The Securities Commission of Malaysia’s Shariah Advisory Council has two new faces.
Ahmad Tajudin Haji Abdul Rahman and Associate Professor Dr. Syed Musa Syed Jaafar Alhabshi make way for Prof. Dr. Mohd Azmi Omar and Dr. Zaharuddin Abdul Rahman on the nine-member team.
The Council will serve a three-year period that started July 1, the regulator said in a statement on Thursday (July 23). The full line-up is:
- Dr. Mohd Daud Bakar, Executive Chairman of Amanie Group
- Assoc. Prof. Dr. Aznan Hasan, IIUM Institute of Islamic Banking and Finance
- Dr. Shamsiah Mohamad, Former Senior Researcher, ISRA
- Prof. Dr. Engku Rabiah Adawiah Engku Ali, IIUM Institute of Islamic Banking and Finance
- Prof. Dr. Ashraf Md. Hashim, CEO, ISRA International Consulting Sdn. Bhd.
- Prof. Dr. Asmadi Mohamed Naim, College of Business, UUM
- Assoc. Prof. Dr. Mohamed Fairooz Abdul Khir, School of Law and Shariah, UIM
- Prof. Dr. Mohd Azmi Omar, President and CEO, INCEIF
- Dr. Zaharuddin Abdul Rahman, CEO, Elzar Shariah Solutions and Advisory Sdn Bhd
The SC’s Shariah Advisory Council was set up in 1996. It advises the regulator on any matters relating to the Islamic capital market business or transaction, and is the central authority to determine the application of Shariah principles in the Islamic capital market.
Bank Negara Malaysia, the central bank, has its own Shariah Advisory Council. It has the authority to ascertain Islamic law for the purposes of Islamic banking business, takaful business, Islamic financial business, Islamic development financial business, or any other business, which is based on Shariah principles and is supervised and regulated by Bank Negara Malaysia.
Three current members of the Securities Commission’s Shariah Advisory Council are also on the central bank’s current team: Dr. Mohd Daud Bakar, Prof. Dr. Engku Rabiah Adawiah Engku Ali, and Prof. Dr. Ashraf Md. Hashim.
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