Description

Job Description

Responsible for monitoring Shari'ah Compliance activities of Islamic Banking business and operations by conducting Shari'ah Compliance Checks through Field Reviews and thematic inspections in the light of applicable regulations issued by the Central Bank of UAE, Higher Shari'ah Authority and the guidelines issued by Internal Shari'ah Supervision Committee (ISSC) and the Division Head from time to time.

Responsibilities

SHARI'AH COMPLIANCE:

• Applying necessary Shari'ah Compliance Checks and testing of internal Shari'ah Controls in Islamic business activities and operations of Mashreq PSC as per the approved annual plan.
• To monitor and report Shari'ah Non-Compliance Risks identified during the course of Field Reviews.
• To assist Division Head in Shari'ah Compliance related activities as envisaged in CB UAE standards and guidelines.

FIELD REVIEWS:

• Develop and maintain comprehensive Field Review Manual in consultation with the Division Head, and incorporate the best global practices, as per the applicable regulations and guidelines of the Internal Shari'ah Supervision Committee (ISSC) and CBUAE.
• Develop Annual Review Plan before year end and seek necessary approvals from Board, ISSC and Senior Management, also run through any amendments/edits in the Annual Plan by ISSC/BoD.
• Develop standard formats of key documents/working papers involved in Field Reviews.
• Conduct Field Review engagements as per the approved Annual plan and generate reports.
• Monitor TAT and follow up for rectification of outstanding issues.
• Prepare Field review highlights for presentation to Group Head Compliance, ISSC members and executive summary for the consumption of CEO.
• Planning:
• Ensure effective and efficient planning to conduct Shari'ah Field Reviews. The same should be as per CBUAE guidelines for Shari'ah Compliance Function
• Preparation of working papers to document the Shari'ah Field Reviews.
• Field work (Execution):
  • Conduct Shariah Review of Products, Activities and Services to ascertain the extent of the Shari'ah compliance as per the guidelines issued by the HSA-UAE / ISSC / AAOIFI.
  • Gather sufficient evidence, enabling the review to reach an accurate opinion.
  • Exit/Closing Meeting with unit/department under review to discuss Shari'ah observations and related findings during review.
• Reporting and Documentation:
• Issuance of report(s), highlighting the observations and the necessary action items to address the gap.
• Related Shari'ah controls that need to be established/require attention of the unit/department.
• Develop a mechanism to monitor and track observations highlighted during the course of Field Reviews in a timely manner.
• Escalate non-performance and delays as per agreed timelines, format and levels (where required).

Other Initiatives:

Come up with recommendations and initiatives to enhance Shari'ah governance, Shari'ah controls and Shari'ah compliance culture within Mashreq Bank.

Qualifications

• 7-8 years plus experience in an Islamic Bank in Shari'ah Audit/ Shari'ah Compliance/ Islamic Product Development.
• Should hold at least a Bachelor's Degree/ Professional Qualification in Business/ Accounting.
• In-depth understanding of AAOIFI Shari'ah Standards.
• AAOIFI CSAA (Recommended)
• Should have significant exposure to Shari'ah principles via studies, courses or extensive on-job learning.
• Strong Negotiation skills.
• Strong communication and writing skills, as bank-wide interaction on technical issues are required.