Head of Internal Shari’a Audit Assignments

Role       : Head of Internal Shari’a Audit Assignments
Location : Abu Dhabi 

Role Purpose:

Assist the Group Head of Internal Shari’a Audit in building the Internal Shari’a Audit assignments  and monitors ADIB’s compliance with Islamic Shari’a according to AAOIFI standards and in accordance with the IIA standards. Standard of Shari’a Governance for Islamic Financial Institutions, to ensure their compliance with Islamic Shari’a and ensure the adequacy of internal procedures and Shari’a governance frameworks.
    
Key Accountabilities of the role      

RESPONSIBILITIES:

 Assist in establishing a strategy for Internal Shari’a Audit Group functions.
 

RESULTS REQUIERD:

• Adhere to:
  • The AAOIFI Standards.
  • The CBUAE HSA Resolutions
  • ADIB- ISSC’ Resolutions
  • The Institute of Internal Audit Standards e.g. independence, objectivity, proficiency and performance of audit work.
  • The Internal Shari’a Audit objectives, mission and vision.
• As Head of Internal Shari’a Audit Functions, the main responsibilities are as follows:
  • Compile, review and summarize Higher Shari’a Authority CBUAE – HAS and ADIB Internal Shari’a Supervisory Committee (ISSC) resolutions.
  • Review of Policy and Procedures related to processes/products.
  • Develop/review the Shari’a Audit Program and identify/define areas of Shari’a Non-Compliance Risks.
  • Identify and evaluate the Shari’a Non-Compliance (SNC) Risks. (Prioritize/quantify the SNC, SNC Assessment, Likelihood Rating Scale & Criteria, Impact Rating Scale & Criteria, Overall SNC Score scale, Definition & Criteria, Identify the Shari’a Controls, Prioritize, quantify and evaluate the effectiveness of Shari’a Controls, Obtaining Management Consensus).
  • List of Shari’a Audit requirements/reports.
  • Risk Assessment for Finance Products (Assets) only. (Risk Assessment (for Finance Products) - Evaluation framework (scoring system).
  • Sampling methodology (Extensive Testing, Moderate Testing, Standard Testing).
  • Prepare Authority Letter.
  • Conducting opening meeting and presentation to the respective management/s (Introduction, Authority letter/Scope and objectives, Findings/exceptions, Shari’a Audit progress, Cooperative administration).
  • Formation the Shari’a audit assignments teams (team leader and members).
  • Use the Shari’a Risk and Control Analysis to determine the Shari’a Audit Approach (Documenting the Shari’a Control, Walk-through of Controls, Evaluating the Effectiveness of Shari’a Compliance Controls, Reviewing the Associated Evidences).
    Sampling methodology (Defining the Population, Number of locations, Shari’a Control changes, Setting the Sample Size, Document the Tests to be performed).
  • Findings/Exceptions’ Sheets (Finding/Exception, Cause, Responsibility, SNC/ Impact, Working Paper/s Ref, Recommendation/Policy Reference, Management reply &Target Date.
  • Preparation of Shari’a Audit reports. (Executive Summary Report. Detailed Report).
  • Shari’a control environment Rating.
  • Shari’a control rating.
  • Exceptions/Findings database
  • Exit meeting
  • Follow-Up on matters reported by Shari'a audit
  • Preparation of (ISSC) escalation Shari’a Audit reports.
  • Drafting Shari'a guidelines.
  • Comply with any additional tasks which could be assigned by the Team Leader/line management.

Specialist Skills / Technical Knowledge Required for this role:
 

• BA or higher degree in Shari'a & Law or any other related subject.
• Fully conversant in Shari'a regulatory Audit/Compliance matters and accustomed to dealing with bank senior management
• Good knowledge of markets products 
• Skilled at analysing root causes of problems 
• Proficient in MS Office (Word, Excel and PowerPoint)
• Ability to build constructive and effective relationships with peers and seniors
• Strong analytical, written and oral communication skills
• Project management skills
• Relationship building
• Sound judgment
• Strong interpersonal skills
• Ability to multi-task
• Independence of thought and initiative
• Willingness to travel (10-25%)
• Arabic, English language.  
   

Previous experience required (if any)      

Candidate should ideally possess 10 - 15 years of business experience along with strong Shari’a knowledge background in all Islamic banking products for all segments, much of which should be in regulatory Shari'a Audit environment especially in the Islamic banking/finance industry.  Experience in regulatory governance and Shari'a compliance management related consultation and advisory Regulatory experience, including IIA, AAOIFI standards…