IDB2665 - Senior Associate, Products Development (ICD)

Business Unit: ICD - Islamic Corporation for Development
Division: Business Development and Fund Programming ICD
Department: Asset Management Department ICD
Country: Saudi Arabia
Location: Saudi Arabia - Jeddah
Closing date: 13-Sep-2021

Role Purpose:

To work with the Business Development and Fund Programming Division Head in strategically establishing, improving, developing and structuring /restructuring existing and new products to meet the strategic objectives of Asset Management in line with the strategic direction of the Department and ICD.

Key Functional Accountabilities and Activities:

Product Development and Strategy:

  • Work in close collaboration with the Division Head in designing and delivering Asset Management products according to the agreed defined policies and framework. Handle the definition, development and delivery of a strategy to ensure products are launched and maintained according to the Product Development in accordance to the proposed policies and guidelines.
  • Work closely with Funds & Portfolio Management team along all concerned stakeholders for evaluating existing products, funds, related services and identify areas of improvement or restructuring or relaunching of the existing products into the market by recommending necessary improvements plan and/ or recommending a winding-up and termination plan where required. Contribute in developing and continuously maintaining frameworks, policies and procedures for the identification and development of new opportunities, products, funds and relevant services including Awqaf & Endowment Asset Management to be provided by the Asset Management department.
  • Participate and support in the development, assessment and delivery of asset management strategy and products pipeline to ensure products and services are launched and maintained according to defined policies and framework.
  • Pursue desktop Market Research and Intelligence Report and confirm value-proposition and provide technical expertise to internal stakeholders about ideal product structures, viability and processes suitable for member countries, target sectors and market & customer segmentations.
  • Maintain a strong awareness of relevant market activity and work closely with product team colleagues to develop specific strategies and products that contribute to the strategic direction of the business and achieve the designated goals.
  • Conduct research to identify and assess competitor offerings and market trends, and work with the product strategy team and senior colleagues to make actionable recommendations to be considered in product strategy and development.
  • Partner with key internal and external stakeholders in coordination with the Senior Management and Director to identify, prioritize, and select new opportunities, product ideas and product enhancements that will evolve AMD’s product offering and positioning in the target market.
  • Conduct commercial and legal due diligence of potential products and assess the full business potential, risks and opportunities associated with the project as well as its alignment with ICD’s policies and guidelines in coordination with ICD’s compliance, risk, legal, shariah and other functions. Lead related effort related to product feasibility analysis and product research.
  • Understanding and interpret impact of regulatory requirements for the existing and new product range of Asset Management and helping to identify opportunities and threats to make recommendations accordingly.
  • Assess and provide recommendations for appropriate pricing strategies for different asset classes and recommend pricing structures/ mechanism for new products, related services and existing funds.
  • Ensure that the appropriate investor appetite testing and response, in addition to market segmentation and customer segmentation, is being reflected and measured for the launch of new products.
  • Explore usage and application of technologies (and/or Fintech) to solution to enhance efficient and streamline operations.
  • Leverage technology or appropriate Customer Relationship Management (CRM) Software Solution for managing stakeholders
  • Prepare documents (concept note, feasibility, commercial and legal due-diligence, legal clearance, shariah pronouncement, standardized accounting treatment, automated reporting system, product manual, and others) for new product and prepare presentation proposals for Product Committee.

Fund Strategy Establishment:

  • Define an appropriate funds strategy that outlines the target investment sectors, the required development impact and financial targets as per ICD’s strategy
  • Lead the establishment of funds by setting-up fund monitoring protocols, risk framework and fund liquidation plans while interfacing with Investors Relations for successful realization of product
  • Define the most appropriate fund structuring and characteristics (i.e. SOPs, fund terms, operational frameworks, etc…) of to-be funds in order to best meet the needs of ICD with regards to development impact and revenue
  • Lead the selection of appropriate consultants and coordinate with consultants for various studies that needs to be conducted in the due diligence of new fund establishment and initial screening
  • Identify, shortlist potential fund managers (in conjunction with Fund and Portfolio Management Team and concerned stakeholders) based on a defined evaluation criterion and conduct detailed due diligence on fund manager selection to ensure best-in-class selection of a fund manager for launch of new Funds
  • In conjunction with internal and external stakeholders, Lead in the fund jurisdiction analysis and selection, along with the legal structure and operational structuring of the new funds in the pipeline;
  • In conjunction with internal and external stakeholders, Allocate the appropriate service providers (Custodian, Fund Administrator, Auditor, Legal) as well as Governance Bodies to setup the optimal Fund Structure for the selected jurisdiction
  • Prepare and present project proposals as to obtain relevant approvals from concerned parties and investment committees
  • Interface with Portfolio Management regarding any relevant enhancements or areas of improvements required for underlying products
  • Work alongside concerned functions to coordinate the execution of relevant checks (risk, legal and shariaa) for prospective funds, ensuring all relevant documentation required for fund establishment and setup are prepared as per fund structure
  • Develop Coordinate with Investor Relations Functions on Capital Raising Plan and Joint Missions Required for targeted investor base and Goto Market Strategy 

Business Development and Fund Programming High-Level Support:

  • High-level support to Business Development and Fund Programming specifically in other areas of interest of department as required: AMD Business Planning Support, Investor Relations, Stakeholder Relations, and Investor Development and Communications.
  • Prospect stakeholders (i.e. Fund Managers, Service providers etc.) that are at the forefront of technology adoption and application. This is not limited to latest technologies such as Artificial Intelligence (AI), Machine Learning, Blockchain Smart Contracting, Robo-advisors and Data Sciences for enhanced product offerings. 

Qualifications/ Professional Experience:

  •  At least 3 years of experience in Business Development, Product Development, Product Marketing and/or Sales from Multilateral Development Bank, Capital / Fund Management Institution preferably in a Shariah context.
  •  Bachelor’s degree in Finance, Economics or similar commercial discipline is a must.
  •  A certificate in Financial Accounting (CFA) or any additional relevant professional certifications is a must.

Language Skills:

Capable of communicating in two of the working languages (Arabic, English and French) of which English is a must.