Manager Shari'ah Compliance (UAE National)

Commercial Bank of Dubai; Dubai; On-site; AED 150,000 - 210,000; Full time

Job summary

Commercial Bank of Dubai is seeking a regulatory professional to supervise Shari’ah compliance across Islami units in the UAE. The role involves planning, scoping, field reviews, and internal control assessments to ensure adherence to Shari’ah guidelines issued by the HSA and CBUAE.

The candidate should hold a degree in economics, accounting, banking or finance with Shari’ah knowledge and a professional Shari’ah control certificate (AAOIFI or CIBAFI).

Qualifications

• University degree in economics, accounting, banking or finance with knowledge in Shari’ah and law.
• Professional certificate in Shari’ah and Islamic banking control from AAOIFI or CIBAFI.

Responsibilities

• Develop Annual Plan approved by the ISSC and the Board.
• Plan and scope reviews, collecting data to define scope, objectives and methodology.
• Conduct field reviews and opening meetings to raise awareness of Shari’ah compliance.

Education

University Degree in economics, accounting, banking or finance, with knowledge in Shari’ah and law

Professional certificate in Shari’ah and Islamic banking control (AAOIFI or CIBAFI)

Job description

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:

Job is a regulatory position to supervise the continuous monitoring of CBD Islami businesses and activities’ compliance as per the Shari’ah Compliance guidelines issued by the HSA, CBUAE.

Principal Accountabilities:

• Development of Annual Plan: Develop the annual review plan, which shall be approved by the ISSC and the Board.
• Planning and Scoping of the Review: Prepare outline and structure for the review process. This involves collecting data from the business functions under examination to develop the scope, objectives, and methodology of the review. For the purpose of planning and scoping, understand the regulatory requirements, the resolutions of the ISSC, the Shari’ah Non-Compliance risks, compliance obligations, processes, policies and procedures.
• Field Review & Meetings: Conduct field reviews and opening meetings with stakeholder to create awareness on Shari’ah compliance and Shari’ah Non-compliance risks.
• Development of Internal Checklists: Develop checklists for undertaking an adequate and effective review of the subject matter. Be able ascertain mapping all requirements and expectations of the regulatory requirements and the ISSC resolutions.
• Walkthrough: Prepare, plan and conduct a walkthrough test to gauge the reliability of internal procedures, manuals and policies. The walkthrough should be accompanied by an assessment of the controls, their adequacy and effectiveness.
• Internal Controls Assessment: Assess internal controls related to Shari’ah Non-Compliance Risk (SNC) to ascertain the adequacy of the control design, operational reliability, probability of avoiding or circumventing the control, and comprehensiveness of the existing controls.
• Staff Awareness: Assess the staff awareness in relation to knowledge and skill required to fulfill their job adequately. Determine the type of knowledge needed for performing role in Islamic window depending on the nature of their responsibilities. Such knowledge and skills are related to execution of processes, understanding of SNC risks.
• Issues and Actions: Analyze and identify the root causes for findings/incidents, while assessing the existence of reliable and efficient controls to prevent the incidents from occurring, clarity and completeness of internal policies requirements as well as accessibility, and staff conduct and adherence to established policies.
• Reports: Prepare a report of preliminary issues to the relevant parties, assess response received from the respective parties, conduct closing meeting. Prepare final report with adequacy of control status and management action, executive summary of the scope and methodology, and details of issues and actions. Present the final report after completion to the ISSC for assessment and approval for further dissemination.
• Progress Status Monitoring: Monitoring progress updates in terms of action plan is implementation.

Requirements:

Education and Experience:

• University Degree in economics, accounting, banking or finance, with knowledge in Shari’ah and law; or
• Have a professional certificate in Shari’ah and Islamic banking control from one of the organizations that supports Islamic Finance like the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) or the General Council for Islamic Banks and Financial Institutions (CIBAFI).