Vice President – Islamic Retail Assets

Job description / Role

This is senior level strategic position involving deep understanding of Islamic Banking Business. The role is with a bank which has established a robust Islamic Banking Business. The incumbent is expected to further develop the Islamic Banking Business and implement strategic goals and objectives, give direction & leadership.

This will cover among other things:

Transforming the opportunity in Islamic Banking Business into robust revenue streams
Sound understanding of Regulatory issues governing Islamic business in the UAE & globally. Understanding of the Shari'ah - Fiqh Al Muamalat.
Product Development: Understanding multiple product structures under Shari’ah standards & Shari’ah compliant contracts used for structuring retail, corporate and investment banking products. Embed conventional financial structuring with Shari’ah requirements to meet Islamic transactional rules. Oversees product design, promotion, documentation, delivery and quality of products and services.
Distribution: Set up a strong distribution network which includes, branches, DSA’s and alternate channels for Retail Franchisee. Develop a strong corporate banking franchisee.
Marketing and Branding: Position Islamic product offering as a separate brand offering. Finalise the overall marketing strategy and develop a niche strategy to market products amongst retail, HNW and wholesale customers.
Financial, Risk and Facilities Management: Recommends yearly budget and prudently manages organization's resources
Public Relations: Assures the organization and its mission, programs, products and services are consistently presented in strong, positive image to relevant stakeholders
Operations and Compliance: Set up sound operation support unit for back office transaction processing and execution of administration responsibilities. Ensure compliance of Islamic banking business with respect to Shari’ah standards and internal audit.

Major Responsibilities:
Advocates / promotes organization and stakeholder change related to organization mission
Close contact with the Shari’ah Supervisory Board
In charge of Developing and Designing new Islamic products such as; personal finance, Ijarah Home Finance, Murabaha Goods Finance, Ijarah Services Finance..etc.
Managing entire Credit Cycle Management for Asset Products which includes product planning, preparation of product program, consumer risk, initiation and collection.
Regular Interfacing with Collections Unit for reviewing delinquent cases, foreclosures and / or pre-payments for all Islamic retail assets.
Courage to be innovative while being diplomatic and bridge building in approach and style
Supports motivation of employees in organization products/programs and operations
Identifying opportunities for maximizing value creation & sales growth, establishing presence in markets
Undertake product training of branch personnel and DSA team
Ensures staff and senior management have sufficient and up-to-date information
Ensure the accounting entries of each Islamic product are set.
Supervise all system development, enhancement and UAT pertaining to all Islamic Retail Assets products.
Looks to the future for change opportunities
Prepare a monthly analysis on the assets portfolio.
Periodical review on all Islamic retail assets achievements against the set target.
Interfaces between senior management and employees.
Formulates policies and planning recommendations to the Senior Management.
Recommend changes to policy / process based on local nuances / competitor feedback.
Implements plans.
Manages staffing requirement.
Contribute to corporate growth by building a sound revenue model.
Prepare business strategy, business plans, and budgets.
Distribute the monthly, quarterly and yearly budgets to each sourcing channels.
Keep an eye on the growth of the business as well as monitor the attrition.
Market research activity and tracking competitors moves, and provide valuable information to the top management for fine tuning the selling and marketing activities.
High level contacts and regular inter actions with internal and external legal counsel, investment bankers, Shari’ah Scholars and consultants.
Due diligence (e.g.; coordination of external consultants) and in-depth business analysis
Designing and analyzing of risk management mechanisms.
People Management: Driving a force of self-achieving and dynamic professionals.
Keep close contact with other operational departments for smooth process of retail assets applications.
Educate staff and customer on the differences between Islamic and Conventional facilities in terms of nature of the facility as well as the process.

Requirements

Business Graduate/Post Graduate in Business/Management/Economics

Islamic Banking Qualification/ or any other professional qualification from a certified body.

15 to 20 years of experience in Banking preferably with a reputed Islamic Bank/player. Of which 5 to 7 years should be at senior management level in core Islamic Banking business areas. Experience in ‘hands-on’ build approach in running Islamic Banking business. High level contacts in Islamic banking fraternity.

This role requires outstanding negotiation and communication skills coupled with an innovative blend of Shari’ah and conventional finance ideally gained in an Islamic financial institution with Risk assessment capabilities. Entrepreneurship is decisive, in order to fit with the “start-up” culture of the business. Personal flexibility and the ability to work with a demanding, performance-driven, hands-on and focused Senior Management is critical. Those with Arabic language skills will be at a distinct advantage.

About the Company

ABF Resourcing is a recruitment and executive search consultancy. Our focus is placement of professionals across multiple sectors. Our experienced consultants offer a proactive and solution-driven response to clients and candidates seeking recruitment assistance.

At ABF Resourcing we aim to establish long-term relationships built upon a mutual trust and respect, where we endeavor to understand and fulfill your exact requirements. Our team consists of highly qualified recruitment specialists who will offer a consultative approach to your recruitment needs. We are dedicated professionals who will confidently guide you through the recruitment process with integrity, confidentiality and professionalism.

ABF Resourcing specializes in placing Professionals in the following Sectors:

Construction & Real Estate Hospitality and Development Banking and Finance Human Resource & Office Support Information Technology & Telecommunications Energy, Waste and Natural Resources Legal Sales & Marketing Advertising, Media & PR