Job Description/Roles & Responsibilities:
Shari’ah Advisory function is responsible for ensuring that the products, operations and activities of the Islamic Microfinance function comply with Shari’ah in all respects.
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Review products, credit proposals and other related aspects (agreements, process flows,checklists and manuals) and structure of the transactions in the lights of Shari’ah principles andidentify the necessary changes for improvement.
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Review the work of Shari’ah Compliance function to ensure that penalties, charities, profitdisbursements and reserves treatments follow the Shari’ah principles, policies and procedures.
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Review and authorize the Islamic Microfinance schedule of charges prepared by IslamicMicrofinance Division as an endorsement of Shari’ah Compliance.
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Ensure that all the Shari’ah non-compliant transactions and investments are communicated to theIslamic MF function and the income resulting from such transactions is set aside for charity.
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Analyze/ assess impact of deficiencies identified in Shari’ah Audit, Review and Inspection reportson Shari’ah compliance of the transactions and communicate the same to the relevant authorities.
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Supervise annual Shari’ah review and suggest necessary recommendation and improvements/corrective measures.
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Approve Shari’ah Compliance Report giving opinion relating to:
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The business affairs of the Islamic Microfinance function (in accordance with rules andprinciples of Shari’ah, SECP regulations and guidelines related to Shari’ah compliance andother rules as well as specific fatwas and rulings issued by Shari’ah Advisor)
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The allocation of funds, weightages, profit sharing ratios, and profit relating to PLSaccounts conform to the basis vetted by Shari’ah Supervisory Committee
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Income required to be credited to the charity account and distribution of the same to thedeserving institutions and individuals.
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Findings relating to examination based on sample checks performed on each class oftransaction, documentation and procedures adopted by Islamic MicrofinanceDepartment.
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Training needs
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Share inter-departmental relationship and sound coordination with other Business Heads with anoverall objective of achieving FDO IMF’s objectives.
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Motivate Senior management of the functions through leadership, congenial work environment& problem solving.
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Inculcate a service culture in the function to focus on customer intimacy and operationalexcellence as key drivers for growth and establish systems and procedures for continuousimprovement in service quality.
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Serve as a member of committees as required by the FDO.
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Preparation/submission of Quarterly Shari’ah Review Report and any other report to CEO/Board.
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Assess Shari’ah training needs for Islamic Microfinance function and assist HR for the same.
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Provide advice and guidance to the legal counsel, auditors, consultants or staff of the FDO onShari’ah related aspects.
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Monitor marketing activities of FDO relating to financial products keeping in view the Shari’ahprinciples.
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Perform any other responsibility as assigned by the HoMF/HoP/CEO and any other competentauthority from time to time.