Sharia Auditor - Retail Banking

Role: Sharia Auditor - Retail Banking

Location: Abu Dhabi

Role Purpose:

• Assess the continuity and conformity level of Shari’a rules & principles throughout the Internal Shari’a Audit assignments in order to provide a reasonable assurance to the management that Shari’a risk is mitigated to an acceptable residual level. 

Key Accountabilities of the role:         

• Adhere to:
• The AAOIFI Standards.
• The CBUAE HSA Resolutions
• ADIB- ISSC’ Resolutions
• The Institute of Internal Audit Standards e.g., independence, objectivity, proficiency and performance of audit work.
• The Internal Shari’a Audit objectives, mission and vision.
• Perform the internal Shari’a audit assignments/assigned duties efficiently and effectively based on the risk-based Shari’a Audit approach sketched by the line Management and in consultation with Team Leader.   
• As Shari’a Auditor, the main responsibilities are as follows: 
• Visiting departments/units subject to Shari’a Audit (Preliminary Survey) based on: Familiarization, Identification of potential areas of improvement, Confirmation, Planning the detailed audit.
• Compile, review and summarize Higher Shari’a Authority CBUAE – HAS’s and ADIB Internal Shari’a Supervisory Committee (ISSC')  resolutions.
• Review of Policy and Procedures related to processes/products.
• Develop/review the Shari’a Audit Program and identify/define areas of Shari’a Non-Compliance Risks.
• Identify and evaluate the Shari’a Non-Compliance (SNC) Risks. (Prioritize/quantify the SNC, SNC Assessment, Likelihood Rating Scale & Criteria, Impact Rating Scale & Criteria, Overall SNC Score scale, Definition & Criteria, Identify the Shari’a Controls, Prioritize, quantify and evaluate the effectiveness of Shari’a Controls, Obtaining Management Consensus).
• List of Shari’a Audit requirements/reports.
• Risk Assessment for Finance Products (Assets) only. (Risk Assessment (for Finance Products) - Evaluation framework (scoring system).
• Sampling methodology (Extensive Testing, Moderate Testing, Standard Testing).
• Prepare Authority Letter.
• Conducting opening meeting and presentation to the respective management/s (Introduction, Authority letter/Scope and objectives, Findings/exceptions, Shari’a Audit progress, Cooperative administration).
• Formation the Shari’a audit assignments teams (team leader and members).
• Use the Shari’a Risk and Control Analysis to determine the Shari’a Audit Approach (Documenting the Shari’a Control, Walk-through of Controls, Evaluating the Effectiveness of Shari’a Compliance Controls, Reviewing the Associated Evidences).
• Sampling methodology (Defining the Population, Number of locations, Shari’a Control changes, Setting the Sample Size, Document the Tests to be performed).
• Review and audit the selected sample.
• Findings/Exceptions’ Sheets (Finding/Exception, Cause, Responsibility, SNC/ Impact, Working Paper/s Ref, Recommendation/Policy Reference, Management reply &Target Date.
• Preparation of Shari’a Audit reports. (Executive Summary Report. Detailed Report).
• Shari’a control environment Rating.
• Shari’a control rating.
• Exceptions/Findings database
• Exit meeting
• Follow-Up on matters reported by Shari'a audit
• Preparation of (ISSC) escalation Shari’a Audit reports.
• Shari'a Audit Process Questionnaire (SAPQ).
• Drafting Shari'a guidelines.
• Comply with any additional tasks which could be assigned by the Team Leader/line management.      

Specialist Skills / Technical Knowledge, Technical Competencies Required for this role:

• Bachelor in Sharia or Islamic Economics or Islamic Banking.
• CISSA and CIPA certifications (or alternative certifications).
• Arabic & English language   
• IT skills 
• 5years experience