IDB3465 - Legal Counsel | Jeddah, SA

JOB PURPOSE
The role holder is responsible for providing the necessary legal guidance, support and opinion in all cases pertaining to insurance operations, corporate services and treasury transactions. The role holder will participate in the legal due diligence process and provide inputs on the legal aspects for resolving any complex issues related to the Underwriting process to safeguard the interests of ICIEC. The role holder will also be involved in drafting and reviewing various legal documents involved in insurance operations to ensure use of correct legal terminology and clarity in interpretation of documents.

KEY RESPONSIBILITIES

1. Legal Due Diligence
   
   • Participates in underwriting operations by providing legal assistance to stakeholders from the Underwriting Operations Department as and when required, on all matters, issues and problems related to legal assessment and evaluation of buyer/importer/Member State and the implementation of insurance policies and contracts.
   
   • Participates in legal evaluation of various documentation involved in Underwriting and Policy Administration (Commercial and Sovereign) transaction to analyze the legal risk involved and provides inputs to Underwriters on the same.
   
   • Drafts, reviews, or revises various legal documents, contracts and agreements from a legal standpoint safeguarding the interests of ICIEC.
   
   • Analyzes and evaluates the legal impact of major decisions where the applicable law, regulations or facts of the case are ambiguous.
2. Insurance Operations
   
   • Ensures adherence to compliance requirements by Insurance operations and the support functions to identify gaps and recommend corrective steps, thus ensuring mitigation of operational risks.
   
   • Provides legal opinion and counsel on all investments and insurance operations in terms of regulatory requirements and legal approvals in order to minimize financial, legal and reputational risks.
   
   • Provides necessary legal assistance in drafting agencies, brokerage and other forms of representation agreements and provides legal guidance on resolution of issues/disputes arising from their implementation.
   
   • Assists the Underwriters in drafting new policy terms and conditions to ensure the usage of appropriate legal terminology, ensure clarity in interpretation of terms and conditions, compliance with Shariah principles, etc. to minimize the risk of any legal dispute or incident of claim.
   
   • Assist the Commercial Underwriting team to verify the legal documents for validity and to ensure all necessary legal documents are in place.
   
   • Provides requisite assistance to the Reinsurance Division in drafting co-insurance and inward reinsurance arrangements and in other forms of interactions with Export Credit Agencies (ECAs), ICIEC partners or other external stakeholders involved in export and investment promotion in Member Countries.
   
   • Participates in draft and review of treaty and facultative outward reinsurance treaties and contracts adherence to legal and risk framework and guidelines.
   
   • Assists the Reinsurance team in resolving any legal issues arising in transactions involving international re-insurers and initiate legal action in all cases of dispute pertaining to reinsurance operations to safeguard ICIEC's interests.
   
   • Guides in preparation of contracts to be issued to debt collection agencies and ensures alignment to legal and regulatory framework established.
3. Treasury Operations and Corporate Transactions
   
   • Support Treasury Function of the Finance and Treasury Department to conclude the Corporation's participation in various investment opportunities.
   
   • Ensures compliance of the Investment policies and guidelines applicable to the Corporation.
   
   • Review/draft the Subscription Agreement, Investment Agreement, Shares Sale and Purchase Agreement, Shareholders Agreement, Private Placement Memorandum, Limited Partnership Agreement, Investment Management Agreement, Subscription Agreement, Co-Investment Agreement, Administration Agreement, and Legal Opinions.
   
   • Draft/review Side Letters relating to investments in private equity funds.
   
   • Draft/review investment policies or guidelines for the Corporation.
   
   • Ensure that the investment and its documentation are Shari'a compliant.
   
   • In the case of a member country, ensure that all ICIEC privileges (e.g. tax exemption) and immunity are preserved.
   
   • Review legal and regulatory review of aspects of murabaha (including reverse murabaha) transactions, wakala placements and Islamic OTC hedging arrangements which are entered into by ICIEC in applicable jurisdictions; and
   
   • Review and opine on base prospectus of Sukuk and the accompanying Shariah pronouncement to guide ICIEC Sukuk investments.
   
   • Support other ICIEC functions such as HCM, Risk Management, Admin. Services, IT etc to conclude contracts, MoUs, and other legal arrangements with counterparties.
   
   • Ensures compliance with the corporate contracts with policies and guidelines applicable to the Corporation.
   
   • Supporting the legal services in matters of litigation and internal disputes involving ICIEC.
4. Documentation and Reporting
   
   • Documents and maintain legal notes for all legal cases related to reinsurance, claims and recovery to facilitate easy reference for assistance in resolving any similar cases.
   
   • Generates and submits requisite reports as per agreed timelines to the Manager, Legal Services, to track the progress of legal operations.
5. People Engagement Responsibilities
   
   • Work as a team and execute goals and key performance indicators in effective application of the ICIEC Performance and Development Review process.

JOB REQUIREMENTS

Field of Study: Commercial Law or Banking and Finance Law
Academic Qualifications and Relevant Experience:
Experience E1: 3 years for Bachelor's degree holder and 1 year for Master degree holder
Nature of Experience: Prior experience in handling legal operations pertaining to insurance (underwriting, claims, recovery and reinsurance), with a minimum of between 3 years (as applicable) of relevant experience preferably in Banking/Export Credit Insurance/International Trade/General Insurance or Legal practice
Professional Certifications (as applicable) : License to practice law in at least one ICIEC Member State or any other renowned jurisdiction.
Business Language Skills: Good command of written and spoken English essential, additional languages such as Arabic, French is an added advantage

WORKING CONDITIONS

Location: Jeddah, KSA
Travel Needed: Yes

About Application Process
If you meet the criteria and you are enthusiastic about the role, we would welcome your application. To complete the application you would need the following document(s):

• Resume/CV
• Passport-size photograph

The Islamic Development Bank (IsDB) does not ask for payments of any kind from applicants throughout the recruitment process (job application, CV review, interview meeting, and final processing of applications). In addition, the IsDB does not request information on applicants' bank accounts. The IsDB declines all responsibility for the fraudulent publications of job posts or job offers in its name or, in general, for the fraudulent use of its name in any way whatsoever.

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