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 Banks 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 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:                   HEAD OF CREDIT

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

Department:        Credit

REPORTING RELATIONSHIPS

The Head of Credit shall report to the Managing Director (MD) on a daily basis, and to the Board and Board Committees as and when required.

OVERALL RESPONSIBILITIES

• Responsible for review of credit applications and maintain a good balance between returns and risks exposure
• Monitor monthly targets of approvals, disbursements and commitments
• Review and develop company’s credit manual, policies and procedures
• Lead credit team to ensure high standard of the portfolio by using various credit assessment tools.

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

EDUCATION/QUALIFICATION AND EXPERIENCE

• University degree or master’s degree in finance, Accounting, Business, Economics or a related discipline, preferably with other professional qualifications. Possesses 5 to 15 years of credit evaluation experience in housing or related activities;
• Credit evaluation experience with complex credits and structuring and experience in Islamic Finance is a definite advantage.

CORE COMPETENCIES

• The selected candidate is expected to influence the board and other key decision makers by leveraging his/her wide-ranging portfolio growth, risk, product, and credit experience and, logical approach to problem-solving his/her excellent ability to present and communicate to the required.
• Ability to think critically, comprehend detailed business, technology, and risk concepts, and develop and defend an independent position based on a pragmatic and balanced assessment
• Provide top-level findings and recommend strategies
• Work independently and deliver high-quality work products and deliver presentations to the board and the management.
• Researching, analyzing, and developing a comprehensive database of market information for utilization at the portfolio level
• Fluency in business communication in both Dhivehi and English.

Interested candidates are requested to email application, available for download at www.hdfc.com.mv, along with a CV, copy of ID card, accredited and attested educational certificates, reference letters from current and previous employers, police report, and other supporting documents by 20th February 2024 to [email protected]