with the Financial Policies, Planning, and Analytics Department and contribute to the financial projections of the Waqf Fund.

  • Provide analysis of changes to programs funded by the Fund, partnership strategies, and external initiatives where required.

  • Review and contribute to the quarterly and Annual Financial Statements of the Fund in coordination with the Financial Control Department

  • Prepare all required financial reports.

  • Participate in the preparation of a spending plan in line with the new spending policy by allocating available spending capacity among administrative expenses and programs.

  • Work with the Manager to obtain approval of the revised Waqf Fund’s budget, in line with the new spending policy, from the Board of Trustees.

    Performance Management Responsibilities

    • Provide analytics on the portfolio of programs and other funded initiatives.

    • Participate in the development of KPIs to gauge performance on all related fund initiatives.

    • Work with relevant stakeholders to improve the performance of the Fund’s portfolio.

    • Prepare the required data of the portfolio of the cumulated undisbursed commitments (non-investment related)

    • Monitor the Investment Portfolio of the Waqf Fund

    • Assist to Implement the proposed qualification and prioritization tool for the selection of grants.

    • Perform an inventory of outstanding Cumulative Undisbursed Commitments (CUCs) to cancel invalid, old, or irrelevant ones, revisit the relevance and effectiveness of the remaining commitments, and include unwinding of such commitments in the budgeting process.

    • Review and contribute to matters related to performance management (KPIs definition) and work with the Strategy, Budget, and Corporate Performance Department on periodic reporting.

    • Prepare Periodic Progress Reports and annual reports on Fund’s operations and performance.

      📚 𝗗𝗶𝘀𝗰𝗼𝘃𝗲𝗿 𝗛𝗼𝘄 𝘁𝗼 𝗚𝗲𝘁 𝗮 𝗝𝗼𝗯 𝗶𝗻 𝘁𝗵𝗲 𝗨𝗡 𝗶𝗻 𝟮𝟬𝟮𝟯! 🌍🤝 𝗥𝗲𝗮𝗱 𝗼𝘂𝗿 𝗡𝗘𝗪 𝗥𝗲𝗰𝗿𝘂𝗶𝘁𝗺𝗲𝗻𝘁 𝗚𝘂𝗶𝗱𝗲 𝘁𝗼 𝘁𝗵𝗲 𝗨𝗡 𝟮𝟬𝟮𝟯 𝘄𝗶𝘁𝗵 𝘁𝗲𝘀𝘁 𝘀𝗮𝗺𝗽𝗹𝗲𝘀 𝗳𝗼𝗿 𝗨𝗡𝗛𝗖𝗥, 𝗪𝗙𝗣, 𝗨𝗡𝗜𝗖𝗘𝗙, 𝗨𝗡𝗗𝗦𝗦, 𝗨𝗡𝗙𝗣𝗔, 𝗜𝗢𝗠 𝗮𝗻𝗱 𝗼𝘁𝗵𝗲𝗿𝘀! 🌐

      ⚠️ 𝐂𝐡𝐚𝐧𝐠𝐞 𝐘𝐨𝐮𝐫 𝐋𝐢𝐟𝐞 𝐍𝐨𝐰: 𝐏𝐨𝐰𝐞𝐫𝐟𝐮𝐥 𝐓𝐞𝐜𝐡𝐧𝐢𝐪𝐮𝐞𝐬 𝐡𝐨𝐰 𝐭𝐨 𝐠𝐞𝐭 𝐚 𝐣𝐨𝐛 𝐢𝐧 𝐭𝐡𝐞 𝐔𝐧𝐢𝐭𝐞𝐝 𝐍𝐚𝐭𝐢𝐨𝐧𝐬 𝐍𝐎𝐖!

    • Identify the right tools, techniques, technologies, and methodologies required for monitoring and reporting.

    • Develop a systematic assessment and effectiveness evaluation of existing programs and grants.

    • Monitor deviations against the Fund’s performance targets and prepare the corrective actions to be undertaken by management.

    • Work on developing the benefit and effectiveness of program spending.

      Knowledge Sharing & Innovation

      • Provide expertise and guidance to less experienced staff within the section.

      • Disseminate knowledge and technical information where and when needed.

      • Prepare and present regular progress reports to keep the STF management fully abreast of the latest developments.

        General Responsibilities

        • Assist the Section as the convener of the Waqf Fund EMC to provide regular updates with the objective of seeking guidance from the Waqf Fund Board of Trustees.

        • Participate in the implementation of the Waqf Fund Study recommendations and report to the respective Board of Executive Directors (BED) Committees and internal committees as and when needed.

          Academic and professional qualifications:

          • Bachelor’s degree in Finance, Accounting, Business Management, Economics or a related field.

          • Minimum 8 years of experience in Accounting, Investments, Funds management, or any relevant field.

            Skills & Necessary Knowledge:

            • Knowledge of Islamic Financing

            • Funds and Investments Management

            • Knowledge of Financial Accounting

            • Ability to Work with different stakeholders

            • Advanced analytical skills.

            • Accurate and methodical.

            • Ability to work under pressure

            • Strategic Planning

            • Report writing skills

              Languages:

              • English - Mandatory

              • Arabic - Mandatory

              • French - Preferred