Shariah Compliance & Regulations Manager

Job Purpose:

Responsible to assist Manager Field Visits - Shari’ah Compliance 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, its 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 Field Reviews.

▪ To assist Manager Field Visits - Shari’ah Compliance in Shari’ah Compliance related activities as

envisaged in CB UAE standards and guidelines especially on Shari’ah Compliance Function.

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

FIELD REVIEWS:

▪ Develop and maintain comprehensive Field Review Manual in consultation with the Line

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 consultation with Line Manager 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.

Planning:

▪ 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.

Field work (Execution):

o 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.

o Gather sufficient evidence, enabling the review to reach an accurate opinion.

o Exit/Closing Meeting with unit/department under review to discuss Shari’ah

observations and related findings during review.

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.

Classification: Confidential

▪ 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 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).

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, Manager Shari’ah Compliance Function/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 Field Visit to gather sufficient appropriate information to ascertain the level of Shari’ah Compliance.

▪ Right of access to the BOD in light of the CB Governance Framework

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.