Idb3465 - Legal Counsel

-Islamic Development BankJeddah, Saudi ArabiaSave

Posted 1 day ago Permanent Competitive
- IDB3465 - Legal Counsel

**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**

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.

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.

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 compl