JOB PURPOSE : To manage the end-to-end finance function of the DIFC entity, including financial and regulatory reporting, IFRS 17 compliance, group reporting submissions, and liaison with external auditors and the Dubai Financial Services Authority (DFSA).
Location : DIFC, Dubai, UAE
Job Responsibilities:
- Monitor the day-to-day financial operations within the company (payroll, invoicing, and other operational transactions)
- Prepare monthly and quarterly management reporting
- Ensure timely submission of monthly and quarterly group reporting packs and consolidation schedules to Group Finance
- Manage reinsurance accounting, including treaty and facultative accounting, broker statement reconciliations, and monitoring of reinsurance receivables ageing
- Prepare and submit DFSA prudential returns, monitor capital adequacy, and ensure compliance with applicable DFSA rulebook requirements (PIN / PRU modules as applicable)
- Ensure compliance with DIFC Companies Law, including annual audited financial statement filing requirements
- Ensure appropriate treatment of UAE Corporate Tax (including Qualifying Free Zone Person conditions) and VAT on insurance and reinsurance transactions
- Participate in strategic data analysis, research, and modeling for senior company leadership
- Support project analysis, validation of plans, and ad-hoc requests
- Manage the company's financial accounting, monitoring, and reporting systems
- Ensure compliance with accounting policies and regulatory requirements
- Develop new metrics for driving business performance relative to strategic priorities and minimizing risk
- Drive value within the business through margin enhancement, lower costs, and operational efficiencies
- Manage relationships with bankers, auditors, tax authorities, and regulators (DFSA)
- Comply with national and local financial regulations by studying existing and proposed legislation
- Focus on daily and month-end accounting to determine results, including P&L activity, balance sheet activity (deferrals, accruals), and accounts-receivable cash application, in compliance with IFRS
- Provide insights about spending trends, cost-savings initiatives, and margin opportunities
Educational Qualifications:
- BSc in Accounting, Finance or relevant degree
- Professional accounting qualification (CA / CPA / ACCA) is required
Experience:
- Minimum 10 years of post-qualification experience in accountancy, of which at least 5 years in the insurance or reinsurance industry (mandatory)
- Hands-on experience in IFRS 17 and IFRS 4 reporting within an insurance or reinsurance environment
- Experience with audit firms is preferred
- Experience liaising with regulators (preferably DFSA) is an advantage
Skills and Expertise :
- The position will be expected to have considerable knowledge of accounting systems, budgets, and internal controls
- Good knowledge of the DIFC / DFSA regulatory framework and UAE statutory requirements, including IFRS as applicable to insurance and reinsurance entities
- Strong working knowledge of IFRS 17 (Insurance Contracts) and IFRS 4, together with other industry-specific IFRS relevant to insurance and reinsurance operations
- Advanced MS Excel skills, including lookups and pivot tables
- Strong attention to detail and good analytical skills
- Good English communication skills
- Knowledge of Arabic language is preferred
