Head of Internal Shari?ah Control Division

Job Description

Head of Internal Shari?ah Control Division - (2200018023)Job: CompliancePrimary Location: Africa & Middle East-United Arab Emirates-DubaiSchedule: Full-timeEmployee Status: PermanentPosting Date: 20/Jul/2022, 9:53:40 AMUnposting Date: 03/Aug/2022, 10:59:00 PMThe Role Responsibilities

• Work under the guidance of Internal Shari?ah Supervision Committee (ISSC) and responsible for Shari?ah Governance and Shari?ah Compliance of Islamic Banking Business in UAE.
• For administrative matters and enforcement/implementation of Shari?ah Governance Framework in bank, involve Head of CFCC Governance UAE, Country Head of Compliance UAE and ISSC.

Strategy

• Drive Group Islamic Business strategy, operating model and support business within parameter of Shari?ah guidelines issued by Higher Shari?ah Authority (HSA) of Central Bank UAE and ISSC
• Develop, grow and maintain regulatory relationships with regulators in Country through a structured engagement programme with consistent adherence to regulatory expectations.
• Promote the culture and practice of compliance with compliance standards (including conducting business within regulatory requirements, and to high ethical standards) within the Bank and embed a Here for good culture and the Group Code of Conduct.

BusinessMainly responsible for:Shari?ah Consultations

• Provides consultation based on the ISSC?s fatwas and resolutions regarding:
  • Contracts and documents and other aspects related to the Islamic Banking financial products and services, including products manual, policies, internal procedures etc
  • Bank?s Shari?ah related inquiries and issues,
  • Promotional / advertising materials and publications,
  • Customers complaints (related to the compliance with Islamic Shari?ah), and
  • Other Shari?ah issues faced by the bank especially the ones related to structuring and products

Shari?ah Research & Development

• Conducts researches for related Shari?ah and procedural issues requested by ISSC
• Contributing, with other relevant units in the bank, to the development of products and formulation of policies, procedures, contracts, and other areas of development in bank

Shari?ah Compliance

• Responsible to continuously monitor Islamic Banking businesses and activities compliance with resolutions, fatwas, regulations, standards, which are issued by the HSA
• Submit Shari?ah compliance report to the ISSC to look at the technical Shari?ah related matters prior to submitting the same to the chief executive officer
• Submit all Shari?ah Compliance reports to the head of compliance regarding the compliance with Islamic Shari?ah
• Prepare annual Shari?ah review plan, conduct internal Shari?ah reviews under the guidance of ISSC for Islamic businesses and operations

Shari?ah Training

• Conducts 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.

ISSC Secretariat

• Provide necessary secretarial support to the ISSC includes, arrangement of ISSC meetings, preparation of agenda, submission of documents and fatwa for approval, preparation of meeting minutes
• Communicate ISSC resolution/guidance/approvals to relevant stakeholders and follows up their implementation
• Keep soft/hard copy records of fatwas / decisions and follow up administrative matters related to ISSC
• Prepare Annual Shari?ah Report (as per template advised by HSA) under guidance of ISSC

Processes

• Responsible to perform Internal Shari?ah Control Division processes and look after Shari?ah related processes in Islamic Banking Business
• Develop, keep up to date and recommend for approval by the relevant Committee, appropriate policies/processes/DOls to address CFCC, aligning with relevant regulatory requirements.
• Ensure the Bank is properly prepared for regulatory inspections and coordinating responses with the business
• Provide advice to relevant business & functions on compliance with Group standards & regulatory matters relating to Islamic Banking.
• Proactively monitor regulatory developments to manage the regulatory impact of complex regulatory matters on the Banks business and its operations
• Provide guidance on the application and interpretation of Islamic banking laws, regulations and policies applicable in Country.
• In the event of serious regulatory breaches, or where risk tolerances have been breached, assist in critical workstreams to ensure senior management and relevant regulators are informed and that actions are taken quickly to remediate and/or activities are ceased.
• Track significant issues arising from CFCC metrics, Assurance activities, Audit reviews and regulatory inspections, providing validation of issue closure where necessary.
• Prepare and cascade lessons learned from audit findings, assurance activities and specific investigations.
• Co-ordinate/support the management of audits/exams

People and Talent

• Work in collaboration with risk and control partners of Islamic Banking Business
• Conduct Shari?ah trainings as per regulatory requirement
• Promote and embed a culture of openness, trust and risk awareness, where ethical, legal, regulatory and policy compliant conduct is the norm.
• Stimulate an environment where forward planning, prioritisation, deadline management and streamlined workflows and collaborative, inclusive yet effective and efficient work practices are the norm
• Lead through example and build the appropriate culture and values

Risk Management

• Ensure a full understanding of the risk and control environment in area of responsibility
• Apply Group, CFCC and Islamic Banking policies and processes to manage risks
• Make recommendations (and/or implement) to relevant stakeholders on possible risk management responses to identified risks and/or findings of concerns from investigations
• Inform senior management and relevant regulators of serious regulatory breaches (or where risk tolerances have been breached) and ensure that actions are taken quickly to remediate and/or activities are ceased
• Support and stimulate an environment where forward planning, prioritisation and deadline management lead to efficient work practices and streamlined functional activities and processes
• Ensure the Bank is properly prepared for, routine regulatory exams, audits and supervisory inspections, as well as to managing the response from the business

Governance

• Responsible to support Islamic Banking Business in managing Shari?ah Governance and Shari?ah Compliance
• To understand Islamic Banking regulatory requirements and have willingness to work with regulators in an open and coop

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