Senior Manager Sharia Advisory And Control - Risk Management

Job description / Role

Operating in the UAE for over 50 years, CBD manages the financial requirements of some of the largest corporates and businesses operating in the country, driving the UAE economy. Over the years, CBD has transformed into a progressive and modern banking institution winning multiple awards for its digital initiatives, credit cards, bank accounts, mobile app features and services.

CBD has been recognized as the number one bank in the UAE on the Forbes list of The World's Best Banks 2022.

As we continue to build upon our successes, we are looking for ambitious individuals who are passionate about the banking and finance industry and the markets in which CBD operates. Just as important to us is your ability to demonstrate a talent for dealing with people - your colleagues and our customers - and delivering service that really goes the extra mile.

Job Purpose

Manages all matters relating to ISSC meetings, affairs and provides consultation based on the ISSC's fatwas and resolutions to various business units within the bank.

Sharia Control

Shall assume the following functions:

ISSC Secretariat

- Preparing, and organizing meetings of the ISSC
- Preparing and drafting the minutes of the meetings
- Communicating ISSC resolutions to the internal Sharia control division, internal Sharia audit division in addition to other divisions within CBD
- Following up with resolution implementation as per the follow-up list required by ISSC
- Filing fatwas and resolutions
- Follow-up administrative matters related to ISSC Sharia Consultations

Sharia Consultations

- Provides consultation based on the ISSC's fatwas and resolutions regarding:
- Contracts and documents and other aspects related to the financial products and services, including products manual, policies, internal procedures
- Sharia related inquiries and issues
- Promotional/Advertising materials and publications
- Customers complaints (related to the compliance with Islamic Sharia)
- Other Sharia issues faced by CBD especially the ones related to structuring and Products

Sharia Compliance

- As a team member of ISCD, needs to continuously monitor compliance of businesses and activities with resolutions, fatwas, regulations, standards, which are issued by the HSA

Operational Efficiency

- Overseen the activities of the profit calculation and distribution system i.e. system parameters, accruals, profit calculations and distribution
- Co-ordinate with Finance to set up chart of accounts and new general ledgers to ensure compliance with regulations and proper segregation of Islamic and conventional GLs.
- Reviewed repayment calculations for complex Islamic transactions on an ad-hoc basis.

- University degree in Islamic Sharia or relevant specializations
- Have a professional certificate in Sharia and Islamic Banking Control from one of the organizations that supports Islamic Finance like the Accounting and Auditing Organization for IFIs (AAOIFI)

EXPERIENCE

- 7 years of experience in the field of Islamic Banking and Operations.
- Strong knowledge in Islamic Banking, Operations and Credit Administration.

SKILLS

- Good command of English and Arabic languages both written and spoken
- Planning and organizing skills
- Interpersonal skills
- Presentation skills
- Sharia audit and review skills

COMPETENCIES

- Manage internal stakeholders
- Eye for details
- Thinking analytically
- Team working
- Taking initiatives

About the Company

In 1969, when we at Commercial Bank of Dubai started out little did we know that sheer grit and determination would get us where we are today. An Emiri Decree issued by His Highness the Late Sheikh Rashid Bin Saeed Al Maktoum, the founder of modern Dubai, laid the cornerstone of Commercial Bank of Dubai. We started out as a joint venture of Commerzbank, Chase Manhattan Bank and Commercial Bank of Kuwait. A minority stake was held by a few UAE businessmen.

By 1982, little more than a decade later, we evolved into a National Public Shareholding company. A feat complimented by an exponential increase in the capital base and mammoth restructuring of our operations. The feather in the cap came when the Government of Dubai became a key shareholder.

Over the decades, we have transformed ourselves into a progressive and modern banking institution. We are supported by a sturdy financial base and reigned by a strong and stable management. The proof of which lies with our customers who have stood by us over the years.