Head of Sharia Internal Control

Consulture Search; Dubai; On-site; AED 350,000 - 500,000; Full time

Job summary

Consulture Search is looking for a Head of Sharia Internal Control to ensure compliance with Islamic Shariah principles and manage the Sharia control department. This strategic role includes providing guidance, leading reviews, and overseeing audits across the organization.

The ideal candidate will hold a university degree in Islamic Shariah, have over 10 years of relevant experience, and be bilingual in Arabic and English. Key responsibilities include governance, compliance, product reviews, and regulatory reporting.

Qualifications

• At least 10 years of experience in Shariah supervision within Islamic financial institutions.
• Minimum of 5 years in Shariah supervision in Takaful insurance.
• Fluent in Arabic and English.

Responsibilities

• Ensure compliance with Islamic Shariah principles in company operations.
• Lead Shariah reviews and audits for compliance evaluation.
• Develop Shariah governance framework and oversee its implementation.

Skills

Shariah compliance

Risk assessment

Islamic finance expertise

Bilingual (Arabic and English)

Education

University degree in Islamic Shariah or relevant specialization

Professional certification in Islamic finance and/or Takaful

Job description

About the role

Our client is seeking a dynamic and experienced professional Head of Sharia Internal Control. This pivotal role ensures that all company activities, products, and services are fully compliant with Islamic Shariah principles and the regulations set by the Central Bank and other relevant authorities. As the lead in Shariah Control department, you will act as the primary liaison between the company's executive management and the Shariah Committee. You will provide strategic guidance, lead Shariah reviews and audits, and oversee the implementation of all Shariah resolutions across the organisation.

Responsibilities

Governance & Compliance

• Ensure that the company's operations, contracts, and product offerings comply with the principles of Islamic Shariah.
• Develop and oversee the implementation of a comprehensive Shariah governance framework in line with Central Bank standards and AAOIFI guidelines.
• Monitor the implementation of Fatwas, guidelines, and decisions issued by the ISSC.
• Identify any Shariah non-compliance issues and recommend appropriate corrective actions.

ISSC Secretariat & Liaison

• Act as the secretary and coordinator for the Internal Shariah Supervision Committee.
• Prepare and submit documentation and reports for ISSC meetings.
• Ensure timely execution of ISSC resolutions and provide periodic reports to senior management.

Sharia Consultation and Research

• Provide expert Shariah consultation to various departments, particularly in underwriting, investment, claims, and product development.
• Conduct Shariah research to support innovation and ensure alignment with contemporary Islamic finance practices.
• Contribute to the development of new Shariah-compliant concepts and business strategies.

Shariah Reviews & Audits

• Lead periodic Shariah reviews and audits to evaluate compliance in underwriting, investments, re-Takaful, claims processing, and all operational activities.
• Identify Shariah non-compliances and propose corrective measures.

Product Review & Approval

• Review and approve new and existing Takaful products and services from a Shariah perspective.
• Work closely with the Product Development and Legal departments to ensure all documentation (contracts, policies, brochures) align with Shariah rulings.

Training & Awareness

• Conduct internal training programs and awareness sessions for staff on Shariah compliance and Takaful principles across the Company.

Regulatory Reporting

• Ensure timely submission of all required Shariah compliance reports to the Central Bank and other regulatory authorities.
• Keep abreast of regulatory changes and ensure the company's Shariah practices are aligned with updated laws and guidelines.

Candidate Education and Qualifications

• Hold a university degree in Islamic Shariah or a relevant specialization.
• Possess a professional certification in Islamic finance and/or Takaful, such as AAOIFI, CIBAFI, in addition to a recognized professional insurance certificate issued by a local or international organization.
• Have at least 10 years of experience in Shariah supervision within Islamic Financial institutions including at least 5 years Shariah supervision in Takaful insurance.
• Fluent in Arabic and English