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
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
National Presence:
- Chairman of PNB Shariah Advisory Panel
- Chairman of Majlis Agama Islam Wilayah Persekutuan (MAIWP)
- President International Islamic University Malaysia (IIUM)
- Independent member, PNB Investment Committee
International Presence:
- Chairman, Shariah Board of First Abu Dhabi Bank, United Arab Emirates (UAE)
- Chairman, Shariah Board of Astana International Financial Centre (AIFC), Kazakhstan
- Member, Shariah Board of the National Bank of Oman, Oman
- Member, Shariah Board of Dow Jones Islamic Market Index, United States
- Member, Shariah Board of BNP Paribas, Bahrain
- Member, Shariah Board of Bank of London and The Middle East, United Kingdom
- Member, Shariah Board of Noor Islamic Bank, UAE
- Member, Shariah Board of Morgan Stanley, UAE
- Member, Shariah Board of Natixis Bank, UAE
- Member, Shariah Board of Oasis Asset Management, South Africa
- Member, Shariah Board of Sedco Capital, Saudi Arabia and Luxembourg
- Member, Shariah Board of Amundi Asset Management, Perancis
Chief Executive Officer (CEO) of ISRA International Consulting
SAC member since 2010
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
Membership at other institutions:
- Chairman, Shariah Committee of Lembaga Tabung Haji
- Chairman, Shariah Committee of Bursa Malaysia
- Member, Shariah Advisory Council of the Securities Commission of Malaysia (SC)
- Member, Shariah Supervisory Board
National Presence:
- Member, Muzakarah Committee of the National Council for Islamic Religious Affairs (MKI)
- Member, Panel of Shariah Experts of Department of Islamic Development Malaysia (JAKIM)
- Member, Waqaf Committee of Kelantan Islamic Religious Council and Malay Customs (MAIK)
- Member, Shariah Committee of Kelantan State Economic Development Corporation (PKINK)
- Member, Shariah Committee of Malaysia Waqaf Foundation
- Member, Shariah Committee of National Farmers Fund (DPK), National Farmers Organization (NAFAS)
International Presence:
- Chairman, Advisory Council of Experts, Noor Takaful, Nigeria
- Chairman, Shariah Committee of Real Estate Investment Trust (REIT), Singapore
- Member, Independent Shariah Committee of Sabana Shari'ah Compliant Industrial Real Estate Investment Trust (Sabana REIT), Singapore
- Member, Shariah Committee of Shariah Audit, Islamic Bank of Australia (Project)
- Member, Shariah Committee of IMON International, Tajikistan
Deputy Mufti of Selangor
SAC member since 2019
Qualification:
- Ph.D in Fiqh and Usul Fiqh, The World Islamic Sciences and Education (WISE) University, Jordan, 2015
- Masters in Islamic Philosophy, Cairo University, Egypt 2006
- Bachelors in Shariah, Al- Azhar University, Egypt 1999
Membership at other institutions:
- Chairman, Shariah Advisory Committee of Selangor Zakat Board (LZS)
- Member, Shariah Advsiory Council of Perbadanan Usahawan Nasional Berhad (PUNB)
- Member, Hisbah Committee for Skim Infaq Lil Waqfi, ANGKASA
National Presence:
- Chairman, Baitulmal Committee, Selangor State Islamic Religious Council (MAIS)
- Member, Shariah Committee of Islamic Accounting Standards, Accountant General Department (AGD)
- Member, Selangor State Islamic Religious Council (MAIS)
- Member, Legal Committee of Selangor State Islamic Religious Council (MAIS)
- Member, Fatwa Committee of Selangor
- Member, Falak Committee Selangor
- Member, Advisory Committee for Asnaf Development, Selangor Zakat Board (LZS)
- Member, Hajj Advisory Committee, Tabung Haji (AJPIH)
- Member, Shariah Advisory Council of SIRIM QAS International Sdn. Bhd.
