The purpose of the job is to perform and manage Shariah Advisory & Review function of the Internal Shariah Unit throughout the multiple product groups including Corporate & Investment Banking (GTB, GM and GCF), Personal Banking, subsidiaries as well as all coverage partners including international operations in order to satisfy all the relevant Shariah regulatory requirements issued by the Higher Shariah Authority (HSA) of the UAE Central Bank (CBUAE).
Shariah Advisory & Review
- Provide Shariah advisory to multi-product management segments throughout the FAB Group including CIB (GTB, GCF and GM), Personal Banking, subsidiaries, international branches during the development of new Islamic products which includes amendments of existing products in order to ensure compliance with Shariah rules and principles while maintaining efficiency and acceptability of the products in the geographies where the products are offered.
- Manage pre-product approval requirement regarding end-to-end Islamic product or transaction development process which start from structuring, documentation, distribution, marketing, vetting of issues for submission to the Internal Shariah Supervision Committee.
- Post obtaining approvals of the Shariah Supervisory Board, for standard new products offering, provide Shariah advisory support to multi-product management segments on securing the approvals from the Higher Shariah Authority of the Central Bank of UAE.
- Provide Shariah advisory support on structuring of Islamic syndicated financing and Sukuk issuance either for corporate or sovereign issuances to ensure Shariah compliance as well as market acceptability.
- Provide Shariah review of legal documents on tailor-made transactions and negotiate with counterparts at Shariah Departments of other Islamic financial institutions to ensure Shariah compliance, market acceptability and successful execution of the transactions.
- Draft and obtain Internal Shariah Supervision Committee’s Pronouncement and manage the Shariah approval requirement on the Islamic products and transactions.
- Support the Global Product Groups, the Global Coverage and all the support and control functions e.g Legal, IT System, CAD, Operations, Finance, Compliance etc.in managing the entire chain of Islamic propositions through providing Shariah advice on the requirements and criteria in order to ensure customer satisfaction and Shariah compliance
- Conduct review and studies on potential Shariah issues, including providing day-to-day Shariah advice and consultancy to relevant parties such as product development team, credit committee and other relevant setups.
Shariah Regulatory & Compliance
- Responsible on ensuring a robust and effective functioning of a Shariah Governance Framework which is a set of set of institutional and organisational arrangements through which an Islamic financial institutions ensure that there is an effective independent oversight of Shariah compliance over the whole Islamic banking activities undertaken by the FAB Group locally and internationally.
- Managing the requirements of Internal Shariah Supervision Committee appointed by the FAB Board of Directors (BOD) consisting of reputable Shariah scholars who are responsible to issue Shariah pronouncements and decisions in respect of activities, actions and services of FAB and relevant contracts and documents in strict compliance with the decisions of the Higher Shari'ah Authority of the Central Bank of UAE (CBUAE) as well as the AAOIFI Shariah Standards.
- Entrusted to ensure effective and smooth functioning of the Internal Shariah Supervision Committee in discharging its roles and responsibilities to ensure that the FAB Group is capable of offering and performing Islamic banking activities locally and internationally in line with the Higher Shariah Authority of CBUAE’s requirements.
- Responsible to ensure all regulatory requirements, circulars and guideline of the CBUAE and the HSA are complied with at all times;
- Act as the sole contact point for the FAB Group on Shariah related matters with the Secretariat of the HSA;
- Responsible as the Secretariat to the Internal Shariah Supervision Committee which is supervised by the CBUAE HSA in preparation of the periodic Internal Shariah Supervision Committee Report to the CBUAE HSA prior to presentation to the Board of Directors.
- Facilitate the process of identifying, measuring, controlling and monitoring non-Shariah compliance risks inherent in the Bank’s Islamic banking operations, business and activities.
- Undertake the administrative and secretarial matters relating to the Shariah Supervisory Board including coordinating meetings, compiling proposal papers and rulings, management of knowledge resources and storage of all relevant files and documents.
- Record the minutes of Shariah meetings, dissemination of Shariah decisions, pronouncements and rulings to relevant stakeholders and engaging with relevant parties who wish to seek further deliberations of issues from the Shariah Supervisory Board.
- Prepare for Shariah training and assessment on Shariah compliance level in the Islamic activities and operations of the Bank with the objective of ensuring that the activities and operations carried out by the Bank do not contravene with the Shariah.
Shariah Research and Development
- Source for adequate reference, advice and input from the previous resolutions, rulings and pronouncements of Internal Shariah Supervision Committee, Fatwa and Standard issuing Bodies such as International Fiqh Academies, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Islamic Financial Services Board (IFSB), International Shariah Research Academy (ISRA), etc.
- Conduct Islamic banking and Shariah training for various product and coverage groups and other support functions e.g. legal, operation, IT System at bank-wide level including international operations and Islamic subsidiaries.
- Develop a close working relationship with all departments including Coverage partners, Product Groups i.e. CIB (Global Transaction Banking, Corporate Finance and Global Market), Personal Banking, international as well as Islamic subsidiaries in order to contribute to Islamic product and services development and offerings.
- Identify opportunities for continuous improvement of systems, processes, and practices while taking into account ‘international leading practice’, improvement of business processes, cost reduction, and productivity improvement.
Policies, Systems, Processes, & Procedures
- Follow all relevant departmental policies, processes, standard operating procedures, and instructions so that work is carried out in a controlled and consistent manner.
- Bachelor’s Degree in Shariah or Fiqh /Usul Fiqh
- Minimum 6 years working experience in Shariah unit or department.
- Adequate knowledge and expertise in Fiqh Muamalat Adequate knowledge and expertise in AAOIFI Shariah Standards and Shariah practices of other main Islamic banking jurisdictions e.g. Kingdom of Saudi Arabia, Asia Pacific etc.
- Possess professional certificate in Islamic banking / finance.
- Highly experience in dealing with the Internal Shariah Supervision Committee
- Highly experience in dealing with the Higher Shariah Authority Secretariat of CBUAE
- Sufficient experience in Shariah review of Islamic banking products, Shariah Advisory, and Shariah Review.
- Ability to manage relationship with Shariah Scholars
- Preferably a Certified Shariah Adviser and Auditor (CSAA) by Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
- Possess experience in delivering training or lecture in Islamic banking or Shariah related field.
- 6 years of experience in Shariah unit / department of Islamic Bank or Islamic window or any other relevant institutions.
- Experience in the Islamic banking practices of the local and international geographies of which FAB operates.
Knowledge, Skills and Attributes:
- Knowledge of the banking sector, and FAB’s products and business strategies
- Advanced understanding of acceptable standards and ethics as applicable to the Islamic Finance industry
- Networking skills - including contacts with Shariah scholars and legislators
- Interpersonal, verbal, and written communications skills across cultural and company boundaries
- Ability to speak, read and write in Arabic.
- Ability to work under pressure and adjust quickly to changing priorities
- Relationship building skills