Shariah Graduate - Kwazulu Natal - 18 Month Fixed Term Contract at Al Baraka Bank South Africa

KEY RESPONSIBILITIES 

Shariah Governance and Board Support 

Under supervision, assist in the administration of the Bank’s Shariah governance activities by: 

• assisting in the preparation of agendas, meeting packs, minutes and submissions for meetings of the SSB; 
• helping to maintain accurate records of SSB resolutions, and supporting their indexing, archiving and dissemination to the business; 
• assisting in tracking the implementation of the resolutions, rulings (fatawa) and directives of the SSB; and 
• providing general administrative and coordination support to the Shariah Advisory Department. 

Shariah Compliance and Review 

Under the guidance of senior advisors, support the Bank’s Shariah compliance and review activities by: 

• assisting in Shariah reviews of the Bank’s products, transactions and processes to support ongoing compliance; 
• assisting in the periodic Shariah screening of the investable universe of the Islamic funds, and in the calculation of non-permissible income; 
• gathering and organising information and data required for Shariah reviews and reporting; and 
• escalating queries and potential instances of non-compliance to the supervising advisor. 

Documentation and Advisory Support 

Support the Department’s day-to-day advisory work by: 

• assisting in the review of contracts, agreements and product documentation against AAOIFI standards and SSB interpretations; 
• helping to research and prepare responses to Shariah-related queries from the business and clients; 
• maintaining the Shariah query log and supporting related reporting; and 
• assisting in the assessment of the applicable Islamic contracts, such as Murabaha, Ijarah, Musharaka, Mudaraba, Wakala and Istisnaa. 

Research and Training Support 

Contribute to Shariah research and awareness initiatives by: 

• conducting research and assisting in the preparation of technical papers, notes and presentations on Islamic finance matters; 
• assisting in the development and delivery of Shariah training and awareness material for staff and clients; 
• supporting client education and consumer awareness initiatives in Islamic banking and finance; and 
• keeping abreast of developments in Islamic banking and finance, and contributing to the knowledge base of the Department. 

Requirements

QUALIFICATIONS AND REQUIREMENTS 

• a recognised degree in Shariah / Islamic jurisprudence (Fiqh al-Mu’amalat), Islamic finance, or a related field; 
• a complementary qualification or coursework in banking, finance, accounting or law, which will be advantageous; 
• a foundational understanding of Islamic finance principles and contracts, and an awareness of AAOIFI Shariah standards; and 
• proficiency in the use of standard office applications, together with sound written and verbal communication skills. 
• a strong willingness to learn, and a genuine interest in a career in Islamic finance; 
• attention to detail, diligence and the ability to organise and analyse information; 
• integrity, discretion and a professional manner in dealing with confidential matters; and 
• the ability to work both independently and collaboratively as part of a team, under supervision.