IDB2801 - Director Global Markets & Fixed Income (ICD)

Business Unit: ICD - Islamic Corporation for Development
Division: Not Applicable
Department: Global Markets and Fixed Income ICD
Country: Saudi Arabia
Location: Saudi Arabia - Jeddah
Closing date: 12-May-2022

Role Purpose:

To plan, develop and lead the implementation of the GMFI strategy for the ICD to ensure that the GMFI department’s products and services continue to meet the needs of the ICD business model, effectively and efficiently in line with legal and governance requirements. To expand ICD’s reach to markets and/or client base by capitalizing on new/existing channels to support the various sectors by providing credit finance products. 

Key Functional Accountabilities and Activities:

Infrastructure & Corporate Finance:

  • Oversee the origination, structuring, processing and management of ICD's Infrastructure & Corporate Finance activities and portfolio in accordance with ICD’s credit policies and guidelines, and overall risk appetite and return targets, and with an eye towards maximizing the developmental impact of ICD’s Infrastructure & Corporate Finance interventions in its member countries. 
  • Provide direction and guidance when required on matters relating to the origination, evaluation, structuring, execution and monitoring of Infrastructure & Corporate Finance transactions, both corporate and Infrastructure finance, in which his/her staff are involved.
  • Introduce and facilitate innovative approaches in conceptualizing, designing and implementing Infrastructure & Corporate Finance Division’s projects.
  • Overseas the evaluation, structuring and execution of transactions.

Sukuk:

  • Expand Sukuk Division’s involvement in each target market by means of repeated business and multi-phase projects.
  • Lead the Identification of appropriate structuring of sukuk, taking into account ICD’s rating, to achieve ICD’s mandate and strategy and enhance ICD’s financial position which will in-turn allow ICD to create more development opportunities in member countries.
  • Monitor sukuk unit performance and planning to maximize sukuk unit performance
  • Lead the origination, structuring, advising and distribution of third party Sukuk as a Lead Manager and a Bookrunner.
  • Assist third party issuers in their rating exercise.
  • Assist third party issuers with the structure that is optimal for its balance sheet.
  • Ensure due KYC process is carried out in line with ICD policy.
  • Co-ordinate with third party service providers.

Syndications:

  • Oversee the origination and management of ICD's syndicated portfolio in accordance with ICD’s credit policies and guidelines and overall risk appetite and return targets, and with an eye towards maximizing the developmental impact of ICD’s financial interventions in its member countries.
  • Provide centralized syndications services across ICD, assuming a supporting role in coordinating potential syndication opportunities for core business units (whether third-party or ICD-led). 
  •  Establish and maintain working relationships with the widest possible group of commercial co-financiers, as to be able to mobilize resources from those entities for syndication opportunities, when and where applicable.

Developing Financial Channels:

  • Improve ICD reach and financial inclusion by entering new markets and expanding client base to cover new channels such as Islamic banks, Ijara companies, Islamic mortgage companies, Islamic microfinance institutions, investment companies and other entities that can channel ICD financing to the private sector.
  • Develop new means and products to meet the requirements of ICD and its clients.

Projects Sourcing & Origination:

  • Formulate, obtain approval and implement client origination and sourcing strategy based upon target countries, products, sectors and developmental goals aligned with overall strategic direction.
  • Manage the sourcing of relevant transactions as per the strategy and business plan of the department.
  • Periodically discuses pipeline and appraising them with the progress on projects under the approval and disbursement stage.

Projects Appraisal & Approval:

  • Oversee the coordination with relevant units for compliance and KYC (Know Your Customer) check of prospective clients.
  • Ensure that financing applications are processed as per ICD's policies and guidelines.
  • Process and present financing proposals to the Investment Committee (IC) and ExCom through Risk Management (RMD), Legal and Shariah review.
  • Negotiate with the client and finalizing transaction terms and conditions.
  • Manage the process of Conducting commercial due diligence of the client.
  • Supervise the coordination with the Legal Department in ensuring legal documentation is prepared as per the transaction structure, duly executed and the facility is declared effective for disbursement. 

Portfolios Management:

  • Manage disbursement of approved transactions and liaise with finance and other relevant internal and external parties to ensure timely deployment of funds.
  • Ensure the ICD funds are appropriately allocated and channeled to the most attractive FIs and overseeing the evaluation of project funding, thereby ensuring high quality standards.
  • Ensuring that the project implementation is carried out in accordance with the Investment agreement and under the development objective framework.
  • Manage collections and regular reporting on outstanding portfolio.
  • Ensure compliance with covenants and other relevant terms specified in financing agreements.
  • Identify any problems and work out, negotiation, clear and implement limited restructuring solutions in exceptional circumstances. 

Qualifications/ Professional Experience:

  • At least 13 years of experience in banking environment / financial institutions, preferably in a Shariah context with at least 7 years of experience in a senior managerial position.
  • Bachelor’s degree in Finance, Accounting, Business Administration or any relevant discipline is a must.
  • A professional certificate like Financial Accounting (CFA), Management Accounting (CMA), Certified Public Accountant (CPA) or any 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.