Internal Sharia Auditor

About ZAD

ZAD was created by a motivated group of young Kuwaiti financial experts driven by the mission to cultivate an investment culture within Kuwait. It started as a solution to broaden accessibility to investment opportunities for a wider audience.

Job Summary

The Shari'a Auditor role is responsible for executing internal Shari'a compliance reviews for ZAD's Abu Dhabi Global Market entity, operating under FSRA Islamic permission. This function must follow AAOIFI Governance Standard GSIFI No. 3 rigorously for entities classified as Islamic Financial Institutions, and to the maximum feasible extent with documented exceptions for Islamic Window operations. The review must be conducted by competent, independent auditors within the internal audit team, ensuring adherence to Shari'a law.

Key Responsibilities

• Develop and perform risk-based internal Shari'a audits across all Islamic Financial activities, as per cycles authorized by the Shari'a Supervisory Board and coordinated with the Head of Internal Audit.
• Execute the audit procedures adhering to AAOIFI GSIFI No. 3 guidelines.
• Evaluate product frameworks, contracts, client documentation, promotional materials, income recognition processes, and treatment of income not consistent with Shari'a rulings.
• Prepare thorough documentation on audit findings, root cause analyses, and necessary corrective actions, ensuring remediation is tracked to documented closure.
• Report any Shari'a non-compliance issues promptly to the Shari'a Supervisory Board, Senior Executive Officer, and Head of Internal Audit, and assist in purifying non-compliant income.
• Function as the secretariat to the Shari'a Supervisory Board, organizing agendas, creating meeting papers, and recording minutes.
• Maintain an up-to-date register of fatawa, rulings, and guidelines, ensuring they are distributed and implemented in ongoing operations.
• Support Shari'a Supervisory Board reviews under AAOIFI GSIFI No. 2.
• Prepare and assist in delivering the annual Shari'a Supervisory Board report according to AAOIFI GSIFI No. 1 to FSRA within 14 days of receipt.
• Keep records related to Shari'a Supervisory Board appointments, competency assessments, engagement terms, and remunerations for a minimum of six years.
• Review new products, contracts, and marketing campaigns for Shari'a compliance before board submission.
• In cases of operating Islamic Windows, audit controls segregating Islamic and conventional activities and ensure transparent disclosure of any fund commingling.
• Collaborate with the Risk Officer to identify Shari'a non-compliance risks as a distinct category.
• Deliver Shari'a compliance training to dealing, operations, business development, and client interfacing teams.

Essential Skills and Competencies

• In-depth knowledge of Shari'a principles.
• Expertise in audit methodologies and evidence gathering.
• Ability to maintain independence and objective judgment.
• Strong attention to detail.
• Proficiency in managing board-level secretariat duties.
• Bilingual capabilities for drafting, notably in Arabic and English.
• High levels of discretion and professionalism.
• Capability to provide constructive critiques.

General Performance Indicators

• Completion of internal Shari'a audits within approved cycles compliant with AAOIFI GSIFI No. 3.
• Support and timely filing of the annual Shari'a Supervisory Board report with FSRA.
• Documentation confirming implementation of fatawa and rulings in operational processes.
• Identification of Shari'a non-compliance internally rather than by external parties.
• Accurate and timely preparation of Shari'a Supervisory Board documentation and records.
• Timely closure of remediation actions related to Shari'a findings.
• Engagement of business units with Shari'a input at the product design phase.

Qualifications and Hiring Criteria

• Bachelor's degree in Shari'a, Islamic finance, Islamic banking, law, accounting, or related disciplines.
• Formal education or recognized certification in fiqh al muamalat.
• Minimum of five years' experience in Shari'a audit, internal Shari'a review, compliance, or advisory roles within an Islamic financial institution.
• Proven experience applying AAOIFI governance and Shari'a standards in practical reviews or audits.
• Experience supporting Shari'a Supervisory Boards including documentation preparation and annual reporting.
• Preferable experience in Islamic capital markets or brokerage products with expertise in Shari'a compliant screening of equities and funds.
• Prior experience in Gulf financial hubs, especially ADGM or DFSA, is advantageous.
• AAOIFI Certified Shari'a Adviser and Auditor qualification or equivalent strongly desired.
• Fluency in Arabic and English, including classical Shari'a source comprehension.
• Residency in the United Arab Emirates is mandatory for this role.