Leveraging Extensive Experience to Drive Financial Stability and Growth!
“My journey in the finance sector spans over two decades, characterized by diverse roles and progressive responsibilities that have culminated in my current position as Chief Financial Officer at the National Bank of Iraq,” states Maher Awali, his eyes gleaming with the hard-won wisdom of experience. With a zeal that has propelled him through the ranks, his narrative is one of perseverance, adaptability, and an unyielding commitment to ingenuity.
Maher’s journey commenced with foundational experiences in financial consulting and banking operations, where he gained invaluable insights into the intricate world of financial management and regulatory compliance. This formative phase laid the groundwork for his subsequent ascent into managerial roles at leading financial institutions in Jordan, honing his skills in financial reporting, budgeting, and risk management with each step.
However, it was his tenure at Capital Bank of Jordan that truly allowed him to spread his wings, providing him with invaluable experience in strategic financial management and oversight of the bank’s subsidiary operations. This pivotal role prepared him for the challenges of managing complex financial environments, a skill that would prove indispensable in his future endeavors.
Reflecting on his career trajectory, he attributes his success to a passion for continuous learning and growth. “Each step equipped me with the expertise and strategic acumen necessary to direct the versatile industry of the finance sector,” he affirms, his words carrying the weight of hard-earned wisdom.
In 2019, Maher acknowledged a new challenge as Chief Financial Officer at the National Bank of Iraq, a role that allowed him to leverage his extensive experience and expertise to drive financial stability and growth in alignment with the organization’s objectives and values. The journey from his humble beginnings to leading the finance division of a prominent institution like the National Bank of Iraq has been both rewarding and fulfilling, fueling his passion for making a meaningful impact in the finance sector.
Let us learn more about his journey:
Key Milestones
Throughout his career, Maher has achieved several key milestones that have profoundly influenced his approach to finance. From implementing innovative financial reporting systems to leading successful budgeting and initiatives, each experience has underscored the significance of meticulous planning, adaptability, and foresight. Leveraging his expertise in financial reporting, budgeting, Maher ensures the financial health and stability of the National Bank of Iraq by fostering a culture of transparency, accountability, and continuous improvement.
One notable achievement includes spearheading the seamless integration of Audi Bank into the National Bank of Iraq’s operations. This initiative not only expanded their market reach but also strengthened their position as a leading financial institution in Iraq.
Strategies to Inspire
In his role as CFO, Maher believes in empowering his finance team to excel by providing them with clear goals, resources, and support. He inspires and motivates them by leading by example, fostering open communication, and recognizing their contributions. Additionally, Maher prioritizes training and development initiatives within his team, leveraging resources from the parent company, “Capital Bank,” to enhance their skills and expertise.
Whether it’s technical training on financial reporting standards or leadership development programs, investing in the team’s growth is essential for driving long-term success and maintaining a competitive edge in the finance sector. He emphasizes the importance of people development and nurturing talent within his team through mentorship, training programs, opportunities for growth and advancement, and support for professional certifications.
Strategic Planning
Maher highlights the importance of strategic planning and forecasting in financial management at the National Bank of Iraq. He prioritizes aligning financial goals with the broader strategic objectives of the group to drive sustainable growth and profitability.
He collaborates closely with senior executives and key stakeholders to develop robust strategic plans that integrate financial considerations into the overall business strategy. Leveraging his expertise in financial analysis and risk management, he provides valuable insights to inform decision-making processes.
He further oversees the implementation of forecasting models and scenario analyses to anticipate market trends, identify risks, and capitalize on opportunities. This proactive approach enables the bank to adapt quickly to changing market dynamics and optimize resource allocation effectively. He also ensures alignment with regulatory requirements and industry best practices to maintain compliance and enhance stakeholder confidence.
By fostering a culture of transparency and accountability, Maher ensures that strategic plans are both ambitious and realistic within the regulatory framework. Ultimately, strategic planning and forecasting serve as cornerstones of the bank’s financial management approach, enabling it to navigate uncertainties and drive sustainable growth while upholding its mission and values.
