Audit Manager, Internal Shariah

Job Purpose:

Internal Shari’ah Audit (ISA): As an expert in Shari’ah Auditmethodology and AAOIFI Shari’ah standards: 

• Ensure Shari’ah Audit coverage for Mashreq and applicable subsidiaries and undertake Shari’ah audits and monitor compliance with Islamic Shari’ah. 

• Execute the Shariah Audit Plan acting as an Audit in Charge and lead medium to large sized team of Shari’ah Audit professionals and manage audit assignments. 

• Assist Head ISA in preparing the Risk based Shariah Audit Plan 

• Examine and evaluate the adequacy and effectiveness of Shari’ah Gov. & Internal Controls of Islamic businesses/branches and activities relating to compliance with AAOIFI Shari’ah Standards, resolutions (Fatawa), guidelines & instructions issued by Internal Shari’ah Supervision Committee (ISSC) & Central Bank of UAE Higher Shari’ah Authority (CBUAE HSA). 

• Develops effective senior line management relationships and applies an in-depth understanding of the inter-relationships of business and support units throughout the Bank. 

• Uses excellent communication skills toinfluence a wide range of internal audiencesnegotiating often at higher levels on matters with major impact on the area managed. 

• Demonstrates strong judgment, political astuteness, and sensitivity to cultural diversity. 

• Effective leadership, handling team/direct reports – motivate and inspire them, and develop them through coaching, training, and providing timely feedback. 

• Assist Head ISA in preparation of quarterly presentations (Shariah Audit related slides) for Board Audit Committee, Internal Shari’ah Supervision Committee, IA Group annual Plan and MBO Review with CEO. 

• Participate/Represent Mashreq’s Shari’ah Audit on the bank’s internal or external projects as working committee member e.g., Core banking Project/UBF Projects if required.

Key Result Areas:

Internal Shari’ah Audit (ISA): 

• Lead Shari’ah audits/reviews, in accordance with the ISSC and BAC approved Internal Shari’ah Audit plan in an efficient and effective manner, covering Islamic products, service forms, transactions, etc. as per the Shari’ah audit procedures laid down in the approved Audit Program (BPRA) and maintain required audit work papers. 

• Providing assurance on the adequacy and effectiveness of Shari’ah Governance and Internal Controls of Islamic businesses, branches, departments, and activities, relating to compliance with AAOIFI Shari’ah Standards resolutions (Fatawa), guidelines and instructions issued by the ISSC, CBUAE and HSA. 

• Act as an Audit in Charge for Shari’ah Audits and lead medium to large sized team of Shari’ah Audit professionals and manage Shari’ah audit assignments. • Provide inputs during GRAM and annual planning exercise for Shari’ah Audit Entities based on evaluation of processes/activities/systems relating to Islamic products & services and agree it with Head ISA. 

• Discuss with Head ISA Shari’ah audit coverage during the planning of the Shari’ah audit and document the same in APM.

Develop new and continuously update the existing BPRAs relating to Shari’ah Audit Universe/ Plan as and when required and submit to Head ISA for review/ approval. 

• Develop action plans/Shari’ah Audit reports including agreed target dates for all Shari’ah related issues after discussions with management and timely escalate all Shari’ah related issues to Head ISA. Conduct regular follow-up with management for timely implementation of Shari’ah action plans. 

• Guidance and supervision to ISA & IA staff in planning & execution of Shari'ah Audits. Work in close liaison with Shari’ah Governance Unit on issues & resolution. Coordinate with IA team to exchange relevant information, findings, reports etc. 

• Participate/Represent Mashreq’s Shari’ah Audit on the bank’s internal or external projects as working committee member e.g., Core banking Project/UBF Projects or any other local and international Forums/Committees if required. 

• Assist Head Internal Shari’ah Audit (ISA) Division in periodic presentations to Board Audit Committee (BAC) and ISSC on Shari’ah issues raised during planned audits and status updates on the resolutions. 

