KUALA LUMPUR (Nov 1): Bank Negara Malaysia (BNM) has today appointed nine Shariah Advisory Council (SAC) members for a three-year term beginning Nov 1 till Oct 31, 2022.

According to a statement today, the SAC comprises members who are 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.

The nine members are the founder and executive chairman of Amanie Group Datuk Dr Mohd Daud Bakar, ISRA International Consulting Sdn Bhd (IICSB) chief executive officer Prof Dr Ashraf Md Hashim, International Shariah Research Academy for Islamic Finance (ISRA) executive director Prof Dr Mohamad Akram Laldin, Professor of Institute of Islamic Banking and Finance (IiBF) at International Islamic University Malaysia (IIUM) Prof Dr Engku Rabiah Adawiah Engku Ali, Enforcement Agency Integrity Commission (EAIC) Malaysia chairman Datuk A Aziz A Rahim, ISRA’s  Head of Takaful Unit Burhanuddin Lukman, Deputy Mufti of Selangor, Selangor Mufti Department Sahibus Samahah Datuk Dr Haji Anhar Haji Opir, ISRA’s Head of Quality Assurance Dr Marjan Muhammad and Founder and Senior Partner of Zainal Abidin & Co (Advocates and Solicitors) Zainal Abidin Jamal.

Notably, only the appointment of Zainal will take effect from June 1 of next year.

The SAC is the highest authority for ascertainment of Shariah in relation to Islamic banking business, takaful business and Islamic development finance business undertaken by financial institutions supervised by BNM, said the central bank, adding that the rulings of SAC will serve as reference for Islamic financial institutions in ensuring that all businesses and activities, financial products and services are in compliance with Shariah principles.

"Their rulings may also serve as a reference by the courts and arbitrators in adjudicating disputes or cases," said the central bank.

“It plays a central role in preserving the sanctity of Shariah and in sustaining public confidence in the Islamic finance industry,” said the central bank, adding that the SAC also serves to advise BNM on any Shariah issues relating to Islamic financial business, activities or transactions made by BNM.