KUALA LUMPUR: Bank Negara has reappointed three Shariah Advisory Council (SAC) members of the bank for a three-year term.

       In a statement Thursday, the central bank said the reappointment took effect from Nov 1, 2021 as assented by His Majesty Seri Paduka Baginda Yang di-Pertuan Agong in accordance with section 53(1) of the Central Bank of Malaysia Act 2009.

       The reappointed members are Selangor Mufti Sahibus Samahah Datuk Dr Haji Anhar Haji Opir, International Shariah Research Academy for Islamic Finance (ISRA) head of quality assurance Dr. Marjan Muhammad and Zainal Abidin & Co. (Advocates and Solicitors) founder and senior partner Zainal Abidin Jamal.

       With this reappointment, Bank Negara said the SAC lineup comprises nine 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 six other members are:

       1. Tan Sri Dr. Mohd Daud Bakar - Chairman of SAC

       Founder and executive chairman, Amanie Group

       2. Prof. Dr. Ashraf Md. Hashim – Deputy Chairman of SAC

       Chief executive officer, ISRA International Consulting Sdn. Bhd.

       3. Prof. Dr. Mohamad Akram Laldin

       Executive director, International Shariah Research Academy for Islamic Finance (ISRA)

       4. Prof. Dr. Engku Rabiah Adawiah Engku Ali

       Professor, Institute of Islamic Banking and Finance (IiBF), International Islamic University Malaysia

       5. Datuk A. Aziz. A. Rahim

       Former chairman, Enforcement Agency Integrity Commission (EAIC) Malaysia, and Former Judge of Court of Appeal

       6) Burhanuddin Lukman

       Former head of takaful unit, International Shariah Research Academy for Islamic Finance

       Bank Negara said the SAC is the highest authority for the ascertainment of Shariah in Islamic finance.

       It plays a central role in preserving the conformity with Shariah and sustaining public confidence in the Islamic finance industry that enables the offering of financial services according to Shariah principles.

       “The SAC also advises the bank on any Shariah issues relating to Islamic financial business, activities or transactions made by the bank.

       “As the highest authority, the rulings of the SAC serve as a 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,” Bank Negara said.