Waqayan Al Waqayan, Secretary of Sharia Supervisory Board (SSB)

Waqayan Al Waqayan

Secretary of Sharia Supervisory Board (SSB)

Ahli United Bank (AUB)

Location
Kuwait
Education
Bachelor's degree, Faculty of Noble Hadith & Islamic Studies
Experience
17 years, 6 Months

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Work Experience

Total years of experience :17 years, 6 Months

Secretary of Sharia Supervisory Board (SSB) at Ahli United Bank (AUB)
  • Kuwait - Al Kuwait
  • My current job since May 2018
Sharia Controller at Ahli United Bank (AUB)
  • Kuwait - Al Kuwait
  • October 2011 to May 2018

Responsibilities:
• Planning and executing audit fieldwork according to established schedule and recommending internal control improvements that includes operational enhancements.
• Utilizing Sharia compliant audit objectives and procedures to review and assess the adequacy and application of internal controls through corporate operations.
• Developing a thorough understanding and knowledge base of company’s operations and how it would be treated under the provisions of Sharia law.
• Establishing effective business relationships within the company and assisting the management in the understanding and adaptation of internal control principles to Sharia law.
• Documenting and actively participating in the development of audit procedures performed as well as the preparation of noted concerns for audit report inclusion.
• Maintaining a current knowledge base of audit industry practices and ensuring best practices are always considered.

Senior Sharia Auditor at Shura for Sharia Consultancy
  • Kuwait - Al Kuwait
  • August 2008 to October 2011

The company is a Kuwait based audit and compliance firm specialized in Sharia based audit operations and consultancy.

Responsibilities:
• Served as the primary channel of communications between the companies consulted for and their Sharia Supervisory Boards.
• Ensured that the policies, procedures, products, services, processes and financial reporting standards for all companies audited are in compliance with the Sharia laws.
• Managed client accounts for Islamic companies by ensuring total compliance of the company's to the framework of Islamic Sharia law.
• Attended client audit’s, checked and reconciled financial information to ensure it is accurate, ensured that the audit documentation is properly maintained and interpretable.
• Reviewed complex financial data ensuring its integrity stands up to scrutiny, oversaw the production of audit reports and ensured all procedures are perfect.
• Issued periodic reports to the Board of Directors of the company and the Fatwa and Shari'a Supervisory Board.

Sharia Auditor at Aayan Leasing and Investment
  • Kuwait - Al Kuwait
  • October 2007 to August 2008

Responsibilities:
• Audited and ensured all transactions, accounts, activities and products sold were in strict compliance with Sharia rules and regulations in order to avoid any loss due to deviation from the principles of Islamic Fiqh.
• Performed periodic review of the company's operations and investments and to ensure compliance with Sharia and harmonization with the decisions and fatwas of the board.
• Formulated Sharia audit plans, designed Sharia audit programs and followed up for implementation of audit recommendations.
• Prepared periodical Sharia review reports based on audit findings and presented it to the management for strategic interpretation.
• Assisted with the review of agreements, policies and transaction based queries before submitting the same to the Sharia Board
• Supported with Sharia Board Meeting preparations and coordinated all communications with the Sharia Board.

Islamic Researcher at The Ministry of Awqaf and Islamic Affairs
  • Kuwait - Al Kuwait
  • October 2006 to October 2007

The entity is a governmental authority that contributes to the development of society in accordance with Islamic understanding, reality and realization.

Responsibilities:
• Researched on key legal elements pertinent to issues concerning the Ministry's scope of operations.
• Oversaw a broad range of administrative and management related work in addition to responsibilities in human resource management and conducted studies on the treatment of different cases as per Islamic jurisprudence.
• Developed curriculum and programs for dissemination and propagation of Islamic periodicals and religious books across civic institutions and the general public.
• Coordinated and cooperated with the institutions of civil society regarding the upbringing of the young on religious ethics and virtues.

Education

Bachelor's degree, Faculty of Noble Hadith & Islamic Studies
  • at The Islamic University
  • June 2003

The College aims to take care of the Sunnah, and servicing, and maintaining, and defending it. Rehabilitation specialists proficient in the Sunnah sciences, with knowledge that help them to do so.

Specialties & Skills

Internal Audit
Islamic Finance
Compliance
Governance
Islamic Banking
Management
Audit Documentation, Processes and reporting
Communications & Interpersonal Networking, Best Practice Management, Group Dynamics and Synergy
Real Estate Regulations and Procedures, Legal Research,Fatwa Interpretation and Sharia Board Liaison
Establishment of Islamic Companies, Internal and External Audit, Compliance and Control
Computer Skills
Risk and Control Self Assessment (RCSA)
MS Office
Training, lecturing & teaching all Islamic sharia aspects, Islamic Finance concepts and products

Social Profiles

Languages

Arabic
Expert
English
Intermediate

Memberships

Islamic International Foundation for Economics and Finance (IIFEF)
  • Associate Member
  • September 2011
Sharia Auditors Association
  • Founder And Member Of The Board Of Directors
  • October 2014
Institute of Banking Studies (IBS)
  • Training Committee Member
  • January 2013

Training and Certifications

Certified Islamic Specialist in Risk Management (CISRM) (Certificate)
Date Attended:
June 2015
Certified Sharia Advisor and Auditor (CSAA) (Certificate)
Date Attended:
June 2014
Valid Until:
June 2015
Combating Money Laundering and Terrorist Financing (Training)
Training Institute:
Institute of Banking Studies
Date Attended:
April 2014
Duration:
3 hours
Certified Internal Auditor (CIA) - Preparation Program (Training)
Training Institute:
Institute of Banking Studies
Date Attended:
May 2013
Duration:
96 hours
Certified Islamic Specialist in Sharia Auditing (CISSA) (Certificate)
Date Attended:
March 2014
Valid Until:
March 2014
Basics and Principles of Traditional Finance (Training)
Training Institute:
Shura for Sharia Consultation
Date Attended:
March 2009
Sharia Audit on Documentary Credits - Workshop (Training)
Training Institute:
Shura for Sharia Consultation
Date Attended:
June 2010
Fundamentals of Internal Auditing (Training)
Training Institute:
Shura for Sharia Consultation
Date Attended:
July 2009
PROFESSIONAL DIPLOMA OF SHARIA CONTROL (Certificate)
Date Attended:
May 2006
Valid Until:
December 2006
Accounting skills for Non-Accountants (Training)
Training Institute:
Kuwait Chamber of Commerce and Industry
Date Attended:
January 2009
CERTIFIED DOCUMENTARY CREDIT SPECIALIST (CDCS) - Revision Program (Training)
Training Institute:
Institute of Banking Studies
Date Attended:
December 2013
Duration:
36 hours
Methodology of Writing Papers on Sharia Based Financial Transactions (Training)
Training Institute:
Shura for Sharia Consultation
Date Attended:
October 2010
Fiqh Methodology For Establishing Sharia Based Financial Transactions (Training)
Training Institute:
Shura for Sharia Consultation
Date Attended:
October 2010
Art of reading financial statements and financial indicators (Training)
Training Institute:
Shura for Sharia Consultation
Date Attended:
April 2011
Zakat Calculation for Companies (Training)
Training Institute:
Kuwait Zakat House
Date Attended:
February 2009
Financial distress and Islamic finance - Workshop (Training)
Training Institute:
Shura for Sharia Consultation
Date Attended:
November 2009

Hobbies

  • Scuba Diving
    SSI Open Water Diver. SSI Specialty Navigation. SSI Specialty Night & Limited Visibility. SSI Specialty Deep Diving.