Assistant Vice President - Shariah Reviewer

Headquartered in Tokyo, Sumitomo Mitsui Banking Corporation (SMBC) is a leading global financial institution and a core member of Sumitomo Mitsui Financial Group (SMBC Group). Built upon our rich Japanese heritage since 1876, we put our customers first and provide seamless access to, from and within the Asia Pacific region. SMBC is one of the largest Japanese banks by assets and maintain strong credit ratings across our global integrated network.  We work closely as one SMBC Group to offer personal, corporate and investment banking services to meet the needs of our customers.

With sustainability embedded within our strategy and operations, we are committed to creating a society in which today’s generation can enjoy economic prosperity and well-being, and pass it on to future generations.

Sumitomo Mitsui Banking Corporation Malaysia Berhad (SMBCMY)

Job Description

KEY RESPONSIBILITIES

1. Prepare the Shariah Review Plan and conduct the Shariah Review exercise as per approved Shariah Review Plan.
2. Provide Shariah Review confirmation on any Potential Shariah Non-Compliance (“PSNC”) event prior to submission to Shariah Committee of SMBCMY, i.e. taking on the role as the qualified Shariah officer per BNM’s Operational Risk Integrated Online Network Policy Document.
3. Provide regular update on any related Shariah non-compliance issues and findings to the Management, Shariah Committee and Board of SMBCMY.
4. Report to the Shariah Committee and Board Risk Management Committee (“BRMC”) of SMBCMY on the Shariah Compliance monthly follow up report arising from the Shariah Review reports.
5. Assist in facilitating the business/support unit in completing Gap Analysis particularly on BNM Policy Document on Shariah contracts.
6. Inform and provide updates to the BRMC, Shariah Committee and Management on the latest developments in legal and regulatory requirements in Islamic finance, especially in relation to issuance of the BNM Shariah Advisory Council (“SAC”) rulings; and
7. Ensure adequate training and guidance is provided to staff on relevant Shariah requirements governing the Bank’s operations, business, affairs and activities for Islamic banking facilities. 

Policy and Procedures

1. Maintain an updated relevant Shariah Review Policy or Procedures.  
2.  Recommend areas for improvement to simplify or enhance the review process.

Communications

1. Maintain close follow up and contact as well as timely support to the team members.
2. Maintain good relationship with the stakeholders in carrying out the compliance review function.
3. Maintain close follow up with the stakeholders to facilitate the closure of the issues raised.
4. Provide proper advice and follow up with the stakeholders to seek RMC or BRMC’s approval when the stakeholders are unable to meet the committed timeline on the required actions.
5. Timely escalation of issues and matters to Manager of Review Team and Head of Compliance Department.

AUTHORITY

1. Communicate with the regulators as and when required.

JOB REQUIREMENTS

1. Must holds at least a bachelor’s degree in Shariah, which includes study in Usul Fiqh (the origin of Islamic law) and Fiqh Muamalat (Islamic transaction/commercial law).
2. Possess at least 5 years’ experience being a Shariah Reviewer for Corporate Banks.
3. Able to articulate well by presenting the review results to the Shariah Committee members, Risk Management Committee and Board Risk Management Committee.
4. Sensitive to shariah related risk via the conduct of comprehensive annual Shariah Risk Assessment, preparing plan for shariah review.
5. Timely in delivering review results.Possess good inter-personal skills by able to manage various stakeholders.