Shariyah Manager

About the Role

Derayah Financial is seeking a Shariyah Manager to lead the development, structuring, and restructuring of financial products and business processes. This full-time role, based in Riyadh, Saudi Arabia, focuses on ensuring Shariah compliance while maintaining commercial viability, operational practicality, and a positive client experience. The position requires a hands-on product development professional with 5-10 years of experience in designing, structuring, restructuring, and implementing Islamic financial products.

Key Responsibilities

• Lead the development and restructuring of financial products and services in accordance with Shariah principles.
• Review conventional products and processes to develop practical Shariah-compliant alternatives.
• Assess the complete product lifecycle, including client onboarding, contractual arrangements, transactions, fees, revenue flows, settlement, accounting, and operational processes.
• Play a leading role in Shariah transformation initiatives, particularly for existing products and revenue arrangements.
• Work closely with the Shariah Committee and advisors to obtain guidance and approval for new and restructured products.
• Prepare high-quality product concept papers, structure diagrams, and supporting analysis for Shariah Committee consideration.
• Collaborate with Business, Product, Legal, Risk, Compliance, Finance, Operations, and Technology teams throughout the product-development lifecycle.
• Ensure Shariah-compliant structures remain commercially sustainable and operationally practical.
• Maintain product approval records, Shariah rulings, and supporting documentation.

Product Development and Structuring

This role involves assessing proposed structures from Shariah, commercial, operational, and client-experience perspectives. The Shariyah Manager will translate approved product concepts into clear structures, process flows, business requirements, and implementation plans. This includes maintaining awareness of developments in Islamic finance and identifying adaptable structures for the company's business model.

Product Restructuring and Transformation

The role requires performing product-level gap assessments and identifying specific elements needing modification. This includes developing practical solutions for restructuring product economics, fees, contractual relationships, and transaction flows. The manager will also develop multiple structuring alternatives, articulating their advantages, limitations, risks, and implementation requirements, ensuring practical implementation through the company's systems and operations.

Cross-Functional Leadership and Engagement

The Shariyah Manager will facilitate product-design workshops, bringing stakeholders together to resolve structural and implementation issues. This involves constructively challenging existing processes and proposing workable alternatives. The role acts as a bridge between Shariah requirements and commercial/product requirements, supporting Technology and Operations teams in translating product structures into system workflows and business requirements.

Qualifications and Experience

• Proven experience (5-10 years) in designing, structuring, restructuring, and implementing Islamic financial products.
• Understanding of existing conventional product structures and the ability to identify Shariah issues.
• Solution-oriented product expertise, capable of translating Shariah principles and Committee guidance into commercially viable products and documented processes.
• Excellent communication, collaboration, and presentation skills to explain and defend proposed product structures to various stakeholders.
• Ability to work collaboratively with business, Shariah scholars, Legal, Risk, Compliance, Finance, Operations, and Technology teams.