SC Names New Shariah Advisory Council Line-up
23 July 2020   |   Kuala Lumpur

The Securities Commission Malaysia (SC) today announced the new line-up of its Shariah Advisory Council (SAC) who will serve for a three-year period commencing 1 July 2020, as assented by the Yang di-Pertuan Agong under Section 31ZK of the Securities Commission Malaysia Act 1993 (SCA).

The members include two new appointees namely Prof. Dato’ Dr. Mohd Azmi Omar and Dr. Zaharuddin Abdul Rahman.

The SAC was established in 1996 to ensure the development of the Islamic capital market complied with Shariah principles. Under the SCA, the SAC is empowered to advise the SC on any matter relating to Islamic capital market business or transaction. It is the central authority responsible for determining the application of Shariah principles in ICM.

The full list of the nine SAC members are as follows:
  1. Datuk Dr. Mohd Daud Bakar, Executive Chairman of Amanie Group
  2. Assoc. Prof. Dr. Aznan Hasan, IIUM Institute of Islamic Banking and Finance
  3. Dr. Shamsiah Mohamad, Former Senior Researcher, ISRA
  4. Prof. Dr. Engku Rabiah Adawiah Engku Ali, IIUM Institute of Islamic Banking and Finance
  5. Prof. Dr. Ashraf Md. Hashim, CEO, ISRA International Consulting Sdn. Bhd.
  6. Prof. Dr. Asmadi Mohamed Naim, College of Business, UUM
  7. Assoc. Prof. Dr. Mohamed Fairooz Abdul Khir, School of Law and Shariah, UIM
  8. Prof. Dato’ Dr. Mohd Azmi Omar, President and CEO, INCEIF
  9. Dr. Zaharuddin Abdul Rahman, CEO, Elzar Shariah Solutions and Advisory Sdn Bhd

“With the expertise and experience of the SAC members, we will be able to further enhance Malaysia’s position as a leader in Islamic capital market. The SAC rulings provide greater clarity, consistency and confidence to all stakeholders of the Islamic capital market in Malaysia, which in turn would facilitate the development by practitioners in the marketplace,” said SC Chairman Datuk Syed Zaid Albar.

“This critical function will support further innovations and greater internationalisation, as well as the sustainability and scalability of our products and services. We look forward to the invaluable contributions of the SAC members as we strive to achieve our highest aspirations,” he added.
SC-World Bank-IOSCO Asia Pacific Hub Conference 2019: Enhancing Financial Inclusion through Islamic Finance and FinTech
(From left to right):
  1. Abayomi A. Alawode, Head of Islamic Finance, Finance, Competitiveness and Innovation, The World Bank Group
  2. Datuk Syed Zaid Albar, Chairman of the Securities Commission Malaysia (SC)
  3. Dr. Firas Raad, Country Manager for Malaysia, East Asia and Pacific, The World Bank Group 
  4. Datuk Zainal Izlan Zainal Abidin, Deputy Chief Executive of SC
about the SC
The Securities Commission Malaysia (SC) was established on 1 March 1993 under the Securities Commission Act 1993 (SCA). We are a self-funded statutory body entrusted with the responsibility to regulate and develop the Malaysian capital market.

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