Shariah Board Member

Role summary An Islamic bank or a conventional bank operating an Islamic banking window shall establish a Shariah Board, which shall be responsible for the compliance of The Islamic bank or Islamic banking window’s activities, operations and products With the Shariah principles. The Shariah Board shall be comprised of not less than three Islamic scholars appointed and dismissed by the general meeting of shareholders of the bank. The Shariah Board members shall have the necessary qualifications prescribed in the related regulation, and as a minimum, shall have experience in Islamic Banking operations. The term of appointment of the Shariah Board members is three years and members may be reappointed for subsequent terms of equal length. The Shariah Board shall designate one of its members as chairman. Shariah Board members may not hold executive, managerial, or supervisory positions within the Islamic bank. The Shariah Board shall take valid decisions by a simple majority of the votes of its members. In case of a tie vote, the chairman of the Shariah Board shall cast the Deciding vote. An Islamic Banking window shall appoint an experienced Shariah scholar with required qualifications. Duties and responsibilities The Shariah Board member is expected to understand that in the course of discharging the duties and responsibilities as a Shariah Board member, and responsible and accountable for all Shariah decisions, opinions and views provided by them. The Shariah Board member ensures that the products of the Bank comply with Shariah principles, and ensure Shariah compliance in the following: The terms and conditions contained in the forms, contracts, agreements or other legal documentations used in executing the transactions; and The products manual, marketing advertisements, sales illustrations and brochures used to describe the products. The Shariah Board member is expected to endorse/approve Shariah policies and manuals prepared by the Bank and to ensure that the contents do not contain any elements which are not in line with Shariah injunctions. The Shariah Board member is expected to advise the Islamic Banking department and Management in respect of Shariah matters in order for the Bank to comply with Shariah principles at all times. The Shariah Board member Ensures that Profit payable to the investors and depositors by the bank under Islamic banking are within the scope of Islamic banking and are Shariah Compliant and that the procedure adopted for this purpose by the bank remains compliant to the Shariah best practices and to the rules and regulations issued by DAB or any other relevant regulatory authority set up for this purpose by the government. Offering instructions/fatwas to the Bank in the light of Shariah regarding Treatment of Penalties on Shariah compliant investment products. Providing instructions and post review of all the charity activities undertaken by the Bank. Providing instruction to the bank on treatment of profit and Loss under Islamic Banking. To assess the operation of IBW from Shariah point of view and report to BOS (Board of Supervisory) in case of any anomaly in terms of Shariah. Job requirements Qualifications : Master or Bachelor 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. Strong knowledge of Shariah & law or Fiqh ul Mu'amalat or experience of at least 5 years giving religious rulings. Knowledge of or at-least familiar with the banking industry. Experience Strong knowledge of Shariah & law or Fiqh ul Mu'amalat or experience of at least 10 years giving religious rulings. Knowledge of or at-least familiar with the banking industry. Skills and abilities: Adequate understanding of the detailed responsibilities of the committee membership as well as the bank's business, operations and risks; Proficiency in local languages and English, both oral and written Excellent communication skills; Have adequate time to perform his/her duties as Audit Committee Member at the Bank’s Office.