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Shariah Advisory Council of the Bank
 


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 (2013 - 2016)

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Dr. Mohd Daud Bakar (Chairman)

Chief Executive, Amanie Business Solutions Sdn Bhd

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM
  • Chairman of the Shariah Advisory Council of SC
  • Chairman of the Shariah Advisory Council of LFSA
  • Shariah Adviser registered with SC
  • Shariah Committee member of IILM
  • Shariah Board member of AAOIFI
  • Shariah Board member of Morgan Stanley
  • Shariah Board member of Dow Jones Islamic Market Index, New York
  • Shariah Board member of Noor Islamic Bank, Dubai

Qualification:

  • PhD: University of St. Andrews, Scotland, United Kingdom
  • Degree in Shariah, University of Kuwait & UM

 

Prof. Madya Dr. Mohamad Akram Laldin (Deputy Chairman)

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

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM
  • Shariah advisor registered with SC
  • Member of the Shariah Advisory Board of HSBC Amanah Global
  • Member of the Shariah Advisory Board of Yassar Limited
  • Member of the Islamic Advisory Board of HSBC Insurance, Singapore
  • Associate Consultant of the International Institute of Islamic Finance (IIIF)

Qualification:

  • PhD in Principles of Islamic Jurisprudence (Usul al-Fiqh), University of Edinburgh, Scotland
  • Degree in Islamic Jurisprudence and Legislation, University of Jordan, Amman

 

Yang Amat Arif Tun Abdul Hamid Mohamad

Shariah & legal advisory:

  • Member of the Shariah Advisory Council of BNM
  • Member of the Shariah Advisory Council of SC
  • Member of Judiciary Appointment Commission Malaysia
  • Chairman of the Advisory Board, Malaysian Anti-Corruption Commission
  • Chairman of Law Harmonisation Committee (LHC)

Qualification:

  • Degree in Law, National University of Singapore

 

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
  • Member of the Shariah Advisory Council of SC
  • Chairman of Technical Committee for Shariah and Civil of Department of Islamic Development Malaysia (JAKIM)
  • Member of the National Fatwa Council
  • Shariah Board member of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) (Bahrain)

Qualification:

  • Degree in Islamic Law, Al-Azhar University, Cairo
  • Diploma in Education, Ain Shams University, Cairo, Egypt
  • Diploma in Law and Judiciary, IIUM

 

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
  • Member of the Islamic Religious Council of Penang

Qualification:

  • MA in Shariah, Al-Azhar University, Cairo
  • Degree in Shariah & Law, Kelantan Foundation of Higher Islamic Studies

 

Prof. Dr. Engku Rabiah Adawiah Engku Ali

Professor, Ahmad Ibrahim Kuliyyah of Laws, International Islamic University Malaysia

Shariah advisory:

  • Member of the Shariah Advisory Council of BNM
  • Member of the Shariah Advisory Council of LFSA
  • Shariah advisor registered with SC

Qualification:

  • PhD in Law (Securities Regulation), University of Aberdeen, UK
  • MA in Comparative Laws, IIUM
  • Degree in Law, IIUM
  • Degree in Shariah, IIUM

 

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 (SC)
  • Shariah Advisor registered with SC
  • Shariah Advisor of Association of Islamic Banking Institutions Malaysia (AIBIM)
  • Member of the Shariah Committee, Bursa Malaysia
  • Member, National Fatwa Council, Malaysia

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. 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:

  • PhD, MA, Degree in Comparative Laws, IIUM

 

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 SC

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 Shariah Advisory Council of Bank Negara Malaysia (BNM)
  • Member of Shariah Advisory Council of Securities Commission (SC)
  • Member of JAKIM’s Shariah Review Panel
  • Shariah advisor registered with SC

Qualification:

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

Lecturer, Kulliyyah Undang-undang Ahmad Ibrahim, International Islamic University Malaysia (IIUM)

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

List of previous SAC members

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  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 2014

No.

Date

Date (Hijri)

Day

Time

1

30 January 2014

28 Rabi`ul Awwal 1435

Thursday

9.30 a.m. – 2.00 p.m.

2

25 February 2014

25 Rabi`ul Akhir 1435

Tuesday

9.30 a.m. – 2.00 p.m.

3

25 March 2014

23 Jamadil Awwal 1435

Tuesday

9.30 a.m. – 2.00 p.m.

4

29 April 2014

29 Jamadil Akhir 1435

Tuesday

9.30 a.m. – 2.00 p.m.

5

27 May 2014

27 Rejab 1435

Tuesday

9.30 a.m. – 2.00 p.m.

6

24 June 2014

26 Sya`ban 1435

Tuesday

9.30 a.m. – 2.00 p.m.

7

22 July 2014

24 Ramadan 1435

Tuesday

9.30 a.m. – 2.00 p.m.

8

26 August 2014

30 Syawal 1435

Tuesday

9.30 a.m. – 2.00 p.m.

9

30 September 2014

5 Zul Hijjah 1435

Tuesday

9.30 a.m. – 2.00 p.m.

10

28 October 2014

4 Muharram 1436

Tuesday

9.30 a.m. – 2.00 p.m.

11

25 November 2014

2 Safar 1436

Tuesday

9.30 a.m. – 2.00 p.m.

12

17 December 2014

24 Safar 1436

Wednesday

9.30 a.m. – 2.00 p.m.

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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