Kuala Lumpur, 19 July 2012

SC names new Shariah Advisory Council line-up

The Securities Commission Malaysia (SC) today announced the members of its Shariah Advisory Council (SAC) who will serve for a two-year period commencing 1 July 2012. The SAC is the central authority responsible for determining the Shariah principles of the Islamic capital market in Malaysia.

The 11 SAC members, appointed by the Yang di-Pertuan Agong under section 316C of the Capital Markets and Services Act 2007 (CMSA), are:


Tun Abdul Hamid Haji Mohamad, Former Chief Justice of the Federal Court, Malaysia


Tan Sri Sheikh Ghazali Haji Abdul Rahman, Shariah Legal Advisor, Attorney General’s Chambers


Dato’ Dr Abdul Halim Ismail, Pro-Chancellor Insaniah University College and Chairman, Shariah Committee of Shariah-Compliant Funds of Amanah Mutual Bhd


Dr Mohd. Daud Bakar, Chairman, Shariah Advisory Council of Bank Negara Malaysia and CEO of Amanie Advisors Sdn. Bhd.


Dr Muhammad Syafii Antonio, Rector of TAZKIA University College of Islamic Economics, Bogor, Indonesia


Professor Mohammad Hashim Kamali, Founding Chairman and CEO of the International Institute of Advanced Islamic Studies, Malaysia


Professor Dr Ashraf Md Hashim, Head of Consultancy Department, International Shari’ah Research Academy for Islamic Finance (ISRA)


Associate Professor Dr Azman Mohd Noor, Department of Fiqh and Usul al Fiqh, Kulliyyah of Islamic Revealed Knowledge and Human Sciences, International Islamic University Malaysia


Assistant Professor Dr Aznan Hasan, Department of Islamic Law, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia


Associate Professor Dr Engku Rabiah Adawiah Engku Ali, Institute of Islamic Banking and Finance (IIBF), International Islamic University Malaysia


Associate Professor Dr Shamsiah Mohamad, Lecturer, Department of Fiqh and Usul, Academy of Islamic Studies, University of Malaya

The SAC is a key pillar in the development of the Islamic capital market in Malaysia especially in facilitating innovation and ensuring a robust Shariah governance process. The function of the SAC provides greater consistency and clarity to issuers, intermediaries and investors in the Malaysian Islamic capital market. The SAC, given the expertise of its members, also plays an instrumental role in strengthening the country’s position as a leading international Islamic financial centre.

Under the CMSA, the SAC is empowered to ascertain the application of Shariah principles on any matter pertaining to Islamic capital market business or transaction, and to advise the SC on any Shariah issue relating to Islamic capital market business or transactions.

The SAC is also empowered to provide advice to any person on Shariah issues relating to Islamic capital market business or transaction.