Tanzania Mortgage Refinance Company Limited [TMRC] Jobs - Chief Executive Officer

Since the beginning of the 1990s, considerable efforts have been expended in improving the financial services sector, most notable is the financial sector liberalization and reform program implemented following the adoption of the Banking and Financial Institutions Act of 1991.

The Mortgage Finance (Special Provisions) Act No. 17 was passed by Parliament in 2008. This Act has been widely welcomed by the banking community, as it strengthens the ability of creditors to enforce collaterals. A housing finance project was conceived, and it aims to build on these developments and create a sustainable housing finance system in Tanzania. The objective of the project is to develop the housing mortgage finance market through the provision of liquidity to mortgage lenders.

Following the above development, Tanzania Mortgage Refinance Company Limited [TMRC] was incorpo¬rated on 29th January 2010 under the Companies Act, 2002 to among others, ‘develop the housing mortgage finance market through the provision of liquidity to mortgage lenders who must be banks or financial institutions as defined by the Banking and Financial Institutions Act No. 5 of 2006′ [BFIA, 2006].

The Company has been capitalized by shareholder equity and will be part funded by an International Development Association (IDA) Credit. TMRC is expected to begin issuing bonds in the Capital Market to help fund its operations on a market sustainable basis.

TMRC is a non-deposit taking institution, and will be regulated by the Bank of Tanzania under the BFIA, 2006. TMRC will obtain a license as a non- deposit taking financial institution, limiting it to its core activity of refinancing mortgages. As it seeks funding by issuing bonds, TMRC will also be licensed and regulated by the Capital Markets & Securities Authority [CMSA].

The role placed on TMRC as a specialized financial institution that provides long-term funding to banks to refinance their mortgage loans portfolio, necessitates the recruitment of a qualified, competent and motivated Chief Executive Officer (CEO) capable of realizing its goals and objectives. In this regard, applications are hereby invited from suitably qualified individuals to fill the vacancy below:

Job Title: Chief Executive Officer

Reports to: Board of Directors

Job description:

The successful candidate will be responsible for planning, developing, and implementing policies, objectives and activities of TMRC’s business to ensure continuing operations, maximize returns to shareholders and increase profitability.

Duties and Responsibilities:

• Developing objectives and strategies by establishing long-range objectives and specifying the strategies and actions to achieve them
• Developing annual budgets for the Company and ensuring that the same is implemented as approved.
• Ensuring that TMRC’s operations are conducted in accordance with the Bank of Tanzania, Capital Markets & Securities Authority and other rules and regulations
• Communicating with external parties by representing the Company to customers, Government, the public and other external sources, including-investors
• Developing and building teams by building and nurturing mutual trust, respect and cooperation amongst staff
• Communicating Company’s objectives, strategies, policies and directions to Senior Management and all other staff
• Developing and maintaining a healthy and conducive working relationship with staff and customers
• Decision making and solving problems
• Resolving conflicts and negotiating with others by handling complaints, settling disputes and resolving grievances.
• Carry out any other duties as may be assigned by the Board from time to time.

Minimum Qualifications, Knowledge and Experience:

• Basic Degree in Economics/Business Administration/Accounting
• Post Graduate qualification is preferable
• At least 10 years background in banking
• Knowledge of housing finance, capital markets and risk management will be an added advantage
• Strong entrepreneurial and marketing drive
• Strong industry relations and professional integrity/credibility
• Knowledge and understanding of East African banking and financial sector

Remuneration:

Tanzania Mortgage Refinance Company Limited offers an attractive remuneration package and an excellent working environment.

Mode of application:

Qualifying candidates should apply in writing to or lodge their applications at the address below, enclosing the following:

• An application letter showing how they meet the post’s requirements
• Comprehensive Curriculum Vitae
• Copies of original certificates and awards
• Contact address including telephone number(s) and/or e-mail address(s)
• Names and full address of three (3) referees

Closing date: Applications should reach at the address below before or by 14th June 2010.

Chairman,
Tanzania Mortgage Refinance Company Limited,
C/0 CRDB Bank PLC,
Azikiwe Street,
P.O. Box 268,
Dar Es Salaam, Tanzania

Email: kimei@crdbbank.com

People who read this post also read :