حسين Cuttleriwala

Senior Manager –Internal Sharia Control Controls في Rak Bank

• الإمارات العربية المتحدة - دبي
• أشغل هذه الوظيفة منذ سبتمبر 2010

Key Responsibilities:

1. Sharia Compliance Function - Key responsibility to continuously monitor and review RAKislamic business and activities to ascertain the extent of its compliance with Sharia principle’s, Government regulations and ISSC issued fatwas as and guidance. Ensure that all check and controls in place comply with Sharia principles on its Islamic products, instruments, operations, practices, management including correspondence to customers. To ensure that all new processes, systems changes are also adhering to the laid down Shariah principles.
2. Sharia Governance -To assist Senior Management to undertake to submit reports to the Board of Directors/Higher Sharia Authority/General Assembly concerning Sharia Compliance in its operations, activities, policies, internal regulations and codes of practice. Any breach would result in forfeiting income earned by the division to be donated to charity as per sharia principles.
3. Internal Sharia Secretarial Function - act as a liaison officer between RAKislamic and Internal sharia Supervision Committee (ISSC), organize and manage meeting mandated by the regulators, communicate decision taken by ISSC to RAKislamic and ensure its implementation and compliance.
Manage ISSC member’s appointments, remuneration and termination with approval from Bank’s Board, Higher Sharia Authority and General Assembly.
4. Sharia Consultation Function - Review RAKislamic product manuals, policies and internal procedures, external contracts, promotional materials to ensure its sharia compliance and no deviation to the fatwas/guidance issued by the ISSC.
5. Sharia Research and Development Function - conducts research for related sharia and procedural issues requested by ISSC in order to ensure that the decisions are based on extensive research and properly documented with the aim to assist in the development of products, and formulation of policies, procedures, contracts and accounting operations, and other business related to the development of the RAKislamic business.
6. Sharia Advisory Firm Management - Day to Day administration with Sharia advisory firm on products/services, accounting and transactional entries/Syndication/ Corporate deals for Sharia opinion in order to present it to ISSC members for their final guidance and decision.
7. Sharia Audit - Manage sharia audit activity till completion of audit conducted by external auditors. Engage in discussion with sharia auditors on the audit findings and observations and implement changes to successfully close the findings/observation.
Make process changes, if required to be in order to comply with auditor’s observations.
Obtain the Annual sharia report from ISSC, which certifies that all transactions conducted by the bank comply with Sharia principles, and arrange to obtain Higher Sharia Authority approval on the report before presenting it to the Board Audit Committee and General Assembly.
8. Higher Sharia Authority - Handle all regulation issued by HSA and review/change existing Islamic product/ processes/documentation in order to be compliant to regulation issued by higher sharia authority including AAOIFI standards.
9. Other Sharia Related activity - Coordinate with ISSC for Zakat payable calculations and organize payment to Zakat authority.
Obtain approval on all marketing related materials to avoid negative feedback from customers.
Engage with ISSC members for disposing the non-Sharia compliant earnings by donating to charity.