Print       Share


About the Bank

Shariah Advisory Council

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 2013/2016 is as follows:


Profile of current SAC members (2016 - 2019)

Dr. Mohd Daud Bakar


Chief Executive, Amanie Business Solutions Sdn Bhd

(Tokoh Perdana Anugerah Maulidur Rasul 1435 Hijrah/2014)

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM
  • Chairman of the Shariah Advisory Council of Securities Commission Malaysia
  • Chairman of the Shariah Advisory Council of LFSA
  • Shariah Adviser registered with Securities Commission Malaysia
  • Shariah Committee member of IILM
  • Shariah Board member of Dow Jones Islamic Market Index, New York
  • Shariah Board member of Noor Islamic Bank, Dubai
  • Shariah Board member of the National Bank of Oman
  • Shariah Board member of Morgan Stanley, Dubai
  • Shariah Board member of Bank of London and Middle East, London
  • Shariah Board member of Islamic Bank of Asia, Singapore

Qualification:

  • PhD: University of St. Andrews, Scotland, United Kingdom
  • Bachelor of Jurisprudence, University of Malaya
  • Degree in Shariah, University of Kuwait & UM
Tan Sri Sheikh Ghazali Abdul Rahman


Shariah Advisor to the Attorney General Chamber
(Tokoh Maal Hijrah 1436H/2014)

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM
  • Member of the Shariah Advisory Council of Securities Commission Malaysia
  • Member of the National Fatwa Council
  • Chairman of Technical Committee for Shariah and Civil of Department of Islamic Development Malaysia (JAKIM)
  • Chairman of Technical Committee for Shariah and Civil of Department of Islamic Development Malaysia (JAKIM)

Qualification:

  • Degree in Islamic Law, Al-Azhar University, Cairo
  • Diploma in Education, Ain Shams University, Cairo, Egypt
  • Diploma in Law and Judiciary, IIUM
Prof. Dr. Mohamad Akram Laldin


Executive Director, International Shariah Research Academy for Islamic Finance (ISRA)

Shariah advisory:

  • Deputy Chairman of the Shariah Advisory Council of BNM
  • Member of the Shariah Advisory Council of LFSA
  • Member of the Shariah Advisory Council of International Institute of Islamic Finance (IIIF)
  • Shariah advisor registered with Securities Commission Malaysia
  • Member of the Shariah Board of Employees Provident Fund Malaysia (EPF)
  • Member of the Shariah Advisory Board of HSBC Amanah Global
  • Member of the Shariah Advisory Board of Yaasar Limited United Kingdom
  • Member of the Shariah Advisory Board of Dar al Takaful, Dubai
  • Member of the Shariah Advisory Board of Eco Islamic Bank, Kyrgyzstan
  • Member of the Shariah Board of Maldives Monetary Authority

Qualification:

  • PhD in Principles of Islamic Jurisprudence (Usul al-Fiqh), University of Edinburgh, Scotland
  • Degree in Islamic Jurisprudence and Legislation, University of Jordan, Amman
Prof. Dr. Engku Rabiah Adawiah Engku Ali


Professor, IIUM Institute of Islamic Banking and Finance (IIiBF)

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM
  • Member of the Shariah Advisory Council of Securities Commission Malaysia
  • Member of the Shariah Advisory Council of LFSA
  • Shariah advisor registered with Securities Commission Malaysia
  • Member of the Shariah Committee of Labuan Re
  • Member of the Shariah Committee of Amanah Ikhtiar Malaysia

Qualification:

  • PhD in Law (Securities Regulation), University of Aberdeen, UK
  • Master in Comparative Laws, International Islamic University Malaysia
  • Bachelor of Shariah (Hons), International Islamic University Malaysia
  • Bachelor of Law (Hons), International Islamic University Malaysia
Prof. Dr. Ashraf bin Md. Hashim


CEO, ISRA Consultancy at International Shariah Research Academy for Islamic Finance (ISRA)

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM
  • Member of the Shariah Advisory Council of Securities Commission Malaysia
  • Member of the National Fatwa Council of Malaysia
  • Chairman of the Shariah Committee of Bursa Malaysia
  • Shariah advisor registered with Securities Commission Malaysia
  • Member of the Shariah Advisory Committee of ACR Retakaful MEA (Bahrain)
  • Member of the Shariah Advisory Committee of Association of Islamic Banking Institutions Malaysia (AIBIM)

Qualification:

  • PhD in Islamic Law, University of Birmingham, UK
  • MA in Fiqh and Usul Fiqh, University of Jordan, Amman
  • Degree in Shariah, Islamic University of Medina, Saudi Arabia
Prof Madya Dr. Asmadi Mohamed Naim

Associate Professor, Universiti Utara Malaysia (UUM)

Shariah advisory:

  • Member of the Shariah Advisory Council of Bank Negara Malaysia (BNM)
  • Shariah advisor registered with Securities Commission Malaysia

Qualification:

