Page 164 - SC SCAR 2023 ENGLISH Flipbook
P. 164

                                PART 5 ORGANISATION INFORMATION
The SAC is mandated to ascertain the application of Shariah principles on any matter relating to the ICM and plays an important role in the development of Malaysia’s ICM. It advises the Commission on any Shariah issue relating to the ICM and issues rulings on the ICM which are published for the benefit of the industry. The nine SAC members as listed in Table 3, serve for a three-year period commencing 1 July 2023, as assented by the Yang di-Pertuan Agong under section 31ZK of the SCMA.
Shariah Advisory Council members
The AOB also exercises oversight over any person who prepares a report relating to the financial information of PIEs and schedule funds, in relation to capital market activities. The AOB members are appointed by the Board (Table 4).
Audit Oversight Board members
   AOB members
 1. Dato’ Anantham Kasinather1
   2. Tan Sri Abu Samah Nordin2
   3. Alex Ooi Thiam Poh
   4. Salmah Bee Mohd Mydin
   5. Hong Chin Pheng
   6. Datuk Nor Azimah Abdul Aziz
   7. Dato’ Seri Ahmad Johan Mohammad Raslan
   8. Dato’ Noorazman Abd Aziz3
     SAC members
 1. Tan Sri Dr. Mohd Daud Bakar1
   2. Professor Dr. Aznan Hasan2
   3. Dr. Engku Rabiah Adawiah Engku Ali3
   4. Professor Dr. Ashraf Md Hashim
   5. Professor Dato’ Dr. Asmadi Mohamed Naim
   6. Associate Professor Dr. Mohamed Fairooz Abdul Khir
   7. Dr. Shamsiah Mohamad4
   8. Professor Dato’ Dr. Mohd Azmi Omar4
9. Dr. Zaharuddin Abdul Rahman4
10. Sahibus Samahah Dato’ Setia Dr. Haji Anhar Haji Opir5
    11. Dr. Marjan Muhammad5
   12. Assistant Professor Dr. Akhtarzaite Haji Abdul Aziz5
   13. Burhanuddin Lukman5
1 Completed term as Chairman of the Council on 30 June 2023.
2 Appointed as Chairman of the Council on 1 July 2023.
3 Appointed as Deputy Chair of the Council on 1 July 2023.
4 Completed term as Council Members on 30 June 2023.
5 Appointed as Council Members on 1 July 2023.
The Audit Oversight Board (AOB) was established under Part IIIA of the SCMA and its mandate is to assist the SC in discharging its regulatory function in respect of developing an effective audit oversight framework, promoting confidence in the quality and reliability of audited financial statements, and regulating auditors of PIEs and schedule funds.
1 Completed term as Non-Executive Chairman of the Board on
30 November 2023.
2 Appointed as Non-Executive Chairman of the Board on 5 January
3 Appointed as Board Member on 1 August 2023.
The SC acknowledges the importance of maintaining a robust risk management framework and internal control to safeguard its integrity and governance. This approach is established and supported by the Board, Board committees, management committees, and a strong internal governance process.
Periodically, the SC undertakes a comprehensive review of its risk management framework and internal controls, to ensure its effectiveness and adequacy. This review by the Executive Risk Management Committee (ERMC) and the ARC, entails the identification, assessment, monitoring, and reporting of key risks, with the overarching goal of safeguarding the SC’s governance, objectives, and reputation.
Risk Management
The SC’s enterprise risk management framework, including the Enterprise Risk Management Policy and

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