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Sunday, September 5, 2010

The Securities Commission Malaysia (SC) names new Shariah Advisory Council line-up

Kuala Lumpur, 8 July 2010:  The Securities Commission Malaysia (SC) today announced the new line-up of its Shahriah Advisory Council, the central authority responsible for determining the Shariah principles pertaining to the Islamic capital market in Malaysia.The appointment of the 11 SAC members was made by the Seri Paduka Baginda Yang di-Pertuan Agong following amendments to the Capital Markets and Services Act 2007 (CMSA), which came into force on 1 April 2010. Pursuant to the amendments, the SAC is now empowered to make rulings on any Shariah matter relating to Islamic capital market business or transaction referred to it by any court, arbitrator, industry participant or other parties. SC Chairman Tan Sri Zarinah Anwar said the SAC has been instrumental in the development of innovative Islamic and services, and played a key role in transforming a niche growth sector into a core component of the Malaysia capital market. "These recent amendments to the CMSA reflect the SAC's significance and are expected to further strengthen the development of the Islamic capital market in Malaysia and enhance its position as an international centre for Islamic finance," she said.

The SAC members are:
1. Tun Abdul Hamid Haji Mohamad, Former Chief Justice of the Federal Court, Malaysia

2. Tan Sri Sheikh Ghazali Haji Abdul Rahman, Shariah Legal Advisor, Attorney General's Chambers
3. Datuk Haji Md. Hashim Haji Yahaya, Very Distinguished Academic Fellow of Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia
4. Dato' Dr. Abdul Halim Ismail, Executive Director of BIMB Securities Sdn. Bhd.
5. Dr. Mohd. Daud Bakar, Chairman, Shariah Advisory Council of Bank Negara Malaysia and CEO of Amanie Business Solutions Sdn. Bhd.
6. Associate Professor Dr. Shamsiah Mohamad, Lecturer, Department of Fiqh and Usul, Academy of Islamic Studies, University of Malaya
7. Professor Mohammad Hashim Kamali, Founding Chairman and CEO of the International Institute of Advanced Studies, Malaysia
8. Professor Dr. H. Fathurrahman Djamil, Vice Chairman of Fatwa Commission of Indonesian Council of Ulama
9. Assistant Professor Dr. Aznan Hasan, Department of Islamic Law, Ahmad Ibrahim Kulliyyah of Laws, International Islamic University Malaysia
10. Ahmad Suhaimi Yahya, Chief Officer and Regional Head of Shariah, Kuwait Finance House (Malaysia) Berhad
11. Rafe Haneef, Managing Director, Global Markets, HSBC Amanah

The appointment of the SAC members is for a period of two years commencing 1 July 2010.

Securities Commission Malaysia

Introductory Note: 

The Shariah Advisory Council (SAC) is a committee established by the SC in 1996 to ensure that the running of the Islamic capital market (ICM) complies with Shariah principles.  The SAC advises the SC on all matters related to the comprehensive development of the ICM, and functions as a reference centre for ICM-related issues.  The members of the SAC consist of Islamic scholars / jurists and Islamic finance experts; the article below related to the latest make-up of the SAC members.


For investment in Islamic unit trust funds (mutual funds) and other Islamic products in Malaysia, pls contact:
Ahmad Sanusi Husain, Islamic Unit Trusts Consultant
GTower, Kuala Lumpur, Malaysia:
Mobile no: +6019-234 8786, +6019-234 8786 / Skype: sanusimy
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