Job Description

Job Code: 5497
Job Title: Sharia Compliance
Experience: 5+ years
Location: Dubai
Client: Private insurance company
Position type: Direct Hire
Job Requirements:

• Hold a university degree in Islamic Shariah or a relevant specialization.
• Possess a professional certification in Islamic finance and/or Client's, such as AAOIFI, CIBAFI, in addition to a recognized professional insurance certificate issued by a local or international organization.
• Have at least 10 years of experience in Shariah supervision within Islamic Financial institutions including at least 5 years Shariah supervision in Client's insurance.
• Excellent proficiency in both English and Arabic.

Job Responsibilities:
Governance & Compliance

• Ensure that the company's operations, contracts, and product offerings comply with the principles of Islamic Shariah.

• Develop and oversee the implementation of a comprehensive Shariah governance framework in line with Central Bank standards and AAOIFI guidelines.

• Monitor the implementation of Fatwas, guidelines, and decisions issued by the ISSC.

• Identify any Shariah non-compliance issues and recommend appropriate corrective actions.

ISSC Secretariat & Liaison

• Act as the secretary and coordinator for the Internal Shariah Supervision Committee.

• Prepare and submit documentation and reports for ISSC meetings.

• Ensure timely execution of ISSC resolutions and provide periodic reports to senior management.

Shariah Consultation and Research

• Provide expert Shariah consultation to various departments, particularly in underwriting, investment, claims, and product development.

• Conduct Shariah research to support innovation and ensure alignment with contemporary Islamic finance practices.

• Contribute to the development of new Shariah-compliant concepts and business strategies.

Shariah Reviews & Audits

• Lead periodic Shariah reviews and audits to evaluate compliance in underwriting, investments, re-Client's, claims processing, and all operational activities.

• Identify Shariah non-compliances and propose corrective measures.

Product Review & Approval

• Review and approve new and existing Client's products and services from a Shariah perspective.

• Work closely with the Product Development and Legal departments to ensure all documentation (contracts, policies, brochures) align with Shariah rulings.

Training & Awareness

• Conduct internal training programs and awareness sessions for staff on Shariah compliance and Client's principles across the Company.

Regulatory Reporting

• Ensure timely submission of all required Shariah compliance reports to the Central Bank and other regulatory authorities.

• Keep abreast of regulatory changes and ensure the company's Shariah practices are aligned with updated laws and guidelines.

Skills Required