Due Date: 7 May 2024 12:00

Post:                                         Member of Shariah Committee

No of Vacancy:                       01                  

Post Type:                               Independent

Duration:                                 Two Years

Reporting to:                           Board of Directors  

Introduction

Housing Development Finance Corporation (Plc) is a specialized financial institution providing financial assistance and support in the area of Housing Financing. In its effort to provide inclusive financial solutions in the Maldives, HDFC has launched its Islamic window HDFC Amna in 2012, to provide Shariah-compliant financial solutions.

Background

Shariah Committee is an independent body of specialists who are well versed in Islamic commercial transactions (Islamic Jurisprudence). The Shariah Committee of HDFC is entrusted with the duty of directing, reviewing, and supervising the activities and business affairs of the HDFC Amna to ensure that they are in compliance with Islamic Shari’ah rules and principles and established guidelines.

Scope of Shariah Committee

The Shariah Committee of HDFC is expected to:

  1. Oversee the Shariah compliance business activities and affairs of HDFC to ensure their compliance at all times.
  2. Advise the Board and the Management of HDCF on Shariah matters in order for the HDFC Islamic to comply with Shariah principles at all times.
  3. Review, examine, validate, and endorse all the Shariah policies and procedures.
  4. Endorse product structures, processes and workflows, and SOPs.
  5. Endorse all the legal documents, materials, manuals, and guidelines.
  6. Assess and oversee the work carried out by the Shariah review and Shariah audit function in order to ensure compliance with Shariah matters.
  7. Provide assistance to related parties, such as HDFC’s credit, legal, auditor, or consultants who may seek advice on relevant Shariah matters.
  8. Provide written Sharīah opinions whenever necessary.
  9. Advice on required preventive, remedial, and corrective measures in circumstances where Shari’ah non-compliance issues are reported.
  10. Provide guidance on day-to-day and routine Shariah related issues, post product approval and Shari’ah training.
  11. Respond to Shari’ah-related queries, conduct Shariah review and submit annual reports.

 Nomination criteria

Criteria for the names nominated as Shariah Committee members.

  1. Shall be a natural person.  A company, institution, or an independent body cannot be considered a Shariah committee member.
  2. Must be a practicing Muslim.
  3. Must be mature and sane and must have reached intellectual maturity.
  4. Shall have an acceptable reputation, character, and integrity.
  5. Must not have been convicted of theft, misappropriation, extortion, fraud, criminal breach of trust, corruption, or negligence.
  6. Shall possess a formal qualification or a bachelor’s degree/ijazah from a recognized university in the sciences of Sharī‘ah including Islamic transaction/commercial law (Fiqh al’Muamalat), and be able to demonstrate an adequate understanding of finance in general and Islamic finance in particular or,
  7. Must be individuals generally recognized for their expertise in their respective field (e.g. economics, law, banking, accounting, finance, etc.) and possess empirical knowledge and Islamic finance related expertise or experience.
  8. Nominees shall be fit and proper as per the applicable regulations.
  9. Shall not be a Shariah committee member of other financial institutions within the same category of financial institutions.

 Structure

Shariah Committee is an independent group of members appointed by the Board of Directors of HDFC and shall be reporting directly to the Board. Shariah committee members shall carry out the oversight function of the internal Shariah department and business activities and affairs of HDFC   in matters related to Shariah.

Shariah committee of HDFC   consists of a minimum of 3 members, among whom a chairperson for the committee will be appointed. The committee composition shall be diverse in areas of Sharia: Islamic Jurisprudence (Principles of Islamic Jurisprudence and Islamic Commercial Law), and/or Islamic Finance and Economics.

 Conduct of Meetings

Sharia Committee members shall conduct a minimum of one meeting in each quarter. However, HDFC may call for delegated or extraordinary Committee meetings if the need arises. The meetings will generally be held at the HDFC head office located in Male’ City, Republic of Maldives. The meeting shall be conducted via other means If required.

 Remuneration

Committee members will be remunerated as per the remuneration policy of HDFC.

 How to Apply:

Prospective members shall forward their Cover Letter, CVs and supporting documents to HDFC by 7th May 2024, 12:00 hours. The documents must be emailed to amna@hdfc.com.mv

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