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Associate Manager, Internal Shari’ah Audit Section

Jeddah

  • Organization: IsDB - Islamic Development Bank
  • Location: Jeddah
  • Grade: Mid level - Mid level
  • Occupational Groups:
    • Accounting (Audit, Controlling)
    • Internal audit, Investigation and Inspection
    • Managerial positions
  • Closing Date: 2024-02-03

IDB3170 - Associate Manager, Internal Shari’ah Audit Section

Business Unit: Director General - General Counsel
Division: Shariah Affairs
Department: Not Applicable
Contract type: Regular Staff
Country: Saudi Arabia
Location: Saudi Arabia - Jeddah
Closing date: 03-Feb-2024

Job Purpose:

The job holder is responsible for effectively leading all Shari'ah Audit engagements within IsDB Group to ensure Shari'ah Compliance ex-post (i.e. after IsDB Group transacts to ensure implementation was actually done in line with Shari'ah approvals and requirements). The role is independent of management's day-to-day operations and rather conducts periodic Shari'ah Audit inspections to ascertain Shari'ah compliance. Consequently, the role ensures that all IsDB Group’s financing, investment and funding transactions, operations, policies and activities are compliant with the IsDB Group Shari’ah Board’s Resolutions and Recommendations in line with the mandate of the IsDB Group Shari’ah Affairs Division (SDiv) and Article 1 of IsDB's founding Articles of Agreement.

Key Accountabilities:

Strategic Planning and Implementation:
• Lead the timely Development & Implementation of the Strategic Objectives of the Shari'ah Audit Function.
• Develop the Annual Work Plan of the Shari'ah Audit Function.
• Undertake any specialized Shari'ah engagements directed by the SDiv Manager.

Policies, Processes and Procedures:
• Lead the Shari'ah Audit of existing IsDB Group policies, guidelines, processes, rules and regulations etc, (post enactment) to ensure compliance with Shari’ah rules and principles.
• Monitor new market developments and evaluate their impact upon IsDB Group operations & activities and put-up appropriate recommendations to the SDiv Manager.
• Provide Shari'ah Audit Guidance input to the SDiv Manager on various high-level policy-related committees established by the management of IsDB Group.

Shari’ah Audit:
• Lead the Periodic Shari'ah audit of all IsDB Group transactions, operations and activities as an ex-post independent control function to ascertain that transactions, operations and activities were implemented in accordance with Shari'ah rules/approvals.
• Lead the conduct of Shari’ah audit appraisal of IsDB Group annual financial statements and annual report in order to identify and rectify any Shari’ah non-compliance issues before publication.
• Identify and analyse difficulties faced by IsDBG in implementing the resolutions of the Group Shari'ah Board in the scope of Shari'ah Audit and provide appropriate solutions, whenever possible, and refer very high-level complex issues to the SDiv Manager.
• Lead the Development of a comprehensive annual Shari'ah audit program or plan.
• Lead the identification of Shari'ah non-compliance risks and Shari’ah governance lapses in IsDB Group with adequate recommendations to IsDB Group Management.

Audit Delivery:

 • Participate as team member or team leader for assigned audit work and potentially lead the more complex audits such as cross-functional and multi-location high risk audits.

• Ensure that audit deliverables meet quality standards and timelines in line with the international accepted methodology.

• Draft and submit inputs to the audit scope (including the Audit Planning Memo and Controls document) proposed by the Manager Shari’ah Affairs division.

• Assist in the drafting of the Shari’ah audit report in the Shari’ah report review process; and Track the implementation/delivery of the agreed issues and action plans for the audits assigned, understanding the key risks arising, provide advice on resolution of issues to auditees/action plan owners and escalate audit findings that remain unresolved.

Knowledge Sharing and Innovation:
• Lead the delivery of Innovations or Initiatives or Knowledge Sharing Sessions to improve overall Shari’ah Governance in IsDB Group and to entrench a culture of Shari'ah Compliance in IsDB Group.
• Benchmark Shari'ah Audit related best practices by participate in Industry standards (AAOIFI, IFSB, IIFM etc..) exposure draft sessions, international round tables and other events in the field of Islamic banking and finance to bring experiences and best practices of other institutions to IsDB Group andvice versa with robust recommendations to SDiv Manager.
• Lead the provision of Shari’ah Audit guidance on technical Islamic Finance Matters or Trainings to IsDB Group Clients/Member Countries on a needs basis to promote the developmental initiatives of IsDB Group.

Reporting and Communication:
• Participate in the preparation of periodic reports, briefings, and presentations for Management on Shari’ah Audit Matters.
• Participate in the presentation of findings of the Shari'ah Audit reports to various stakeholders such as the President of IsDB, IsDB Group Shari’ahBoard, Board Audit Committee, BED and BOG’s.

Operational Excellence and Administration:
• Ad-hoc Shari’ah audit related assignments of IsDB Group Shari’ah Affairs Division (SDiv).
• Supervise, coach and mentor subordinates.
• Propose and implement process improvements within SDiv to increase efficiency, effectiveness, budget control and compliance of the related operations.

Academic and professional qualifications:

  • Master’s degree in Islamic Banking and Finance or related fields. (PhD in Islamic Banking would be an added advantage).
  • Certificate in Shari'ah Advisor and Auditor (CSAA) from AAOIFI.
  • Minimum 8 years of relevant experience in Islamic Finance/Shariah compliance preferably in international organizations.
  • 3 years managerial experience.

Skills & Necessary Knowledge:

• Well versed in Islamic Fiqh/ Fiqh al Mu’amalat
• Proven competence in Shari'ah rules and principles
• Problem Solving & Negotiation
• International Shari'ah & Shari'ah Governance Standards
• Research and Analysis
• Review Operations
• Bank Knowledge
• MS Office skills

Languages:

* English - Mandatory

* Arabic - Preferred

* French - Preferred

We do our best to provide you the most accurate info, but closing dates may be wrong on our site. Please check on the recruiting organization's page for the exact info. Candidates are responsible for complying with deadlines and are encouraged to submit applications well ahead.
Before applying, please make sure that you have read the requirements for the position and that you qualify.
Applications from non-qualifying applicants will most likely be discarded by the recruiting manager.
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