Financial Analyst - Kwazulu Natal at Al Baraka Bank South Africa

OLD MUTUAL ALBARAKA UNIT TRUST FUNDS (OMAUT)

• Conduct monthly Shariah compliance reviews of OMAUT fund holdings and assess Shariah compliance reports received from Old Mutual Investment Group (OMIG) to ensure the continuous Shariah compliance of all fund investments.
• Conduct initial Shariah compliance assessments of the core business activities and financial ratios of investment securities or instruments, for inclusion in the Investable Universe subject to approval by the SSB.
• Perform biannual reviews of the OMAUT Investable Universe to verify companies’ financial ratios, calculated in terms of the AAOIFI Standards, as provided by Ideal Ratings and Ratings Intelligence and prepare formal reports for submission to the SSB.
• Undertake initial and ongoing reviews of the core business activities of all investment securities and instruments within the OMAUT Investable Universe on a rolling two-year review cycle.
• Update, maintain, and continuously monitor the OMAUT Investable Universe to ensure ongoing Shariah compliance of all fund holdings.
• Perform the annual calculation of Non-Permissible Income (NPI) for OMAUT funds in preparation for the independent external Shariah audit.
• Calculate annual Zakah per unit for OMAUT funds in accordance with AAOIFI Standards.
• Prepare formal submissions, reports, and supporting documentation for OMAUT SSB meetings.
• Provide support to external Shariah auditors, including assistance with Shariah compliance assurance reviews and audit queries.
• Provide ad hoc Shariah advisory and analytical support on OMAUT-related matters, as required.

ALBARAKA BANK LIMITED (ABL)

• Maintain, update, and periodically review the ABL Permissible List of Shares used for Equity and Commodity Murabaha financing transactions, and provide the updated list to the Finance Department to ensure ongoing compliance.
• Conduct an annual Shariah review of ABL management accounts for the financial period ended 31 December, identifying and reporting any Shariah non-compliance matters.
• Review and assess the Shariah compliance of ABL Islamic profit distribution, ensuring alignment with approved Shariah rulings and standards.
• Calculate Zakah on ABL direct private equity investments in accordance with applicable AAOIFI Standards.
• Review and validate Zakah calculations on ABL shareholders’ funds, ensuring consistency with applicable AAOIFI Standards as interpreted by SSB.
• Calculate Zakah on the ABL Profit Equalization Reserve (PER), and determine Non-Permissible Income (NPI) relating to ABL direct private equity investments.
• Perform Shariah compliance reviews of ABL charitable, welfare, and related accounts, including verification of fund sources and utilization.
• Prepare formal submissions, reports, and supporting documentation for OMAUT SSB meetings.

OTHER DUTIES

• Provide financial analytical support to the ABL Wealth Division and other business units, including technical input on investment structures, products, and transactions, as required.

Requirements

QUALIFICATIONS

• Bachelor’s degree in accounting, Finance, Economics, or a related field.
• Postgraduate qualification or professional certification in Islamic Finance (advantageous but not mandatory)
• AAOIFI CSAA, CIPA, or equivalent certification (advantageous but not mandatory)

PREFERRED EXPERIENCE

• 2–5 years’ experience in auditing, finance, asset management, or Islamic banking environment
• Proven experience in Shariah compliance reviews, Shariah audits, or Shariah advisory work
• Experience in investment screening, Zakah, and NPI calculations preferred

  KNOWLEDGE

• 2–5 years of experience in auditing, finance, asset management, or within an Islamic banking environment
• Proven experience in Shariah compliance reviews, Shariah audits, or Shariah advisory engagements
• Experience in investment screening, Zakah, and NPI calculations is preferred