Deloitte’s Javed Iqbal on the CFO’s shift from accountant to analyst
The finance transformation leader at Deloitte Middle East on how the CFO role is moving from controller to strategic catalyst, where AI is earning its keep, and the skills that will define the next generation of finance leaders
01 October, 2026
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For most of its history, the finance function had a clear job: control the costs, close the books, report the numbers. That job has not gone away, but across the Middle East it is no longer the point. Boards and chief executives now want their CFOs in the room where strategy is made, financially stress-testing the options, deciding where capital goes and tracking what it earns back.
Javed Iqbal, partner and CFO Program Leader at Deloitte Middle East, calls it a shift from a “licence to operate” mindset to something more forward-looking, the CFO as a catalyst for the wider business rather than its controller. It is a change that runs deeper than job titles. It is reshaping how finance is delivered, from shared service centres to global business services, how it is governed, and which skills matter, as the discipline moves, in his words, “from an accountant mindset to a greater analyst mindset.”
Iqbal, who led the recently held two-day Next Generation CFO Academy in Riyadh, talks to Gulf Business about the next generation of the finance operating model, where AI is genuinely earning its keep and where the hype still outruns the business case, and what will separate a high-performing CFO function from an average one over the next five years.
CFOs across the Middle East are being asked to do more than control costs and report numbers. How is the role itself changing, and where are you seeing the biggest shift in expectations from boards and CEOs?
The business is asking CFOs for ever-increasing inputs on enterprise strategy development and execution. From financially evaluating strategic options to optimum resource allocation and monitoring returns on investments. In addition, driving improvements around revenue growth, sustainable cost management, asset financial management and efficient funding.
In effect, shifting from a “license to operate” role around an operator/controller mindset to delivering as a forward-looking strategic/catalyst for the wider business.
Many companies in the region have spent years building shared service centres and centralising finance functions. What does the next generation of that model look like, and where are businesses still failing to capture the efficiencies they expected?
The finance delivery model has three key components: operations, governance, and business partnering. Operations has been on a journey from centralising transactional processing to building shared services to deploying value-creating global business services. Global business services has characteristics of being customer-centric, multi-functional, centres of excellence, outsourcing and digitally enabled. In essence, building scalable, resilient, and flexible back office platforms to enable growth.
Governance is going from financial controllership to business controllership, and business partnering from financial planning and analysis to enterprise performance management. Efficiencies will come from becoming customer-centric, focusing on the future of work (industrialisation and specialisation), and fully enabling digitalisation, including AI.
Cost pressure remains a major concern for companies, but aggressive cost-cutting can undermine growth. How are CFOs balancing margin protection with continued investment in technology, talent and expansion?
Taking a longer-term sustainable cost management approach rather than just deploying short-term tactical fixes that hurt growth. A longer-term approach challenges current services, operating models, deployed assets, cash management, and longer-term funding structures. Building more resilient and agile cost structures, leveraging partners and ecosystems.
ERP modernisation and AI are now central to finance transformation strategies. Where is AI already delivering measurable value in finance functions, and where is the hype still running ahead of the business case?
Firstly, the co-existence of multiple digital applications is pivotal to long-term value creation for finance functions. AI has huge potential to deliver process automation and even greater value-added capabilities on the advanced analytics agendas.
Currently, there is still a gap in achieving the full required ROI, but this will be bridged by taking a more holistic approach rather than just point-focused use cases. This holistic approach includes linking AI learning with data maturity, re-imagining work and transforming operating models with robust governance.
As companies automate more transactional finance work, which roles or skills are likely to become less important, and what capabilities will define the next generation of finance leaders?
Controllership and business partnering will become the dominant roles required, with finance building greater digital literacy and superior interpersonal skills, so that its workforce can manage digitally enabled processes and deliver advanced predictive and prescriptive insights
Finance transformation (FT) programmes can be costly and disruptive. What are the most common reasons these projects fail to deliver the promised return on investment, particularly in the Middle East?
More FT programmes would deliver superior efficiency and effectiveness if they leverage a more holistic approach. There is a seven-step approach that connects customers, services, work done, digital enablement and capability delivery, structure and sustainability. Also, ensuring Business, IT and HR work together with finance to develop and deliver the finance function of the future. The silver bullet is putting finance people at the center of the transformation.
In the near future, what will separate a high-performing CFO function from an average one, and which of today’s finance priorities do you think companies are underestimating?
A high-performing CFO function will be ‘famous’ for driving business insights as opposed to processing transactions. The skills in finance will include not just technical finance but also statistical, mathematical, data and digital individuals.
In effect, financial analysis coupled with business and performance analysis. Shifting from an accountant mindset to a greater analyst mindset



















