Associate Manager Shariah Compliance Transaction

Islamic Development Bank

Jeddah, Saudi Arabia

Ref: PP000-46445

Job description / Role

Job Type
Full Time

Job Location
Jeddah, Saudi Arabia

Nationality
Any Nationality

Salary
Not Specified

Gender
Not Specified

Arabic Fluency
Not Specified

Job Function
Finance, Business Analysis & Consulting

Company Industry
Banking - Corporate

Job purpose

The job holder is responsible for effectively leading all Shari'ah compliance review engagements within IsDB Group to ensure Shari'ah compliance ex-ante (i.e. before IsDB Group transacts). The role works closely with management in day-to-day operations to ensure Shari'ah compliance. Consequently, the role ensures that all IsDB Group's financing, investment and funding transactions, operations, policies and activities are compliant with the IsDB Group Shari'ah Board's resolutions and recommendations in line with the mandate of the IsDB Group Shari'ah Affairs Division (SDiv) and Article 1 of IsDB's founding Articles of Agreement.

Key accountabilities

Strategic planning and implementation:

Lead the timely development and implementation of the strategic objectives of the Shari'ah review function.

Develop the annual work plan of the Shari'ah review function.

Undertake any specialized Shari'ah review engagements directed by the SDiv Manager.

Policies, processes and procedures:

Lead the Shari'ah review of new or amendment of existing IsDB Group policies, guidelines, processes, rules and regulations etc., (before enactment) to ensure compliance with Shari'ah rules and principles.

Monitor new market developments and evaluate their impact upon IsDB Group operations and activities and put up appropriate recommendations to the Shari'ah Division Manager.

Benchmark Shari'ah related best practices by participating in industry standards (AAOIFI, IFSB, IIFM etc.) exposure draft sessions, international round tables and other events in the field of Islamic banking and finance to bring experiences and best practices of other institutions to IsDB Group and vice versa with robust recommendations to Shari'ah Division Manager.

Shari'ah consultations:
Provides internal consultation based on the IsDB Group Shari'ah Board's fatwas and resolutions regarding:

Contracts and documents and other aspects related to the financial products and services, including products manual, policies, internal procedures etc.

Group (ITFC, ICEIC and ICD) Shari'ah related inquiries and issues.

Other Shari'ah issues faced by the IsDB Group especially the ones related to structuring and products.

Shari'ah review:

Responsible to continuously monitor Islamic banking businesses and activities compliance with resolutions, fatwas, regulations, standards, which are issued by the Group Shari'ah Board.

Submit Shari'ah compliance report to the Shari'ah Affairs Manager to look at the technical Shari'ah related matters prior to submitting the same to the Shari'ah Board.

Prepare annual Shari'ah review plan, conduct internal Shari'ah reviews under the guidance of Manager - Shari'ah Affairs Division for businesses and operations.

Knowledge sharing and innovation

Conduct training for bank's staff on aspects of their duties related to Islamic business compliance with Islamic Shari'ah.

Also provides adequate training for the staff on what they need to be equipped with from information and skills, depending on nature of work of each employee, to ascertain that the bank complies with Islamic Shari'ah at all times.

Lead the provision of Shari'ah guidance on technical Islamic finance matters or trainings to IsDB Group clients/member countries on a needs basis to promote the developmental initiatives of IsDB Group.

Reporting and communication

Participate in the preparation of periodic reports, briefings, and presentations for management.

Participate in the presentation of findings of the Shari'ah reports to various stakeholders such as President of IsDB, IsDB Group Shari'ah Board, BED's and BOG's.

Operational excellence and administration

Ad-hoc assignments of IsDB Group Shari'ah Affairs Division (SDiv).

Supervise, coach and mentor subordinates.

Propose and implement process improvements within SDiv to increase efficiency, effectiveness, budget control and compliance of the related operations.

Academic and professional qualifications

Master's degree in Islamic Banking and Finance or related fields. (PhD in Islamic Banking would be an added advantage).

Certificate in Shari'ah Advisor and Auditor (CSAA) from AAOIFI.

Minimum 10 years of relevant experience in Islamic Finance/Shari'ah compliance preferably in international organizations.

Three (3) years managerial experience.

Languages: English: Mandatory | Arabic: Mandatory | French: Preferred.

Skills and necessary knowledge

Well versed in Islamic Fiqh / Fiqh al Mu'amalat.

Proven competence in Shari'ah rules and principles.

Problem solving and negotiation.

International Shari'ah and Shari'ah governance standards.

Research and analysis.

Review operations.

Bank knowledge.

MS Office skills.

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