Req ID: 5345
Job Description:
Summary
To implement Shariah Review function as outlined in the BNM Shariah Governance Policy Document (SGPD) and relevant internal requirements to ensure Shariah compliance of the Bank’s operation, business, affairs and activities.
Duties and Responsibilities
- Provide primary support to Team Leader and Head of SCD in implementing Shariah compliance review fieldwork exercise(s) in accordance with the approved annual review plan including planning, on-site review, exit meeting, reporting and monitoring of issues/findings until closure.
- Conduct periodical review on the Bank’s products and services to ensure compliance with relevant Shariah and regulatory requirements related to operations, business, affairs and activities.
- Meet the expectations of Head of SCD, Deputy Chief Compliance Officer (DCCO) and Group Chief Compliance Officer (GCCO) in respect of meeting target deadlines, accuracy, completeness and integrity of data and reporting, with high quality of output.
- Prepare draft of Department’s monthly Compliance Management Report and other relevant papers before submission to Team Leader and/or Head of SCD for tabling to MRCC, Shariah Supervisory Council (SSC), BRC and/or BODs.
- Investigate possible Shariah issues and communicate the outcome to Qualified Shariah Officer (QSO) / Head of SCD for decision and next action in line with relevant internal and regulatory reporting requirements.
- Provide support to Head of SCD in advising the Board, SSC and Senior Management on compliance to the laws, rules, regulations and standards, including keeping them informed on the development of these areas mainly on Shariah and Islamic banking.
- Stay abreast of changes and update in Shariah rules and regulations to ensure Bank Islam’s policies and procedures are still relevant and reflective of current prevailing standards.
- Adopt a risk-based approach to review on areas that present the highest perceived risk of Shariah non-compliance as per Compliance Risk Assessment (CRA) methodology.
- Facilitate briefings and regular updates to stakeholders, where relevant.
- Assist to promote and inculcate Shariah compliance culture within Bank Islam.
- Perform any other duties/assignment as and when directed/assigned by Head of SCD, DCCO and GCCO as per business requirement from time to time.
Qualification
- Preferably a Bachelor’s Degree in Shariah which includes study in Usul al- Fiqh and Fiqh al-Muamalat or any other related qualifications
Years of Experience
- At least two (2) years of working experience in related field or in Financial Industry, except for special arrangement e.g. entry level under associate, internship, development and/or training program designed by Bank Islam’s Human Resource.
Specific Skills / Knowledge and Certification Required
- A strong understanding of relevant Shariah-related legislation and regulatory requirements issued by BNM, Labuan FSA, SC, PIDM etc.
- A good working exposure to Shariah control function(s) preferably Shariah review, compliance and/or governance functions at Islamic banking and finance institutions and/or industry.
- Have a sound understanding of Shariah compliance requirements applicable to Islamic financial business and involvement in identifying, assessing and monitoring of those requirements including any regulatory changes and actions required.
- Proficient in Arabic language is an added advantage to facilitate understanding of Arabic text, literature review, cases and matters related to Shariah rulings and regulations issued locally and globally.
- Good communication skills, stakeholder engagement, influencing skills combined with an ability to build strong working relationships.
- Multi-tasking, meticulous and precise in facts, data and information gathering, professional report writing skill and able to work within a specified timeline.
