For Recruiters

Associate Director Sharia'h Controls

Standard Chartered Bank Dubai, United Arab Emirates
Posted 1 day ago Permanent Competitive
Associate Director Sharia'h Controls
The Role Responsibilities
Job Summary
  • Work under the supervision of Head of ISCD and under the guidance of Internal Shari'ah Supervision Committee (ISSC) and responsible for Shari'ah Governance, ISSC secretariat, Shari'ah training and Shari'ah Compliance of Islamic Banking Business in UAE.
  • For administrative matters and enforcement/implementation of Shari'ah Governance Framework in the bank, involve Head of CFCC Governance UAE and Country Head of Compliance UAE.
Strategy
  • Understand Group Islamic Business strategy, operating model and support business within parameter of Shari'ah guidelines issued by Higher Shari'ah Authority (HSA) of Central Bank UAE and ISSC
  • Develop and maintain regulatory relationships with regulators in Country through a structured engagement programme with consistent adherence to regulatory expectations.
  • Promote the culture and practice of compliance with compliance standards (including conducting business within regulatory requirements, and to high ethical standards) within the Bank and embed a Here for good culture and the Group Code of Conduct.
Business
Mainly responsible:
ISSC Secretariat
  • Provide necessary secretarial support to the ISSC includes, arrangement of ISSC meetings, preparation of agenda, submission of documents and fatawa 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
Shari'ah Consultations
Provides consultation based on the ISSC's fatwas and resolutions regarding:
  • Contracts and documents and other aspects related to the Islamic Banking financial products and services, including products manual, policies, internal procedures etc
  • Bank's Shari'ah related inquiries and issues,
  • Promotional / advertising materials and publications,
  • Customers complaints (related to the compliance with Islamic Shari'ah), and
  • Other Shari'ah issues faced by the bank especially the ones related to structuring and products
Shari'ah Research & Development
  • Conducts researches for related Shari'ah and procedural issues requested by Head of ISCD and 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
Shari'ah Compliance
  • 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
Shari'ah Training
  • 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
Processes
  • 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 in relation to the Shari'ah matters
  • Provide advice to relevant business & functions on compliance with Group standards & Shari'ah 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.
People and Talent
  • Work in collaboration with risk and control partners of Islamic Banking Business
  • Conduct Shari'ah trainings as per regulatory requirement
  • Promote and embed a culture of openness, trust and risk awareness, where ethical, legal, regulatory and policy compliant conduct is the norm.
  • Stimulate an environment where forward planning, prioritisation, deadline management and streamlined workflows and collaborative, inclusive yet effective and efficient work practices are the norm
  • Lead through example and build the appropriate culture and values
Shari'ah Risk Management
  • Ensure a full understanding of the Shari'ah risk and control environment in area of responsibility
  • Apply Group, CFCC and Islamic Banking policies and processes to manage risks
  • Make recommendations (and/or implement) to relevant stakeholders on possible risk management responses to identified risks and/or findings of concerns from investigations
  • Inform senior management and relevant regulators of serious regulatory breaches (or where risk tolerances have been breached) and ensure that actions are taken quickly to remediate and/or activities are ceased
  • Support and stimulate an environment where forward planning, prioritisation and deadline management lead to efficient work practices and streamlined functional activities and processes
  • Ensure the Bank is properly prepared for, routine regulatory exams, audits and supervisory inspections, as well as to managing the response from the business
Governance
  • Responsible to support Islamic Banking Business in managing Shari'ah Governance and Shari'ah Compliance
  • To understand Islamic Banking regulatory requirements and have willingness to work with regulators in an open and cooperative manner
  • Attend relevant meetings
  • Periodic reporting and timely escalation of significant risks and issues
  • Be accountable for identification and escalation of potential risks and issues to senior management through appropriate governance channels and the Quality Assurance framework
  • Proactively drive the development and maintenance of good relationships with internal and external business stakeholders at appropriate levels ensuring an open and cooperative environment
Regulatory & Business Conduct
  • Display exemplary conduct and live by the Group's Values and Code of Conduct
