Kuala Lumpur, 8 July 2010

SC names new Shariah Advisory Council line-up

The Securities Commission Malaysia (SC) today announced the new line-up of its Shariah Advisory Council, the central authority responsible for determining theShariah principles pertaining to the Islamic capital market in Malaysia.

The appointment of the 11 SAC members was made by the Seri Paduka Baginda Yang di-Pertuan Agong following amendments to the Capital Markets and Services Act 2007 (CMSA), which came into force on 1 April 2010.

Pursuant to the amendments, the SAC is now empowered to make rulings on any Shariah matter relating to Islamic capital market business or transaction referred to it by any court, arbitrator, industry participant or other parties.

SC Chairman Tan Sri Zarinah Anwar said the SAC has been instrumental in the development of innovative Islamic products and services, and played a key role in transforming a niche growth sector into a core component of the Malaysian capital market.

“These recent amendments to the CMSA reflect the SAC’s significance and are expected to further strengthen the development of the Islamic capital market in Malaysia and enhance its position as an international centre for Islamic finance,” she said.

The SAC members 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


Datuk Haji Md. Hashim Haji Yahaya, Very Distinguished Academic Fellow of Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia


Dato’ Dr. Abdul Halim Ismail, Executive Director of BIMB Securities Sdn. Bhd.


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


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


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


Professor Dr. H. Fathurrahman Djamil, Vice Chairman of Fatwa Commission of Indonesian Council of Ulama


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


Ahmad Suhaimi Yahya, Chief Officer and Regional Head of Shariah, Kuwait Finance House (Malaysia) Berhad


Rafe Haneef, Managing Director, Global Markets, HSBC Amanah

The appointment of the SAC members is for a period of two years commencing 1 July 2010.