Bank Negara Malaysia hosted a dinner this evening to commemorate the 20th anniversary of its SAC and to recognise contributions of former and current members of the Bank Negara Malaysia’s Shariah Advisory Council (SAC) in shaping the development of Islamic finance in the country.

The dinner was graced by His Royal Highness (HRH) Sultan Nazrin Shah, the Sultan of Perak Darul Ridzuan and Her Royal Highness Tuanku Zara Salim, Raja Permaisuri Perak. The dinner was attended by Shariah scholars, industry leaders, leading academicians as well as senior representatives from the public sector.

During the dinner, HRH Sultan Nazrin Shah launched an illustrated book produced by the Bank entitled “20 Years of the Shariah Advisory Council: From Principles to Practice” which narrates the critical milestones and contributions of the SAC over its 20 year history. The Book features the journey of Islamic finance development and the role of the SAC in shaping the development of Islamic financial products and services via its Shariah rulings. Of importance is the role of the SAC in ensuring harmonisation of Shariah in the Malaysian Islamic finance industry that has preserved public confidence, and thereby promoting and stimulating continuous demand of Islamic finance in the country. The Book also features exclusive interviews and other personal recollections of key characters instrumental at various stages of the SAC’s development.

Together with this launching, the Bank also released “Shariah Standards and Operational Requirements”, a compilation of 12 Shariah standards that will guide the industry in developing Shariah-compliant products, as well as “Kompilasi Keputusan Syariah dalam Kewangan Islam (Edisi Ketiga)”, comprising Shariah resolutions in Islamic finance that were issued and published from 2011-2017. The previous two editions were published in 2007 and 2010.

About the SAC
The SAC was established in May 1997 and held its first meeting on 8 July 1997. The Central Bank of Malaysia Act 2009 strengthened the role of the SAC as the highest Shariah authority in Islamic finance in the country. Members of the SAC are appointed by the Seri Paduka Baginda Yang di-Pertuan Agong, from among Shariah experts and industry practitioners. In its 20-year history, the SAC has issued over 500 Shariah resolutions/ rulings and has been referred by the civil courts and arbitrator on matters related to Shariah.  Its role has positively impacted the development of Islamic finance in Malaysia, particularly in preserving the sanctity of Shariah and sustaining public confidence with Shariah rulings that have created a conducive environment for the industry to innovate and grow.