• Conduct periodic trainings for Shari’ah Audit staff to enhance their level of overall effectiveness and upgradation of skills in a dynamic and changing Islamic Banking environment in general and AAOIFI Shari’ah Standards in particular. 

• Develop and Update ISA Charter/ manual for review and approval by Head ISA, Head IAG, BAC and ISSC as applicable.

Operating Environment, Framework and Boundaries, Working Relationships:

Operates in a highly challenging and continually evolving environment, characterizedby composite risks (existing and emerging), decentralized controls, changes and turnover, with increasing appetite for risks as strategic direction within its defined risk/reward framework. 

• Move towards newer and complex / sophisticated Islamic product offerings within CIBG, Treasury & Capital Market (TCM), FID, RBG (Cash Management, Project Finance & Syndication, Asset Trading, Proprietary Trading, Derivatives so on and so forth), multidirectional growth, and hiring of specialists within each Group / Division pushes and redefines the boundaries and takes control specifications to much higher level than ever before. 

• With this, ever increasing number of complex regulations, instructions, and resolutions by CBUAE/ HSA on Islamic banking, growing compartmentalization, diversified operations, outsourcing and MIT also preparing itself for insourcing requires that Shari’ah Audit too is taken to a much higher level in tandem to meet new challenges around. 

• As the Shari’ah Audit Universe grows and within each area the risk taking and functions/processes become more complex and intense, the corresponding need to independently deal with specialists, understand products and be able to influence all his counterparts, peers and seniors in other areas will become critical for his success and effectiveness. 

• Excellent working relationship, its management and influencing skills in ever changing environment and growing Shari’ah Audit Universe with greater number of specialists in controlling positions is part and parcel of the position. 

• Ability to command respect by demonstration of skills and practical and effective solutions is a key success factor. 

• Should not assume any executive powers or responsibilities related to the businesses, activities, and contracts that may be audited by him/her

Problem Solving:

A very high degree of problem solving and know how to recommend solutions is an absolute must in the new and emerging environment growing in all direction. 

• Specialized knowledge, comprehension and understanding of Shari’ah, Islamic Banking products and composite risks, ability to project and assess risk end to end, and those not seen by specialists in each business areas is a must. 

• The very nature of this position is to ensure bank wide adherence and compliance to Internal Audit & Shari’ah guidelines and bank’s control standards, procedures and processes; to be able to resolve control risk gaps for which many a time no ready solution is available within the area under review. 

• Through his / her expertise he / she should also be able to support optimizing risks by eliminating redundant controls. 

• Based on the independent professional judgement, initiate, prepone, postpone, prioritize audits / reviews / investigations of any areas in the bank.

Decision Making Authority & Responsibility:

The incumbent has the authority and responsibility to independently run all functions, tasks and assignments within the area of control. 

• As a responsible senior officer, he / she also independently represents, deals and interacts with all Group / Division Heads and Managers and conveys decisions of Audit. 

• He / She is responsible to raise, risk-prioritize and ensure risks are addressed in timely manner in his judgement. 

• Determine areas of risk and appraise their significance in relation to operational factor of cost and quality. 

• To accurately dimension / crystallize / assign ratings and communicate the impact of recommend actions.

Knowledge, Skills and Experience:

• CA /CPA/ ACCA/MBA in Finance & Accounting preferably with CIA / Banking Diploma, university degree in Islamic Shari'ah, or relevant specializations and professional certification such as CSAA in Shari’ah and Islamic Banking Audit from AAOIFI/CIBAFI. 

• 5– 10 years’ experience in audit department of a bank / audit firm of which at least 5 years in the field of Shari'ah audit. 

• Specialized knowledge, expertise and a thorough understanding of various risks and implications. 

• Proven experience in managing and leading a team. 

• Excellent communication and interpersonal skills, with the ability to build effective relationships with stakeholders at all levels. 

• Be a Muslim, computer literate with strong command over spoken and written English and reasonable command in Arabic. 

• Result oriented disciplined thinker, a self-starter with strong analytical organizational skills.