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 2019/2022 is as follows:
Profile of current SAC members (2019 - 2022)
Executive Chairman of Amanie Group
SAC member since 1997
Shariah advisory:
- Shariah Advisory Council of the Securities Commission Malaysia
- Shariah Supervisory Council of the Labuan Financial Services Authority
- Shariah Supervisory Board of the International Islamic Liquidity Management Corporation (IILM)
- Chairman of Permodalan Nasional Berhad (PNB) Shariah Advisory Panel
- Shariah Board member of the National Bank of Oman
- Shariah Board member of Noor Islamic Bank, Dubai
- Shariah Board member of Morgan Stanley, Dubai
- Chairman of First Abu Dhabi Bank, Dubai
- Shariah Board of BNP Paribas, Bahrain
- Shariah Board of Bank Al Khair, Bahrain
- Shariah Board of Dow Jones Islamic Market Index, New York
- Shariah Board of Financial Guidance, USA
- Shariah Board of Amundi Asset Management, France
Qualification:
- Bachelors in Jurisprudence, University of Malaya, 2002
- Ph.D from University of St. Andrews, UK, 1993
- Bachelors in Shariah, University of Kuwait, Kuwait 1988
Chief Executive Officer (CEO) of ISRA Consultancy
SAC member since 2010
Shariah advisory:
- Shariah Advisory Council of the Securities Commission of Malaysia
- Shariah Committee of Bursa Malaysia
- Shariah Committee of Association of Islamic Banking Institutions Malaysia (AIBIM)
- Member of National Fatwa Council of Malaysia
- Shariah Committee of Lembaga Tabung Haji
- Chairman of the Shariah Committee of Real Estate Investment Trust (REIT), Singapore
Qualification:
- Ph.D in Islamic Law, University of Birmingham, UK 1999
- Masters in Fiqh and Usul Fiqh, University of Jordan, Jordan, 1995
- Bachelors in Shariah, Islamic University of Madinah, Saudi Arabia, 1991
Former Chairman of Enforcement Agency Integrity Commission (EAIC)
SAC member since 2016
Qualification:
- Masters in Law (LLM) King’s College, University of London, 1986
- Bachelors in Law (LLB) (Hons), University of Malaya (UM), 1981
Executive Director of the International Shari’ah Research Academy for Islamic Finance (ISRA)
SAC member since 2008
Shariah advisory:
- Shariah Advisory Committee of the Employees Provident Fund (EPF)
- Shariah Supervisory Council of the Labuan Financial Services Authority
- Shariah Committee of Lembaga Tabung Haji
- Member of Shari’ah Advisory Council International Islamic Financial Market (IIFM), Bahrain
- Shariah Board of Yaasar Limited, UK
- Shari’ah Advisor of Dar Al Takaful, Dubai
- Shariah Advisor of National Takaful Company PSC (Watania), Abu Dhabi
- Shariah Board of Eco Islamic Bank, Republic of Krygyzstan
- Member of Financial Regulation Advisory Council of Experts (FRACE), Central Bank of Nigeria
- Shariah Board of Da Afghanistan Bank
Qualification:
- Ph.D in Islamic Finance, University of Edinburgh, Scotland, 1995
- Bachelors in Islamic Jurisprudence and Legislation University of Jordan, Jordan, 1989
Professor, Institute of Islamic Banking and Finance (IiBF), International Islamic University Malaysia (IIUM)
SAC member since 2006
Shariah advisory:
- Shariah Advisory Council of the Securities Commission of Malaysia
- Shariah Supervisory Council of the Labuan Financial Services Authority (Labuan FSA)
- Shariah Advisory Council of Employees Provident Fund (EPF) Shariah Board of Labuan Reinsurance (L) Ltd (Labuan Re)
- Shariah Board for Amanah Ikhtiar Malaysia
- Shariah Board to Khazanah (for issuance of exchangeable sukuk)
Qualification:
- Ph.D in Securities Regulations University of Aberdeen, UK, 1998
- Masters in Comparative Law, IIUM, 1993
- Bachelors in Shariah Law, LLB.S (Hons), IIUM, 1991
- Bachelors in Law, LLB (Hons), IIUM, 1990
Head of Takaful Unit, International Shari’ah Research Academy for Islamic Finance (ISRA)
SAC member since 2013
Qualification:
- Masters in Shariah, Al-Bayt University, Jordan, 2000
- Bachelors in Shariah, University of Madinah, Saudi Arabia, 1993
Head of Research Quality Assurance Office, International Shari’ah Research Academy for Islamic Finance (ISRA)
SAC member since 2019
Qualification:
- Ph.D In Islamic Revealed Knowledge And Heritage (Fiqh And Usul Al-Fiqh) International Islamic University Malaysia (IIUM), 2006
- Masters in Islamic Revealed Knowledge And Heritage (Fiqh And Usul Al-Fiqh) (IIUM), 2001
- Bachelors in Islamic Revealed Knowledge And Heritage (Fiqh And Usul Al-Fiqh) (IIUM), 1998
Founder and Senior Partner of Zainal Abidin & Co., Advocates and Solicitors
SAC member from 1st June 2020
Qualification:
- Bachelors of Laws (LLB) (Hons), University of Singapore, 1979
Deputy Mufti of Selangor
SAC member since 2019
Shariah advisory:
- Member of Shariah Advisor for Lembaga Urus Air Selangor (LUAS)
- Member of Shariah Advisor for Standard and Industrial Research Institute of Malaysia (SIRIM)
- Member of Shariah Advisor for Perbadanan Usahawan Nasional Berhad (PUNB)
Qualification:
- Ph.D in Shariah, The World Islamic Sciences and Education University, Jordan, 2015
- Masters in Shariah, Cairo Unversity, 2006
- Bachelors in Shariah, Al- Azhar University, 1999
List of previous SAC members
2021 Meeting Schedule of the Bank's Shariah Advisory Council
| No. | Date | Hijri Date | Day | Time |
|---|---|---|---|---|
| 1 | 26 January 2021 | 13 Jamadilakhir 1442 | Tuesday | 9.30 a.m. – 4.30 p.m. |
| 2 | 24 February 2021 | 12 Rejab 1442 | Wednesday | 9.30 a.m. – 4.30 p.m. |
| 3 | 30 March 2021 | 16 Sya`ban 1442 | Tuesday | 9.30 a.m. – 4.30 p.m. |
| 4 | 27 April 2021 | 15 Ramadhan 1442 | Tuesday | 9.30 a.m. – 4.30 p.m. |
| 5 | 27 May 2021 | 15 Shawwal 1442 | Thursday | 9.30 a.m. – 4.30 p.m. |
| 6 | 30 June 2021 | 19 Zulqa`idah 1442 | Wednesday | 9.30 a.m. – 4.30 p.m. |
| 7 | 28 July 2021 | 18 Zulhijjah 1442 | Wednesday | 9.30 a.m. – 4.30 p.m. |
| 8 | 26 August 2021 | 17 Muharram 1443 | Thursday | 9.30 a.m. – 4.30 p.m. |
| 9 | 30 September 2021 | 23 Safar 1443 | Thursday | 9.30 a.m. – 4.30 p.m. |
| 10 | 28 October 2021 | 21 Rabi`ulawal 1443 | Thursday | 9.30 a.m. – 4.30 p.m. |
| 11 | 29 November 2021 | 24 Rabi`ulakhir 1443 | Monday | 9.30 a.m. – 4.30 p.m. |
| 12 | 21 December 2021 | 16 Jamadilawwal 1443 | Tuesday | 9.30 a.m. – 4.30 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. |
