Housing Development Finance Corporation PLC of Maldives (HDFC) was incorporated as a state-owned company in 2004. It was privatized in 2008 with equity injection from International Finance Corporation (IFC), Asian Development Bank (ADB) and HDFC Bank Ltd of India. The structure of the shareholding in the privatized HDFC is as follows:

• Government of the Maldives 49%
• International Finance Corporation 18%
• Asian Development Bank 18%
• HDFC Bank Ltd. (India) 15%.

HDFC Plc is the only specialized housing finance institution in the Maldives providing finance for the housing needs of individuals and families. While the operating environment has become more competitive with the arrival of commercial banks in the housing finance market, demand for home loans continues to grow and HDFC maintains a sizable market share.

HDFC is seeking a qualified candidate for the following position.

POST:                       MANAGING DIRECTOR (MD)

Post Type:           Contract basis (Initial contract shall be for a period of 2 (two) years), subject to MMA’s fit and proper (Open for Maldivians only)

The MD reports to the Board of Directors of HDFC and the primary responsibilities of the MD include:

1. Working with the Board in setting the strategic direction for the Company and ensuring that this strategy is realized by putting in place the necessary plans, budgets, systems, policies and procedures.
2. Being aware of longer-term developments that might affect the industry and the Company, so that the Company can be prepared /positioned to gain an advantage or minimize disadvantage from the situation.
3. Managing the overall business to ensure strategic and business plans are effectively implemented within the authority limitations delegated by the Board, the results are monitored and reported to the Board, and financial and operational objectives are attained; and
4. Managing the business to create sustainable long-term shareholder value.

PLEASE REFER TO THE TERMS OF REFERENCE (TOR) ATTACHED FOR DETAILED DUTIES AND RESPONSIBILITIES OF THE MD

EDUCATION/QUALIFICATIONS

The candidate should have a minimum of Bachelor’s Degree preferably in economics, management, business, finance or a member of CA/ACCA/CPA/CIMA or any other professional accounting body recognized by IFAC.

EXPERIENCE

• A minimum of 10 years of work experience in the financial services industry (preferably consumer bank/retail finance company) of which at least five (5) years of experience at the executive level;
• Extensive people management experience, preferably in a commercial environment.
• Comprehensive knowledge about retail finance sector; and
• Recognition for high professional value and integrity.

REQUIREMENTS / CORE COMPETENCIES

The candidate, as a minimum, is expected to have high integrity and in addition, the following requirements:

• Sound consumer finance / banking knowledge and in particular, housing finance knowledge.
• Ability to think and act strategically.
• Strong management skills and commitment to the development of human capital at the Company.
• Excellent people skills and client relationships.
• Excellent communication skills; and
• Strong commitment to environmental and social policies implemented by the Company.
• Preferrable Age between 40 – 50 years

Interested candidates are requested to submit application (downloadable: www.hdfc.com.mv) with CV, copy of ID card, copies of attested educational certificates and other supporting documents on or before 10^th December 2023 to the email address below.

The Chairman

Housing Development Finance Corporation PLC.,

H. Mialani, Sosun Magu, Male’ Rep. of Maldives.

Email: [email protected]