Position: Senior Credit Analyst
Location: Riyadh, KSA
Business Unit: Credit (MPMF)
Reports to: Principal of Credit
About Merak Capital:
Merak Capital is a Saudi-based investment firm licensed by the Capital Market Authority (CMA). Merak invests across venture capital, private equity, private credit, and innovation-led platforms, supporting high-growth companies and financing solutions aligned with Saudi Arabia's market and regulatory environment.
About Merak Private Murabaha Fund (MPMF):
MPMF is a Shari'a-compliant private credit fund focused on secured, short-term Murabaha financing (including commodity Murabaha and Tawarruq/monetisation structures). The fund emphasizes disciplined governance, clear segregation of duties between origination and risk, and rigorous post-investment monitoring.
Position Overview:
The Senior Credit Analyst is the Second Line of Defense, responsible for the objective financial assessment of borrowers. This role owns the Credit Model and the Risk Rating. They must validate the financial reality of the borrower distinct from the Portfolio Manager's commercial view, performing forensic analysis (Gate C) to protect the Fund's capital.
Key Responsibilities:
Credit Underwriting & Forensic Analysis:
- Execute Gate C Credit Decision analysis:
- Financial Modelling: Build 3-statement models to stress-test EBITDA, Operating Cash Flow, and Debt Service Coverage Ratios (DSCR).
- Revenue Integrity: Reconcile Audited Financials with VAT/ZATCA returns and Bank Statements to identify discrepancies.
- Complete the S&P Calibrated Risk Scorecard to assign the obligor Risk Rating (1-5), ensuring the outcome is purely data-driven.
Investment Paper Production:
- Draft the Investment Application for the IC, delivering a Committee-Grade risk assessment that covers:
- Financial Analysis (Historical & Projected).
- Key Risks & Mitigants Matrix.
- Proposed Covenants (e.g., Minimum Equity, Current Ratio, LTV caps).
- Clear Exit Strategy (e.g., liquidation of pledged assets).
Due Diligence & Verification:
- Manage the Client Verification Procedure, validating the authenticity of all Gate B documents.
- Conduct background checks on sponsors/guarantors to assess character and capacity.
- Challenge the Portfolio Manager's assumptions regarding collateral valuation and enforceability.
Portfolio Monitoring:
- Conduct quarterly credit reviews to update Risk Ratings and assess for Significant Increase in Credit Risk (SICR) under IFRS 9.
- Analyze covenant compliance certificates submitted by the Middle Office and flag breaches immediately.
Governance, Segregation of Duties & Controls:
- Independence: Maintain strict separation from origination incentives; the risk conclusion must be unbiased.
- Stop Power: Empowered to recommend a Decline if analysis reveals fundamental flaws (e.g., negative equity, unverifiable revenue).
Qualifications:
- 2-4 years in credit analysis, corporate banking risk, or rating agencies.
- CFA, CPA, or ACCA certification strongly preferred.
- Experience with Forensic Accounting (reconciling VAT vs. Audited financials) is critical for the SME segment.
Core Competencies:
- Advanced Modelling: Expert Excel skills for sensitivity analysis and cash flow waterfalls.
- Credit Judgment: Ability to synthesize quantitative data with qualitative industry risks.
- Writing: Ability to produce concise, defensible Investment Memos.
KPIs / Performance Measures:
- Forecast Accuracy: Variance between projected cash flows and actual borrower performance.
- IC Approval Rate: % of recommended deals approved by the committee (measure of alignment with risk appetite).
- Turnaround Time: Completion of credit review within 5 business days of information receipt.
