Bank Dhofar

Bank Dhofar CEO Resigns Amid Merger Talks

Bank Dhofar, has announced the resignation of its chief executive Anthony Mahoney for personal reasons, effective September 26. The Omani lender has appointed Abdul Omar Al-Ojaili as its acting chief executive. Bank Dhofar is planning to merge with Bank Sohar with a view to creating Oman’s second-largest bank. The new entity would have total assets worth 4.1 billion rials ($10.7 billion), according to quarterly financial statements, and a market capitalisation of around $1.8 billion. Bank Dhofar shares have risen 14 per cent year-to-date.

Corporate Analyst Officer – Islamic Banking

Corporate Analyst Officer – Salalah Branch, Islamic Banking

•Maintenance of lending portfolio aimed at quality customer service and maximizing contribution to Maisarah profitability.
•Analyzing financial statements, business processes of customers and preparing credit proposals as per standards defined by Maisarah Islamic Banking.
•Recommend facilities / excesses to the appropriate authority /Management as per authority matrix for approval through defined channels.

Senior Officer Reporting – Finance (Islamic Banking)

Responsible to ensure timely & prompt preparation of all Finance reporting within Bank for MIS purposes and to external authorities for Regulatory purposes. Ensure all transactions are complied with IFRS, AAOIFI and local regulatory requirements. Ensure reconciliation of all bank’s reconciliation via NOSTRO accounts, CBO, and Inter Branches etc. Responsible to update bank’s General Ledger and Chart of Account. Review of Bank’s financial performance and its comparison with approved budget. Ensure timely and accurate charging of Fixed Assets Depreciation, staff salaries payments & bills payments etc. Assist Financial Controller in managing day to day Finance Department operations.

Sharia'a Audit Officer - Islamic Banking

• Provide an efficient Shariah Audit service, under the general guidance of the Manager, to all lines of business and the Bank’s operations, in a manner that will accomplish the Bank’s corporate objectives of Sharia Compliance in accordance with the Shariah Supervisory Board guidelines.
• Conducting financial, operational, process, information technology and compliance audit projects.
• Making best use of available information both in planning and executing assignments and working diligently to agreed objectives.


Sharia'a Compliance Officer

- Carry the Sharia review for documents, contracts, products, manuals, marketing material, policies and procedures and all other bank documents under the direct supervision of the Manger Sharia Compliance and Audit.
- Maintaining a log system and incoming Sharia queries from different departments and the response of the Manager or the SSB to them.
- Maintaining database and record for all the Fatawa issued by the SSB.
- Organize and maintain the agenda and schedules of the compliance department tasks.
- Assist the head of department in organizing, maintaining the secretariat of the Sharia Supervisory Board.


Business Advisory

· Provide full support to the team bankers in meeting client’s requirements and maintaining strong relationship with clients.
· Coordinate Group’s efforts in managing clients’ requirements
· Provide support to the Sector & Product Bankers and the Business Manager in Originating, structuring and executing Advisory deals.
· Liaise with other relevant departments in the bank to ensure completion of transaction to the satisfaction of the client.

Corporate Banking Manager – Islamic Banking

•Plans, organises and controls the Corporate Banking Department in order to Maximize the Islamic Division’s Market share, profitability and volume on its range of products and services
•Well versed in Islamic Banking corporate products and structuring of the facility. Train the team members to execute corporate banking deals and understanding the methodology of structuring the same
•Monitors operational, economic and social data relevant to the business of the Bank for evolving the strategies and policy guidelines in the corporate Banking department
•Develops, recommends and implements on approval, marketing strategies and plans consistent with established goals in Corporate Banking, Islamic Division.

Bank Dhofar & IFS sign agreement for Islamic Finance Products

In conclusion of a detailed and extensive selection process, Bank Dhofar chose IFS as the Consultancy and product implementation partner for Shariah compliant products for their corporate as well as individual customers. In IFS, Bank Dhofar found a trusted partner with the necessary knowledge and expertise to make offering suitable Shariah compliant products possible. According to the recently signed agreement, IFS will provide Sharia complaint products to the bank. The project consists of two phases. The first will include products for individuals while the second will include products directed towards corporates and individuals.

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