Manager - Shari’a Audit

Role Overview

Manager - Shari'a Audit at ADIB, Abu Dhabi. UAE National only.

Role Purpose

Responsible for organizing and managing internal Shari'a audit assignments according to Internal Shari'a audit plans. Oversee the process of Internal Shari'a audits, make recommendations on policies, and ensure the organization conforms with Shari'a rules and principles to provide reasonable assurance to management that non-Shari'a compliance risk is mitigated to a lower residual level. Perform complex internal Shari'a audit assignments in designated areas to identify, resolve, and recommend solutions assuring full compliance with Shari'a resolutions of ADIB's Internal Shari'a Supervisory Committee. May serve as project leader on standard audits and conduct complex audits independently.

Key Responsibilities

Planning and Risk Assessment

• Adhere to AAOIFI Standards, Institute of Internal Audit Standards (independence, objectivity, proficiency and performance of audit work), and Internal Shari'a Audit objectives, mission and vision.
• Develop understanding of activities to assist Team Leader or line management in preparing risk-based Shari'a audit plans.
• Define related areas of Shari'a risks and controls for all activities and processes subject to Shari'a Audit.
• Draft, revise, and update Shari'a Audit Program based on Shari'a risk assessment that considers impact and likelihood.
• Ensure any changes or additions to Shari'a audit programs are discussed and approved by Team Leader.
• Compile and review Internal Shari'a Supervisory Committee resolutions and ensure they are incorporated in related Shari'a audit programs.
• Prepare checklists for use between Shari'a Team Leader and members.
• Apply risk-based Shari'a Audit methodology to identify critical Shari'a risks, major control weaknesses, and process inefficiencies on a timely basis and report to respective Team Leader.

Execution and Fieldwork

• Perform internal Shari'a audit assignments and assigned duties efficiently and effectively based on risk-based Shari'a Audit approach sketched by line Management and in consultation with Team Leader.
• Arrange for and complete working papers and assigned work in a timely manner according to Internal Shari'a Audit management guidelines.
• Hand over working papers to Team Leader on a timely basis without delays, ensuring they reflect work performed, samples selected, contain Shari'a Audit program, and are complete and adequate to support exceptions.
• Select samples in consultation with Team Leader and according to approved sampling methodologies.
• Complete assigned duties within projected timescale and justify any variances to Team Leader.
• Ensure that exceptions are drafted properly and promptly by utilizing the exceptions database and discussing exceptions with Team Leader prior to drafting.
• Ensure that corrective actions have been taken on all previous Shari'a audit exceptions and highlight repeated issues to Team Leader on time.

Reporting and Compliance

• Prepare Assignment Planning Memorandum.
• Prepare Authority letter.
• Follow up receipt of Client management replies to exceptions as per Shari'a Compliance policy (3 working days) and promptly bring to attention of line management any deviation that could delay Shari'a audit process during fieldwork or draft report.
• Monitor compliance with Shari'a policy and procedure standards.
• Participate in special reviews related to Shari'a when requested; assist in determining circumstances that enabled such situations, identify responsibility for losses or failures to comply with Shari'a policy and procedure, and provide recommendations for Team Leader and line management review.

Stakeholder Management and Communication

• Prepare and conduct presentations to all concerned Shari'a audit members, Team Leader, and line Management discussing steps that have been or will be implemented during preparation and field work stages.
• Keep constructive working relationships with Shari'a Audit clients to achieve overall objectives.
• Maintain excellent teamwork environment and team spirit.
• Maintain very good efficient and professional oral and written communication skills.
• Provide guidance to other Shari'a Auditors in consultation with or as requested by Team Leader.
• Train new and existing staff on Shari'a-related issues and Shari'a Audit Approach in coordination with Team Leader.

Knowledge and Systems

• Achieve very good knowledge of ADIB processes, policies, procedures, and AAOIFI and IIA standards.
• Understand and improve working knowledge of all automated Shari'a auditing tools.
• Assist and coordinate with Shari'a IT Project team or IT Division (through Shari'a IT project team) to develop and improve reports required prior to commencement and throughout Internal Shari'a Audit assignments.

Governance and Performance

• Achieve high standards of behavioral competencies according to competencies defined by line management as per Assignment Performance Appraisal for Team Member.
• Consult with Team Leader on competencies below standards.
• Complete assignment performance appraisal performed by Team Leader at the end of each Shari'a audit assignment.
• Enhance decision-making skills.
• Review new and/or changes to bank's policies and procedures related to Shari'a when requested by Team Leader to evaluate Shari'a control adequacy and related risk mitigation.
• Ensure that paper-based working papers and other Shari'a audit documents are adequately protected and secured throughout the assignment.
• Comply with any additional tasks assigned by Team Leader or line management.

Qualifications & Experience

• Bachelor degree in Sharia, Islamic Economics, or Islamic Banking.
• CISSA and CIPA certifications (or alternative certifications).
• 5 to 10 years of experience.

Skills & Competencies

• Arabic and English language proficiency.
• IT skills.