Vice President Internal Shariah Audit

Commercial Bank International; Sharjah; On-site; AED 160,000 - 220,000; Full time

Job summary

A leading bank in the UAE is seeking an Internal Sharia Auditor to lead Shariah audits and ensure compliance with Islamic banking regulations. The successful candidate will be responsible for planning audits, conducting assessments, and presenting findings to senior management. Ideal applicants will have substantial experience in Shariah auditing, a degree in Islamic Shariah, and relevant professional certifications. This role requires strong analytical skills and the ability to communicate effectively in English and Arabic.

Qualifications

• Minimum 5 years experience in Shariah audit.
• Strong command of English; reasonable Arabic skills.
• Familiar with Islamic banking regulations and practices.

Responsibilities

• Plan and execute Shariah audit field work exercises.
• Produce and present Shariah audit reports.
• Conduct regular field audits to ensure compliance.

Skills

Compliance

Risk Assessment

Audit Reporting

Education

Degree in Islamic Shariah or relevant specialization

Professional certificate in Shariah and Islamic Banking Audit

Job description

Job Purpose:

Lead and undertake Shariah audit and monitor to ensure Islamic banking compliance with the Islamic Shariah.

Conducting an annual plan to collect and assess evidence of Islamic banking activities and transactions to ensure their compliance and ensure the adequacy of actions taken to comply with the Islamic Shariah, internal procedures and Shariah governance frameworks.

Duties and Responsibilities:

Plan Shariah audit exercise, execute Shariah audit field work exercises, produce Shariah audit reports, present Shariah audit reports to relevant parties and perform monitoring of management action plan implementation.

The Internal Shariah audit shall be required to coordinate and exchange their findings and reports with Internal audit department.

Internal Sharia Auditor shall be responsible for:

•Development of Internal Shariah audit, manual and to undertake review and update of the manual on regular basis,

•Prepare annual Shariah audit plan, which must be approved by ISSC in coordination with the audit committee, while upholding the best practices in this process (e.g. Risk based Shariah Audit),

•Assessment of business and activities and access effectiveness of internal Shariah supervision to ensure compliance with Islamic Shariah,

•Ensure products, service forms, contracts, agreements, activities and transactions execution procedures and other related matters are approved by ISSC.

•Ensure CBI Al Islami branches, internal and external department complying with Islamic Shariah and regular field audit to be conducted to ensure compliance.

•Prepare Internal audit forms and programs required for conducting inspection and execution of transactions in light of the ISSC’s fatwas and HSA resolutions.

•Conducting meeting with departments on Shariah observations and putting in place appropriate measures to prevent reoccurring.

•Prepare a report of outcomes of the Internal Shariah audit

•Support risk assessment on a regular basis to ensure that changes in the risk profiles are identified in a timely manner.

•Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct. This includes understanding and ensuring compliance with all applicable laws, regulations, guidelines, and the Group Code of Conduct.

•Plan and organize reviews and agree terms of reference to ensure they are carried out effectively, within the timescales allocated, keeping senior management informed of progress and findings.

•Reliably able to exercise judgement over the materiality of issues and ratings of audits.

•Present Audit reports to the Internal Shariah Supervisory Committee (ISSC), CEO, Senior Management (first and second line) on the audit findings raised in reviews, together with recommendations for improvements.

•Review proposed actions from Senior Management and present these to the ISSC for review, discussion and finalization.

•Oversee the finalized actions taken so that outstanding issues identified during reviews are followed up and resolved to ensure that risks are effectively managed in accordance with all relevant policies and regulations.

•Assess compliance with the Bank's policies and procedures and guidelines together with relevant regulatory and statutory requirements where appropriate implementing actions to protect the Bank's business at all times.

Competency Profile:

•Degree in Islamic Shariah or relevant specialization

•Professional certificate in Shariah and Islamic Banking Audit from one of the organizations that support Islamic finance like AAOIFI and CIBAFI

•Have a minimum experience of 5years in the field of Shariah audit

•Strong command of English and reasonable Arabic.