Sharia Compliance Committee (Islamic Bank)

Job Title: Member Internal Sharia Supervision Committee

Location: UAE

Overview:

The Higher Sharia Authority (HSA) of the Central Bank of the UAE (CBUAE) mandates that Licensed Islamic Financial Institutions (LFIs) appoint two Trainee Members to the Internal Sharia Supervision Committees (ISSC). This role is integral to upholding Islamic finance practices and adhering to Sharia principles within the institution. Trainee Members will engage in committee discussions, contribute to research, and undertake delegated tasks, with a pathway to becoming full ISSC members upon meeting specific qualifications.

Key Responsibilities:

• Participate actively in ISSC discussions, research projects, and tasks assigned by the ISSC.
• Support the ISSC in ensuring that all financial transactions and services adhere to Islamic jurisprudence and Sharia compliance.
• Contribute to developing Fatwas and other Sharia-based guidelines under the supervision of ISSC senior members.
• Complete a three-year trainee period, with the possibility of becoming a full ISSC member upon meeting qualifications set by the ISSC Chairman and HSA.

Eligibility Criteria:

• Nationality: UAE Nationals only
• Education: Master's degree or equivalent in Islamic Shariah, focusing on jurisprudence of transactions.
• Experience: Minimum of 5 years in Fatwa issuance related to financial transactions and 5 years in Sharia supervision, Islamic finance, or Fatwa issuance.
• Language Skills: Proficiency in Arabic; knowledge of English is preferred.
• Character: Demonstrates high standards of credibility, integrity, and professionalism.
• Committee Membership Limit: No more than two concurrent ISSC memberships.

Appointment Process:

• Nomination by the Board, with final approval from the HSA following Senior Management recommendation.

Note:

This role is considered the equivalent of one full ISSC member position, though Trainee Members do not have voting rights within ISSC resolutions.