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Appendix TC-1 Qualifications and Core Competencies

Role Core Competencies How can competence be demonstrated?
Board Member Board members should have:
(a) Sufficient experience to demonstrate sound business decision-making; and
(b) A good understanding of the industry and its regulatory environment.
Competence is demonstrated by:
(a)
(i) Holding a Bachelor's Degree; and
(ii) A minimum experience of 7 years in business and/or government/quasi government of which at least 4 years at a senior management level; OR
(b) A minimum experience of 10 years in business.
Chief Executive or General Manager and their Deputies The Chief Executive or General Manager and their Deputies should have:
(a) A clear understanding of the role and responsibilities associated with this position;
(b) A good understanding of banking business and the wider industry and its regulatory environment; together with;
(c) Relevant experience and qualifications associated with such executive responsibilities; and
(d) The necessary professional and leadership capabilities which qualify him for this position.
This person should have a minimum experience of 15 years in the banking sector of which at least 7 years at a senior management level in an Islamic bank. He/she should hold a relevant academic/professional qualification, preferably MBA, Masters in finance/accounting/economics or masters in any other subject, or preferably other qualification related to banking, accounting or finance, including AAOIFI's certified Islamic Public Accountant (CIPA) or BIBF's Advanced Diploma in Islamic Finance (ADIF).
Chief Financial Officer/ Head of Financial Control The Chief Financial Officer/ Head of Financial Control should have:
(a) A clear understanding of the role and responsibilities associated with the position;
(b) A good understanding of banking business and the wider industry and its regulatory environment;
(c) The relevant experience and qualifications to fulfill his responsibilities; and
(d) A good knowledge and understanding of international accounting standards and how they are applied in a business context, including IFRS, and where appropriate AAOIFI.
The Chief Financial Officer/ Head of Financial Control should have a minimum of 10 years of practical experience in a bank and of which at least 7 years in a finance function of a bank. Experience of external audit on banks will also be counted as part of the minimum experience requirements.

He/she should:
(a) Hold a relevant academic/professional qualification, preferably MBA, Masters in finance/accounting/economics or masters in any other subject, or preferably other qualification related to banking, accounting or finance, including BIBF Advanced Diploma in Islamic Finance; and
(b) Have relevant certification(s) specific to this role. Such certifications may include but are not limited to:
(i) The Association of Chartered Certified Accountants (ACCA); or
(ii) Certified Public Accountant (CPA); or
(iii) Similar designation with a valid current practicing certificate.
(c) Hold Certified Islamic Public Accountant (CIPA) from AAOIFI.
Chief Risk Officer/Head of Risk Management The Chief Risk Officer/ Head of Risk Management should have:
(a) An appropriate level of experience and standing to demonstrate suitable independence from other functions within the bank;
(b) A clear understanding of the role and responsibilities associated with the position;
(c) A good understanding of banking business and the wider industry and its regulatory environment; and
(d) The relevant experience and qualifications to fulfill his responsibilities.
The Chief Risk Officer/ Head of Risk Management should have a minimum of 7 years of practical experience in a bank and of which at least 5 years in a risk management position.
He/she should:
(a) Hold a degree from a university at bachelor level or higher or a relevant professional qualification, including AAOIFI's CIPA qualification or BIBF's Advanced Diploma in Islamic Finance; and
(b) Have relevant certification(s) specific to this role. Such certifications may include but are not limited to:
(i) Institute of Risk Management qualifications (IRM); or
(ii) Financial Risk Manager (FRM); or
(iii) Professional Risk Manager (PRM); or
(iv) Other relevant qualifications.
Head of Internal Audit The Head of Internal Audit should have:
(a) An appropriate level of experience and standing to demonstrate suitable independence from other functions within the bank;
(b) A clear understanding of the role and responsibilities associated with the Internal Audit function;
(c) A good understanding of banking business and the wider industry and its regulatory environment;
(d) The relevant accounting and auditing experience and qualifications to fulfill his responsibilities; and
(e) A demonstrable knowledge and understanding of the Standards for the Professional Practice of Internal Audit.
The Head of Internal audit should have a minimum experience of 7 years in a bank of which at least 5 years of that experience should have been in an internal audit role. He/she should:
(a) Hold a university degree preferably in accounting, banking or finance including AAOIFI's CIPA or BIBF's Advanced Diploma in Islamic Finance or a relevant professional qualification; and
(b) Have relevant certification(s) specific to this role. Such certifications may include but are not limited to Chartered Internal Auditor (CIA) by the Institute of Internal Auditors.
Shari'a Officer The Shari'a Officer should:
(a) Have appropriate level of knowledge in Islamic Finance and Shari'a principles; and
(b) Have a good understanding of the banking industry and the regulatory environment; and
(c) Possess reasonable understanding of economics and finance.
Competence is demonstrated by:
(a) Having at least a bachelor degree (or its equivalent) in Islamic Shari'a including the study of Usul Fiqh (the origin of Islamic law) and/or Fiqh Muamalat (Islamic jurisprudence);
(b) Having adequate understanding of banking, Islamic finance, accounting and economics (as demonstrated by, for example, obtaining BIBF's Advanced Diploma in Islamic Finance qualification; or Advanced Diploma in Islamic Commercial Jurisprudence (ADICJ)).
