Duties & Responsibilities
1. Ensuring that Profit payable to the investors and depositors by the bank under Islamic banking are within the scope of Islamic banking and are Shari’ah Compliant and that the procedure adopted for this purpose by the bank remains compliant to the rules and regulations issued by DAB or any other relevant regulatory authority set up for this purpose by the government.
2. Ensuring the Profit recoverable from the clients are on the investment projects under the Islamic banking are within the scope of Shari’ah Compliant banking and that the procedure adopted for this purpose by the bank remains compliant to the rules and regulations issued by DAB or any other relevant regulatory authority set up for this purpose by the government.
3. Ensuring that contacts are made on regular basis with Bank’s appointed Sharia Committee (Shura Ulema), DAB and any other regulatory authority set up by the Government for this purpose for guidance and obtaining their consents where required.
4. Offering explanations about Sharia based banking and the products the bank offers under it to the clients, panel of Ulema or DAB/regulatory authority where required.
5. To issue Fiqah based written statements about Islamic banking based on verdicts from Sharia Committee of the Bank where required.
6. Offering advices to the Bank in the light of Sharia regarding Treatment of Penalties on Shari’ah compliant investment products.
7. Offering advices to the bank in the light of Shari’ah regarding the transfers to be made to Charity Waqaf Fund account and subsequent utilization.
8. Offering advices to the bank on Treatment of profit and Loss under Islamic Banking.
9. Offering advices to the bank on the Accounting Procedures and IT related support for the Islamic banking.
10. To assess and provide report on the operation of IBW from Shari’ah point of view.
Job Requirements
Qualifications:
1. MA or BA in Islamic Studies. Islamic jurisprudence (Usul al-Fiqh). Islamic transaction/commercial law (Fiqh ul-Mu’amalat). Knowledge of or at-least familiarity with the banking industry.
2. Strong knowledge of Shariah & law or Fiqh ul Mu’amalat or experience of at least 10 years giving religious rulings.
3. Knowledge of or at-least familiar with the banking industry.
Skills:
1. Adequate understanding of the detailed responsibilities of the Islamic banking as well as the bank’s business, operations and risks.
2. Have adequate time to perform his/her duties as Shariah Advisor at the Bank’s Office.
3. Excellent written and verbal communication Skills Proficiency in local languages and English
4. Knowledge of investment and Islamic financing industry AAOIFI standards
5. Experience in giving Fatwa’s on Islamic Finance transactions.
6. Good negotiation skill.
7. Computer literacy.
8. Ability to taking the required decisions planning and finding solutions for various problems and challenges.
9. Command on English language.