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.
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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.
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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.
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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. |
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.
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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; 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.
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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.
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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; 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.
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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.
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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 or banking and finance or 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.
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Head of Shari'a Review |
A Head of Shari'a Review should:
(a) Have appropriate level of knowledge in Islamic Finance and Shari'a principles;
(b) Have a good understanding of the banking industry and possess good knowledge of economics and finance; and
(c) Understand how to interpret financial statements.
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The Head of Shari'a Review should have a minimum of 5 years relevant experience in a bank or financial institution dealing with Islamic products and services. He/she should:
(a) Hold a bachelor's degree in Shari'a, which includes study in Usul Fiqh (the origin of Islamic law) and/or Fiqh Muamalat (Islamic jurisprudence); or
(b) Hold a university degree in banking and finance together with a qualification in Shari'a review.
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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.
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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 in compliance; 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.
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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.
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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; 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.
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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.
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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) Certificate in Securities;
(ii) Certificate in Securities and Financial Derivatives;
(iii) Certificate in Investment Management;
(iv) Professional Certification in Accounting; and/or
(v) Equivalent certificates or qualifications; and/or
(vi) Advanced Diploma in Banking/ Islamic Finance or Financial Advisory Program from the BIBF or other institutions.
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October 2013