Bank Negara announces new members of Shariah Advisory Council

KUALA LUMPUR: Bank Negara has reappointed four Shariah Advisory Council (SAC) members for a three-year term and appointed two new members for a two-year term.

In a statement, the central bank said the appointments, which take effect from Jan 1, 2023, are in accordance with section 53(1) of the Central Bank of Malaysia Act 2009.

The members of the council who have been reappointed are

  • Prof Ashraf Md Hashim, professor of INCEIF University and the new SAC chairman
  • Prof Engku Rabiah Adawiah Engku Ali, professor of the Institute of Islamic Banking and Finance, International Islamic University Malaysia, and the new SAC deputy chairman
  • Datuk Prof Mohamad Akram Laidin, executive director of ISRA Research Management Centre, INCEIF University
  • Burhanuddin Lukman, member of the Hajj Advisory Committee, Lembaga Tabung Haji.

Meanwhile, the newly appointed members are Datuk Seri Mohd Zawawi Salleh, former Judge of the Federal Court, and Ahmad Basri Ibrahim, head of Shariah Management, Permodalan Nasional Bhd.

According to Bank Negara, the SAC is the highest authority for the ascertainment of Islamic law for purposes of Islamic financial business in Malaysia.

"It is central in promoting Shariah certainty and sustaining public confidence in the Islamic finance industry.

"The SAC also advises the Bank on Shariah issues relating to Islamic financial businesses, activities or transactions of the Bank," it said.

The central bank said the rulings of the SAC serve as a reference for Islamic financial institutions in ensuring their business operations comply with Shariah principles.

It added that the rulings may also serve as a reference for the courts and arbitrators.

In recognition of the outgoing members of the SAC, Bank Negara governor Tan Sri Nor Shamsiah Mohd Yunus expressed the central bank's appreciation to Tan Sri Mohd Daud Bakar and Datuk A Aziz A Rahim, who completed their service with the council.

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