• 2.8.3 Sharia compliance


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    Description of role

    Responsible for Sharia compliance regulations and the ability to maintain update and where appropriate establish Sharia compliant policies and procedures for the bank.

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    Core skills

    • Ability to provide up-to-date and authorisation insights into regulatory developments and their implications
    • Knowledge of Sharia compliance principles
    • Ability to understand, interpret and advise on various regulatory requirements, restrictions and limits
    • Ability to analyse and research international practices surrounding Islamic banking regulations
    • Ability to develop and maintain effective relationships with regulators, board of directors, Sharia board, senior management and auditors
    • Understanding of profile of compliance risks, compliance risk management framework, tools, systems and methodologies
    • Ability to deal with and mitigate compliance risks with regard to Islamic finance
    • Knowledge of insider trading and conflicts of interest standards
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    Qualification and/ or certification

    • QFSQF Level 3
    • ACAMS or equivalent qualification
    • Relevant experience

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    Industry knowledge

    • Knowledge of Islamic banking and products

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    Regulatory compliance of role

    • Understanding of banking regulatory framework. – BCBS, AAOIFI, IFSB etc.