Shariah Compliance Sr. Specialist

Job Purpose:

To ensure that all products, services, and operations of the bank comply with Shariah principles as per the guidelines provided by the Shariah committee. This role includes monitoring compliance, advising on Shariah matters, and ensuring continuous adherence to Shariah standards.

Job Responsibilities:

• Follow policies, procedures that approved by the Sharia Committee of Riyad Bank.
• Ensure that the procedures are aligned to the Sharia policies that cover all the bank products services provided by Riyad Bank.
• Follows the day-to-day operations related to own job to ensure continuity of work
• Ensures the presence of relevant job holders from the bank (Executives) in Sharia committee meetings in order to present and discuss specific issues on the meeting agenda.
• Monitor and review the bank’s products, services, and operations to ensure they comply with Shariah guidelines.
• Ensure that the policies and procedures related to Shariah compliance are properly implemented and adhered to.
• Reviews existing products & services and recommends modification, changes to ensure effective compliance with the Shariah resolutions.
• Develops annual plan for reviewing the controls within the sharia products/services offered by the bank functions and report to the Sharia committee and RCSA periodically.
• Ensures timely follow-up with the bank for effectively addressing the observations raised by the Internal Audit, Compliance, Risk Management, Business Technology and Internal Control functions through appropriate and timely corrective action.
• Coordinate with Internal Audit and Risk management functions in ensuring an effective control environment prevails within the Islamic products/services offered by the bank and the related processes.
• Recommend suitable remedial action for the deficiencies identified during the shariah compliance reviews for business to address the risks effectively in a reasonable timeframe.
• Follow up with the bank management for closure of observations raised by Internal Audit/External Audit or bank’s Risk Management functions by taking appropriate corrective action for mitigating the risk.
• Extract shariah compliance rules and controls for al Islamic Banking products and services from Shariah Committee resolutions.
• Assists in the preparation of timely and accurate reports of Riyad Bank to meet company and department requirements, policies and standards.
• Managing the development and monitor the implementation of policies, procedures, systems and controls, and ensure that all relevant requirements are fulfilled.

Qualification & Experiences:

Minimum Qualifications:

• Bachelor’s degree in shariah law, Finance, or a related field.
• Certification in Shariah Audit or Islamic Finance

Minimum Experience:

• Minimum of 4-6 years of experience in Islamic banking and finance, with specific experience in compliance.