About the Role
The Head of Quality Assurance plays a pivotal role in supporting the Group Head - ISAG by ensuring Shari’a audit excellence and governance oversight in alignment with best practices. This role is critical for maintaining compliance with Shari’a rules and regulations based on IIA standards, contributing to the effective functioning of Shari’a governance and risk management processes within Shari’a-compliant institutions.
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Key Accountabilities
Assurance & Governance Oversight:
- Internal Shari’a audit serves as the third line of defense, providing independent assurance on the effectiveness of Shari’a governance, Shari’a non-compliance risk management, and internal Shari’a controls.
- Ensure adherence to Higher Shari’a Authority (HSA), AAOIFI standards, and resolutions from the Internal Shari’a Supervisory Committee (ISSC).
Risk-Based Audit Planning
- Execute risk-based planning in internal Shari’a audit, reflecting excellence in planning based on the Shari'a Audit Universe.
Enhancing Shari’a Compliance
- Ensure all operations conform to Islamic principles by:
- Reviewing Fatwas and resolutions.
- Monitoring implementation of Shari’a controls.
- Following up on exceptions and compliance gaps.
Quality Assurance & Continuous Improvement
- Maintain audit quality, report to the Board Audit Committee, and align with international standards as outlined in the Group Head-ISA JD.
- Utilize tools like MIS reports and GRC systems to track Shari’a exceptions and audit performance.
Annual Shari’a Audit Plan
- Annually update risk rating scorings for each Shari’a auditable entity per the Shari’a Audit Manual.
- Coordinate with business units for additional/missing information.
- Revise the scope of work for each business unit.
- Derive the overall Shari’a risk rating for each business unit subject to Shari’a audit.
- Select units for auditing in the upcoming year.
- Conduct skill analysis on Shari’a audit staff to confirm the right resources for planned assignments.
- Allocate man-days for audited units based on Shari’a Audit Universe excel sheet.
- Assist in obtaining ISSC approval on the year’s Shari’a Audit plan in consultation with BAC through ISAG Head.
- Present the Shari’a Audit plan, risk rating, and scope of work to the Board Audit Committee and concerned Group Heads.
ISAG Dashboards & Activity Reports
- Prepare ISAG-Dashboards bi-annually.
- Assist in preparing quarterly ISAG activity reports.
- Assist in preparing quarterly ISSC activity reports.
Improvement of ISA Quality Assurance Program
- Conduct periodic quality reviews on all ISA-related documents (Shari’a Audit Universe, Shari’a Internal Audit Charter, Shari’a Internal Audit Manual, Risk Ratings, JDs, etc.).
- Perform quality assurance reviews on all planning documents (Authority Letter, APM, Audit Program, Product Risk Rating, Resource Allocation, Sample Selection, etc.).
- Review and assign risk ratings on the consolidated exceptions sheet and develop recommendations and action plans.
- Conduct quality assurance reviews on all detailed reports and executive summaries.
- Coordinate with Group Internal Audit (GIA) to share internal Shari'a audit group reports and discuss audit approaches.
- Work with Group Compliance to ensure timely provision of CB-UAE requirements.
- Expedite compliance and closure of any pending CBUAE issues/findings on ISAG.
- Supervise the proper functioning of the i-Shari'a Audit System and the implementation of Business Continuity Planning (BCP).
Other Tasks
- Conduct internal meetings (ISAG Staff Monthly and Weekly Meetings with Group Head).
- Prepare adhoc presentations/tasks as required by the Group Head.
- Set goals, conduct mid-year reviews, and annual performance appraisals.
Specialist Skills / Technical Knowledge Required for This Role
- Chartered Accountant/Bachelor’s degree from a reputable institute/university.
- Professional experience (external/internal/Shari’a audit) with a Big 4 audit firm and/or in the Islamic banking industry.
- Certifications in Internal Audit, Shari’a Audit, such as CIA (IIA), CSAA (AAOIFI-Bahrain).
- Proficient in English and Arabic.
- IT skills, specifically in MS Excel, Word, and PowerPoint.
Previous Experience
- 7-10 years of experience in the audit profession.
