Chief Innovation Officer

The Chief Innovation Officer (CIO) is an EXCO role responsible for setting the strategic direction and vision for Islamic product innovation and Shariah governance for the bank. The CIO will lead the development, management, and transformation of Shariah-compliant banking products, and ensuring alignment with Shariah governance and Islamic principles. This role involves overseeing key areas such as Shariah Advisory, Shariah and Product Governance, Assets and Liabilities products, Cards, Payments, Corporate & Treasury products, Product Digital Engineering and Social Finance while forming strategic partnerships and driving the bank’s competitive positioning in the Islamic banking sector. The role also includes managing the overall relationship and engagement between the bank and the Shariah Board, representing the bank in all relevant Shariah-related matters and supervising the implementation of the Shariah Governance Framework as per the requirement of BNM.

Job Responsibilities

• Develop and articulate a long-term vision for Islamic product innovation and Shariah governance that aligns with the bank’s overall strategy and mission.
• Define and execute a comprehensive product innovation roadmap that drives growth, customer satisfaction, and market leadership in Islamic banking.
• Lead and mentor the Innovation division team, fostering a culture of innovation, collaboration, and excellence.
• Collaborate with the executive team to integrate Islamic product innovation into the bank’s broader business strategy.
• Represent the bank at industry conferences, forums, and regulatory bodies to advocate for the Islamic banking sector.
• Develop and implement a comprehensive Islamic product strategy and Shariah governance that aligns with the bank’s overall business objectives.
• Identify and prioritize product opportunities that meet customer needs and market demands.
• Ensure the Islamic product portfolio is competitive, innovative, and compliant with Shariah principles.
• Build and maintain strategic partnerships to enhance product offerings.
• Collaborate with external partners to integrate cutting-edge technology and innovation into Islamic banking products.
• Represent the bank in industry forums and alliances to stay ahead of trends and foster partnerships.
• Provide strategic oversight and guidance on the development and management of the Assets, Liabilities, Cards, Payments, Corporate and treasury Products, and Product Digital Engineering.
• Facilitate cross-functional teams in developing and defining business requirements, product roadmaps, and execution plans.
• Ensure that asset products align with the bank’s risk management and profitability goals while maintaining strict Shariah compliance.
• Ensure that liability products are competitive and aligned with the bank’s liquidity and funding strategies.
• Ensure that card products align with the bank’s customer acquisition and retention strategies and comply with Shariah principles.
• Drive the innovation of Shariah-compliant payment solutions, integrating digital technologies to enhance customer experience and operational efficiency.
• Ensure that all corporate and treasury products support the bank’s financial performance goals.
• Champion the digital transformation of Islamic products, integrating advanced technologies.
• Ensure the bank’s digital product offerings are at the forefront of the Islamic banking industry, providing seamless and innovative customer experiences.
• Lead the integration of digital engineering practices within the product innovation process, ensuring that all products are technologically advanced and scalable.
• Manage the overall Shariah and Product Governance and Secretariat function through effective review, report, submission, and presentation to the Board and Shariah Board.
• Manage the Shariah and product governance review of the bank’s internal documents, namely framework, policy, guideline, and procedure, in line with the applicable regulatory and bank standards as and when requested.
• Manage the establishment and implementation of Shariah Governance to oversee the functions of the bank's Shariah Audit, Shariah Risks, and Shariah Compliance Units.
• Manage and ensure the Shariah Board’s affairs and welfare related to their duties and responsibilities are efficiently coordinated.
• Manage preparing the Shariah Board’s report for the Board of Directors.
• Manage and coordinate the end-to-end process for the Shariah Board Meeting in accordance with the conduct of the Shariah Board Meeting.
• Manage and facilitate the issuance of Shariah Board resolution/decision/advice as and when required.
• Manage the overall Shariah Advisory function through effective communication, submission and representation to the Shariah Board.
• Manage the Shariah approval as per the Shariah Approval Matrix and as delegated by the Shariah Board from time to time.
• Act as a subject matter expert pertaining to any Shariah issues in product and manage the day-to-day advice to relevant parties within the bank based on the bank’s Shariah Rulings, resolutions of the Shariah Advisory Council of Bank Negara Malaysia and Securities Commission or other applicable standards practised by the bank’s Shariah Board.
• Manage the overall conduct and performance of meetings with the Shariah Board.
• Manage effective Shariah Advisory services for other respective divisions and units on the bank’s overall business activities.
• Manage overall performance of issuance of Shariah Rulings and approvals.
• Manage efficiency and accuracy of all Shariah Board decisions and advice to the respective division/department.
• Manage and oversee the social finance functions across the division and/or bank-wide initiatives.
• Focus on social impact, sustainability, Environment Social Governance (ESG), and Value-Based Intermediation initiatives.
• Oversee Zakat strategic initiatives, project management, Waqaf and Sadaqah, including SNC and Non-SNC funds.
• Manage and advocate innovative Islamic financial products to address social and environmental challenges.
• Oversee market research to identify opportunities for new social-impact products.
• Monitor and access customer needs and regulatory requirements to ensure the relevance and compliance of new products in relation to social impact products.
• Monitor the performance and impact of social impact products continuously.
• Collaborate with stakeholders to implement enhancements or changes to social impact products as needed.
• Manage and ensure systems and processes are in place to protect the confidentiality and security of the division/department.
• Manage and ensure proper filing system among the staff of the division/department practices.
• Manage and create a professional, collaborative, harmonious, open work environment in which staff perform excellently toward cohesive goals.
• Manage and ensure consistent effective communication among staff.
• Providing continuous guidance, training and development opportunities to staff to ensure a competent and well-rounded team of professionals is developed.
• The duties and responsibilities attached to the post may vary from time to time without changing the general character of the duties or the level of responsibility entailed.
• In addition to the responsibilities listed above, the job holder may require performing other duties, assignment as assigned by the bank’s management.

Qualifications

Minimum 15 years’ working experience in Islamic financial services industry with a keen interest in Shariah Advisory, Governance, Secretariat and Research.

Bachelor’s Degree in Shariah, Islamic banking, Islamic economy or any related field. Relevant Master’s degree is highly preferred.

Strong knowledge in Islamic jurisprudence with applied Shariah Compliant practices is preferred.

Preferably Senior Managers specializing in Banking / Financial Services or equivalent.

Good command of English and Arabic language.

Willing to work at odd hours (Middle Eastern time zone)