Compliance Officer (Riyadh)

avanacompanies; Al Khobar; On-site; SAR 60,000 - 90,000; Full time

Job summary

avanacompanies in Al Khobar, Saudi Arabia, is seeking a Compliance Officer to oversee financial transactions and ensure adherence to Shariah law. You will develop compliance policies, audit operations, and act as a liaison with regulatory authorities.

The ideal candidate has a Bachelor's degree in Business or Finance, a Professional Certificate in Islamic Finance, and strong experience in compliance roles. You will lead the compliance team to ensure ethical business practices and regulatory adherence.

Qualifications

• Bachelor's degree in Business, Finance, or a related field. Master's degree preferred.
• Professional Certificate in Islamic Finance (PCIF) Certification.
• Proven experience in a leadership role with technology strategy implementation.
• Strong knowledge of legal and regulatory requirements related to Sharia lending.

Responsibilities

• Ensure compliance with relevant laws, regulations, and industry standards.
• Liaise with regulatory authorities and external stakeholders.
• Scrutinize contracts and agreements for compliance with Sharia principles.
• Develop and implement compliance policies and procedures.
• Monitor activities to detect violations of laws and regulations.

Skills

Regulatory Knowledge

Risk Management

Auditing

Interpersonal Skills

Communication Skills

Education

Bachelor's degree in Business or Finance

Professional Certificate in Islamic Finance

Job description

Mission

The Compliance Officer will ensure the financial transactions, business activities and general operations adhere to the principles of Shariah law, including compliance oversight, policy development, auditing and risk management, stakeholder communication and ethical advocacy.

Core Competencies

• Regulatory Knowledge & Ethical Conduct
• Risk Management & Compliance
• Auditing & Monitoring
• Communication & Interpersonal Skills

Key Performance Indicators

• The % of the organization's assets that comply with Sharia principles, including investments, financing activities, and other financial instruments that align with Islamic finance guidelines.
• The amount of time taken to obtain approval from authorities for new financial products, contracts, or business activities.
• Drafting, implementing and training of business operations procedures for new staff within 60 days of onboarding.
• The # of findings from compliance audits or assessments and the % time taken to remediate any issues identified.
• The accuracy and timeliness of regulatory reports submitted by the organization.

Responsibilities

• Ensures that the organization complies with all relevant laws, regulations, and industry standards applicable to its operations including AML, KYC requirements.
• Acts as primary liaison between the organization and regulatory authorities, industry associations, and other external stakeholders.
• Scrutinizes contracts, agreements, and business practices to ensure they are free from interest (riba), uncertainty (gharar), speculation (maisir), and unethical investments.
• Develops and implements policies and procedures that align with Shariah principles and regulatory requirements. This will involve creating guidelines for permissible investments, ethical business practices, and customer interactions that adhere to Islamic finance principles.
• Monitors the organization's activities to detect any violations of laws, regulations, or internal policies. Investigates potential breaches, documenting findings, and reporting them to senior management and regulatory authorities as required.
• Provides training and educational sessions to employees to ensure they understand Shariah compliance requirements and their implications for business operations.
• Audits and monitoring activities to assess the organization's compliance with Sharia principles. This involves reviewing financial records, conducting on-site inspections, and investigating any potential breaches of Sharia compliance.

Qualifications

• Bachelor's degree in Business, Finance, or a related field. Master's degree preferred.
• Professional Certificate in Islamic Finance (PCIF) Certification.
• Proven experience in a similar leadership role, with a track record of successfully implementing technology strategies.
• Strong technical compliance and lending knowledge and understanding of legal requirements, regulations and Sharia Lending practices.
• Excellent leadership and management skills, with the ability to motivate and inspire a team.
• Strong business acumen and the ability to align technology initiatives with organizational goals.
• Exceptional problem-solving and decision-making skills, with a strong attention to detail.
• Excellent communication and interpersonal skills, with the ability to effectively collaborate and communicate with stakeholders at all levels.
• Proven ability to manage multiple projects and priorities in a fast-paced, dynamic environment.
• Strong strategic thinking and planning skills, with the ability to anticipate and mitigate potential risks and challenges.

Note: This job description is not intended to be all-inclusive. The Compliance Officer may be required to perform other related duties as requested by the management team.