Sharia Compliance Manager

Confidential Company; Dubai; On-site; USD 60,000 - 90,000; Full time

Job summary

A leading company in Dubai is seeking a Sharia Compliance Officer to ensure adherence to Islamic banking regulations and guidelines. The role involves monitoring compliance, conducting gap analyses, and promoting a strong Sharia culture within the organization. Candidates should have a relevant degree and significant experience in the Sharia Department of an Islamic Financial Institution.

Qualifications

• Minimum 5 years in Sharia Department of an Islamic Financial Institution with a Master’s degree.
• Minimum 7 years in Sharia Department without a Master’s degree.

Responsibilities

• Ensure compliance with UAE Law and Sharia guidelines.
• Conduct regular reviews and gap analyses for compliance.
• Develop and promote Sharia compliance culture within the Bank.

Skills

Regulatory and Compliance Knowledge

Credit Policy and Parameters

Editorial Skills

Education

Bachelor’s degree in Sharia

Bachelor’s degree in Islamic economics, Islamic banking, or finance

Job description

Bachelor of Commerce, Bachelor of Business Administration, Master of Commerce

Nationality

Any

Vacancy

Job Description

• Regulatory Compliance
  Ensure full compliance with UAE Law No. 14 of 2018, as well as all resolutions, fatwas, regulations, and standards issued by:
  The Higher Sharia Authority (CBUAE-HSA)
  The Internal Sharia Supervisory Committee (ISSC)
  Sharia Governance Framework
  AAOIFI Sharia Standards
  Any other relevant regulatory or Sharia guidelines for Islamic banking
• Ongoing Monitoring
  Continuously monitor and ensure the Bank’s business activities align with all applicable Sharia resolutions and regulatory requirements issued by the ISSC and CBUAE-HSA.
• Gap Analysis and Action Planning
  Analyze new circulars and resolutions issued by the HSA.
  Prepare detailed gap analysis reports identifying obligations, relevant stakeholders, current status, action plans, remedial actions, and deadlines.
• Communication and Reporting
  Assist in disseminating HSA circulars and resolutions to the ISSC and senior management.
  Follow up with relevant stakeholders on implementation and closure of identified gaps.
• Annual Review Planning
  Assist in developing the annual Sharia compliance review plan, to be approved by the ISSC and the Board Risk & Compliance Governance Committee (BRCGC).
• Document and Process Review
  Review existing documents including contracts, product structures, policies, procedures, manuals, processes, and marketing materials to ensure compliance with Sharia principles.
• Risk Mitigation
  Recommend remedial actions and appropriate changes to existing controls to mitigate Sharia non-compliance risks across the Bank’s operations.
• Sharia Culture & Awareness
  Promote and cultivate a strong Sharia compliance culture within the Bank.
  Enhance staff awareness across the group, ensuring they possess the necessary knowledge and skills to meet Sharia compliance requirements.
• Checklist Development
  Assist in developing and regularly updating internal Sharia compliance checklists, ensuring clarity and relevancy of the content.
• Sharia Compliance Reviews
  Conduct regular field visits and reviews to evaluate the effectiveness of Sharia non-compliance controls.
  Issue reports and follow up on remedial actions to ensure controls are functioning as intended.
• Subsidiary Oversight
  Perform Sharia compliance oversight reviews of subsidiaries and affiliates.
  Integrate findings into the Bank’s consolidated Sharia compliance reporting.
• Policy Development
  Assist in the development of internal policies and processes relating to Sharia compliance reviews.
• Corrective Action Plans
  Support the establishment of detailed action plans to address root causes of non-compliance, specifying accountable parties and timelines.
• Periodic Reporting
  Prepare periodic Sharia compliance reports for submission to the ISSC.
  Ensure all technical Sharia matters are reviewed by the ISSC prior to being shared with the Group Chief Executive Officer.

Desired Candidate Profile

Education Requirements

• Bachelor’s degree in Sharia, with additional knowledge in law, economics, Islamic banking, or finance;
  OR
• Bachelor’s degree in Islamic economics, Islamic banking, or finance, with substantial knowledge in Sharia and law.

Work Experience

• Minimum 5 years of relevant experience in the Sharia Department of an Islamic Financial Institution (IFI), if holding a Master’s degree in Sharia, Islamic economics, Islamic banking, or Islamic finance.
  OR
• Minimum 7 years of relevant experience in the Sharia Department of an IFI without a Master’s degree.

Required Skills and Knowledge

• Credit Policy and Parameters: Basic understanding
• Editorial Skills: Basic proficiency in reviewing and editing documents
• Regulatory and Compliance Knowledge: Advanced understanding, particularly in Islamic finance and banking regulations

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