Bank Negara appoints Shariah Advisory Council members

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KUALA LUMPUR: Bank Negara has appointed the members of the Shariah Advisory Council (SAC) for a period of three years, effective immediately.

The central bank said the appointment of the SAC members was assented by Seri Paduka Baginda Yang di-Pertuan Agong.

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

• Tan Sri Sheikh Ghazali Abdul Rahman – Shariah Legal Advisor, Attorney General Chambers;

• Sahibus Samahah Datuk Dr. Zulkifli Mohamad Al-Bakri – Mufti of Wilayah Persekutuan;

• Datuk Dr. Mohd Daud Bakar – Executive Director of Amanie Advisors;

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

• Prof. Dr. Mohamad Akram Laldin – Executive Director of the International Shariah Research Academy for Islamic Finance (ISRA);

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

• Prof. Dr. Ashraf Md. Hashim – Chief Executive Officer of ISRA Consultancy;

• Prof. Madya Dr. Asmadi Mohamed Naim – Associate Professor, Islamic Business School, Universiti Utara Malaysia (UUM);

• Dr. Shamsiah Mohamad – Senior Researcher of the International Shariah Research Academy for Islamic Finance (ISRA); and

• Burhanuddin Lukman – Researcher of International Shariah Research Academy for Islamic Finance (ISRA).

“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,” Bank Negara said in a statement Wednesday.

“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.