Challenging Financial Issues
Maher faced a challenging financial issue during a period of economic volatility, where maintaining the stability of the bank’s operations was paramount. He addressed this challenge by implementing rigorous risk management measures, closely monitoring market trends, and making data-driven decisions in collaboration with key stakeholders.
He underlines the importance of quick and effective decision-making in complex financial scenarios, which is facilitated by a thorough understanding of underlying factors, a collaborative approach, and a focus on long-term sustainability.
Latest Trends and Developments—In his words
“Remaining abreast of the latest trends and developments in the finance industry has been integral to my journey and success as a Chief Financial Officer. Throughout my career spanning over two decades, I’ve actively pursued opportunities for continuous learning and professional development, staying attuned to evolving market dynamics and regulatory changes.
My tenure in various financial roles has provided me with firsthand exposure to the ever-changing landscape of finance. Whether it’s navigating through economic downturns, adapting to regulatory reforms, or embracing technological advancements, I’ve remained committed to staying ahead of the curve.
I try to stay up-to-date with the constant changes and try to connect with industry leaders and experts. Additionally, I encourage a culture of knowledge sharing within my team, fostering an environment where we collectively stay informed and responsive to emerging trends.
Incorporating these insights into my role as CFO allows me to anticipate market shifts, identify strategic opportunities, and proactively mitigate risks. By staying informed and agile, I ensure that the National Bank of Iraq remains well-positioned to navigate challenges and capitalize on opportunities in the dynamic finance industry.”
Initiatives to Ensure Continuous Improvement
Continuous improvement and adaptation to changing market dynamics are essential components of the approach at the National Bank of Iraq. The financial landscape is constantly evolving, driven by technological advancements, regulatory changes, and shifting customer expectations.
One such initiative is the commitment to a culture of continuous improvement, where feedback is encouraged, new ideas are embraced, and excellence is pursued in all endeavors. Through regular performance evaluations, stakeholder feedback mechanisms, and employee training programs, areas for enhancement are identified, and targeted strategies are implemented to optimize processes and operations.
Additionally, there is a prioritization of investment in technology and infrastructure to enhance capabilities and streamline operations. Whether it’s upgrading core banking systems, implementing advanced data analytics tools, or enhancing cybersecurity measures, the bank remains at the forefront of technological innovation to better serve customers and drive efficiency across the organization.
Furthermore, there is a proactive approach to risk management, with regular assessments of market trends and regulatory developments to anticipate potential challenges and opportunities. By staying agile and responsive, strategies and operations can be quickly adapted to mitigate risks and capitalize on emerging trends.
Overall, the initiatives for continuous improvement and adaptation underscore the commitment to driving long-term value and sustainability for the National Bank of Iraq. By embracing innovation, fostering a culture of excellence, and proactively addressing market dynamics, the bank positions itself for continued success in the ever-evolving financial landscape.
Role of the CFO Evolving in the Banking Sector
The role of the CFO in the banking sector is evolving rapidly, especially in the context of digital transformation and regulatory changes. CFOs are now expected to go beyond providing financial stewardship and take on additional responsibilities such as driving strategic initiatives, optimizing operational efficiency, and effectively mitigating risks. Acknowledging technological innovations, fostering a culture of innovation, and ensuring regulatory compliance are crucial priorities for CFOs as they navigate this dynamic landscape.
Financial Leaders in the Middle East
In contemplating the road ahead, Maher articulated that financial leaders in the Middle East shall confront a dynamic interplay of challenges and opportunities within an ever-evolving economic and regulatory milieu. Enduring obstacles, including geopolitical instabilities, technological upheavals, and shifting customer demands, are poised to endure as constants.
Nevertheless, amidst these trials lie fertile grounds for innovation, expansion, and cooperation, particularly within burgeoning sectors such as fintech, sustainable finance, and digital banking. By embracing traits of agility, adaptability, and foresight, financial leaders possess the means to strategically position themselves and their organizations for triumph in the forthcoming era.
