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Every employee at Al Rostamani Group plays a role in making a real difference to the business and our customers. We care for our employees by offering them meaningful and purposeful work and an opportunity to grow, learn, contribute and succeed. Today, the Al Rostamani Group has come a long way since its birth in 1957. Our group has grown steadfastly with the guiding principles of Commitment, Care & Vision, alongside a strong sense of active involvement in the community. We are a well-diversified group, with a key presence in industries such as General Trading, Automobiles and Heavy Equipment, Travel, Foreign Exchange, Financial Services, Property Management, Construction, Infrastructure Development and Information Technology Services. Our Group employs approximately 2000 people from 41 different nationalities, which contributes to our multicultural and multi-national environment.
Al Rostamani International Exchange is a leader in providing currency exchange and international remittance services in the UAE. It is an ISO 9001:2000 certified company having a wide range of products and services catering to all income groups for both nationals and expatriates.
Job Purpose
Responsible for Sales & Revenue performance of Foreign Currencies through risk-free trading (buy/sell/export) of currencies as approved by ARIE Management. Adherence to procedures and utilization of risk mitigation activities to prevent Financial Fraud or Loss; focus on Customer retention and new business development for the unit; and effective Cost Management.
Job Responsibilities
- Ensure budgeted Sales & Revenue figures are achieved, by utilizing effective strategies to maximize profits and minimize risk by covering the positions of major currencies with local market (only with approved Exchange Houses, Banks and Customers) and ARIE Dealing Room
- Regularly monitoring market fluctuations of foreign currencies and taking necessary actions to avoid market risk
- Track Foreign Currency margins on Sale and Purchase of currencies
- Monitor the cash (foreign currency and AED) levels at branches on daily basis and interact with them
- Optimize funds positions within overall guidelines of Finance and Dealing Room
- Analyze funding requirements of branches to facilitate the needed liquidity and transparency required to utilize the funds lying idle
- Assimilate Market information through surveys and research
- Solicit referrals & leads to cross –selling opportunities to existing customers
- Support branches and BND Unit to balance the supply and demand of the currencies to avoid excessive stocks
- Conduct overall supervision of all activities related to cash in the branch
- Ensure liaising up with dealing room and concerned departments usage of FX market options
- Ensure monitoring market moving events and exercise actions to take advantage without indulging in any speculative trad
- Ensure adherence to policies & processes for achieving a satisfactory risk rating for the branch, with special attention and responsibility for Customer Onboarding, EDD and KYC processes
- Ensuring the right implementation of the AML procedures and KYC initiatives
- Responsible to ensure custody of various security items, such as Drafts, Company Cheques and other secure items
- Monitor the day end activities and cash closing proceeds, and report any anomalies immediately to AGM Operations, BND Head and Finance Manager
- Square off all the open positions with the banks (i.e. all major currencies) to avoid any loss in FX rate.
- Provide Support to management team to improve forex Business performance
Job Requirements
Qualifications
- Graduate in Business Management/Business Administration/Finance/Accounting
Experience
- Relevant experience of 8+ years in the Financial/Exchange industry in the Wholesale Bank Note Unit or a large Branch with currency transactions
Knowledge & Skills
- Good analytical decision making ability with a proven leadership quality
- Strong negotiation skills, proactive and self – motivated
- Highly reliable and ethical, respecting customers’ confidentiality
- Ability to explain complex information into simple terms
- Good verbal and written English communication
- Ability to manage diverse group of Relationship Managers
- Good knowledge on MS Office Applications
At Al Rostamani Group, we seek talented people who work hard to achieve great things. We consider not only your skills and experience, but also your passion for the role, your desire to learn and how well you align with our core values of care, commitment and vision. If this position represents an opportunity you wish to pursue, we invite you to apply.
