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KUALA LUMPUR: Bank Negara has appointed nine syariah scholars and practitioners to its Shariah Advisory Council (SAC) for the term Nov 1,2019 to Oct 31,2022. a statement from the central bank said.

The nine include Datuk Dr Mohd Daud Bakar, founder and executive chairman of the Amanie Group; ISRA International Consulting Sdn Bhd chief executive officer Prof Dr Ashraf Md. Hashim and International Shariah Research Academy for Islamic Finance executive director Prof Dr Mohamad Akram Laldin.

Other SAC appointments include Institute of Islamic Banking and Finance and International Islamic University Malaysia’s Prof Dr Engku Rabiah Adawiah Engku Ali; Enforcement Agency Integrity Commission Malaysia chairman Datuk A. Aziz. A. Rahim; International Shariah Research Academy for Islamic Finance head of takaful unit Burhanuddin Lukman and Selangor Mufti Department deputy mufti Sahibus Samahah Datuk Dr Haji Anhar Haji Opir.

The remaining SAC members include International Shariah Research Academy for Islamic Finance Head of Quality Assurance Dr Marjan Muhammad and founder and senior partner of advocates and solicitors Zainal Abidin & Co Zainal Abidin Jamal.

Zainal Abidin’s appointment is effective from June 1,2020.

The statement said the SAC is the highest authority to ascertain syariah in relation to Islamic banking business, takaful business and Islamic development finance business undertaken by financial institutions supervised by the Bank.

It plays a central role in preserving the sanctity of syariah and in sustaining public confidence in the Islamic finance industry.

The SAC also serves to advise the Bank on any syariah issues relating to Islamic financial business, activities or transactions made by the Bank. As the highest authority, the rulings of the SAC serve as reference for Islamic financial institutions in ensuring that all businesses and activities, financial products and services are in compliance with Shariah principles, the statement said.

Their rulings may also serve as reference by the courts and arbitrators in adjudicating disputes or cases, Bank Negara said.

Source: https://www.thestar.com.my/business/business-news/2019/11/02/bank-negara-appoints-nine-to-shariah-advisory-council

The SAC comprises nine (9) highly qualified and prominent Shariah scholars and practitioners with vast experience, domestically and abroad, particularly in the areas of Shariah, laws, Islamic economics and finance.