Internal Shariah Supervision Manager

About HSBC:

HSBC Saudi Arabia provides investment banking services to the full spectrum of corporate and institutional clients in both the private and government sectors, including public companies; private companies and establishments; funds; government agencies; and family businesses and offices.

Role Purpose:

Candidate is expected to work with business units within HBSA and under the Internal Shariah Supervision Departments Senior Manager to ensure that the proposed design and implementation of Islamic services and products are appropriate as well as compliant with Shariah principals and relevant regulations. Additionally, the role holder is expected to obtain final approval from the Shariah Committee after implementing internal controls by ensuring Shariah standards and requirements are adhered to, this requires the role holder to assist with formal governance tasks including compiling the Shariah Committee agenda, preparation of the related Shariah researches and analysis, And documenting minutes of SC meetings In addition, the role holder is responsible for ongoing periodic reviews of the Islamic products and transactions post implementation to ensure they remain Shariah compliant.

Principal Accountabilities: Key activities and decision making areas:

Impact on the Business

• The role requires the incumbent to demonstrate expertise in Shariah Compliance through oversight of Shariah based products and transactions of all Lines of Business.
• Assist businesses to design and enhance as appropriate the transactions and products to ensure they comply with Shariah principals.
• Undertake review of products and transactions ensuring adherence to relevant regulations and Shariah principles.
• Participate in drafting and amending the appropriate products and transactions documentations in line with the HBSA and the broader financial market Shariah guidelines and standards.
• Be able to demonstrate to Shariah Committee the products, transactions, and related Shariah issues accompanied by Internal Shariah Supervision team views and recommendations to obtain the required Shariah committee approvals in timely manner.

Customers / Stakeholders

• Provide support to the HBSA Shariah Compliant new and existing products, Services and transactions.
• Manage and interact with the Shariah Committee of HBSA as and when needed
• Resolve and escalate issues as appropriate for all Shariah Risks/Concerns that are reported to the Shariah Committee, RMM and also to the Board Risk Committee.

Leadership & Teamwork

• Communicate a clear vision for the Risk Department that is aligned to the overall HSBC vision, Values and goals, and inspires and engages people to create an inclusive, high performing, customer-centred culture.
• Encourage constructive cross-country and cross-business teamwork by demonstrating collaboration and in action and challenging actions and behaviours that are not consistent with HSBC's diversity policy and/or the best interests of the business and its customers

Context of the Job:

• The role operates as second line of defence, with he incumbent specialising in managing the Shariah risks and functions.
• While the entity’s Shariah Committee provide final approvals, it is reliant on the incumbent’s, experience, initial review on transaction structure and recommendations.
• Supports HBSA Shariah Compliant activities for new Shariah related product compliance and undertake periodic reviews of existing Shariah Activities.
• Assist on the approvals and calculations related to the donations and purification of non-permissible incomes to charity under guidance from the line manager and the Shariah Committee.
• The role defines and establishes the appropriate Shariah risk controls as covered in Shariah Compliance sections of GBM and Risk FIMs,. The incumbent should be able to maintain oversight through periodic reviews.
• Assist with formal governance tasks including compiling the Shariah Committee agenda, preparation of the related Shariah researches and analysis, documenting minutes of SC meetings, and communicating with the SC members for clarifications and approvals when required.

Experience / Qualifications:

• Bachelor’s degree in Shariah is required
• AAOIFI/CIB Certificate is in advantage
• Arabic as native language. And also must be fluent in English
• 4 - 6 years of relevant experience with at least 2 years in a similar role
• Prior experience in Sharia Affairs in a banking/financial institution