Head of Internal Shari'a Audit Assignment

Job description / Role

Role purpose

Assist the Group Head of Internal Shari'a Audit in building the internal Shari'a audit assignments and monitor ADIB's compliance with Islamic Shari'a according to AAOIFI standards and in accordance with the IIA standards. Standard of Shari'a governance for Islamic financial institutions, to ensure their compliance with Islamic Shari'a and ensure the adequacy of internal procedures and Shari'a governance frameworks.

Key accountabilities of the role

Responsibilities:

• Assist in establishing a strategy for internal Shari'a audit group functions.

Results required:

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.

As Head of Internal Shari'a Audit Functions, the main responsibilities are as follows:

• Compile, review and summarize Higher Shari'a Authority CBUAE - HAS and ADIB Internal Shari'a Supervisory Committee (ISSC) resolutions.
• Review policy and procedures related to processes and products.
• Develop and review the Shari'a audit program and identify and define areas of Shari'a non-compliance risks.
• Identify and evaluate the Shari'a non-compliance (SNC) risks, including prioritizing and quantifying the SNC, SNC assessment, likelihood rating scale and criteria, impact rating scale and criteria, overall SNC score scale, definition and criteria.
• Identify the Shari'a controls, prioritize, quantify and evaluate the effectiveness of Shari'a controls, obtaining management consensus.
• Prepare list of Shari'a audit requirements and reports.
• Conduct risk assessment for finance products (assets) only, including evaluation framework (scoring system) and sampling methodology (extensive testing, moderate testing, standard testing).
• Prepare authority letter.
• Conduct opening meetings and presentations to the respective managements (introduction, authority letter, scope and objectives, findings and exceptions, Shari'a audit progress, cooperative administration).
• Forming 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).
• Define sampling methodology (defining the population, number of locations, Shari'a control changes, setting the sample size, document the tests to be performed).
• Prepare findings and exceptions sheets including finding/exception, cause, responsibility, SNC/impact, working paper references, recommendation/policy reference, management reply and target date.
• Prepare Shari'a audit reports including executive summary report and detailed report.
• Rate Shari'a control environment and Shari'a control.
• Maintain exceptions and findings database.
• Conduct exit meetings.
• Follow up on matters reported by Shari'a audit.
• Prepare ISSC escalation Shari'a audit reports.
• Draft Shari'a guidelines.
• Comply with any additional tasks assigned by the team leader or line management.

Specialist skills / technical knowledge required for this role

• BA or higher degree in Shari'a and law or any other related subject.
• Fully conversant in Shari'a regulatory audit and compliance matters and accustomed to dealing with bank senior management.
• Good knowledge of market products.
• Skilled at analysing root causes of problems.
• Proficient in MS Office (Word, Excel and PowerPoint).
• Ability to build constructive and effective relationships with peers and seniors.
• Strong analytical, written and oral communication skills.
• Project management skills.
• Relationship building.
• Sound judgment.
• Strong interpersonal skills.
• Ability to multi-task.
• Independence of thought and initiative.
• Willingness to travel (10-25%).
• Fluency in Arabic and English languages.

Previous experience required

Candidate should ideally possess 10 to 15 years of business experience along with strong Shari'a knowledge background in all Islamic banking products for all segments, much of which should be in regulatory Shari'a audit environment especially in the Islamic banking and finance industry. Experience in regulatory governance and Shari'a compliance management related consultation and advisory. Regulatory experience, including IIA and AAOIFI standards.