Central Bank of Malaysia

01/25/2023 | Press release | Distributed by Public on 01/25/2023 03:36

Appointment of Members of the Shariah Advisory Council of Bank Negara Malaysia

Appointment of Members of the Shariah Advisory Council of Bank Negara Malaysia

Embargo : For immediate release Not for publication or broadcast before 1734 on Wednesday, 25 January 2023
25 Jan 2023

Bank Negara Malaysia wishes to announce the reappointment of four Shariah Advisory Council (SAC) members for a three-year term and the appointment of two new SAC members for a two-year term, with effect from 1 January 2023. These appointments are in accordance with section 53(1) of the Central Bank of Malaysia Act 2009.

The SAC comprises nine members with expertise and experience in Shariah, Islamic economics, law and finance.

The reappointed members are:

  1. Prof. Dr. Ashraf Md Hashim
    Professor, INCEIF University and the new Chairman of SAC
  2. Prof. Dr. Engku Rabiah Adawiah Engku Ali
    Professor, Institute of Islamic Banking and Finance, International Islamic University Malaysia and the new Deputy Chairman of SAC
  3. Datuk Prof. Dr. Mohamad Akram Laldin
    Executive Director, ISRA Research Management Centre, INCEIF University
  4. Encik Burhanuddin Lukman
    Member, Hajj Advisory Committee, Lembaga Tabung Haji

The newly appointed members are:

  1. Datuk Seri Mohd Zawawi Salleh
    Former Judge of the Federal Court
  2. Dr. Ahmad Basri Ibrahim
    Head, Shariah Management, Permodalan Nasional Berhad

The other existing members are:

  1. Sahibus Samahah Dato' Setia Dr. Haji Anhar Haji Opir
    Mufti of Selangor
  2. Dr. Marjan Muhammad
    Director, Research Quality Assurance and Publications, ISRA Research Management Centre, INCEIF University
  3. Encik Zainal Abidin Jamal
    Founder and Senior Partner, Zainal Abidin & Co. (Advocates and Solicitors)

The SAC is the highest authority for the ascertainment of Islamic law for purposes of Islamic financial business in Malaysia. It is central in promoting Shariah certainty and sustaining public confidence in the Islamic finance industry. The SAC also advises the Bank on Shariah issues relating to Islamic financial businesses, activities or transactions of the Bank. The rulings of the SAC serve as a reference for Islamic financial institutions in ensuring their business operations comply with Shariah principles. The rulings may also serve as a reference for the courts and arbitrators. The SAC convened its first meeting for the year 2023 today.

The Bank also wishes to express appreciation to Tan Sri Dr. Mohd Daud Bakar and Dato' A. Aziz A. Rahim, who completed their service on the SAC. Tan Sri Dr. Mohd Daud Bakar was appointed to the SAC on 1 May 1997 and assumed position as Chairman of the SAC since 27 December 2006. Meanwhile, Dato' A. Aziz A. Rahim was first appointed to the SAC on 1 November 2016.

Bank Negara Malaysia Governor Tan Sri Nor Shamsiah Mohd Yunus said, "The SAC plays a pivotal role in advancing Malaysia's Islamic finance aspirations. Over the years, Tan Sri Dr. Mohd Daud Bakar and Dato' A. Aziz A. Rahim made significant contributions in that journey, and I would like to express my deepest thanks for their unwavering commitment and dedication."

Bank Negara Malaysia
25 January 2023

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