The Shariah Advisory Council of Bank Negara Malaysia (SAC) was established in May 1997 as the highest Shariah authority in Islamic finance in Malaysia. The SAC has been given the authority for the ascertainment of Islamic law for the purposes of Islamic banking business, takaful business, Islamic financial business, Islamic development financial business, or any other business, which is based on Shariah principles and is supervised and regulated by Bank Negara Malaysia. As the reference body and advisor to Bank Negara Malaysia on Shariah matters, the SAC is also responsible for validating all Islamic banking and takaful products to ensure their compatibility with the Shariah principles. In addition, it advises Bank Negara Malaysia on any Shariah issue relating to Islamic financial business or transactions of Bank Negara Malaysia as well as other related entities.
In the recent Central Bank of Malaysia Act 2009, the role and functions of the SAC was further reinforced whereby the SAC was accorded the status of the sole authoritative body on Shariah matters pertaining to Islamic banking, takaful and Islamic finance. While the rulings of the SAC shall prevail over any contradictory ruling given by a Shariah body or committee constituted in Malaysia, the court and arbitrator are also required to refer to the rulings of the SAC for any proceedings relating to Islamic financial business, and such rulings shall be binding.
Consisting of prominent Shariah scholars, jurists and market practitioners, members of the SAC are qualified individuals and have vast experience in banking, finance, economics, law and application of Shariah, particularly in the areas of Islamic economics and finance. The list of SAC members for 2010/2013 is as follows:
Profile of current SAC members (2010 - 2013)
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Dr. Mohd Daud Bakar (Chairman)
Chief Executive, Amanie Busniess Solutions Sdn Bhd |
Shariah advisory:
-
Chairman of the Shariah Advisory Council of BNM
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Chairman of the Shariah Advisory Council of SC
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Chairman of the Shariah Advisory Council of LFSA
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Shariah Adviser registered with SC
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Shariah Committee member of IILM
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Shariah Board member of AAOIFI
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Shariah Board member of Morgan Stanley
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Shariah Board member of Dow Jones Islamic Market Index, New York
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Shariah Board member of Noor Islamic Bank, Dubai
Qualification:
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PhD: University of St. Andrews, Scotland, United Kingdom
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Degree in Shariah, University of Kuwait & UM
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Dato’ Dr. Abdul Halim Ismail
 |
Shariah advisory:
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Member of the Shariah Advisory Council of BNM
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Member of the Shariah Advisory Council of SC
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Shariah Adviser registered with SC
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Shariah Committee of NSC Holdings Berhad
Qualification:
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PhD in Economics, University of Oxford, UK
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Arts Degree in Economics, UM
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Yang Amat Arif Tun Abdul Hamid Mohamad
 |
Shariah & legal advisory:
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Member of the Shariah Advisory Council of BNM
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Member of the Shariah Advisory Council of SC
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Member of Judiciary Appointment Commission Malaysia
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Chairman of the Advisory Board, Malaysian Anti-Corruption Commission
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Chairman of Law Harmonisation Committee (LHC)
Qualification:
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Degree in Law, National University of Singapore
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Y.B. Sahibus Samahah Dato’ Haji Hassan Ahmad
Mufti of State of Penang and Member of National Fatwa Council. |
Shariah advisory:
-
Member of the Shariah Advisory Council of BNM
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Member of the Islamic Religious Council of Penang
Qualification:
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MA in Shariah, Al-Azhar University, Cairo
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Degree in Shariah & Law, Kelantan Foundation of Higher Islamic Studies
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Tan Sri Sheikh Ghazali Abdul Rahman
Shariah Advisor to the Attorney General Chamber
(Tokoh Maal Hijrah 1416/1995) |
Shariah advisory:
-
Member of the Shariah Advisory Council of BNM
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Member of the Shariah Advisory Council of SC
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Chairman of Technical Committee for Shariah and Civil of Department of Islamic Development Malaysia (JAKIM)
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Member of the National Fatwa Council
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Shariah Board member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (Bahrain)
Qualification:
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Degree in Islamic Law, Al-Azhar University, Cairo
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Diploma in Education, Ain Shams University, Cairo, Egypt
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Diploma in Law and Judiciary, IIUM
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Prof. Madya Dr. Engku Rabiah Adawiah Engku Ali
Associate Professor, Ahmad Ibrahim Kuliyyah of Laws, International Islamic University Malaysia |
Shariah advisory:
-
Member of the Shariah Advisory Council of BNM
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Member of the Shariah Advisory Council of LFSA
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Shariah advisor registered with SC
Qualification:
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PhD in Law (Securities Regulation), University of Aberdeen, UK
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MA in Comparative Laws, IIUM
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Degree in Law, IIUM
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Degree in Shariah, IIUM
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Prof. Madya Dr. Mohamad Akram Laldin
Executive Director, International Shariah Research Academy for Islamic Finance (ISRA) |
Shariah advisory:
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Member of the Shariah Advisory Council of BNM
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Shariah advisor registered with SC
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Member of the Shariah Advisory Board of HSBC Amanah Global
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Member of the Shariah Advisory Board of Yassar Limited
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Member of the Islamic Advisory Board of HSBC Insurance, Singapore
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Associate Consultant of the International Institute of Islamic Finance (IIIF)
