Shariah Compliance & Regulations Manager

Job Purpose:
Responsible to assist Unit Manager in managing Shari’ah Compliance requirements of Mashreq PSC and its overseas branches & subsidiaries through Shari’ah Compliance Checks and Field Reviews in the light of applicable regulations and guidelines issued by respective Central Bank (s), Higher Shari’ah Authority (HSA) and the Internal Shari’ah Supervision Committee (ISSC).
Key Result Areas:
The incumbent shall be responsible for monitoring Shari’ah Compliance activities of Mashreq overseas branches and subsidiaries through:
SHARI’AH COMPLIANCE:
- Applying necessary Shari’ah Compliance Checks and testing of internal Shari’ah Controls in Islamic business activities and operations of Mashreq PSC as per the approved annual plan.
- To monitor and report Shari’ah Non-Compliance Risks identified during the course of Field Reviews.
- To assist Unit Manager in Shari’ah Compliance related activities as envisaged in CB UAE standards and guidelines especially on Shari’ah Compliance Function.
- Develop and maintain comprehensive Field Review Manual in consultation with the Unit Manager, and incorporate the best global practices, as per the applicable regulations and guidelines of the Internal Shari’ah Supervision Committee (ISSC) and CBUAE.
- Development of Annual Review Plan before year end and seek necessary approvals from Board, ISSC and Senior Management, also run through any amendments/edits in the Annual Plan by ISSC/BoD.
- Develop standard formats of key documents such as working papers, checklists for Field Reviews.
- Conduct Field Review engagements as per the approved Annual plan and generate draft and final reports in line with approved SOP.
- Monitor TAT and follow up for rectification of outstanding issues.
- Prepare Field review highlights for presentation to Group Head Compliance, ISSC members and executive summary for the consumption of CEO.
- Ensure effective and efficient planning to conduct Shari’ah Field Reviews. The same should be as per CBUAE guidelines for Shari’ah Compliance Function.
- Send Notifications, Information requirements to the relevant units and arrange Opening meetings
- Preparation of working papers to document the Shari’ah Field Reviews.- Conduct Shariah Review of Products, Activities and Services to ascertain the extent of the Shari’ah compliance as per the guidelines issued by the HSA-UAE / ISSC / AAOIFI.
- Gather sufficient evidence, enabling the review to reach an accurate opinion.
- Exit/Closing Meeting with unit/department under review to discuss Shari’ah observations and related findings during review.


The incumbent will also assist Unit Manager in the following areas:

FIELD REVIEWS:
Planning:
Field work (Execution):
Reporting and Documentation:
Issuance of report(s) highlighting the observations, key risks, root cause, owner for rectification and the necessary action items to address the gap.
- Related Shari’ah controls that need to be established/require attention of the unit/department.
- Timely issuance of reports to the relevant stakeholders including CEO after ISSC/EM review and approval.
- Develop a mechanism to monitor and track observations highlighted during the course of Field Reviews in a timely manner.
- Prepare minutes for the closing meeting.
- Escalate non-performance and delays as per agreed timelines, format and levels (where required).
- Come up with recommendations and initiatives to enhance Shari’ah governance, Shari’ah controls and Shari’ah compliance culture within Mashreq Bank.

Other Responsibilities
- Come up with recommendations and initiatives to enhance Shari’ah governance, Shari’ah controls and Shari’ah compliance culture within Mashreq Bank.
Operating Environment, Framework and Boundaries, Working Relationships:
- Bank-wide interaction: All Business Groups / Audit / Compliance

- Internal & External Legal

- Department/Unit Heads across the Bank

- To be independent from the functions to be reviewed

- Bank policies, Unit Manager/ISSC/Division Head/CB UAE guidelines will establish working boundaries

Problem Solving:
- Ability to articulate the hazard raised to the Units and have assertive conversations.

- Innovative recommendations for gap fulfilment in a satisfactory manner.

- Ability to ascertain the hazard level (low/medium/high).

- Prioritization based on relative importance of different elements of work.

Decision Making Authority & Responsibility:
- Shari’ah Compliance gap flagging and report issuance authority

- Unhindered access to information during the course of Field Visit to gather sufficient appropriate information to ascertain the level of Shari’ah Compliance.

Knowledge, Skills and Experience:
- 5-8 years’ experience in an Islamic Bank in Shari’ah Audit/ Shari’ah Compliance/ Islamic Product Development.

- Should hold at least a Bachelor’s Degree/ Professional Qualification in Business/ Accounting.

- In-depth understanding of AAOIFI Shari’ah Standards.

- AAOIFI CSAA (preferable)

- Should have significant exposure to Shari’ah principles via studies, courses or extensive on-job learning.

- Strong communication and writing skills, as bank-wide interaction on technical issues are required

- Command on MS Office especially Power Point

- Fluent in English speaking and writing.