About the Role
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In this regulatory position, you will supervise the continuous monitoring of the company Islami businesses and activities to ensure compliance with the Shari’ah Compliance guidelines issued by the HSA, CBUAE. This role is critical for maintaining the integrity of our Islamic banking operations and assures adherence to regulatory frameworks.
Principal Accountabilities
- Development of Annual Plan: Develop the annual review plan, which shall be approved by the ISSC and the Board.
- Planning and Scoping of the Review: Prepare outline and structure for the review process by collecting data from the business functions under examination to develop the scope, objectives, and methodology of the review, understanding regulatory requirements, ISSC resolutions, Shari’ah Non-Compliance risks, and other compliance obligations, processes, policies, and procedures.
- Field Review & Meetings: Conduct field reviews and opening meetings with stakeholders to create awareness of Shari’ah compliance and Shari’ah Non-compliance risks.
- Development of Internal Checklists: Develop checklists for undertaking an adequate and effective review of the subject matter, mapping all requirements and expectations of regulatory requirements and ISSC resolutions.
- Walkthrough: Prepare, plan, and conduct a walkthrough test to gauge the reliability of internal procedures, manuals, and policies, accompanied by an assessment of the controls, their adequacy, and effectiveness.
- Internal Controls Assessment: Assess internal controls related to Shari’ah Non-Compliance Risk (SNC) to ascertain the adequacy of the control design, operational reliability, probability of avoiding or circumventing the control, and comprehensiveness of existing controls.
- Staff Awareness: Assess staff awareness regarding the knowledge and skills required to fulfill their job adequately, determining the type of knowledge needed based on the nature of their responsibilities related to executing processes and understanding SNC risks.
- Issues and Actions: Analyze and identify the root causes for findings/incidents, assessing the existence of reliable and efficient controls to prevent incidents, clarity, and completeness of internal policies requirements, accessibility, and staff conduct in relation to established policies.
- Reports: Prepare a report of preliminary issues to the relevant parties, assess responses received, conduct closing meetings, and prepare final reports with control status and management action, an executive summary of the scope and methodology, and detailed issues and actions. Present the final report to the ISSC for assessment and approval for further dissemination.
- Progress Status Monitoring: Monitor progress updates regarding the implementation of action plans.
Requirements
Education and Experience:
- University Degree in economics, accounting, banking, or finance, with knowledge in Shari’ah and law; or
- A professional certificate in Shari’ah and Islamic banking control from recognized organizations that support Islamic Finance, such as the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) or the General Council for Islamic Banks and Financial Institutions (CIBAFI).
