BNM appoints members of Shariah Advisory Council for 2016-2019 session

Bank Negara Malaysia (BNM) today announced the appointment of the Shariah Advisory Council (SAC) members for a period of three years, effective Nov 1, 2016.

In a statement, BNM said pursuant to Section [53] of the Central Bank of Malaysia Act 2009, the appointment of the SAC members was assented by the Yang di-Pertuan Agong.

The SAC members for the new term of 2016-2019 are as follows:

1. Tan Sri Sheikh Ghazali Abdul Rahman – Shariah Legal Advisor, Attorney-General's Chambers

2. Datuk Dr Zulkifli Mohamad Al-Bakri – Federal Territory Mufti

3. Datuk Dr Mohd Daud Bakar – Amanie Advisors executive director

4. Datuk A. Aziz. A. Rahim – Former Judge of Court of Appeal Malaysia

5. Prof Dr Mohamad Akram Laldin – International Shariah Research Academy for Islamic Finance (ISRA) executive director

6 Prof Dr Engku Rabiah Adawiah Engku Ali – IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia (IIUM)

7. Prof Dr Ashraf Md. Hashim – ISRA Consultancy CEO

8. Assoc. Prof Dr Asmadi Mohamed Naim – Islamic Business School, Universiti Utara Malaysia (UUM)

9. Dr. Shamsiah Mohamad – ISRA senior researcher

10.Burhanuddin Lukman – ISRA researcher

The appointed SAC members are qualified, competent and prominent individuals among Shariah scholars and jurists who have vast experience in finance, banking, law and application of Shariah, particularly in the areas of Islamic economics and finance, said the Central Bank.

As the highest authority in the ascertainment of Shariah rulings in Islamic finance, the SAC has a pivotal role in ensuring the consistency of Shariah rulings applied in the Islamic finance industry.

The SAC's Shariah resolutions serve as a main reference for Islamic financial institutions to ensure end-to-end Shariah compliance in the structure and implementation of their financial products and services, as well as encourage product innovation.

In addition, it is also referred to by the courts and arbitrators in dealing with and adjudicating Islamic finance cases, it added. -- Bernama