  • PhD & MA in Fiqh & Usul Fiqh, IIUM
  • Degree in Shariah, University of Jordan
Dr. Shamsiah Mohamad

Senior Researcher of International Shariah Research Academy for Islamic Finance (ISRA)

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM
  • Member of the Shariah Advisory Council of Securities Commission Malaysia
  • Member of the JAKIM’s Shariah Review Panel
  • Member of the Shariah Committee, Lembaga Zakat Selangor
  • Member of the Shariah Advisory Committee of Association of Islamic Banking Institutions Malaysia (AIBIM)
  • Member of the Shariah Committee, Bursa Malaysia

Qualification:

  • PhD in Shariah, University of Jordan
  • MA and degree in Shariah, UM
En. Burhanuddin Lukman

Researcher of International Shariah Research Academy for Islamic Finance (ISRA)

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM

Qualification:

  • MA in Shariah, Al-Bayt University, Jordan
  • Degree in Shariah, Islamic University of Medina, Saudi Arabia
Datuk Dr. Zulkifli Mohamad al-Bakri


Mufti of Wilayah Persekutuan

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM
  • Member of the National Fatwa Council

Qualification:

  • PhD in Shariah, Universiti Sains Malaysia (USM)
  • MA in Shariah, University of Arabic and Islamic Studies, Syria
  • Degree in Shariah, Islamic University of Medina, Saudi Arabia
Dato' Abdul Aziz Abdul Rahim


Former Judge of Court of Appeal Malaysia

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM

Qualification:

  • LLM, King’s College, University of London
  • LLB (Hons) University of Malaya

List of previous SAC members

Click to view full list
  1. Dato' Dr. Abdul Halim Ismail
    Sessions of Appointment: 1997 - 2013

  2. Prof. Madya Dr. Aznan Hasan
    Sessions of Appointment: 2006 - 2008, 2010 - 2013

  3. Dr. Muhammad Anwar Ibrahim
    Session of Appointment: 2010 - 2013

  4. Datuk Haji Md. Hashim Yahaya
    Sessions of Appointment: 1997 - 2010

  5. Dato’ Wan Mohamad Dato’ Sheikh Abd. Aziz
    Session of Appointment: 2008 - 2010

  6. Dr. Muhammad Syafii Antonio
    Sessions of Appointment: 2006 - 2010

  7. Prof. Madya Dr. Abdul Halim Muhammad
    Sessions of Appointment: 2004 - 2008

  8. Dr. Mohd Parid Sheikh Ahmad
    Sessions of Appointment: 2004 - 2008

  9. Prof. Datuk Dr. Abdul Monir Yaacob
    Sessions of Appointment: 1999 - 2006

  10. Dr. Mohd Ali Baharum
    Sessions of Appointment: 2001 - 2006

  11. Prof. Dr, Joni Tamkin Borhan
    Sessions of Appointment: 1999 - 2003

  12. Prof. Dato’ Dr. Haji Othman Ishak
    Session of Appointment: 1997 - 1999

  13. Dato’ Dr. Haron Din
    Session of Appointment: 1997 - 1999

  14. Dr. Ahmed Ali Abdalla
    Session of Appointment: 1997 - 1999

  15. Allahyarham Prof. Emeritus Tan Sri Datuk Ahmad Ibrahim
    Session of Appointment: 1997 - 1999

  16. Allahyarham Dato’ Sheikh Azmi Ahmad
    Session of Appointment: 1997 - 1999

  17. Allahyarham Dr. Abdullah Ibrahim
    Session of Appointment: 1997 - 1999
 

The Bank's SAC Meeting Schedule for 2016

No. Date Date (Hijri) Day Time
1 26 January 2016 16 Rabi`ul Akhir 1437 Tuesday 9.30 am – 4.00 pm
2 23 February 2016 14 Jamadil Awwal 1437 Tuesday 9.30 am – 4.00 pm
3 30 March 2016 21 Jamadil Akhir 1437 Wednesday 9.30 am – 4.00 pm
4 26 April 2016 18 Rejab 1437 Tuesday 9.30 am – 4.00 pm
5 24 May 2016 17 Sya`ban 1437 Tuesday 9.30 am – 4.00 pm
6 28 June 2016 23 Ramadan 1437 Tuesday 9.30 am – 4.00 pm
7 26 July 2016 21 Syawal 1437 Tuesday 9.30 am – 4.00 pm
8 30 August 2016 27 Zul Qaedah 1437 Tuesday 9.30 am – 4.00 pm
9 28 September 2016 26 Zul Hijjah 1437 Wednesday 9.30 am – 4.00 pm
10 25 October 2016 24 Muharram 1438 Tuesday 9.30 am – 4.00 pm
11 29 November 2016 29 Safar 1438 Tuesday 9.30 am – 4.00 pm
12 20 December 2016 20 Rabi`ul Awwal 1438 Tuesday 9.30 am – 4.00 pm

 

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