- Member, Malaysian Halal Certification Advisory Committee, Department of Islamic Development Malaysia (JAKIM)
- Member, Technical Committee for Halal Certification of Selangor
- Member, Curriculum Assessor Committeeof Selangor State Islamic Religious Department (JAIS)
- Member of Supervisory Committee for Islamic Medication Practice(LAJPPI), Ministry of Health Malaysia (MOH)
- Member, Islamic Faith (Aqidah) Committee, MAIS
- Member, Shariah Advisory Committee of Subang Jaya City Council (MPSJ)
- Member, Shariah Committee of Selangor Water Management Board (LUAS)
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
Professional Experience:
- Court of Appeal Judge in Putrajaya
- High Court Judge in Kuala Lumpur High Court
- Chairman of the Enforcement Agency Integrity Commission (EAIC)
- Legal Advisor of Attorney General’s Chambers (AGC)
- Legal Advisor of Department of Islamic Development Malaysia (JAKIM)
- State Legal Advisor for state Johor, Selangor and Negeri Sembilan
Executive Director of the International Shari’ah Research Academy for Islamic Finance (ISRA)
SAC member since 2008
Qualification:
- Ph.D in Islamic Finance, University of Edinburgh, Scotland, 1995
- Bachelors in Islamic Jurisprudence and Legislation University of Jordan, Jordan, 1989
National Presence:
- Member, Shariah committee of Lembaga Tabung Haji
- Member, Board of Trustees of Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM)
- Member, Board of Trustees of Yayasan Guru Tun Hussein Onn
International Presence:
- Member, Shari’ah Advisory Council International Islamic Financial Market (IIFM), Bahrain
- Member of Financial Regulation Advisory Council of Experts (FRACE), Central Bank of Nigeria
- Member, Shariah Board of Yaasar Limited, UK
- Member, Shari’ah Advisor of Dubai Islamic Bank, Dubai
- Member, Shariah Advisor of National Takaful Company PSC (Watania), Abu Dhabi
- Member, Panel of Recognised International Market Experts in Finance ("P.R.I.M.E. Finance")
- Member, Shariah Board of Eco Islamic Bank, Republic of Kyrgyzstan
- Member, Shariah Board of Da Afghanistan Bank
- Member, Shariah Board of DDCAP, London
Professor, Institute of Islamic Banking and Finance (IiBF), International Islamic University Malaysia (IIUM)
SAC member since 2006
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
Membership at other institutions:
- Member, Shariah Advisory Council of the Securities Commission of Malaysia
- Member, Shariah Supervisory Council of the Labuan Financial Services Authority (Labuan FSA)
- Member, Shariah Advisory Council of Employee’s Provident Fund (EPF)
- Member, Shariah Board of Labuan Reinsurance (L) Ltd (Labuan Re)
- Member, Shariah Board for Amanah Ikhtiar Malaysia
- Member, Shariah Board to Khazanah (for issuance of exchangeable sukuk)
National Presence:
- Chairman, Shariah Committee of Yayasan Pembangunan Ekonomi Islam Malaysia (YaPEIM)
- Member, Majlis Agama Islam Wilayah Persekutuan (MAIWP)
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
Professional Experience:
- Director of Research, ISRA
- Member, Shariah Advisory Committee (SAC) for Malaysian Building Society Berhad (MBSB) (2010 – 2019)
- Member, Shariah Committee Member of Maybank Islamic Berhad (MIB) (2013 – 2019)
- Member, Shariah Committee Member of Small Medium Enterprise (SME) Bank (2017 – 2019)
- Member, Shariah Committee Member of RHB Islamic Bank (2011 – 2013)
- Tutor, Faculty Of Judiciary And Law, Islamic Science University of Malaysia (USIM)
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
Membership at other institutions:
- Member, Shariah Advisory Board, Tawafuq Consultancy
Professional Experience:
- Member, Shariah Board of Al-Rajhi Bank (Malaysia) (2006 – 2013)
- Member, Shariah Committee of Prudential BSN Takaful (2006 – 2013)
- Lecturer, International Islamic University Malaysia (IIUM)
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
Membership at other institutions:
- Chairman, Sime Darby Oils International Limited
- Chairman, PADU Corporation
- Chairman, Global Humanitarian Fund
- Member, Board of Directors of Sime Darby Plantation Berhad
Professional Experience:
- Chairman (Non-Independent Non-Executive Director), Board of Directors of Maybank Islamic Berhad (2017 – 2020)
- Chairman of Maybank Trustees Berhad (2009 – 2017)
- Director of Maybank Islamic Berhad (2010 – 2017)
- Director of Etiqa Takaful Berhad (2010 – 2017)
- Director of Malayan Banking Berhad (2009 – 2014)
- Director of Etiqa Insurance Berhad (2010 – 2016)
- Director PNB International Limited (2009 – 2017)
- Director PNB Asset Management (Japan) Company Limited (2009 – 2017)
- Director PNB-SBI Asean Gateway Investment Management Limited (2009 - 2017)
- Director Chemical Company of Malaysia Berhad (2019 – 2020)
- Director SP Setia Berhad (2013 – 2016)
- Board member of Lam Soon (M) Berhad (1987 – 2020)
- Board member of Sime Darby Bhd (2016 – 2017)
- Board member of Sime Darby Property Bhd (2016 – 2017)
- Board member of Sime Darby Industrial Holdings Sdn. Bhd (2016 – 2017)
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. |
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Note: Any correspondence to seek the SAC's resolution should be submitted to the SAC Secretariat at least one month prior to the meeting. |
