|
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:
 |
Dr. Mohd Daud Bakar (Chairman) Chairman of International Shariah Research Academy for Islamic Finance (ISRA) Council of Scholars, Chairman of Shariah Advisory Council of Labuan International Business and Financial Centre (Labuan IBFC), Chairman of Shariah Advisory Council of Securities Commission, Member of Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shariah Board and Chief Executive Officer of International Institute of Islamic Finance. |
 |
 |
Dato' Dr. Abdul Halim Ismail (Deputy Chairman) Deputy Chairman of Shariah Advisory Council for Labuan IBFC, Member of Shariah Advisory Council of Securities Commission and Executive Director of BIMB Securities Sdn. Bhd. |
|
|
 |
Tun Abdul Hamid Haji Mohamad Former Chief Justice of Malaysia, Chairman for the Advisory Board, Malaysian Anti-Corruption Commission, Member of Shariah Advisory Council of Securities Commission and Chairman of Law Harmonisation Committee. |
|
|
 |
Tan Sri Datuk Sheikh Ghazali Abdul Rahman Shariah Advisor to Attorney General Chamber, Member of Shariah Advisory Council of Securities Commission, Member of National Fatwa Council, and Chairman of Technical Committee for Shariah and Civil, Jabatan Kemajuan Islam Malaysia. |
|
|
 |
Sahibus Samahah Dato' Haji Hassan Haji Ahmad Mufti of State of Penang and Member of National Fatwa Council. |
|
|
 |
Dr. M. Anwar Ibrahim Vice Chairman, National Shariah Board, Indonesia Ulama Council. |
|
|
 |
Prof. Dr. Ashraf Md. Hashim Senior Researcher of Shariah Research Academy for Islamic Finance (ISRA). |
|
|
 |
Prof. Madya Dr. Engku Rabiah Adawiah Engku Ali Associate Professor at Ahmad Ibrahim Kulliyah of Law, International Islamic University Malaysia and Member of Shariah Advisory Council for Labuan IBFC. |
|
|
 |
Prof. Madya Dr. Mohamad Akram Laldin Executive Director of International Shariah Research Academy for Islamic Finance. |
|
|
 |
Dr. Aznan Hassan Assistant Professor at Department of Islamic Law, Ahmad Ibrahim Kuliyyah of Laws, International Islamic University of Malaysia, Member of Shariah Advisory Council of Securities Commission. |
|
|
 |
Dr. Rusni Hassan Lecturer at Department of Islamic Law, Ahmad Ibrahim Kuliyyah of Laws, International Islamic University of Malaysia. |
|
|
The Bank's SAC Meeting Schedule for 2013
Note: Any correspondence to seek the SAC's resolution should be submitted to the SAC Secretariat at least one month prior to the meeting. |
|
|
| ^back to top |