  • Take personal responsibility for embedding the highest standards of ethics, including regulatory and business conduct, across Standard Chartered Bank. This includes understanding and ensuring compliance with, in letter and spirit, all applicable laws, regulations, guidelines and the Group Code of Conduct
  • Lead the Shari'ah function to achieve the outcomes set out in the Bank's Conduct Principles: [Fair Outcomes for Clients; Effective Financial Markets; Financial Crime Compliance; The Right Environment.]
  • Effectively and collaboratively identify, escalate, mitigate and resolve risk, conduct and compliance matters.
Key Stakeholders
Work with relevant stakeholders such as
  • C&IB, CB, CPBB
  • Legal, Compliance, Risk, Operations, Corporate Affairs, Marketing, Finance
  • Engagement with Regulators, industry bodies, Shari'ah Scholars and Clients
Other Responsibilities
Time to time advised by HSA, CBUAE to ensure Shari'ah Governance & Shari'ah Compliance of Islamic Business
  • Embed Here for good and Group's brand and values in the CFCC Governance team.
  • Perform other responsibilities assigned under Group, Country, Business or Functional policies and procedures
Our Ideal Candidate
  • 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 an experience of 7 years, as a minimum, in the field of Shari'ah Supervision
  • Must not have been sentenced by a court in crimes related to honor 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)
  • Good working understanding of Arabic is preferred
Role Specific Technical Skills And Competencies
  • Shari'ah Advisory
  • Islamic Banking and Finance
  • Compliance Policies and Standards
  • Compliance Advisory
  • Compliance Review and FCC Assurance
  • Surveillance (including Screening and Monitoring)
  • Investigations
  • Compliance Risk Assessment
  • Regulatory Liaison
  • Manage Change
  • Manage Projects
About Standard Chartered
We're an international bank, nimble enough to act, big enough for impact. For more than 160 years, we've worked to make a positive difference for our clients, communities, and each other. We question the status quo, love a challenge and enjoy finding new opportunities to grow and do better than before. If you're looking for a career with purpose and you want to work for a bank making a difference, we want to hear from you. You can count on us to celebrate your unique talents. And we can't wait to see the talents you can bring us.
Our purpose, to drive commerce and prosperity through our unique diversity, together with our brand promise, to be here for good are achieved by how we each live our valued behaviours. When you work with us, you'll see how we value difference and advocate inclusion. Together we:
  • Do the right thing and are assertive, challenge one another, and live with integrity, while putting the client at the heart of what we do.
  • Never settle, continuously striving to improve and innovate, keeping things simple and learning from doing well, and not so well.
  • Be better together, we can be ourselves, be inclusive, see more good in others and work collectively to build for the long term.
In line with our Fair Pay Charter, we offer a competitive salary and benefits to support your mental, physical, financial and social wellbeing.
  • Core bank funding for retirement savings, medical and life insurance, with flexible and voluntary benefits available in some locations.
  • Time-off including annual, parental/maternity (20 weeks), sabbatical (12 weeks maximum) and volunteering leave (3 days), along with minimum global standards for annual and public holiday, which is combined to 30 days minimum.
  • Flexible working options based around home and office locations, with flexible working patterns.
  • Proactive wellbeing support through Unmind, a market-leading digital wellbeing platform, development courses for resilience and other human skills, global Employee Assistance Programme, sick leave, mental health first-aiders and all sorts of self-help toolkits.
  • A continuous learning culture to support your growth, with opportunities to reskill and upskill and access to physical, virtual and digital learning.
  • Being part of an inclusive and values driven organisation, one that embraces and celebrates our unique diversity, across our teams, business functions and geographies - everyone feels respected and can realise their full potential.
Recruitment assessments - some of our roles use assessments to help us understand how suitable you are for the role you've applied to. If you are invited to take an assessment, this is great news. It means your application has progressed to an important stage of our recruitment process.

Visit our careers website www.sc.com/careers
Job ID  2200029613
ABOUT COMPANY
London, United Kingdom
85000 Employees Corporate Banking
We’re an international bank, nimble enough to act, big enough for impact. For more than 160 years, we’ve worked to make a positive difference for our ...
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