2021 - PRESENT
- Provided consultancy to a client in the life insurance industry. Restructured the finance department by creating the investment and FP&A functions and restructuring the operational finance role.
- Delivered a complete set of operational finance workflows, processes, and procedures, and the ERP system's business requirements document (BRD) to a major real estate developer.
- Led a project with one client to change their license with the regulatory authority, which included managing legal, technical, financial, and tax due diligence and preparing a feasibility study for the license conversion project.
- Rolled out a complete cost control protocol for a customer operating in the construction sector.
Focus areas: Budgeting, Business Plan Consulting, Investments, Management, Accounting, Cash Management, FPA, Management Consulting
- Redesigned the cost allocation model to ensure fair distribution of costs among four companies providing three lines of business, ensuring the cost allocation achieved the highest tax savings. The tax savings in VAT reached approximately $1 million.
- Restructured the finance function post-acquisition of the life insurance company, creating an additional 20% efficiency in staff cost.
- Amended the financial model to provide monthly P&L and cash flow for the general insurance business, including triangulation of reserves and auto-linking to the cash flow to the P&L statement.
- Led the investment team to create a customized fixed income benchmark that suits the company's $300 million unit-linked portfolios. The benchmark was designed to match the liability duration of the customer base.
- Contributed to the localization of IFRS 4, ensuring the inclusion of deferred acquisition costing (DAC) accounting and added $3 million to annual profits.
- Negotiated with the regulator on including subordinated loans within the equity and solvency calculation, which added approximately €6 million to our solvency coverage and enhanced the capital structure for all participants in the Egyptian market.
Focus areas: Accounting, Business Planning, Investments, Management, Treasury, Administration, Cash Flow, Forecasting, Financial Modeling, Life Insurance, P&C Insurance, Asset Liability Management (ALM), Portfolio Management, Revenue & Expense Projections, Cash Management, Budgeting, CFO, Cash Flow Management, Cash Flow Modeling, Financial Reporting, Internal Financial Reporting, Three-statement Modeling, Finance Strategy, Taxation, Team Leadership, Financial Planning & Analysis (FP&A), P&L Forecasting, Annual Budgets
Finance and Administration Director
2007 - 2015
Commercial International Life Insurance (CIL)
- Prepared a financial model for P/L projection for the life insurance business, including persistency assumptions and triangulation for reserving covering ten years of business.
- Managed a major automation project for the daily pricing of the investment portfolios, considered a turning point in the operation system.
- Initiated a digitization project of policyholder's documents, which led to savings in archiving costs of approximately $200,000.
- Laid out the investment strategy for a shareholders fund ($40 million), including guidelines and performance measurement techniques. The investment management was executed in-house by one of the teams I led.
- Restructured the general administration department with 15 service centers to achieve better quality service to the business and ensure embedding the customer service concept in the processes and procedures.
- Initiated and launched a first-of-its-kind Islamic Sharia-compliant fixed income portfolio, extending choices available to our customers into the Sharia-compliant scale. The portfolio raised approximately $6 million.
Focus areas: Accounting, Business Planning, Investments, Management, Procurement, Administration, Business Process Re-engineering, Cash Flow, Financial Modeling, Financial Planning & Analysis (FP&A), Forecasting, Life Insurance, Portfolio Management, Asset Liability Management (ALM), Revenue & Expense Projections, Budgeting, Cash Management, CFO, Financial Ratios, Financial Reporting, Internal Financial Reporting, M&A (Sell-side), Cash Flow Management, Team Leadership, P&L Forecasting
2005 - 2007
- Prepared a full business plan with a granular line-item budget for monthly and quarterly performance measuring.
- Restructured the treasury function to be more efficient through creating an automated bank position and weekly reconciliation.
- Changed the procurement policy to allow for a more dynamic process to ensure cost-efficiency.
Focus areas: Accounting, Treasury, Team Leadership, Financial Planning & Analysis (FP&A), Reporting, Taxation, Business Planning, Financial Modeling
1998 - 2005
Mena Telecommunication Company (Menatel)
- Established the accounting cycle for PayPhone Business using smart prepaid cards, creating a revenue streaming methodology that added around EGP 5 million a year.
- Created a complete Excel-based payroll system for 200+ employees, covering social insurance and salaries tax treatment.
- Created a pricing model based on the elasticity of demand to increase the company's revenues according to payphones location and social class.
- Implemented Oracle Financials, including basic suite (general ledger and fixed assets) and purchasing and stock control module.
- Built a team of 16 members in Cairo and five branches.
Focus areas: Accounting, Treasury, Taxation, Reporting, Budgeting, Annual Planning, Annual Budgets, Financial Planning & Analysis (FP&A), Team Building, Team Leadership, Team Management, P&L Forecasting