Fosad Consulting Limited - 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.
Job Title: Internal Audit Officer - Shari’ah (Islamic Law) Compliance
Location: Lagos
Duties
- Audit responsibilities include but not be limited to:
- 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.
Qualifications
- 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.
- Carrying out 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.
Application Closing Date:
1st September, 2014
Method of Application
Interested and qualified candidates should send CV to:
[email protected]