Shariah Advisor

Mobilink Bank

Posted 4 days ago 171 views Report Job

What is Shariah Advisor - MMBL?

A Shariah Advisor in a bank ensures that the bank s operations, products, and services comply with Islamic law (Shariah). They provide expert guidance on structuring financial instruments, ensuring they adhere to principles like the prohibition of interest (riba), excessive uncertainty (gharar), and unethical investments. The advisor reviews and approves contracts, policies, and transactions to ensure Shariah compliance. They also play a key role in educating staff and stakeholders about Islamic banking principles and collaborating with Shariah boards for periodic audits. Their work helps maintain the integrity of the bank's Islamic banking offerings and builds trust with customers seeking Shariah-compliant financial solutions.

What Shariah Advisor - MMBL does?

1. To provide explanation/clarification to management and IMD staff of the MMBL on the approved products, documents, process flows and on other operational Shariah related matters.
2. To assist in preparation of Shariah product & services, especially Digital Islamic banking training materials, conducting training and collaborate with L&D team in designing and delivery of Shariah related training.
3. To coordinate the Management in conducting Seminars and Workshops on Islamic finance for all staff members.
4. To give advice on all shariah issues pointed out in Shariah audit / Shariah Review / shariah Inspections etc. and take up unresolved shariah issues with Management, CEO and BOD for resolution.
5. To perform such other functions, which in the opinion of the CEO and BOD are necessary for the furtherance of the objectives of Islamic financial services of MMBL
6. To monitor all the marketing activities of MMBL regarding advertising of Financial Products keeping in view the rules and principles of Islamic Shariah.
7. To submit a half early report to the CEO & BOD on the operations of the MMBL to the extent of its Islamic financing that it had remained in conformity with the injunctions of Islam and served Islam s socio-economic objectives and values.
8. To ensure that MMBL always remains well protected and indeed in compliance with the Islamic Sharia standards in which mainly the entire MMBL policies & procedures compliance with Shariah approvals.
9. Shariah Advisor (SA) shall ensure that the following documents of the Islamic banking operations in conformity with the rules and principles of Shariah:
All Products and Services of Islamic Banking, especially Digital financial services
Related Agreements/Contracts,
Structures of Transactions,
Process flows,
Product Manuals,
Marketing advertisements,
Sales Illustrations and Brochures etc.
Any other task assigned by line manager.

What are we looking for and what does it require to be Shariah Advisor - MMBL?

Experience and Qualification:
Shahadat ul Aalamiyyah ( (Degree (Dars e Nizami) or similar other degree from any recognized institution/Board of Madaris and Bachelor s Degree (which is other than the Madaris Degree). OR
Post Graduate Degree in Kuliyyatush Shariah ( ,( ) Usooluddin Kuliyyah or) L.L.M. (Shariah) or equivalent from any recognized University.
The Shariah scholar members must have at least four (4) years experience of giving Shariah rulings including the period of Takhasus-fil-Ifta; or at least five (5) years post qualification experience in teaching or Research and Development in Islamic Banking and Finance. Preference will be given to those who have certificate in Takhassus-fil-Fiqh/Takhasus-fil-Ifta.
Prior experience as Shariah Advisor or Shariah Board Member will be added advantage.
Strong skills in Islamic jurisprudence (Usul-al-Fiqh), as he must know the appropriate Fiqh methodologies for deriving juristic opinion.
Relevant experience in the banking sector will be added advantage.
Soft Skills:
Good Presentations/ Written & Spoken Communication / Negotiation skills needed.
Knowledge of the Islamic finance operations and procedures.
Knowledge of the Islamic finance digital products and procedures.
Knowledge of the Islamic finance products.
Knowledge and understanding of the Sharia guidelines.
Usul-Al-Fiqh, Takhassus-fil-fiqh, Shariah Rulings

Job Details

Industry:

Banking/Financial Services

Total Positions:

1 Post

Job Type:

Full Time/Permanent

Job Location:

Islamabad, Pakistan

Gender:

No Preference

Experience:

Doesn't Matter

Apply Before:

Jan 08, 2025

Posting Date:

Dec 30, 2024

Mobilink Bank

Banking/Financial Services · 1001-1500 employees - Islamabad

Mobilink Bank is providing banking services to over 42 million registered users including 16+ million monthly active customers across Pakistan. With a hybrid model that combines traditional microfinance with mobile/digital banking technologies, the bank now operates with over 100 branches and 200,000 branchless banking agents and provides a USSD (GSM) based digital channel offering savings, micro enterprise (MSME) loans, small housing loans, remittances, collection (utility bills and loan installments), mobile wallets, insurance, G2P, B2B & B2P payments; thus, playing a leading role in the promotion of financial inclusion. MMBL is committed to fostering a positive and productive workplace, and our core values reflect this focus. These values include promoting innovation and entrepreneurship, encouraging teamwork and collaboration, and prioritizing a customer-centric approach in all aspects of our business.