Senior Manager, Shariah Compliance, Group Compliance

Req ID:  6003
Job Description: 

Summary
To spearhead and ensure Shariah review function is implemented in accordance with BNM Shariah Governance Policy Document (SGPD) and relevant internal requirements as to affirm on the Bank’s operation, business, affairs and activities comply with the prescribed rulings of the relevant Shariah jurisdictions. These include Shariah Supervisory Council (SSC) of Bank Islam, Shariah Advisory Council (SAC) of Bank Negara Malaysia (BNM) and SAC of Securities Commission (SC), respectively.

 

Duties and Responsibilities

 Assist Deputy Chief Compliance Officer (DCCO) and Group Chief Compliance Officer (GCCO) in developing new ideas, strategies, approaches to resolve problems, to increase efficiency and effectiveness of the Shariah Compliance Department in particular and Group Compliance Division as a whole.
 Supervise Shariah review function to ensure the reviews are adequately and effectively performed, so as to increase the ability of the stakeholders to identify, assess, monitor and improve their compliance with relevant Shariah and regulatory requirements related to Bank Islam’s operations, business, affairs and activities.
 Advise the Board, Shariah Supervisory Council (SSC) and Senior Management on compliance to the laws, rules, regulations and standards, including keeping them informed on the development of these areas, mainly on Shariah and Islamic banking.
 Meet the expectations of DCCO and GCCO in respect of meeting target deadlines, accuracy, completeness and integrity of data and reporting, with high quality of output.
 Stay abreast of changes in compliance rules and regulation to ensure Bank Islam’s policies and procedures are still relevant and reflective of current prevailing standards.
 Ensure Shariah compliance review approach and assurance process are in line with the industry’s standard and Division’s expectations.
 Evaluate and assess on detected and reported possible Shariah issues upon receiving of investigation outcome from staff of SCD and confirm on the event status before recommending appropriate action in line with relevant internal and regulatory reporting requirements.
 Adopt a risk-based approach to review on areas that present the highest perceived risk of Shariah non-compliance as per Compliance Risk Assessment (CRA) methodology.
 Supervise and ensure that the Department’s monthly Compliance Management Report and other relevant papers are complete, accurate and timely for tabling to MRCC, SSC, BRC and/or BODs.
 Facilitate and/or provide briefings and regular updates to stakeholders, where relevant.
 Promote and inculcate Shariah compliance culture within Bank Islam.
 Assume responsibility of other relevant tasks as and when directed / assigned by DCCO and GCCO from time to time.

 

Qualification
 Bachelor’s Degree in Shariah which includes study in Usul al- Fiqh and Fiqh al-Muamalat or any other related qualifications as defined by BNM’s SGPD
Years of Experience
 At least 10 years of working experience in related field or in Financial Industry
Specific Skills/Knowledge and Certification Required
 A strong understanding of the relevant Shariah-related legislation and regulatory requirements issued by BNM, Labuan FSA, SC, PIDM, etc.
 A good exposure in working and managerial level to Shariah control function(s), compliance and/or governance functions at Islamic banking and finance institutions / industry.
 A proven track record of identifying, assessing and advising on the Shariah compliance requirements and regulatory changes and actions required to minimize any impact to organization.
 A detailed understanding of the Islamic banking products and services, operations, business, affairs and activities inclusive of required processes, systems support and externalities.
 Strong managerial skills inclusive of communication skills, stakeholders management, problem solving and decision making and ability to build rapport with relevant internal and external parties.
 Ability to be objective and judicious in reviewing and confirming any detected and reported Shariah issues, where necessary to recommend appropriate countermeasures to mitigate recurrence.
 Ability to work independently, multi-tasking, meticulous and precise in checking and verifying of facts, data and information and capable in managing expectations and changes.