Sharia Compliance & Audit Manager Job, Current Banking Jobs,
Position: Manager, Sharia Compliance & Audit
This position is responsible for ensuring that all the transactions, activities, services and investments within Islamic Banking adhere to Shari’ah principles and guidelines. In addition, he/she will also be responsible for carrying out reviews & audits for assurance and enhance compliance with the set Shari’ah principles and guidelines as per the Bank’s and Shari’ah supervisory Board’s guidelines.
Implement the relevant Islamic Banking initiatives in line with the Islamic Banking strategy.
Review and examine all contracts, agreements, policies and transactions entered in to by the department, both deposit taking and financing (loan) instruments.
Maintain the calendar, documentation and other relevant documents in line with the role.
Perform research on Shari’ah aspects for each product before it’s presentation to the Shari’ah Supervisory Board for decision making.
Carry out periodical audits on all financing instruments done by the division.
Responsible for addressing Shari’ah related issues from the management, staff and clients to ensure adherence to the Shar’iah Principles and Guidelines.
Coordination and facilitation between the Bank and Shari’ah Supervisory Board and documentation thereof.
Facilitate and provide formal and informal training to the Bank’s staff on Islamic Finance.
Offer guidance to the staff and clients on Islamic financing instruments and related guidelines.
Identify relevant Shari’ah contracts and ensure compliance pre letter of offer and after disbursement.
Settle minor Shari’ah disputes/MIS issues that are instrument related between Islamic Banking stakeholders.
Provide feedback to Management on Islamic Banking market analysis with regards to products, credit risk evaluation and customer feedback among others.
Support in formulation of Islamic Banking product papers.
In liaison with other stakeholders, ensure effective identification of risks and mitigations.
Adhere to Bank Policies, Procedures, guidelines, relevant regulations within the course of duty
Regularly monitor performing/non performing accounts and provide the relevant support.
Any other duty that may be assigned.
A University Degree in Islamic Shariah (Jurisprudence)/ Islamic Studies/Business Administration, Economics, Finance, Banking or its equivalent from a recognized institution.
Professional Qualification in Islamic Shariah (Jurisprudence)/ Islamic Studies is an added advantage
Professional Qualification in Credit Management is an added advantage
Three (3) year’s banking experience in a similar role from a reputable organization.
Knowledge of Auditing and Accounting Organization of Islamic Financial Institutions (AAOIFI) Shari’ah Standards
Experience and understanding of Audit Strategy Formulation, Risk Based Auditing, Public internal audit, Management Audits requirements
Risk Management-experience in identifying departmental risks, developing mitigating measures and monitoring mechanisms
Analytical –highly analytical and ability to challenge status quo based on quantitative facts and impacts
Independence and objectivity-ability to maintain independence and objective opinion for the benefit of the Bank and not for the benefit of individuals
Decision making–ability to make decisions in a timely and effective manner and to advise department on major implications and critical decisions required
Excellent research, analytical, and problem-solving skills.
Entrepreneurial and Commercial thinking
Strong persuasion, presentation and communication skills
Excellent stakeholder management and organisational skills
Governance – knowledge and ability to ensure good governance practices
Creative approach, ability to anticipate challenges and provide innovative solutions
Agility and ability to drive change
Credit analysis skills and ability to develop credit reports