AVP- Shariah Compliance (Emiratised)
Full-time Sub Division: Operational, Technology, Fraud Risk, Risk Assurance, and Model Validation Division: Group Risk Management
Company Description
Now it’s your time to join the #1 bank in the Middle East and one of the most prestigious financial companies in the region. Shaking up the world of banking requires a lot of smarts and skill. We’re looking for the brightest and best to help us reach our goals and we’ll also help you reach yours.
Your success is our success as you grow stronger in your career. Join us and leave a legacy of your own, as a pioneer in both the company and the industry.
Job Description
JOB PURPOSE: To support Head of Shariah Compliance in managing end-to-end Shariah compliance-related matters for FAB’s Islamic banking activities within the bank and conducting Shariah compliance initiatives and functions are effective in ensuring that the activities and operations carried out by FAB do not contravene with Resolutions of Internal Shariah Supervision Committee (ISSC), Higher Shariah Authority (HSA), Central Bank of UAE, Internal Shariah Supervision Committee and all other related laws, rules and regulations relating to Islamic banking.
To provide Shariah compliance advice and support to Islamic banking business line and other related enablement functions to ensure Shariah compliance with the rules, regulations and best practice. This role is a global role and jobholder will also be responsible for overseeing Shariah Compliance programs for all Islamic banking activities in the international locations where FAB is present under supervision of Head of Shariah Compliance.
This is one of the functions required by Standards on Shariah Governance and Shariah Compliance Functions issue by CBUAE.
KEY ACCOUNTABILITIES:
Job Specific Accountabilities
The role assumes responsibility of assisting Head of Shariah Compliance for monitoring compliance of the Bank’s Islamic banking businesses and activities with resolutions, fatwas, regulations, standards, which are issued by ISSC, HAS and other relevant authorities in local and international locations where the Bank conducts its Islamic banking operations.
Under supervision of Head of Shariah Compliance, the role shall assume the following responsibilities:
Assist Head of Shariah Compliance in creation, implementation and monitoring of Shari’ah Compliance initiatives and functions for FAB that properly address Shariah compliance needs and requirements in line with Resolutions of Internal Shariah Supervision Committee (ISSC), Higher Shariah Authority (HSA), Central Bank of UAE, Internal Shariah Supervision Committee and all other related laws, rules and regulations relating to Islamic banking.
Conduct periodical Shariah compliance review and assessment or review exercise on the Bank’s Islamic banking activities and operations and prepare Shariah Compliance reports from time to time.
Effective monitoring of implementation of all Shariah regulations issued by HSA which includes –among others- conduct of gap analysis exercises on the applicable Islamic banking activities and operations of the Bank based on the applicable Shariah regulations.
Establishment and implementation of Shariah compliance related framework, policies or procedures.
Effective support and advice to respective business, support and control functions with regards to Shariah compliance requirements including resolutions and fatwas issued by ISSC and HSA.
Preparation and submission of Shariah reports and updates to the relevant stakeholders e.g., ISSC, BRESGC, GCEO, HAS and CBUAE as applicable.
Effective communications or dealings with HSA and CBUAE with regards to Shariah compliance matters.
Effective management of Shariah non-compliance issues including identification, measurement, rectification and monitoring of Shariah non-compliance incident(s).
Wherever applicable, provide timely Shariah compliance advisory and support to the Islamic banking business, support and control functions to ensure Islamic banking, operations, products and services conducted or offered by the bank adhere and comply with relevant regulatory guidelines/policies and shariah principles/standards which focuses on.
Build and maintain productive relationships with the relevant control, support and business partners to ensure effective implementation of Shariah compliance requirements in all Islamic banking activities and operations locally and internationally.
Provide Shariah compliance advice to the business on Islamic and Sharia regulatory developments from all impacted regulatory jurisdictions.
Conduct Shariah Compliance review and prepares Shariah Compliance reports on Shariah compliance levels on FAB Islamic banking activities and operations of the business and support units within the bank with the objective of ensuring that the activities and operations carried out by FAB do not contravene with the Shariah rules and principles. Shariah compliance assessment reports are submitted to ISSC before it is issued to the CEO as required by the regulation.
Assist Head of Shariah Compliance in providing updates to the ISSC, senior management and the Bank in general on the latest developments in legal and regulatory requirements in Islamic finance, especially in relation to issuance of the resolutions of HSA.
Plan, establish, manage Shariah compliance training to relevant staff in accordance with their areas of work on relevant Shariah requirements governing the Bank’s operations, business, affairs and activities including requirements in Islamic banking products and services. This among others intended to create a Shariah compliance culture within relevant departments and staff involved in Islamic banking.
Liaise with HSA’s Secretariat on resolutions issued by the HSA.
Advise on the rollout and implementation of Group-wide Shariah Compliance policies and procedures.
Act as the main point of contact for any related matter to Shariah Compliance on Islamic banking.
Liaise with other Compliance teams, in the HO functions (Financial Crime Compliance and Regulatory Compliance and International Compliance, to ensure the business is following the latest Islamic and Sharia regulations and best practice.
Maintain and build an effective relationship with the businesses so that effective and proactive escalation of issues is achieved, and risk managed.
Support the Islamic banking business in adherence to Sharia Compliance policies, procedures and processes and assist business management to ensure fulfilment of its regulatory responsibilities.
Produce and review relevant MI and information prior to submission to Internal Shariah Supervision Committees and senior management Execute other tasks and actions as instructed by the Head of Shariah Compliance.
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Qualifications
Minimum Qualification
Bachelor’s degree or higher in
Shariah or Islamic banking
Shariah certifications such as Certified Shariah Advisor & Auditor (CSAA) of AAOIFI is an advantage
Proficient in English and Arabic language Compliance, banking or finance or accounting certifications are considered as supporting qualifications
UAE National with Family Book
Minimum Experience
Minimum of 7 years of experience in a reputed bank or any financial institution with exposure to Islamic Banking precepts and applicable norms Minimum of 5 years of experience in Shari’ah Advisory or Compliance In-depth understanding of Islamic banking products, services and operations with demonstrable knowledge of underlying relevant regulatory regimes in the United Arab Emirates and where FAB present Adequate knowledge and skills on resolutions issued by HSA including AAOIFI Shariah Standards. Strong interpersonal, negotiation and facilitation skills Excellent project management, IT and administrative skills* Team player, able to
