Head of Operations and Finance

2 weeks ago


Abu Dhabi, United Arab Emirates ADIB - Abu Dhabi Islamic Bank Full time

Head of Operations and Finance

**Role : Head of Operations & Finance**
**Location**:Abu Dhabi**

**Role Purpose**:
Incumbent is an experienced brokerage operations specialist who has diversified responsibilities for supervising end

**Key Accountabilities of the role**

**A) Clients Onboarding & KYC Update**:

- Supervise the onboarding team who are dedicated for processing account opening and KYC requests as received from CS team members.
- Ensure requests are processed with high accuracy in line with compliance guidelines and within agreed TAT.
- Approve opening clients' cash accounts in foreign currencies for trading in foreign markets on the trading system.

**B) Operations & Settlements for local Exchanges: [DFM/ADX/NasdaqDubai]**
- Solid understanding of SCA and local Exchanges rules & regulations.
- Daily monitoring of trading limits & recommend up/down amendments to the value of LGs with markets.
- Ensuring daily settlements with UAE exchanges as per defined rules & regulations,
- Approve all EOD activities.
- Approve periodic reconciliation between OMS clients' portfolios balances & Depository balances.
- Approve securities transfers from Broker to CSD
- Approve opening of settlement accounts for Cash management clients.
- Approve the implementation of corporate actions on client portfolios as and when announced by listed companies & Exchanges.
- Full Process of the periodic "Dormant Accounts" cycle on the system as per SCA regulations and report results to CS, Trading desk & Compliance.
- Approve and update the periodic Sharia list on the system.
- Own the SOP for the unit and ensure continuous update with newly implemented market procedures & practices.
- Lead the team and keeping them updated with latest changes in the applicable laws & processes.
- Maintain positive working relationships with the Exchanges, Regulators and settlement banks.
- Represent the company in Exchanges communications, organized events, conferences, meetings, and workshops.

**C) Operations & Settlements for Foreign Exchanges: [USA, KSA]**
- Solid understanding of SCA regulations for trading in foreign markets.
- Solid understanding and implementation of different settlement procedures and practices with foreign counterparties based on the implemented setup.
- Establish and maintain strategic relationships with business counterparties [ Brokers, custodians, data providers, etc] in foreign jurisdictions that would support a continuous business flow and negotiate best attainable pricing.
- Build a compact Sell side DvP/RvP settlement process for Omnibus based trading activity in Foreign Jurisdictions.
- Approve daily trade log and ensure that all trades are reported to the appointed global custodian in time.
- Actively engage with foreign counterparty and global custodian to identify and resolve any settlement related discrepancies.
- Approve processing corporate actions on clients' individual portfolios as and when announced by the listed company and notifications received from the custodian.
- Feed the periodic approved Sharia traded shares list on the system.
- Ensure daily reconciliation of clients' individual portfolios with the balance available in the custody Omnibus account and identify/resolve discrepancies.
- Actively engages in the immediate resolution of operations and back-office disagreements with counterparties to minimize exposure and cost to ADIB Securities.
- Lead the team to enhance, simplify, and automate related processes in order to develop more robust and cost saving environment.

**D) Operations for Margin Trading Product**:[CA/Feeding limits/ Murabaha PTPs & Sale contracts/ Profit collections/ Margin Calls/ Credit limits expiry/ Settlements and Renewals/ daily clients reporting]
- Approve the preparation of the CA along with necessary supporting documents and raise it to the approving parties at relevant client segment in ADIB.
- Approve opening cash accounts on the system.
- Approve feeding credit limits on the system and ensure clients have signed required documentations and contracts.
- Monitor the daily utilization of the limits and ensure daily EOD positions reporting to compliance & risk.
- Approve end of month profit calculation on every client.
- up with front line on the collection of monthly profit amounts and report delinquencies and past due.
- Approve margin calls and ensure notices dispatched to clients.
- Monitor credit limits expiry and actively engage with front line and compliance on settlements and renewals.
- Ensure clients receive daily position report as required by the Regulator and Exchanges.
- Approve periodic Market Risk parameters on the system.

**E) Accounting**:[Transactions Recording/ Banks' Accounts reconciliations / Clients' Balances & Segregation of Clients Accounts/ Shareholder's equity/ Liquidity & Working capital planning/ Revenues accrual & collection/ Vendors invoices and payments/ intercompany account management/ end of month closing & interim Audit]
- Ensure


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