Sharia Audit Specialist (Re Announced)

About Agricultural Development Fund

The Agricultural Development Fund (ADF) will act as a second-tier wholesale lending institution that will lend to intermediaries in the agricultural value chain, who will then on-lend to small commercial farmers, defined as farmers with 1-30 hectares. ADF is capitalized by a $100 million grant provided by the United States Government to the Government of the Islamic Republic of Afghanistan with the objective of increasing lending to the agriculture sector in order to create a more competitive agriculture sector through expanded agricultural production and increased incomes for agricultural households. ADF will lend directly and indirectly to banks, non-bank financial institutions, credit unions, microfinance institutions and non-financial intermediaries such as private farmer associations, farm stores, agricultural depots, food processors, agribusinesses and other market participants and informal providers of finance that support the development of agricultural value chains in Afghanistan and are able to enhance the supply of agricultural credit to the end-borrowers at the farm level. Until its transition to the Government of Afghanistan in 2014, the ADF is managed by the Agriculture Credit Enhancement (ACE) program a USAID contract.

Job Summary

For further details see below:

Duties & Responsibilities

• Perform periodic Shariah Audits in line with the approved Internal Audit Plan and in supervision of the Manager Internal Audit and the Head of Internal Audit, to ensure compliance with Shariah guidelines in the operations of the Islamic Finance i.e. check that the operations, products and services, marketing advertisements, sales illustrations and brochures transactions including investments are being performed strictly in compliance with Shariah principles.
• Conducts Shariah compliance reviews on a sample basis.
• Keep himself updated on Shariah regulatory requirements by obtaining the relevant certifications and updations. Also keep the Head of Internal Audit updated on any new developments in Shariah requirements.
• Provide the Head of Internal Audit with regular updates on the progress of the Shariah Audits being conducted in accordance with the approved Internal Audit Plan.
• Keep the entity’s Shariah Advisory Board updated on the key findings of the Shariah Audits and the progress on rectification of the same, in coordination with the Manager Internal Audit and the Head of Internal Audit.
• To check and confirm that ADF sharia loans are free from riba and are per the policy.
• Sharia standards on Islamic finance products and practices and Sharia basis for those standards.
• Governance standards on Sharia compliance and review processes.
• Islamic banking and finance supervision (including regulatory and external supervision internal review and application of AAOIFI’s standards).
• Operational structures for Sharia compliance and review.
• Sharia compliance and review procedures (including on planning operations documentation and reporting).
• Application of Sharia and Fiqh (Islamic jurisprudence) to Islamic banking and finance practices
• Identify and evaluate the sharia loan risks appropriately and manage it properly.
• To review and check that the ADF sharia loans repayment is maintained in separate account and documented according to the ADF sharia compliance.
• Observation inquiry analysis review and inspection of the ADF sharia loan
• To ensure that the ADF resources are used efficiently.
• Adequate control to ensure compliance with ADF policy.
• To develop the final audit report to assist ADF management in measuring its own performance particularly with respect to compliance of sharia finance.

Job Requirements

• Professional Certification in Islamic studies is preferable.
• University degree in Islamic Finance or related finance and Islamic banking field.
• Minimum of two years of experience in the relevant field.
• Experience in working into similar capacity for the financial institutions or similar organizations.

Submission Guideline

All interested qualified applicants are encouraged to send their CV and Cover Letter indicating the position title and vacancy number (ADF- 197 ) in the subject line before the closing date to the below email address.

Functional Area

Accounting/Finance

Countries

Afghanistan

Provinces

Kabul

Submission Email

Vacancies@adf-af.org

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