Internal Sharia Auditor

About ZAD

ZAD is the brainchild of a group of young, passionate Kuwaiti financial professionals driven by a vision of fostering a culture of investment in Kuwait. And for this team, Zad began as a means to answer a need in the market: the need to make investment an accessible concept and viable choice for a broader audience.

Job Description

The Shari’a Auditor performs the internal Shari’a review required of ZAD’s Abu Dhabi Global Market entity, which conducts Islamic Financial Business under an FSRA Islamic permission. The role conducts that review in accordance with AAOIFI Governance Standard GSIFI No. 3, applied in full where the firm is authorised as an Islamic Financial Institution and to the fullest extent possible with documented deviations where it operates an Islamic Window. The Islamic Finance Rules require the review to be performed by the internal audit function or the compliance function, by individuals competent and sufficiently independent to assess compliance with Shari’a, so the role is performed within the internal audit function..

Responsibilities

• Plan and perform the internal Shari’a review across all Islamic Financial Business, on a risk based cycle approved by the Shari’a Supervisory Board and coordinated with the Head of Internal Audit.
• Conduct the review in accordance with AAOIFI GSIFI No. 3.
• Test product structures, contracts, client documentation, marketing material, income recognition and the treatment of non compliant income against Shari’a Supervisory Board rulings.
• Document findings, root causes and required corrective action, and track remediation to evidenced closure.
• Report Shari’a non compliance events promptly to the Shari’a Supervisory Board, the Senior Executive Officer and the Head of Internal Audit, and support the purification of non compliant income.
• Act as the working secretariat to the Shari’a Supervisory Board, preparing agendas, meeting papers and minutes.
• Maintain the register of fatawa, rulings and guidelines, and confirm they are recorded, disseminated and implemented in live processes.
• Support the Shari’a reviews undertaken by the Shari’a Supervisory Board in accordance with AAOIFI GSIFI No. 2.
• Prepare the working papers for the annual Shari’a Supervisory Board report under AAOIFI GSIFI No. 1, and support its delivery to the FSRA within 14 days of receipt.
• Maintain Shari’a Supervisory Board records of appointments, competency assessments, engagement terms and remuneration, for the six year retention period.
• Review new products, contracts and campaigns for Shari’a alignment before submission to the Shari’a Supervisory Board.
• Where the firm operates an Islamic Window, test the controls segregating Islamic from conventional business and the disclosure of any commingling of funds.
• Work with the Risk Officer so that Shari’a non compliance risk is captured as a distinct risk type.
• Deliver Shari’a awareness training to dealing, operations, growth and client facing teams.

Competencies

• Shari’a knowledge
• Audit method and evidence
• Independence of mind
• Attention to detail
• Board level secretariat
• Bilingual drafting
• Discretion
• Constructive challenge

General KPIs

• Internal Shari’a review completed on the approved cycle and to AAOIFI GSIFI No. 3
• Annual Shari’a Supervisory Board report supported and filed with the FSRA within 14 days
• Fatawa and rulings evidenced as implemented in live processes
• Shari’a non compliance events identified internally rather than externally
• Timeliness and completeness of Shari’a Supervisory Board papers and records
• Remediation of Shari’a findings closed within agreed dates
• Business engagement with Shari’a input at product design stage

Hiring Criteria

• Bachelor degree in Shari’a, Islamic finance, Islamic banking, law, accounting or a related field.
• Formal grounding in fiqh al muamalat, whether by degree or recognised certification.
• Five or more years in Shari’a audit, internal Shari’a review, Shari’a compliance or Shari’a advisory within an Islamic financial institution.
• Demonstrated application of AAOIFI governance and Shari’a standards in a live review or audit setting.
• Experience supporting a Shari’a Supervisory Board, including preparation of papers and of the annual report.
• Experience of Islamic capital markets or Islamic brokerage products, including Shari’a screening of listed equities and funds, is strongly preferred.
• Experience in a Gulf financial centre, ideally ADGM or DFSA, is an advantage.
• AAOIFI Certified Shari’a Adviser and Auditor, or an equivalent qualification, is strongly preferred.
• Strong proficiency in Arabic and English, including the ability to read classical Shari’a sources.
• Must be resident in the United Arab Emirates. This is a ZAD requirement for all ADGM roles.