Job Description

Roles & Responsibilities

Detailed Scope of Services

1. Treasury Guidelines: Map the treasury landscape, set procedures for Shariah-compliant

investment and risk management, and define monitoring, reporting, and internal

controls for Islamic treasury operations.

2. Investment Opportunities Study: Assess Shariah-compliant instruments for central

banks considering liquidity, yields and risks, benchmark international reserve practices,

and identify operational and legal requirements for implementation.

3. Liquidity Management Study: Analyze Islamic liquidity instruments locally and

internationally noting effectiveness and limitations, recommend safeguarding tools and

market-strengthening measures, (e.g., profit equalization, risk reserves)and develop

contingency strategies for systemic liquidity risks.

4. Accounting Guide: Align processes with AAOIFI and IFRS, provide daily/periodic

templates, and address asset recognition, profit-sharing, impairments, and disclosures

for Islamic contracts.

5. Treasury Governance Guide: Define governance roles for treasury and Shariah boards,

establish accountability, internal controls, compliance oversight, and recommend

performance metrics and review cycles for Shariah compliance.

6. Financial Reporting Guide: Offer templates and checklists for Islamic financial

statements ( valuation / disclosure), address profit-sharing and account management,

and reference CPIFR, AAOIFI, and IFRS standards as appropriate.

Senior Shariah Law Expert - Islamic finance regulatory frameworks pg. 2

Deliverables

• An inception report detailing the proposed methodology and schedule. (Current State

Assessment Report)

• Preparation of Treasury Guidelines (Deliverables-1)

• Study on the Central Bank Investment Opportunities in IF Products (Deliverables-1)

• Study on Liquidity Management and Liquidity of Financial Products (Deliverables-1)

• Manual of Islamic Finance Operations and Accounting Procedures (Deliverables-1)

• Manual of Governance for Treasury (Deliverables-2)

• Manual of Financial Reporting (Valuation/Measurement, Presentation and Disclosures)

(Deliverables-2)

• Manual on Risk management Tools for Treasury (Deliverables-2)

• Study on required IT Systems/ Solutions for Treasury (Deliverables-2)

• Manual on Supervision and Auditing procedures for Islamic investment products

(Deliverables-2)

• Draft and final versions of each guide/report for each assignment area. (Deliverables-2)

• Executive summaries and policy checklists for each output. (Deliverables-1 and

Deliverables-2)

• At least one in-person or virtual capacity-building workshop for CBL staff and key

stakeholders.

• A final consolidated report and a presentation deck.

Project Expected Takeaway Achievements

• Implement investment procedures and benchmark tools that are compatible with the

Shariah Compliant and Risk management procedures.

• Develop a monitoring and alerting internal policies, tools and procedures system and

workflow for Islamic treasury operations.

• Risk management tools and statical measures and analyzing methods, such as VaR, that

are compatible with traditional statistical knowhow such as deviation, variance and

default risk.

Tasks and Responsibilities of Expert 2 Senior Sharia Law Expert:

Qualifications and Requirements

• Dedicated Senior Shariah Scholar and legal advisor possessing a deep, 10+ year

background in Islamic jurisprudence (Fiqh al-Mu'amalat), specializing in the structuring,

validation, and compliance of financial products and institutional operations with

Shariah standards.

• The ability to provide at least three client references from similar past projects.

• Strong familiarity with the standards and frameworks set by key bodies such as the

Islamic Financial Services Board (IFSB) and the Accounting and Auditing Organization for

Islamic Financial Institutions (AAOIFI).

• The ability to successfully execute a complex assignment of this nature, supported by a

strong technical and managerial team.

Senior Shariah Law Expert - Islamic finance regulatory frameworks pg. 3

• Developing regulatory frameworks and a strong understanding of Shariah principles

• Shariah law, finance, accounting, and risk management, including experience

• Prior work for central banks, regulatory bodies, or global development agencies is highly

preferred.

Education / Training:

• Finance / Islamic Finance

Language:

• English and Arabic

General Professional Experience:

• Senior Shariah Scholar and legal advisor with over 10 years of expertise in Islamic

jurisprudence (Fiqh al-Mu'amalat), specializing in structuring, validating, and ensuring

Shariah compliance of financial products and institutional operations.

Specific Professional Experience:

• 3 work references related to Shariah law, developing regulatory frameworks and strong

knowledge of shariah compliance

International Professional Experience:

• Experience in Libya is a plus

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