Job Description

Job Title VP- Shariah Advisory

Description

KEY ACCOUNTABILITIES: Provide Shariah expertise and knowledge on structuring and developing of new Shariah compliant products and ensure all Shariah requirements of Higher Shariah Authority, Internal Shariah Supervision Committee and AAOIFI Shariah Standards are incorporated.Reviewing legal documentations of new Shariah compliant products and negotiating the documents with legal counsels to ensure legal documents correctly reflect the structure of the transaction and complies with Shariah requirements of Islamic contracts.Reviewing Product Program Guide (PPG), Standard Operating Procedures (SOP), accounting entries and IT setup for Islamic products.Reviewing all Islamic branding, promotion, marketing materials for assigned Islamic Banking products to ensure accurate information are incorporated and the language used are in line with Islamic banking principles.Assisting product managers in preparing Shariah submissions to the Internal Shariah Supervision Committees and Higher Shariah Authority (as necessary) as per CBUAE regulations on approval of new Islamic products.Obtain Internal Shariah Supervision Committee Pronouncement of new Islamic products and Higher Shariah Authority no objection (as necessary).Support Coverage and GTB Product Advisory teams in managing clients Islamic banking needs through providing Shariah input on the Islamic products.Providing Shariah expertise and knowledge in structuring and developing Islamic investment solutions such as Islamic funds, Islamic structured finance or Islamic discretionary portfolio management.Assisting in the drafting and/or reviewing agreements, documents, instruments and other materials pertaining to Islamic investment products and in connection therewith, provide advice, guidance and assistance as to the compliance of such agreements, documents and instruments with the Shariah principles Developing Shariah guidelines and standards that may be used as a reference for Fund and Investment ManagersPerforming assessment of proposed future and existing Islamic instruments, sukuk and Islamic money market instruments, investments to be underlying investments of Islamic funds to ascertain the status of compliance with Shariah principlesReviewing Product Program Guide (PPG), Standard Operating Procedures (SOP), accounting entries and IT setup for Islamic Banking Groupproducts.Obtaining necessary Shariah approvals and annual reports from the Internal Shariah Supervision Committee on activities of Islamic funds and related Islamic activities of Private Banking Group in general.Providing on-going supervision and oversight of the operations, policies, activities, and marketing activities of the Fund to ensure their compliance with Shariah principles.Act as Subject Matter Expert on Shariah in the context of Operations processing and managing Islamic banking bookings and transactions.Provide Shariah input on evaluation and selection of relevant service providers such Commodity Murabaha Platform for execution of Commodity Murabaha transactions.Act as Subject Matter Expert on Shariah to Group IT, Corporate Customer Service and other support functions on IT system and account setups for Islamic banking products.Provide Shariah input on evaluation and selection of IT vendors in order to ensure the provision of compatible IT systems and infrastructure required for Islamic banking products.Support Shariah advisory works in other areas of the Bank such as Global Corporate Finance, International, Global Market, Treasury & Consumer Banking and Risk Management as necessary.Support Shariah training needs of the Bank especially in areas of Global Transaction Banking, Private Banking, Operations & Support Functions.Assist Head of Internal Shariah Control in establishing and ensuring a robust and effective functioning of a Shariah Governance Framework for FAB Group.Collaborate with Shariah Compliance unit as well as Internal Shariah Audit department in ensuring effective implementation of the Shariah functions that form the Shariah Governance Framework throughout the FAB Group.Provide necessary input to UAE Banking Federation and Central Bank of UAE on development of Islamic banking draft regulations especially in the areas of Transaction Banking, Private Banking, Operations & Support Functions.Participate in ensuring all regulatory requirements, circulars and guideline of the CBUAE and the HSA are complied with at all timesFRAMEWORKS, BOUNDARIES, & DECISION MAKING AUTHORITY: Reports to the Head of Internal Shariah Control and confers with the latter on critical and strategic issues.Key decisions having significant impact on the Shariah advisory activities are referred to the Head of Internal Shariah Control for approval before implementation.Functions within the framework and boundaries of Group policies as well as overall organizational and governance frameworks.QualificationsMinimum Qualifications:Degree or relevant qualifications in Shariah or Fiqh /Usul Fiqh from a reputable and recognized university.Deep knowledge in Islamic banking or possess professional certificate in Islamic banking.Minimum Experience: 10 years of experience in Shariah unit of Islamic Finance or related experience in Shariah practices.Experience in the Islamic banking practices of the local and international geographies of which FAB operates.Sufficient experience in Shariah advisory of Islamic banking products including familiarity with Islamic banking structures, legal documents, Islamic banking operation & IT System.Experience in managing relationship with Shariah Scholars and Regulators.Additional InformationThe purpose of the job is to lead, manage and ensure effective delivery of Shariah advisory on development, structuring, documentation and execution of their Islamic banking propositions and transactions. Additionally to provide Shariah expertise and knowledge to Group Operations & Support Functions across the Bank in processing, booking, and executing Islamic banking transactions in their respective areas in accordance with Shariah rules and principles as prescribed by the Internal Shariah Supervision Committee and the Higher Shariah Authority at the Central Bank of UAE.The role will be fulfilling the requirements of Shariah Governance Standard issued by CBUAE.

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