IDB3182 - Senior Accounting & Reporting Specialist

Business Unit: Finance & CFO
Division: Accounting and Reporting
Department: Financial Control Department
Country: Saudi Arabia
Location: Saudi Arabia - Jeddah
Closing date: 26-Nov-2023

Job Purpose:

  • Prepare financial statements for the OCR (AUM>US$30bln) in accordance with IFRS and AAOIFI FAS.
  • Perform advanced financial analysis of the various entities (AUM>US$5bln), prepare detailed technical accounting and reporting studies.
  • Advanced knowledge of all relevant IFRS and AAOIFI accounting standards and a working knowledge of the Bank’s SAP financial reporting system.
  • Formulate expert technical recommendations with regards to application of financial accounting standards.

Key Accountabilities:

Account Management:

  • Design, develop and Implement necessary operational procedures to meet complex accounting, reporting and disclosure requirements of the international accounting standards and AAOIFI.

  • Formulate appropriate accounting processes to ensure accuracy of financial statements prepared.

  • Review all financial transactions to ensure their compliance with Generally Accepted Accounting Principles and Practices.

  • Ensure compliance and conformance of all transactions with IsDB's rules, guidelines, and internal control systems.

  • Ensure effective integration of the Division's policies and procedures with SAP to make finance and accounting more SAP compliant.

  • Manage the project Income accruals process from CML for all Project Assets and postings to GL.

  • Run, verify, and post all foreign exchange valuations of the assigned entities.

  • Review balances of all technical clearing accounts relating to projects and ensure timely clearance.

  • Develop a wholistic view of the entities under management including operational, funding, treasury activities.

Financial Statements: 

  • Preparation of complex monthly/quarterly and annual financial statements with all the required disclosures for the assigned funds/entities.

  • Lead research and analysis on relevant areas such as IFRS/AAOIFI accounting standards specific to financial accounting of the Bank and other funds.

  • Develop/Evaluate appropriate financial performance indicators to be included in the annual report.

  • Coordinate the annual Shari’ah clearance procedures between the Shari’ah Division and other relevant Bank departments.

Policies & Procedures: 

  • Contribute in the preparation of IsDB's accounting policies in conformance with the International Accounting Standards like AAOIFI, IFRS and compliance with Sharia’h rules and guidelines.

  • Advise in the drafting and updating of policies on technical accounting issues related to complex transactions.

  • Coordinate with the team to establish a framework of internal controls over the financial transactions of all departments to adequately safeguard assets and efficiently manage the liabilities.

  • Provide technical guidance on interpretation of policies and procedures, relevant AAOIFI and IFRS pronouncements and legislative regulations applicable for the division.

  • Interpret complex disclosure requirements as per latest standards to ensure conformance with necessary audit requirements while preparing financial statements.

  • Oversee effective implementation of new statutory accounting standards after evaluating their impact on the relevant functional areas. 

Reporting & Communication: 

  • Manage applicable financial audits and conduct follow up with the Division on audit recommendations.

  • Manage the preparation of the relevant audit committee reports to be submitted to the Audit Committee of the BED.

  • Facilitate timely availability of the relevant data from other departments for the preparation of financial statements.

  • Represent IsDB at various external forums including regional and international events to establish a strong image of the Bank as a group.

  • Keep abreast with the latest regulations in the international markets and any other jurisdiction that may have an impact on the Group’s operations.

  • Prepare the relevant and necessary information needed for the Bank’s Rating Agencies and for Sukuk Issuance.

Education, Experience & Certification:

Academic and professional qualifications: 

  • Bachelor’s degree in Accounting, Finance, or related field.

  • Certification in CA, CMA, ACCA, CPA or CIPA is preferred.

  • Minimum 8 years of experience in finance and accounting at senior roles, preferably in a Multilateral sector or large Global organization.

Skills & Necessary Knowledge:

  • Strong MS Excel and applied SAP skills and experience.
  • Financial Management.
  • Financial Reporting.
  • Financing Instruments.
  • Building Relationships.
  • Passion for Excellence.
  • Analytical Thinking.
  • Problem Solving.
  • Knowledge of Development Sector.
  • Accounting.
  • Audit Operations.
  • Report Writing.
  • Product Knowledge in Islamic Finance, Sukuk, Murabaha etc.


  • English (Mandatory).
  • Arabic (Preferred).
  • French  (Preferred).