Lead Legal Counsel

2 months ago

Jeddah, Saudi Arabia Islamic Development Bank Full time

Legal Affairs Department

The Legal Affairs Department (LAD) is custodian of the legal affairs of the Corporation. The LAD is empowered to handle legal issues related to insurance operations, claims and recoveries and the governing bodies for the Board Secretariat. In addition, the LD has been entrusted with additional responsibilities of handling Compliance matters as well as the coordination of the Shariah Board.

Lead Legal Counsel

The role holder is responsible to provide support on the day-to-day activities of the LAD and ensure the provision of legal services in a timely and efficient manner. The role holder is responsible for providing the necessary legal guidance, support and opinion in all cases pertaining to insurance operations, treasury investments and other corporate affairs of ICIEC. 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 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, treasury investments and corporate services to ensure protect the interests of the Corporation.

**Legal Services**
- Drafts, reviews, or revises various legal documents, contracts and agreements from legal standpoint safeguarding the interests of ICIEC.
- Leads the provision of all legal aspects or issues pertaining to or arising from the implementation of ICIEC’s Articles of Agreement, policies, rules, regulations, guidelines and procedures.
- Negotiates, reviews, and approves in coordination with the Manager, LAD, all legal documents and agreements related to ICIEC’s activities (i.e. agreements for the establishment of field offices, establishment of special funds and trust funds, leases of real property, procurement of various services necessary for the administration of ICIEC, procurement of IT hardware and software and other capital corporate acquisition activities).
- Provides legal expertise, research and knowledge services to advance ICIEC’s Islamic finance promotion agenda and developmental mandate.
- Participates in the conceptualization and development of the legal corporate policies, procedures and programs and provide counsel and guidance on legal matters and on legal implications of all matters.
- Ensure ICIEC’s compliance with applicable laws and regulations and keep abreast of legislative changes that may affect ICIEC’s operations.
- Analyzes and evaluates the legal impact of major decisions where the applicable law, regulations or facts of the case are ambiguous.
- Advises on issues of governance, risk management, policy implementation, strategic planning and execution, and special projects as well as internal and external communications relating to complex matters.
- Draft internal Administrative Decisions/Instructions and resolutions of the Board of Governors and Board of Directors.
- Coordinates and manages disputes, litigation of any nature brought against or involving ICIEC (including through its own internal dispute recourse mechanisms) either under the umbrella of the IsDB Group Grievance Mechanism or directly at the level of ICIEC.
- In coordination with the Manager, LAD, develops and leads the legal strategy to promote and protect ICIEC’s legal interests.

**Insurance Operations**
- Participates in underwriting operations by providing legal assistance to stakeholders from the Underwriting Operations as and when required, on all matters, issues and problems related to legal assessment and evaluation of buyer/importer/ borrower/Member Country 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.
- 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 agency, 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.
- Assists the Commercial Underwriting team to verify the legal documents for validity and to ensure all necessary legal documents are in place.
- Provi

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