Sharia Compliance Lead - Internal Sharia Controls

RAKBANK · United Arab Emirates

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About the Role:

As a Shari'ah Compliance Officer, you will be responsible for ensuring the Bank's Islamic banking products, operations, and activities remain compliant with Shari'ah principles and regulatory requirements. You will conduct Shari'ah reviews, monitor adherence to guidelines issued by the Central Bank of the UAE, Higher Shari'ah Authority (HSA), and Internal Shari'ah Supervision Committee (ISSC), and support the implementation of effective Shari'ah governance across the organization. The role requires close collaboration with business, operations, compliance, risk, and product teams to identify and address Shari'ah compliance matters while supporting the Bank's Islamic banking objectives.

What You Will Be Doing:

1. Shari'ah Compliance Review

• Conduct Shari'ah compliance reviews of Islamic banking products, transactions, processes, and operations.
• Ensure adherence to Shari'ah governance standards, HSA directives, and ISSC resolutions.
• Identify, report, and follow up on Shari'ah non-compliant matters and remediation actions.

2. Governance & Advisory

• Provide Shari'ah guidance and support to business units and stakeholders.
• Review internal documents and provide recommendations from a Shari'ah compliance perspective.
• Assist in implementing regulatory and Shari'ah governance requirements across the Bank.

3. Reporting & Monitoring

• Prepare Shari'ah compliance reports for senior management and relevant committees.
• Maintain records of Shari'ah reviews, findings, and corrective actions.
• Support the preparation and execution of the annual Shari'ah review plan.

4. Stakeholder Engagement

• Work closely with Products, Sales, Operations, Compliance, Risk, and other internal stakeholders.
• Communicate Shari'ah compliance requirements and updates across business units and branches.
• Support the resolution of customer complaints related to Islamic banking compliance matters.

5. Regulatory Compliance

• Monitor compliance with UAE Central Bank regulations relating to Islamic banking.
• Ensure implementation of resolutions issued by the Higher Shari'ah Authority and Internal Shari'ah Supervision Committee.
• Support continuous enhancement of the Bank's Shari'ah governance framework. 

What We're Looking For:

Minimum Qualification:

• Bachelor's degree in a relevant discipline.
• Certified Shari'ah Advisor & Auditor (CSAA), Certification of Proficiency in Shari'ah Standards (CPSS), Islamic Banking Certification from CIBAFI, or an equivalent qualification.
• Minimum 5 years of experience in Shari'ah Compliance, Shari'ah Audit, Islamic Banking, or a related advisory/consultancy role. 

What You Should Have:

• Strong understanding of Shari'ah principles and their application within Islamic Banking.
• Knowledge of Islamic banking products, services, operations, and regulatory requirements.
• Understanding of Shari'ah Governance Standards and compliance frameworks.
• Strong analytical, research, and problem-solving skills.
• Policy development and implementation capabilities.
• Effective stakeholder management and communication skills.
• Strong English and Arabic drafting and reporting abilities.

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