Our client, a non-banking financial organisation is seeking to hire a dedicated Sharia Internal Audit Officer who will take on Takaful-Insurance Operations in keeping with Internal Shari’ah (Islamic Law) compliance for the organisation

Audit responsibilities include but not be limited to (Duties):

• Obtaining assurance that any window operators have suitably segregated the funds of the Takaful-Insurance participants from those of the conventional insurance policy holders.
• Obtaining assurance that the Takaful-Insurance Operator has separated the assets of the Takaful-Insurance fund and the Takaful-Insurance operator with appropriate checks and balances in place to ensure the funds cannot be integrated.
• Obtaining assurance that the Takaful-Insurance Operator has separated the Participants Risk Fund and Participants Investment Fund for both family Takaful-Insurance business and general Takaful-Insurance business.
• Obtaining assurance that the Takaful-Insurance operator is remunerated in line with the Takaful-Insurance model adopted and the amounts determined in underlying contracts.
• Obtaining assurance that commissions and management expenses are paid from the Takaful-Insurance Operators shareholders’ funds.
• Obtaining assurance that expenses paid out of Takaful-Insurance funds are direct claims, related expenses or direct investment related expenses that have been approved by the ACE and are not part of previously agreed fees or remuneration.
• Obtaining assurance that investment activity performed by the Takaful-Insurance Operator is in compliance with Shari’ah (Islamic Law) i.e. investment in impermissible (haram) is actively avoided.
• Obtaining assurance that management have appropriately identified, calculated and disbursed non-permissible income.
• Obtaining assurance that any surplus generated in the participants risk Fund is managed in line with the policy approved by the ACE.
• Obtaining assurance that any deficit in the Participants Risk Fund or Participants Investment Fund is appropriately managed in compliance with Shari’ah (Islamic Law) and the Takaful-Insurance Operators documented policies

• A HND /BSc in Accounting
• A Muslim
• Three years and above working experience
• With appropriate qualifications and experience in Islamic Commercial Jurisprudence,
• Knowledge in conventional insurance/finance to serve as the first point of reference for Shari’ah (Islamic Law) compliance issues.
• The Shari’ah (Islamic Law) Compliance Unit officer may also serve as the secretariat to the ACE membership of the secretariat
• Shall be appropriately carried out in consultation with the ACE whenever is required.
• The Officer must be accessible to ACE to fulfill responsibilities in relation to reporting on compliance as set out in guidelines.
• The ACE’s sign off will be based on the ICU audit work it has performed or has been performed on it’s behalf during the year along with any additional assessments and work performed by the ACE.

Applicants who are not Muslims and do not meet with the above criteria need not apply as only successful candidates will be contacted.