The Role Responsibilities
Work under the guidance of Internal Shari’ah Supervision Committee (ISSC) and responsible for Shari’ah Governance and Shari’ah Compliance of Islamic Banking Business in UAE.
For administrative matters and enforcement/implementation of Shari’ah Governance Framework in bank, involve Head of CFCC Governance UAE, Country Head of Compliance UAE and ISSC.
Strategy
Drive Group Islamic Business strategy, operating model and support business within parameter of Shari’ah guidelines issued by Higher Shari’ah Authority (HSA) of Central Bank UAE and ISSC
Develop, grow and maintain regulatory relationships with regulators in Country through a structured engagement programme with consistent adherence to regulatory expectations.
Promote the culture and practice of compliance with compliance standards (including conducting business within regulatory requirements, and to high ethical standards) within the Bank and embed a Here for good culture and the Group Code of Conduct.
Business
Mainly responsible for:
Shari’ah Consultations
Provides consultation based on the ISSC’s fatwas and resolutions regarding:
Contracts and documents and other aspects related to the Islamic Banking financial products and services, including products manual, policies, internal procedures etc
Bank’s Shari’ah related inquiries and issues,
Promotional / advertising materials and publications,
Customers complaints (related to the compliance with Islamic Shari’ah), and
Other Shari’ah issues faced by the bank especially the ones related to structuring and products
Shari’ah Research & Development
Conducts researches for related Shari’ah and procedural issues requested by ISSC
Contributing, with other relevant units in the bank, to the development of products and formulation of policies, procedures, contracts, and other areas of development in bank
Shari’ah Compliance
Responsible to continuously monitor Islamic Banking businesses and activities compliance with resolutions, fatwas, regulations, standards, which are issued by the HSA
Submit Shari’ah compliance report to the ISSC to look at the technical Shari’ah related matters prior to submitting the same to the chief executive officer
Submit all Shari’ah Compliance reports to the head of compliance regarding the compliance with Islamic Shari’ah
Prepare annual Shari’ah review plan, conduct internal Shari’ah reviews under the guidance of ISSC for Islamic businesses and operations
Shari’ah Training
Conducts training for bank’s staff on aspects of their duties related to Islamic business compliance with Islamic Shari’ah
Also provides adequate training for the staff on what they need to be equipped with from information and skills, depending on nature of work of each employee, to ascertain that the bank complies with Islamic Shari’ah at all times.
ISSC Secretariat
Provide necessary secretarial support to the ISSC includes, arrangement of ISSC meetings, preparation of agenda, submission of documents and fatwa for approval, preparation of meeting minutes
Communicate ISSC resolution/guidance/approvals to relevant stakeholders and follows up their implementation
Keep soft/hard copy records of fatwas / decisions and follow up administrative matters related to ISSC
Prepare Annual Shari’ah Report (as per template advised by HSA) under guidance of ISSC
Processes
Responsible to perform Internal Shari’ah Control Division processes and look after Shari’ah related processes in Islamic Banking Business
Develop, keep up to date and recommend for approval by the relevant Committee, appropriate policies/processes/DOls to address CFCC, aligning with relevant regulatory requirements.
Ensure the Bank is properly prepared for regulatory inspections and coordinating responses with the business
Provide advice to relevant business & functions on compliance with Group standards & regulatory matters relating to Islamic Banking.
Proactively monitor regulatory developments to manage the regulatory impact of complex regulatory matters on the Bank's business and its operations
Provide guidance on the application and interpretation of Islamic banking laws, regulations and policies applicable in Country.
In the event of serious regulatory breaches, or where risk tolerances have been breached, assist in critical workstreams to ensure senior management and relevant regulators are informed and that actions are taken quickly to remediate and/or activities are ceased.
Track significant issues arising from CFCC metrics, Assurance activities, Audit reviews and regulatory inspections, providing validation of issue closure where necessary.
Prepare and cascade lessons learned from audit findings, assurance activities and specific investigations.
Co-ordinate/support the management of audits/exams
People and Talent
Work in collaboration with risk and control partners of Islamic Banking Business
Conduct Shari’ah trainings as per regulatory requirement
Promote and embed a culture of openness, trust and risk awareness, where ethical, legal, regulatory and policy compliant conduct is the norm.
Stimulate an environment where forward planning, prioritisation, deadline management and streamlined workflows and collaborative, inclusive yet effective and efficient work practices are the norm
Lead through example and build the appropriate culture and values
Risk Management
Ensure a full understanding of the risk and control environment in area of responsibility
Apply Group, CFCC and Islamic Banking policies and processes to manage risks
Make recommendations (and/or implement) to relevant stakeholders on possible risk management responses to identified risks and/or findings of concerns from investigations
Inform senior management and relevant regulators of serious regulatory breaches (or where risk tolerances have been breached) and ensure that actions are taken quickly to remediate and/or activities are ceased
Support and stimulate an environment where forward planning, prioritisation and deadline management lead to efficient work practices and streamlined functional activities and processes
Ensure the Bank is properly prepared for, routine regulatory exams, audits and supervisory inspections, as well as to managing the response from the business
Governance
Responsible to support Islamic Banking Business in managing Shari’ah Governance and Shari’ah Compliance
To understand Islamic Banking regulatory requirements and have willingness to work with regulators in an open and cooperative manner
Attend relevant meetings
Periodic reporting and timely escalation of significant risks and issues
Be accountable for identification and escalation of potential risks and issues to senior management through appropriate governance channels and the Quality Assurance framework
Proactively drive the development and maintenance of good relationships with internal and external business stakeholders at appropriate levels ensuring an open and cooperative environment
Regulatory & Business Conduct
Display exemplary conduct and live by the Group’s Values and Code of Conduct
Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct
Lead the Shari’ah function to achieve the outcomes set out in the Bank’s Conduct Principles: [Fair Outcomes for Clients; Effective Financial Markets; Financial Crime Compliance; The Right Environment.]
Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
Key Stakeholders
Work with relevant stakeholders such as
C&IB, CB, Retail
Legal, Compliance, Risk, Operations, Corporate Affairs, Marketing, Finance
Engagement with Regulators, industry bodies, Shari’ah Scholars, Islamic Banking and Clients
Other Responsibilities
Time to time advised by HSA, CBUAE to ensure Shari’ah Governance & Shari’ah Compliance of Islamic Business
Embed Here for good and Group's brand and values in the CFCC Governance team.
Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures
Our Ideal Candidate
Must have a university degree in Islamic Shari’ah, or relevant specializations
Must have a professional certificate in Shari’ah and Islamic Banking Control from one of the organizations that supports Islamic Finance like the Accounting and Auditing Organization for IFIs (AAOIFI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI)
Must have relevant experience in the field of Shari’ah Supervision
Must not have been sentenced by a court in crimes related to honour or honesty, or was convicted of offences and sentenced to imprisonment
Have strong command of English and reasonable command of Arabic
Must have knowledge of Islamic financial products, IT systems, and internal procedures
Bachelor’s or Master’s degree in Islamic Banking / Finance / Business Administration (preferable)
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