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:                             CHIEF FINANCIAL OFFICER (CFO)

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:                  Finance

REPORTING RELATIONSHIPS

The Chief Financial Officer (CFO) 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 financial planning and control, analyzing the financial strengths and weaknesses and proposing strategic solutions, ensuring legal and regulatory compliance, robustness of accounting information systems, and preparation of budgets, forecasts, financial reports and statements.
• Developing and implementing the financial business strategy, business plan and budget for HDFC.
• As a member of the Executive Management team, CFO will be an advisor to the Managing Director and other Functional Heads, evaluating and assisting them with their financial plans.
• Overseeing all fiscal and fiduciary responsibilities for the organization, in consultation with the Managing Director.

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

EDUCATION/QUALIFICATION AND EXPERIENCE

The candidate should be a member of CA/ACCA/CIMA/CPA or any other professional accounting body recognized by IFAC with minimum 5 years of work experience at senior management level.

CORE COMPETENCIES

• Strong knowledge of accounting principles and financial reporting standards, including International Financial Reporting Standards (IFRS)
• Strong analytical skills and rich experience conceptualizing financial strategy and execution of plans in a lending Company.
• Strong leadership, mentor and develop a direct team by managing work allocation, training, problem resolution, performance evaluation, and building of an effective team dynamic.
• Strategic thinking, planning and execution skills and technical and functional expertise.
• Strong team player, who has an eye on compliances and standard operating processes.
• A collective and flexible style, with a strong customer service outlook. Someone who can envisage game changing strategies and tactics for long, medium- and short-term tenures.
• Fluency in business communication in both Dhivehi and English.

Interested candidates are requested to submit application, available for download at www.hdfc.com.mv, along with CV, copy of ID card, attested educational certificates, and supporting documents, by 10^th January 2024. Applications should be sent to the email below.

The Chairman

Housing Development Finance Corporation PLC.,

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

Email: [email protected]