Manager, Sharia Compliance

Operating in the UAE for over 50 years, CBD manages the financial requirements of some of the largest corporates and businesses operating in the country, driving the UAE economy. Over the years, CBD has transformed into a progressive and modern banking institution winning multiple awards for its digital initiatives, credit cards, bank accounts, mobile app features and services.

CBD has been recognized as the number one bank in the UAE on the Forbes list of The World's Best Banks 2022.

As we continue to build upon our successes, we are looking for ambitious individuals who are passionate about the banking and finance industry and the markets in which CBD operates. Just as important to us is your ability to demonstrate a talent for dealing with people - your colleagues and our customers - and delivering service that really goes the extra mile.

Job Purpose

Job is a regulatory position to supervise the continuous monitoring of CBD Islami businesses and activities' compliance as per the Sharia Compliance guidelines issued by the HSA, CBUAE.

Principle Accountabilities

- Development of Annual Plan which shall be approved by the ISSC and the Board.
- Planning and Scoping of the Review: This involves collecting data from the business functions under examination to develop the scope, objectives, and methodology of the review. For the purpose of planning and scoping, understand the regulatory requirements, the resolutions of the ISSC, the Sharia Non-Compliance risks, compliance obligations, processes, policies and procedures.
- Conduct field reviews and opening meetings with stakeholder to create awareness on Sharia compliance and Sharia Non-compliance risks.
- Develop internal checklists for undertaking an adequate and effective review of the subject matter. Be able ascertain mapping all requirements and expectations of the regulatory requirements and the ISSC resolutions.
- Prepare, plan and conduct a walkthrough test to gauge the reliability of internal procedures, manuals and policies. The walkthrough should be accompanied by an assessment of the controls, their adequacy and effectiveness.
- Assess internal controls related to Sharia Non-Compliance Risk (SNC) to ascertain the adequacy of the control design, operational reliability, probability of avoiding or circumventing the control, and comprehensiveness of the existing controls.
- Assess the staff awareness in relation to knowledge and skill required to fulfill their job adequately. Determine the type of knowledge needed for performing role in Islamic window depending on the nature of their responsibilities.
- Analyze and identify the root causes for findings/incidents, while assessing the existence of reliable and efficient controls to prevent the incidents from occurring, clarity and completeness of internal policies requirements as well as accessibility, and staff conduct and adherence to established policies.
- Prepare a report of preliminary issues to the relevant parties as well as a final report with adequacy of control status and management action, executive summary of the scope and methodology, and details of issues and actions. Present the final report after completion to the ISSC for assessment and approval for further dissemination.
- Works closely with the bank's Compliance team, risk management team, Internal Sharia Control team, the Head of Islamic banking, and Internal Sharia Supervisory Committee (ISSC).

Requirements: