Senior Manager Internal Shariah Audit

Job Purpose:

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

1. 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.
2. Coordinate and exchange findings and reports with the Internal Audit Department.
3. Develop Internal Shariah audit manual and review and update it on a regular basis.
4. Prepare annual Shariah audit plan, approved by ISSC in coordination with the audit committee, upholding best practices (e.g., Risk-based Shariah Audit).
5. Assess business activities and effectiveness of internal Shariah supervision to ensure compliance with Islamic Shariah.
6. Ensure products, service forms, contracts, agreements, activities, and transactions execution procedures are approved by ISSC.
7. Conduct regular field audits to ensure compliance across CBI Al Islami branches and internal/external departments.
8. Prepare internal audit forms and programs required for conducting inspections and executing transactions in light of the ISSC’s fatwas and HSA resolutions.
9. Conduct meetings with departments on Shariah observations and implement measures to prevent recurrence.
10. Prepare a report of outcomes of the Internal Shariah audit.
11. Support regular risk assessments to identify changes in risk profiles in a timely manner.
12. Embed the highest standards of ethics, including compliance with all applicable laws, regulations, guidelines, and the Group Code of Conduct.
13. Plan and organize reviews, agree on terms of reference, and keep senior management informed of progress and findings.
14. Exercise judgment over the materiality of issues and ratings of audits.
15. Present audit reports to the Internal Shariah Supervisory Committee (ISSC), CEO, and Senior Management on audit findings and recommendations for improvements.
16. Review proposed actions from Senior Management and present these to the ISSC for review, discussion, and finalization.
17. Oversee actions taken to ensure outstanding issues identified during reviews are resolved and risks are managed according to relevant policies and regulations.
18. Assess compliance with the Bank's policies, procedures, and guidelines along with regulatory and statutory requirements, implementing actions to protect the Bank's business.

Competency Profile:

1. Degree in Islamic Shariah or relevant specialization.
2. Professional certificate in Shariah and Islamic Banking Audit from organizations supporting Islamic finance, like AAOIFI and CIBAFI.
3. A minimum of 5 years of experience in the field of Shariah audit.
4. Strong command of English and reasonable Arabic.