Securities Commission Malaysia names new Shari'ah Advisory Council members

The 11 SAC members, appointed by the Yang di-Pertuan Agong under section 316C of the Capital Markets and Services Act 2007 (CMSA), are:

Tun Abdul Hamid Haji Mohamad, Former Chief Justice of the Federal Court, Malaysia

Tan Sri Sheikh Ghazali Haji Abdul Rahman, Shari’ah Legal Advisor, Attorney General's Chambers

Dato' Dr. Abdul Halim Ismail, Pro-Chancellor Insaniah University College and Chairman, Shari’ah Committee of Shari’ah-Compliant Funds of Amanah Mutual Bhd

Dr. Mohd. Daud Bakar, Chairman, Shari’ah Advisory Council of Bank Negara Malaysia and CEO of Amanie Advisors Sdn. Bhd.

Dr. Muhammad Syafii Antonio, Rector of TAZKIA University College of Islamic Economics, Bogor, Indonesia

Professor Mohammad Hashim Kamali, Founding Chairman and CEO of the International Institute of Advanced Islamic Studies, Malaysia

Professor Dr. Ashraf bin Md Hashim, Head of Consultancy Department, International Shari'ah Research Academy for Islamic Finance (ISRA)

Associate Professor Dr. Azman bin Mohd Noor, Department of Fiqh and Usul al Fiqh, Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia

Assistant Professor Dr. Aznan Hasan, Department of Islamic Law, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia

Associate Professor Dr. Engku Rabiah Adawiah Engku Ali, Institute of Islamic Banking and Finance (IIBF), International Islamic University Malaysia

Associate Professor Dr. Shamsiah Mohamad, Lecturer, Department of Fiqh and Usul, Academy of Islamic Studies, University of Malaya

The SAC is a key pillar in the development of the Islamic capital market in Malaysia especially in facilitating innovation and ensuring a robust Shari’ah governance process. The function of the SAC provides greater consistency and clarity to issuers, intermediaries and investors in the Malaysian Islamic capital market. The SAC also plays an instrumental role in strengthening the country's position as a leading international Islamic financial centre.

Under the CMSA, the SAC is empowered to ascertain the application of Shari’ah principles on any matter pertaining to Islamic capital market business or transaction, and to advise the SC on any Shari’ah issue relating to Islamic capital market business or transactions.

The SAC is also empowered to provide advice to any person on Shari’ah issues relating to Islamic capital market business or transaction.

(C.P.I Financial / 19 July 2012)

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