Shariah Auditor

Reports To: Executive Director - Shariah Audit & Compliance Job Summary:The Shariah Auditor is responsible for conducting independent and risk-based Shariah audits of Islamic financial products, services, and operational activities to provide objective assurance on compliance with Shariah principles, applicable regulatory requirements, international Shariah standards (including AAOIFI and IFSB, where applicable), and the institution’s internal policies, procedures, and Shariah governance framework.The role entails assessing the Shariah risk profile, evaluating the adequacy and effectiveness of internal controls, and identifying instances of actual or potential Shariah non-compliance. The Shariah Auditor is also responsible for issuing clear, evidence-based audit findings and recommendations, and for supporting the continuous enhancement of Shariah governance, control processes, and compliance culture across the institution, in line with the standards and regulations adopted by the relevant jurisdictions.Key Responsibilities:Audit Planning & Execution:Review products to gain a thorough understanding of their underlying Shariah structures, transaction flows, and operational processes, including the review of relevant Fatwas, Shariah rulings, guidelines, and any exemptions issued by the Shariah Supervisory Board in relation to the products.Develop and execute Shariah audit plans for Islamic banking products, investment funds, commodity trading platforms, Takaful, waqf institutions and other Shariah-compliant services.Design and develop appropriate audit scopes and methodologies to support the planning and conduct of audit engagements.Conduct risk-based and compliance-based audits, ensuring comprehensive coverage of key areas, including governance structure, contractual documentation, investment transactions and activities, cash management systems, operational processes, and marketing and promotional materials.Shariah Compliance Assurance:Assess compliance of financial products, transactions, and operations with Shariah principles and applicable standards (AAOIFI, IFSB, local regulators).Review contracts, agreements, process flow and operational documents for Shariah adherence.Identify gaps, weaknesses, and areas of non-compliance, and recommend appropriate corrective and remedial actions to address identified issues and strengthen the control environment.Provide assurance to those charged with governance and the SSB in relation to the IFI’s or product’s adherence to the Shari’ah principles and rules.Ensure that the activities carried out by an IFIs/funds do not contravene the Shari’ah Rules and Principles as reflected in the fatwas, rulings and guidelines issued by the respective Shariah Supervisory Board of IFI/funds.Audit Reporting & Communication:Prepare detailed audit reports, Shariah compliance certificates, highlighting findings, risks, and recommendations for management and Shariah Supervisory Board.Communicate audit findings and outcomes effectively to your line manager, senior management, Shariah and Audit Committees, and other relevant stakeholders in a clear, timely, and constructive manner.Where required by the auditee, conduct presentations outlining the audit methodology, scope, findings, observations, recommendations and agreed rectification (remedial) actions, including implementation timelines, responsible action owners, and follow-up mechanisms.Advisory & Risk Assessment:Provide informed guidance to operational teams on the implementation of Shariah-compliant solutions and practices.Evaluate the adequacy and effectiveness of internal control systems and recommend enhancements to mitigate Shariah non-compliance risks and broader operational risks.Continuous Learning & Knowledge Sharing:Maintain up-to-date knowledge of evolving Shariah standards, regulatory requirements, and industry best practices in Islamic finance.Contribute to knowledge sharing and continuous improvement initiatives within the organisation to strengthen Shariah governance and compliance capabilities.Reporting & Coordination:Liaise and coordinate effectively with the CEO, the line manager, advisory teams, internal departments, Shariah Supervisory Board, clients, and relevant regulators to ensure effective communication and alignment throughout the audit process.Ensure appropriate escalation and governance protocols by consulting with the line manager, the Executive Director – Shariah Audit and Compliance, prior to communicating audit findings, observations, or conclusions directly to senior management or the Shariah Supervisory Board.