Job Title: Chief Financial Officer (CFO)

Location: Malé, Maldives
Reports To: Chief Executive Officer (CEO)
Position Type: Full-Time

About the Development Bank of Maldives (DBM)

The Development Bank of Maldives (DBM) is an emerging financial institution established to promote sustainable economic growth and development within the Maldives. The bank’s focus is on providing long-term financing solutions, particularly for infrastructure projects, to enhance economic resilience and ensure inclusive growth. The CFO will be a key member of the executive team, responsible for overseeing all aspects of the bank's financial strategy and operations as it embarks on its mission to drive socio-economic progress across the country.

Position Overview

We are looking for a dynamic and experienced Chief Financial Officer (CFO) to lead the financial management of DBM. The CFO will play a vital role in overseeing the financial performance, ensuring regulatory compliance, managing financial risk, and building a strong financial foundation that aligns with DBM’s mission to support sustainable development.

The ideal candidate will possess a strong background in corporate finance, financial planning, risk management, and financial and management accounting, particularly within the banking or development finance sectors. Experience in establishing financial strategies for institutions focused on long-term lending, particularly for infrastructure projects, will be critical for success in this role. The CFO will work closely with the CEO, the Board of Directors, and other senior leadership to guide the financial operations and ensure the effective deployment of DBM’s capital.

Key Responsibilities

1. Financial Strategy and Planning
• Develop and implement a comprehensive financial strategy that supports the bank's objectives of long-term lending for infrastructure projects.
• Work closely with the CEO and senior leadership to align financial planning with DBM's strategic initiatives, including fundraising and capital allocation.
• Oversee the preparation and analysis of financial models to assess funding requirements, cost of capital, and investment strategies.
2. Financial Operations and Management
• Lead and oversee all financial operations, including accounting, budgeting, cash flow management, and treasury activities.
• Establish and maintain effective financial controls, ensuring the accurate and timely preparation of financial statements, management accounts, and regulatory reports.
• Develop and implement a financial risk management framework that addresses credit, market, and operational risks.
3. Capital Management and Fundraising
• Design and implement a sustainable capital structure that supports the bank’s lending programs and future growth.
• Manage relationships with development finance institutions (DFIs), donors, investors, and commercial lenders to secure funding for lending programs.
• Lead efforts to raise capital through a combination of debt, equity, and other instruments, ensuring alignment with DBM’s strategic goals.
4. Regulatory Compliance and Reporting
• Ensure full compliance with regulatory requirements, including reporting obligations to the Maldives Monetary Authority (MMA) and other relevant bodies.
• Oversee the preparation of regulatory filings and liaise with external auditors and regulatory authorities to ensure adherence to financial and banking regulations.
• Stay abreast of developments in financial regulations and advise the CEO and Board on implications for DBM's operations.
5. Financial Reporting and Analysis
• Oversee the preparation and presentation of monthly, quarterly, and annual financial statements to the Board of Directors and other stakeholders.
• Provide insightful financial analysis to support decision-making, highlighting key metrics such as profitability, return on assets, liquidity, and efficiency.
• Monitor key financial performance indicators (KPIs) and ensure the bank’s performance remains aligned with its strategic objectives.
6. Team Leadership and Development
• Lead, mentor, and develop the finance team to ensure the bank has a capable and highly effective financial function.
• Create an environment that encourages professional growth, team collaboration, and high standards of performance.
• Implement staff training programs to build expertise in financial analysis, risk management, and compliance among team members.
7. Governance and Stakeholder Engagement
• Participate in the Board and sub-committee meetings, providing strategic input on financial matters and acting as a key advisor on financial risks and opportunities.
• Support the Audit and Risk Committee in assessing financial risks and implementing robust internal controls.
• Represent DBM in engagements with external partners, including investors, auditors, and government bodies.

Qualifications

• Bachelor’s degree in Finance, Accounting, Economics, or a related field is required.
• A Master’s degree in Finance or Business Administration (MBA) is preferred.

Experience:

• Extensive local experience with a minimum of 15 years of experience in finance, with at least 5 years in a senior leadership role within the banking or development finance sector.
• Proven experience in raising and managing funds, particularly for long-term lending, ideally for infrastructure projects.
• Strong understanding of financial systems, processes, and best practices relevant to the banking industry, including IFRS and regulatory frameworks.

Technical Skills:

• Expertise in financial planning, capital management, risk assessment, and treasury operations.
• Advanced knowledge of accounting principles, financial statements, financial analysis, and investment management.
• Proven ability to implement financial controls and compliance with regulatory requirements.

Leadership Skills:

• Excellent leadership and team management capabilities, with a track record of building high-performing financial teams.
• Strategic thinker with strong problem-solving abilities and the capacity to provide insightful financial analysis to support decision-making.
• Effective communicator, capable of presenting complex financial information to the Board, senior management, and external stakeholders.

Salary: An attractive executive remuneration package and benefits package negotiable based on experience and qualifications.

Contract Duration: 1 year starting from the commencement date. Renewable based on performance.

Working Hours: 8:30am - 5:00pm weekdays

Work Location: Development Bank of Maldives, 2^nd Floor Allied Building, Male’, Maldives

Documents Required:

• CV
• National ID Card Copy
• Educational Documents
• Reference Letters

Deadline to submit: 8^th December 2024 by 17:00 hours

The application should be submitted via email to: [email protected]

Note: Only shortlisted candidates will be contacted for interview.