(c) Holding the relevant professional qualification specific to this role, which may include but is not limited to AAOIFI's Certified Shari'a Advisor & Auditor (CSAA) qualification;
(d) Having strong proficiency in Arabic; and
(e) Having a minimum overall relevant experience of at least 5 years with an Islamic bank or financial institution dealing with Islamic products and services.
Compliance Officer A Compliance Officer should have:
(a) An appropriate level of experience and standing to demonstrate suitable independence from other functions within the bank; and
(b) A thorough understanding of the industry and its applicable regulatory requirements.
The Compliance Officer should have a minimum of 5 years relevant experience in a bank, financial institution or financial regulator He/she should:
(a) Hold a degree from a university at bachelor level or higher or a relevant professional qualification, including BIBF Advanced Diploma in Islamic Finance; and
(b) Have relevant certification(s) specific to this role. Such certifications may include but are not limited to:
(i) International Diploma in Compliance offered by the International Compliance Association; and/or
(ii) International Advanced Certificate in Compliance and Financial Crime offered by the International Compliance Association; and/or
(iii) Any other relevant professional qualification deemed suitable by the CBB. These may include qualifications in areas related to the license.
Head of Internal Shari'a Audit Function A Head of Internal Shari'a Audit Function must:
(a) Have the relevant accounting and auditing experience and qualifications to fulfill his responsibilities; and
(b) Have appropriate level of knowledge in Shari'a rules and principles, AAOIFI Shari'a standards and Islamic finance.
Competence is demonstrated by:
(a) Having at least a bachelor degree in accounting, banking, finance, business, economics or any other relevant discipline;
(b) Holding the relevant professional qualification specific to this role, which may include but is not limited to:
(i) Chartered Certified Accountant (ACCA); or
(ii) Certified Public Accountant (CPA); or
(iii) Certified Islamic Professional Accountant (CIPA); or
(iv) Chartered Internal Auditor (CIA); or
(v) Certified Shari'a Advisor & Auditor (CSAA); or
(vi) Similar qualification with a valid current practicing certificate.
(c) Having familiarity with and reasonable understanding of Shari'a rules and principles, AAOIFI Shari'a standards, etc. as demonstrated by the relevant qualification / certification such as Advance Diploma in Islamic Finance or Advanced Diploma in Islamic Commercial Jurisprudence from BIBF, other Islamic Shari'a studies or by any other means;
(d) Having a minimum 5 years in the Internal Shari'a audit function with an Islamic bank or financial institution dealing with Islamic products and services.
Money Laundering Reporting Officer (MLRO)/ Deputy Money Laundering Reporting Officer (DMLRO) The MLRO and DMLRO should:
(a) Understand the business of the bank and how the Anti Money Laundering framework applies to it;
(b) Demonstrate independence from bank staff who deal directly with customers; and
(c) Have a thorough knowledge of the financial industry and be familiar with relevant FATF and applicable domestic regulatory requirements.
An MLRO should have a minimum experience of 5 years in the banking industry of which at least 3 years of experience in anti-money laundering or anti-money laundering related role. The DMLRO should have a minimum of 2 years experience in the banking industry of which at least 1 year experience in an anti-money laundering or anti- money laundering related role. The MLRO/ DMLRO should:
(a) Hold a degree from a university at bachelor level or higher or a relevant professional qualification, including BIBF Advanced Diploma in Islamic Finance; and
(b) Have relevant certification(s) specific to this role. Such certifications may include but are not limited to:
(i) Certified Anti-Money Laundering Specialist Examination (ACAMS); and/ or
(ii) Diploma in Anti-Money Laundering offered by the International Compliance Association; and/ or
(iii) International Diploma in Financial Crime Prevention offered by International Compliance Association; and/or
(iv) International Advanced Certificate in Compliance and Financial Crime offered by the International Compliance Association.
Heads of Other Functions Heads of Other Functions should have:
(a) A clear understanding of the role and responsibilities associated with the function;
(b) A good understanding of banking business and the wider industry and its regulatory environment; and
(c) The relevant experience and qualifications to fulfill his responsibilities.
A senior manager responsible for a specialist function should have a minimum experience of 7 years in the banking/financial industry of which at least 5 years of experience in the same function that he/she will be heading. He/she should:
(a) Hold a relevant academic/professional qualification, preferably MBA, Masters in finance/accounting/economics or masters in any other subject, and preferably other qualification related to banking/accounting; and
(b) Have other relevant certification(s) specific to this role. Such certifications may, depending on the function being fulfilled, include but are not limited to:
(i) Chartered Financial Analyst (CFA);
(ii) Certificate in Securities and Financial Derivatives;
(iii) Certificate in Investment Management;
(iv) Professional Certification in Accounting e.g. CA, CPA, ACCA, CIPA; ;
(v) Equivalent certificates orqualifications;
(vi) Advanced Diploma in Banking/ Islamic Finance or Financial Advisory Program from the BIBF or other institutions; and/or
(vii) Securities Market Regulation Certification.
Amended: January 2019
Amended: October 2018
Amended: October 2016
Amended: October 2015
Amended: January 2014
October 2013
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