Banking Jobs in UAE | Standard Chartered Bank
Standard Chartered Bank announced on its official Linkedin page a vacancy
Head of Internal Shari'ah Control Division
Standard Chartered Bank
- Standard Chartered plc is a British multinational banking and financial services company headquartered in London, England.
- The Company operates a network of more than 1,200 subsidiaries and offices (including subsidiaries, associates and joint ventures) across more than 70 countries and employs approximately 87,000 people.
- It is a global bank with operations in retail, corporate and institutional banking, and treasury services.
- Despite its UK base, it does not conduct retail banking in the UK, and around 90% of its profits come from Asia, Africa and the Middle East.
- The company is a leading international banking group, with a presence in more than 60 of the world's most dynamic markets.
- The bank's goal is to drive commerce and prosperity through unique diversity, and the bank's heritage and values are expressed through its brand.
- Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as on the Bombay and National Stock Exchanges of India.
The Role Responsibilities
- Work under the guidance of Internal Shari'ah Supervision Committee (ISSC) and responsible for Shari'ah Governance and Shari'ah Compliance of Islamic Banking Business in UAE.
- For administrative matters and enforcement/implementation of Shari'ah Governance Framework in bank, involve Head of CFCC Governance UAE, Country Head of Compliance UAE and ISSC.
Mainly responsible for
- Conducts researches for related Shari'ah and procedural issues requested by ISSC.
- Contributing, with other relevant units in the bank, to the development of products and formulation of policies, procedures, contracts, and other areas of development in bank.
- Responsible to continuously monitor Islamic Banking businesses and activities compliance with resolutions, fatwas, regulations, standards, which are issued by the HSA.
- Submit Shari'ah compliance report to the ISSC to look at the technical Shari'ah related matters prior to submitting the same to the chief executive officer.
- Submit all Shari'ah Compliance reports to the head of compliance regarding the compliance with Islamic Shari'ah.
- Prepare annual Shari'ah review plan, conduct internal Shari'ah reviews under the guidance of ISSC for Islamic businesses and operations.
- Conducts training for bank's staff on aspects of their duties related to Islamic business compliance with Islamic Shari'ah.
- Also provides adequate training for the staff on what they need to be equipped with from information and skills, depending on nature of work of each employee, to ascertain that the bank complies with Islamic Shari'ah at all times.
- Provide necessary secretarial support to the ISSC includes, arrangement of ISSC meetings, preparation of agenda, submission of documents and fatwa for approval, preparation of meeting minutes.
- Communicate ISSC resolution/guidance/approvals to relevant stakeholders and follows up their implementation.
- Keep soft/hard copy records of fatwas / decisions and follow up administrative matters related to ISSC.
- Prepare Annual Shari'ah Report (as per template advised by HSA) under guidance of ISSC
- Responsible to perform Internal Shari'ah Control Division processes and look after Shari'ah related processes in Islamic Banking Business.
- Develop, keep up to date and recommend for approval by the relevant Committee, appropriate policies/processes/DOls to address CFCC, aligning with relevant regulatory requirements.
- Ensure the Bank is properly prepared for regulatory inspections and coordinating responses with the business.
- Provide advice to relevant business & functions on compliance with Group standards & regulatory matters relating to Islamic Banking.
- Proactively monitor regulatory developments to manage the regulatory impact of complex regulatory matters on the Bank's business and its operations.
- Provide guidance on the application and interpretation of Islamic banking laws, regulations and policies applicable in Country.
- In the event of serious regulatory breaches, or where risk tolerances have been breached, assist in critical workstreams to ensure senior management and relevant regulators are informed and that actions are taken quickly to remediate and/or activities are ceased.
- Track significant issues arising from CFCC metrics, Assurance activities, Audit reviews and regulatory inspections, providing validation of issue closure where necessary.
- Prepare and cascade lessons learned from audit findings, assurance activities and specific investigations.
- Co-ordinate/support the management of audits/exams.
Qualifications and experience
- Must have a university degree in Islamic Shari'ah, or relevant specializations
- Must have a professional certificate in Shari'ah and Islamic Banking Control from one of the organizations that supports Islamic Finance, like the Accounting and Auditing Organization for IFIs (AAOIFI) and the General Council for Islamic Banks and Financial Institutions (CIBAFI).
- Must have relevant experience in the field of Shari'ah Supervision.
- Must not have been sentenced by a court in crimes related to honour or honesty, or was convicted of offences and sentenced to imprisonment.
- Have strong command of English and reasonable command of Arabic.
- Must have knowledge of Islamic financial products, IT systems, and internal procedures.
- Bachelor's or Master's degree in Islamic Banking / Finance / Business Administration (preferable).