Sharia Compliance Specialist

5 days ago


Muscat, Muscat, Oman Bank Nizwa Full time

About the Role

As a Sharia Compliance Specialist at Bank Nizwa, you will play a vital role in ensuring comprehensive compliance with Sharia principles across all corporate financial activities, products, and services. You will conduct thorough Sharia audits and assessments to identify, evaluate, and address areas of non-compliance, ensuring compliance with regulatory and SSB guidelines and resolutions.

Key Responsibilities:

  1. Conduct detailed reviews of corporate product transactions, including Goods Murabaha, Ijara, Wakala Bil Istithmar/Sukuk, Funds, and syndication contracts, ensuring Sharia compliance.
  2. Collaborate with the Head of Sharia Audit to prepare responses to CBO/Audit reports related to Sharia issues.
  3. Compile and analyze statistics on executed and audited transactions.
  4. Review and update SOPs, PPDs, and PDMs to incorporate Sharia controls, ensuring non-compliance risks are mitigated.
  5. Communicate and resolve Sharia observations.
  6. Coordinate with relevant department managers to resolve identified Sharia compliance issues.
  7. Collaborate with the IT Department to ensure product executions eliminate potential Sharia-sensitive elements.
  8. Review IT systems.
  9. Evaluate banking system developments, ensuring Sharia compliance by preparing comprehensive checklists for all products, systems, and MIS reporting requirements.

Requirements:

  • Bachelor's or Master's degree in Business, Sharia, or Law.
  • Professional writing skills in English and Arabic.
  • Ability to understand and analyze financial statements.
  • Strong foundation in Islamic Jurisprudence (Usul al-Fiqh) and Islamic Transaction/Commercial Law (Fiqh al-Muamalat), with the ability to apply these principles effectively in auditing and compliance.
  • Comprehensive knowledge of IBRF (Islamic Banking Regulatory Framework), including the Central Bank of Oman (CBO) guidelines, AAOIFI Standards, and other relevant regulations.


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