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Manager Products & Shariah Compliance – Islamic Banking at CRDB Bank February 2023
JOB REPORTING TO: Senior Shariah Compliance and Products Development Manager
The Purpose of the job is to be responsible for overseeing all Shariah-compliant matters of the Bank regarding Islamic Banking business and processes. Conducting research, analysis, and developing financial products which meet the needs of the target market. Ensuring that all transactions (products and services) conducted by the bank are per Sharia principles. Creating awareness and understanding of the Islamic Banking products to applicable stakeholders within the bank and sharing the knowledge with clients as needed.
- Design effective and efficient training programs for all employees under Islamic banking to ensure Shariah-compliant services.
- Analyse available Islamic products and services in the market and see how the bank can leverage the same.
- Assist in the preparation of all Islamic Banking Policies, Manuals & other relevant papers, in line with internal and external stakeholders.
- Train relevant bank staff (e.g., front-end business staff, credit, legal, etc) in Shariah Banking and products characteristics and terms.
- Represent the Bank at internal and external forums on Shariah expertise matters, including meeting with bank customers when required.
- Monitor developments of Islamic finance products and competitor strategies, including preparation of the quarterly report to the Shariah Advisory Board (SAB) & management on any critical issues or findings that needs reporting or new development.
- To keep up to date with the new Sharia requirements/decisions issued by the Sharia Advisory Board (SAB) and international body e.g., AAOIFI/OIC Fiqh Academy or any other credible and authentic sources. Using the resources as per applicability in the local market
- Conducting Reviews on Shariah compliance and operations of Islamic Banking business, to ensure the activities and operations are carried out in line with Sharia rulings and requirements.
- To prepare and recommend the product’s concept, and documentation which complies with Shariah rules for seeking approval from the management and Sharia Advisory Board (SAB)
- To ensure the products are correctly implemented in the Core banking System and work on system irregularities related to Islamic Banking Business.
- Ensure all Islamic Banking facilities are undergone Shariah Review before being sent for approval.
- Monitoring Islamic Banking performance by providing quarterly reports on Accounts, deposits, inventories, financing accounts, financing book, financing income, and NFI
- Management of Charity Account, i.e., ensuring the system is correctly charging the penalty fees, and timely distributed to deserved beneficiaries.
- Management of all approved/sanctioned facilities. i.e., ensure all approved facilities are registered and checked the completeness of Financing documentation.
People Management Functions:
- Competence skills in networking, teamwork, and meetings/training management.
- Responsible for inspiring and motivating business teams to work under the bank’s Shariah compliance values
Customer Focus Functions:
- Being proactive to identify product issues and resolve them timely in a proactive manner.
- Works closely with Senior Shariah Compliance and Products Development Manager and other relevant stakeholders to ensure effective and efficient implementation of the project.
EDUCATION REQUIREMENTS, EXPERIENCE, KNOWLEDGE, AND SKILLS REQUIRED
- Bachelor’s degree in a related field i.e. Finance, Accounting, Banking, Economics, etc.
- A Master’s degree in business-related discipline will be an added advantage
- Islamic Banking Experience
- Projects & Product development Management
- Research and Training
- Products knowledge of Islamic Banking
- Understanding of Islamic Banking in the Tanzanian context
- Islamic Credit Risk Assessment Strong analytical and Problem Solving
- Excellent Verbal and Written Communication Skills
- Product Innovation Mindset