Qualification:
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PhD in Principles of Islamic Jurisprudence (Usul al-Fiqh), University of Edinburgh, Scotland
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Degree in Islamic Jurisprudence and Legislation, University of Jordan, Amman
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Prof. Dr. Ashraf bin Md. Hashim
CEO, ISRA Consultancy at International Shariah Research Academy for Islamic Finance (ISRA) |
Shariah advisory:
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Member of the Shariah Advisory Council of BNM
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Member of the Shariah Advisory Council of Securities Commission (SC)
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Shariah Advisor registered with SC
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Shariah Advisor of Association of Islamic Banking Institutions Malaysia (AIBIM)
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Member of the Shariah Committee, Bursa Malaysia
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Member, National Fatwa Council, Malaysia
Qualification:
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PhD in Islamic Law, University of Birmingham, UK
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MA in Fiqh and Usul Fiqh, University of Jordan, Amman
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Degree in Shariah, Islamic University of Medina, Saudi Arabia
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Prof. Madya Dr. Rusni binti Hassan
Lecturer, Islamic Law Department, Ahmad Ibrahim Kulliyyah of Laws, IIUM |
Shariah advisory:
-
Member of the Shariah Advisory Council of BNM
-
Shariah advisor registered with SC
Qualification:
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PhD, MA, Degree in Comparative Laws, IIUM
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Dr. Aznan Hasan
Assistant Professor, Department of Islamic Law, Ahmad Ibrahim Kulliyyah of Laws, IIUM |
Shariah advisory:
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Member of the Shariah Advisory Council of BNM
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Shariah advisor registered with SC
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Shariah Consultant of Barclays Capital London
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Shariah Advisory Board of ABSA Islamic Bank, South Africa
Qualification:
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PhD in Shariah, University of Wales
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MA in Shariah, Cairo University
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Degree in Shariah, Al-Azhar University, Cairo
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Dr. Muhammad Anwar Ibrahim
Chairman of Fatwa Commission, National Shariah Committee, National Council of Ulama Indonesia (MUI) |
Shariah advisory:
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Vice Chairman of Shariah Advisory Committee, PT Bank CIMB Niaga Tbk
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Internal Shariah Control Committee, Bank Muamalat Indonesia.
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Member of Syariah Supervisory Board, PT Permodalan Nasional Madani and
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Consultant to Muamalat Institute
Qualification:
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PhD & MA in Comparison Usul-Fiqh, Al-Azhar University, Cairo
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Degree in Shariah, Institut Agama Islam Negeri, Palembang
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List of previous SAC members
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Datuk Haji Md. Hashim Yahaya
Sessions of Appointment: 1997 - 2010
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Dato’ Wan Mohamad Dato’ Sheikh Abd. Aziz
Sessions of Appointment: 2008 - 2010
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Dr. Muhammad Syafii Antonio
Sessions of Appointment: 2006 - 2010
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Prof. Madya Dr. Abdul Halim Muhammad
Sessions of Appointment: 2004 - 2008
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Dr. Mohd Parid Sheikh Ahmad
Sessions of Appointment: 2004 - 2008
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Prof. Datuk Dr. Abdul Monir Yaacob
Sessions of Appointment: 1999 - 2006
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Dr. Mohd Ali Baharum
Sessions of Appointment: 2001 - 2006
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Prof. Dr, Joni Tamkin Borhan
Sessions of Appointment: 1999 - 2003
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Prof. Dato’ Dr. Haji Othman Ishak
Session of Appointment: 1997 - 1999
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Dato’ Dr. Haron Din
Sessions of Appointment: 1997 - 1999
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Dr. Ahmed Ali Abdalla
Session of Appointment: 1997 - 1999
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Allahyarham Prof. Emeritus Tan Sri Datuk Ahmad Ibrahim
Session of Appointment: 1997 - 1999
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Allahyarham Dato’ Sheikh Azmi Ahmad
Session of Appointment: 1997 - 1999
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Allahyarham Dr. Abdullah Ibrahim
Session of Appointment: 1997 - 1999
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The Bank's SAC Meeting Schedule for 2013
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No.
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Date
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Date (Hijri)
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Day
|
Time
|
|
1
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22 January 2013
|
10 Rabi'ul Awwal 1434
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Tuesday
|
9.30 a.m. -
2.00 p.m.
|
|
2
|
21 February 2013
|
10 Rabi'ul Akhir 1434
|
Thursday
|
9.30 a.m. -
2.00 p.m.
|
|
3
|
26 March 2013
|
14 Jamadil Awwal 1434
|
Tuesday
|
9.30 a.m. -
2.00 p.m.
|
|
4
|
30 April 2013
|
19 Jamadil Akhir 1434
|
Tuesday
|
9.30 a.m. -
2.00 p.m.
|
|
5
|
28 May 2013
|
18 Rejab 1434
|
Tuesday
|
9.30 a.m. -
2.00 p.m.
|
|
6
|
25 June 2013
|
16 Sya'ban 1434
|
Tuesday
|
9.30 a.m. -
2.00 p.m.
|
|
7
|
30 July 2013
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22 Ramadan 1434
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Tuesday
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9.30 a.m. -
2.00 p.m.
|
|
8
|
27 August 2013
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20 Syawal 1434
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Tuesday
|
9.30 a.m. -
2.00 p.m.
|
|
9
|
24 September 2013
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19 Zul Qaedah 1434
|
Tuesday
|
9.30 a.m. -
2.00 p.m.
|
|
10
|
29 October 2013
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24 Zul Hijjah 1434
|
Tuesday
|
9.30 a.m. -
2.00 p.m.
|
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11
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26 November 2013
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22 Muharram 1435
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Tuesday
|
9.30 a.m. -
2.00 p.m.
|
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12
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17 December 2013
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13 Safar 1435
|
Tuesday
|
9.30 a.m. -
2.00 p.m.
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Note: Any correspondence to seek the SAC's resolution should be submitted to the SAC Secretariat at least one month prior to the meeting.
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