Senior Waqf Funds Specialist

2 weeks ago

Jeddah, Saudi Arabia Islamic Development Bank Full time

Job Purpose

The Senior Waqf Fund Specialist will contribute to monitoring and managing the Fund’s operational and financial affairs, and its performance. 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 and provide recommendations to the Waqf Fund EMC.
- 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 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., BoT.
- Participate in the development 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.
- 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 BOT.

**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 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.
- 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 BoT.
- Participate in the implementation of the Waqf Fund Study recommendations and report to the respective 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 Islamic Finance, Funds management, or Financial management.

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

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