Job Purpose
One stop solution for matters pertaining to the Regulator(s) for Shariah aspects of Islamic Banking including custody, explanation, coordination with CBUAE and others. Also, hold responsibility for good governance and strong controls across the Group via different frameworks, tools and technology.
Define and execute the learning strategy for Islamic banking and Shariah knowledge for Mashreq. Assess Islamic banking and Shariah knowledge and awareness requirements across the bank to drive training initiatives and develop & conduct suitable trainings in line with stakeholder, ISSC and Regulatory expectations. To manage and govern all learning data related to Islamic banking and Shari’ah training
Key Result Areas
Laws & Regulatory Compliance:
Maintenance of Master Regulatory Tracker
Point of contact for the Bank with HSA/CBUAE traffic
Prepare executive summaries for all new notices, regulations, standards and guidelines etc.
Prepare gap assessments on all laws and regulations
Timely communication of new laws and regulations to all relevant stakeholders & necessary handholding and explanations.
Oversight on monitoring/implementation of existing and new regulatory guidelines where there isn’t a direct responsibility of execution
Periodic submissions to the CBUAE as required in the regulations
Refresh and maintenance of Frameworks emerging from Regulatory requirements
Preparing BRC and Board presentations/material and coordination with Board Secretariat
Compile and provide updated information on Monthly Exception Reporting
Perform Business Impact Analysis/Business Continuity Management at established intervals
Perform Annual Divisional Systems Access Review
Recommend controls across the organization’s ecosystem to mitigate any non-compliance
Conducting Risk Control Self-Assessment tests (RCSA) of the Division
Annually review and update Prism on existing adequacy of Risks and Controls
Maintain archive for the quarterly data and emails exchanges on RCSA
Responsible to facilitate Internal and External Audits of IFASC Division
Responsible for managing CBUAE Audit submissions
Governance & Compliance:
Compile and provide updated information on Monthly Exception Reporting
Perform Business Impact Analysis/Business Continuity Management at established intervals
Perform Annual Divisional Systems Access Review
Recommend controls across the organization’s ecosystem to mitigate any non-compliance
Risk Control Self-Assessment Testing:
Conducting Risk Control Self-Assessment tests (RCSA) of the Division
Annually review and update Prism on existing adequacy of Risks and Controls
Maintain archive for the quarterly data and emails exchanges on RCSA
Point of Contact for Audits:
Responsible to facilitate Internal and External Audits of IFASC Division
Responsible for managing CBUAE Audit submissions
Manage and respond to the Audit Observations tagged to IFASC on PRISM
Charity Disbursement & Zakat Notification:
Responsible for maintaining and updating the Charity Manual
Ensure timely disbursement of charity ensuring compliance with approved charity manual
Ensure Zakat calculations are as per the guidelines issued by ISSC
Arrange ISSC approval on Zakat calculation and notify it to Company Secretary
ISSC Secretariat Support:
Tasks assigned for the ISSC or preparation of its meetings (pre & post)
Action item stemming from ISSC meetings
To manage training, research and development function in IFASC in line with CBUAE requirements and best practices in the Islamic banking industry.
To establish knowledge base in Mashreq through developing effective and appropriate technology enabled learning and development training courses and material which comply with the CBUAE Shari’ah Governance, AAOIFI Shari’ah Standards and the Internal Shari’ah Supervisory Committee (ISSC).
To assess and subsequently design and deliver training courses which are specific and sensitive to different roles and functions in the first, second and third lines of Banking i.e., tailor made.
To collaborate effectively with Islamic Banking team/ division heads / unit managers in order to identify areas that require focus from Islamic Banking trainings and absorb their feedback in the training process and material.
To collaborate with the Learning & Development team to ensure that learning provision is joined up and complimentary to employees’ holistic learning needs and requirements
To coordinate and conduct Learning needs assessments and subsequent announcement and execution of Islamic banking and Shari’ah training plans.
Conduct sessions post new Product launches to make staff familiar with the Shari’ah sensitivities in the process and documentation.
To prepare annual Shari’ah training plan to be approved by the ISSC and the management before the beginning of any fiscal year.
To coordinate with Field Visit and Shari’ah Audit Division periodically include Shari’ah observations in training material to avoid Shari’ah violations and ensure proper implementation.
To collate and report periodically, the progress across the Bank on training requirements.
Conduct training on Islamic Banking and Shari’ah Products in all role-based Induction programs coordinated by Groups SME’s and the Learning & Development Team
Conduct refresher training on Islamic Banking and Shari’ah Products upon request from Business
To amend and update the existing online courses on Shari’ah Certification for Retail and Wholesale Banking
Ensure timely and accurate updates of training records in the Learning Management System of the Bank
Provide training MIS to IFASC and Shari’ah Audit Division on demand
Training & Development:
Operating Environment, Framework and Boundaries, Working Relationships
Bank-wide interaction: All Business Groups / Audit / Compliance
Internal & External Audits
Group entities / colleagues across the group
CBUAE
ISSC
To play a highly collaborative role in building solid cross-functional relationships with departmental heads and management across the business.
To collaborate with division heads in order to identify areas that require Shari’ah training
Liaise with relevant group/divisions to understand their training needs and deliver the requirements, in accordance with training and operations policies and as per Product Manuals and Service Procedures.
Operates in a very competitive environment where customers are extremely demanding, where timeliness and quality of learning solution design and delivery is significant.
Problem Solving
Ability to articulate the Regulatory requirements clearly and in simple language
Innovative recommendations for gap fulfilment in a satisfactory manner.
Ability to ascertain the hazard level (low/medium/high).
Prioritization is based on relative importance of different elements of work.
Strong attention to detail
To ensure contingency plans are in place and to manage effective delivery of classroom and online training.
To investigate problems faced by employees in training sessions (with respect to the training material or delivery of the training course).
Manage expectations by giving appropriate advice and consultation to unit heads and subject matter experts requesting online training solutions and services.
To ensure compliance with the AAOIFI Shari’ah standards and CBUAE guidelines/policies.
Decision Making Authority & Responsibility
Shari’ah Compliance gap flagging and timely reporting to management
Approvals and commentary on Regulations
Take initiative to launch the training programs by identifying the gaps in the respective business units.
To develop online and onsite training platforms in order to ease the stakeholders.
To liaise with the respective units of IFASC group in order to further strengthen the capabilities.
Knowledge, Skills and Experience
8-10 years of experience in an Islamic Bank in Shari’ah Audit/ Shari’ah Compliance/ Islamic Product Development especially facing the Regulator.
Should at least hold 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
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