Senior Manager, Shari'a Audit - Abu Dhabi, United Arab Emirates - ADIB - Abu Dhabi Islamic Bank

    ADIB - Abu Dhabi Islamic Bank
    ADIB - Abu Dhabi Islamic Bank Abu Dhabi, United Arab Emirates

    2 weeks ago

    Default job background
    Full time
    Description


    Role : Senior Manager, Shari'a Audit

    Location :Abu Dhabi

    Role Purpose:

     Responsible for organizing and managing internal Shari'a audits assignments according to Internal Shari'a audit plans, Specialized in treasury and trade finance. The responsibilities of Sr. Manager Internal Shari'a Audit include overseeing the process of Internal Shari'a audits, making recommendations on policies, and ensuring that the organization conform with Shari'a rules & principles in order to provide a reasonable assurance to the management that Shari'a risk is mitigated to an acceptable residual level.

    Performs complex internal Shari'a audit assignments in designated areas of the organization to identify, resolve, and/or recommend solutions to assure full compliance with Shari'a resolutions of ADIB's Internal Shari'a Supervisory Committee of ADIB. May serve as the project leader on standard audits and conduct complex audits independently

    Key Accountabilities of the role


  • Adhere to:

  • The AAOIFI Standards.
  • The CBUAE HSA Resolutions
  • ADIB- ISSC' Resolutions
  • The Institute of Internal Audit Standards e.g. independence, objectivity, proficiency and performance of audit work.
  • The Internal Shari'a Audit objectives, mission and vision.
  • Perform the internal Shari'a audit assignments/assigned duties efficiently and effectively based on the risk-based Shari'a Audit approach sketched by the line Management and in consultation with Team Leader.
  • As Sr. Manager Shari'a Auditor, the main responsibilities are as follows:
  • Visiting departments/units subject to Shari'a Audit (Preliminary Survey) based on: Familiarization, Identification of potential areas of improvement, Confirmation, Planning the detailed audit.
  • Compile, review and summarize Higher Shari'a Authority CBUAE – HAS and ADIB Internal Shari'a Supervisory Committee (ISSC) resolutions.
  • Review of Policy and Procedures related to processes/products.
  • Develop/review the Shari'a Audit Program and identify/define areas of Shari'a Non-Compliance Risks.
  • Identify and evaluate the Shari'a Non-Compliance (SNC) Risks. (Prioritize/quantify the SNC, SNC Assessment, Likelihood Rating Scale & Criteria, Impact Rating Scale & Criteria, Overall SNC Score scale, Definition & Criteria, Identify the Shari'a Controls, Prioritize, quantify and evaluate the effectiveness of Shari'a Controls, Obtaining Management Consensus).
    List of Shari'a Audit requirements/reports.
  • Risk Assessment for Finance Products (Assets) only. (Risk Assessment (for Finance Products) - Evaluation framework (scoring system).
  • Sampling methodology (Extensive Testing, Moderate Testing, Standard Testing).
  • Prepare Authority Letter.
  • Conducting opening meeting and presentation to the respective management/s (Introduction, Authority letter/Scope and objectives, Findings/exceptions, Shari'a Audit progress, Cooperative administration).
  • Formation the Shari'a audit assignments teams (team leader and members).
  • Use the Shari'a Risk and Control Analysis to determine the Shari'a Audit Approach (Documenting the Shari'a Control, Walk-through of Controls, Evaluating the Effectiveness of Shari'a Compliance Controls, Reviewing the Associated Evidences).
  • Sampling methodology (Defining the Population, Number of locations, Shari'a Control changes, Setting the Sample Size, Document the Tests to be performed).
  • Review and audit the selected sample.
  • Findings/Exceptions' Sheets (Finding/Exception, Cause, Responsibility, SNC/ Impact, Working Paper/s Ref, Recommendation/Policy Reference, Management reply &Target Date.
  • Preparation of Shari'a Audit reports. (Executive Summary Report. Detailed Report).
  • Shari'a control environment Rating.
  • Shari'a control rating.
  • Exceptions/Findings database
  • Exit meeting
  • Follow-Up on matters reported by Shari'a audit
  • Preparation of (ISSC) escalation Shari'a Audit reports.
  • Shari'a Audit Process Questionnaire (SAPQ).
  • Drafting Shari'a guidelines.
  • Comply with any additional tasks which could be assigned by the Team Leader/line management.
    • Specialist Skills / Technical Knowledge Required for this role:
    • Bachelor in Sharia or Islamic Economics or Islamic Banking.
    • CISSA or CIPA certifications (or alternative certifications).
    • Good experience in supervising or auditing treasury and trade finance.
    • Arabic & English language.
    • Excellent IT skills.
    Previous experience:

    7 to 10 years' experience.