Sharia Compliance Lead - Internal Sharia Controls

Role Overview

Sharia Compliance Lead - Internal Sharia Controls at RAK BANK. The role is based in the United Arab Emirates and focuses on ensuring the Bank's Islamic banking products, operations, and activities remain compliant with Sharia principles and regulatory requirements.

Role Purpose

Conduct Sharia compliance reviews, monitor adherence to guidelines issued by the Central Bank of the UAE, Higher Sharia Authority (HSA), and Internal Sharia Supervision Committee (ISSC), and support the implementation of effective Sharia governance across the organization. Work in close collaboration with business, operations, compliance, risk, and product teams to identify and address Sharia compliance matters while supporting the Bank's Islamic banking objectives.

Key Responsibilities

Sharia Compliance Review

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

Governance & Advisory

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

Reporting & Monitoring

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

Stakeholder Engagement

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

Regulatory Compliance

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

Qualifications & Experience

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

Skills & Competencies

• Strong understanding of Sharia principles and their application within Islamic Banking.
• Knowledge of Islamic banking products, services, operations, and regulatory requirements.
• Understanding of Sharia 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.