Mission:
The mission of the Loan Servicing Specialist in Sharia lending is to facilitate financial transactions and services in accordance with the principles of Islamic finance while ensuring exceptional service and compliance with regulatory standards. Through diligent management of borrower accounts, meticulous adherence to Sharia principles, and proactive risk management, ensure the financial well-being of our clients while safeguarding the interests of all stakeholders.

Core Competencies:

• Attention to Detail
• Business Needs Analysis
• Problem Solving

Key Performance Indicators:

• Accuracy and completeness of loan documents and contracts.
• Compliance with relevant regulatory requirements and guidelines.
• Frequency of errors or discrepancies in loan servicing activities.
• Percentage of overdue payments or accounts in arrears.
• Average time taken to address client inquiries or concerns.

Responsibilities:

• Deep understanding of Sharia principles and Islamic finance concepts is essential. This includes knowledge of Islamic law (Sharia), particularly as it pertains to financial transactions, interest (riba) prohibition, and risk-sharing principles.
• Ensures that all loan servicing activities comply with Sharia principles and guidelines set forth by relevant regulatory bodies and Sharia supervisory boards. This includes reviewing loan agreements, processes, and practices to ensure adherence to Islamic finance principles.
• Reviews and drafts loan documents and contracts to ensure they comply with Sharia principles. This includes structuring financing agreements that are free from interest (riba), speculation (gharar), and uncertainty (maysir).
• Manages the processing of payments, including principal and profit distributions, in accordance with Sharia-compliant financing agreements. This involves calculating and verifying payment amounts based on the agreed-upon profit-sharing or profit-margin structure.
• Oversees borrower accounts and maintains accurate records of transactions, payments, and balances. This includes monitoring account activity and communicating with borrowers regarding payment schedules and obligations.
• Manages delinquent accounts and implements procedures for handling defaults in compliance with Sharia principles. This involves negotiating repayment plans, restructuring financing agreements, or pursuing legal remedies within the framework of Islamic law.
• Generates reports and conducts regular audits to ensure compliance with Sharia principles and regulatory requirements. This includes monitoring key performance indicators and identifying areas for improvement in loan servicing processes.
• Identifies and mitigates risks associated with Sharia-compliant loan servicing, including credit risk, operational risk, and compliance risk. This involves implementing robust risk management processes and controls to safeguard the integrity of Sharia-compliant financing operations.

• Stays informed about developments and trends in Islamic finance and continuously seeks opportunities to enhance loan servicing operations and practices. This may involve benchmarking against industry best practices and implementing process improvements to optimize efficiency and effectiveness.

Qualifications:

• Bachelor's degree in finance, accounting, economics, Islamic banking and finance, or a related field is typically required. Advanced degrees such as a Master's or MBA with a focus on Islamic finance can be advantageous.
• Certifications in Islamic finance such as Certified Islamic Finance Professional (CIFP), Certified Sharia Advisor and Auditor (CSAA), or Chartered Islamic Finance Professional (CIFP) are highly desirable.
• Extensive experience navigating loan management systems, including loan boarding, general servicing and reporting
• Deep understanding of Sharia principles related to finance, including the prohibition of interest (riba), risk-sharing, and ethical investment practices. Familiarity with Islamic finance contracts and structures such as Murabaha, Musharakah, Mudarabah, and Ijara.
• Prior experience in loan servicing or related fields such as mortgage servicing, banking operations, or financial services is preferred. Familiarity with loan origination, payment processing, account management, and default management processes.
• Understanding of regulatory requirements governing financial services, particularly those relevant to Islamic finance.
• Cultural sensitivity and awareness of diverse client backgrounds and religious beliefs.

Note: This job description is not intended to be all-inclusive. The Loan Servicing Specialist may be required to perform other related duties as requested by the management team.