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VP1, Shariah Review, Compliance

Posting Date:  8 Dec 2023

Kuala Lumpur, Wilayah Persekutuan, MY, 50350

Company:  United Overseas Bank (Malaysia) Bhd

About UOB

United Overseas Bank Limited (UOB) is a leading bank in Asia with a global network of more than 500 branches and offices in 19 countries and territories in Asia Pacific, Europe and North America. In Asia, we operate through our head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia and Thailand, as well as branches and offices.

Our history spans more than 80 years. Over this time, we have been guided by our values — Honorable, Enterprising, United and Committed. This means we always strive to do what is right, build for the future, work as one team and pursue long-term success. It is how we work, consistently, be it towards the company, our colleagues or our customers.

About the Department

The Compliance function is a strategic partner and a trusted business enabler to the Board and senior management. It is our responsibility to ensure that the Group continuously fulfils its regulatory obligations in today’s tight and dynamic regulatory landscape. To do that, we work closely with internal stakeholders to identify and to assess regulatory risks. This collaboration also includes developing practical solutions that integrate regulations into operational requirements as well as actively shaping and promoting stronger compliance culture and literacy in the Bank.

Job Responsibilities

  • Perform Shariah Review to identify, assess and monitor the compliance of the IFI’s business operations and activities with Shariah
  • Report to the board, Shariah committee and senior management regularly on Shariah non-compliance issues and findings
  • Inform and provide updates to the board, Shariah committee and senior management on the latest developments in legal and regulatory requirements in Islamic finance, especially in relation to issuance of the SAC rulings; and
  • Ensure adequate training and guidance are provided to the officers of an IFI on relevant Shariah requirements governing the IFI’s operations, business, affairs and activities.
  • To execute the Shariah Review Risk Assessment in developing the annual Shariah Review plan.
  • To perform independent Shariah review to assess the Shariah compliance level of the Bank's branches, business and support units to ensure compliance with the Shariah related requirements and internal guidelines and procedures.
  • To carry out independent review on the overall Islamic Banking operations by reviewing product manuals, policies and guidelines, transactions, marketing brochures, application forms and website contents are in compliance with Shariah requirement.
  • To prepare Shariah Review Report on the outcome of Shariah compliance review and documentation of any non-compliances issues in order to update Shariah Committee and the Management.
  • To updates to Shariah Committee on the latest resolution issued by Shariah Advisory Council of Bank Negara Malaysia.
  • To conduct research as part of confirming the potential Shariah non-compliance incident for Shariah Committee’s deliberation.
  • To prepare the refresher on Islamic banking topics relevant to the operations of business units, branches and support units.
  • To carry out other duties as directed by the Head of Compliance Assurance and Country Head of Compliance.

Job Requirements

  • Well-versed on Shariah / Islamic Finance and Regulatory Compliance landscape as well as other technical knowledge on Shariah requirements including Usul Fiqh (the origin of Islamic law) and Fiqh Muamalat (Islamic transaction/commercial law)
  • Possess and having passion in performing review/audit processes and having technical knowledge on review methods as well as interested in dealing with big data analytic
  • Highly self-motivated and possess good skills in contributing to the team
  • Possess an inquisitive mind-set and a willingness to learn new things
  • Knowledge of and ability to apply problem solving and decision making skills; and
  • Good writing and ability to present issues and propose resolution approaches to management

Be a part of UOB Family

UOB is an equal opportunity employer. UOB does not discriminate on the basis of a candidate's age, race, gender, color, religion, sexual orientation, physical or mental disability, or other non-merit factors. All employment decisions at UOB are based on business needs, job requirements and qualifications. If you require any assistance or accommodations to be made for the recruitment process, please inform us when you submit your online application.

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