Company DescriptionAt RAKBANK, we believe in fostering a culture of innovation, growth, and excellence. We are not just a bank we are a community that thrives on teamwork, cutting-edge solutions, and the highest standards of governance.Conduct Internal Shariah Audits across Islamic banking units to ensure compliance with Shariah principles and regulatory standards. Perform risk-based Shariah audits, assess governance frameworks, and identify areas for improvement. Work closely with stakeholders to enhance controls, mitigate Shariah non-compliance risks, and support continuous improvements in audit processes.Functional Responsibilities:
Assist in executing the Annual Shariah Audit Plan, identifying high-risk areas for audit.
Conduct Shariah audits using risk-based methodologies and data analytics.
Plan and document audit engagements, including risk assessments, audit planning memos, and terms of reference.
Perform detailed walk-throughs of business processes to identify control gaps, process weaknesses, and non-compliance risks.
Assess the effectiveness of Shariah governance frameworks and document key findings.
Execute audit fieldwork in accordance with internal methodologies, ensuring high-quality documentation.
Analyze and detect Shariah non-compliance risks, track errors, and propose corrective measures.
Evaluate the design and effectiveness of controls, challenging weaknesses and identifying improvements.
Research and anticipate emerging Shariah compliance risks, conducting root cause analysis and developing actionable recommendations.
Ensure Shariah audit reports align with AAOIFI standards, ISSC guidelines, HSA-CUAE regulations, and Islamic banking principles.
Engage with stakeholders to monitor changes in business practices and update risk assessments.
Discuss and finalize audit findings and recommendations with business units.
Follow up on audit recommendations to ensure timely closure of Shariah non-compliance issues.
Contribute to the enhancement of Shariah audit methodologies and processes.
Core Responsibilities:
Ensure Shariah compliance within Islamic banking operations by identifying and mitigating risks.
Provide independent assurance on the effectiveness of Shariah controls and risk management.
Ensure alignment with AAOIFI standards, ISSC guidelines, HSA-CUAE regulations, and Shariah principles.
Collaborate with internal teams to drive continuous improvement in Shariah governance.
Support the monitoring and validation of audit recommendations and regulatory remediation actions.
Stay updated with Islamic banking regulations and industry best practices.
Qualifications
Bachelors or Masters degree in Islamic Finance, Accounting, Auditing, or a related field.
Certifications such as Certified Shariah Advisor & Auditor (CSAA) or Certified Islamic Professional Accountant (CIPA) preferred.
3-7 years of experience in Shariah audit, compliance, or Islamic banking.
Strong knowledge of AAOIFI Shariah Standards, ISSC, HSA-CUAE regulations, and Islamic banking frameworks.
Proficiency in audit methodologies, risk assessment, and data analytics.
Strong analytical, problem-solving, and report-writing skills.
Excellent communication and stakeholder management abilities.
Ability to work independently and collaboratively within tight deadlines.