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Shariah Advisory Council

The Shariah Advisory Council of Bank Negara Malaysia (SAC) was established in May 1997 as the highest Shariah authority in Islamic finance in Malaysia. The SAC has been given the authority for the ascertainment of 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. As the reference body and advisor to Bank Negara Malaysia on Shariah matters, the SAC is also responsible for validating all Islamic banking and takaful products to ensure their compatibility with the Shariah principles. In addition, it advises Bank Negara Malaysia on any Shariah issue relating to Islamic financial business or transactions of Bank Negara Malaysia as well as other related entities.

In the recent Central Bank of Malaysia Act 2009, the role and functions of the SAC was further reinforced whereby the SAC was accorded the status of the sole authoritative body on Shariah matters pertaining to Islamic banking, takaful and Islamic finance. While the rulings of the SAC shall prevail over any contradictory ruling given by a Shariah body or committee constituted in Malaysia, the court and arbitrator are also required to refer to the rulings of the SAC for any proceedings relating to Islamic financial business, and such rulings shall be binding.

Consisting of prominent Shariah scholars, jurists and market practitioners, members of the SAC are qualified individuals and have vast experience in banking, finance, economics, law and application of Shariah, particularly in the areas of Islamic economics and finance. The list of SAC members for 2019/2022 is as follows:

 

Profile of current SAC members (2019 - 2022)

Datuk Dr. Mohd Daud Bakar (Chairman)


Executive Chairman of Amanie Group
SAC member since 1997

Shariah advisory:

  • Shariah Advisory Council of the Securities Commission Malaysia
  • Shariah Supervisory Council of the Labuan Financial Services Authority
  • Shariah Supervisory Board of the International Islamic Liquidity Management Corporation (IILM)
  • Chairman of Permodalan Nasional Berhad  (PNB) Shariah Advisory Panel
  • Shariah Board member of the National Bank of Oman
  • Shariah Board member of Noor Islamic Bank, Dubai
  • Shariah Board member of Morgan Stanley, Dubai
  • Chairman of First Abu Dhabi Bank, Dubai
  • Shariah Board of BNP Paribas, Bahrain
  • Shariah Board of Bank Al Khair, Bahrain
  • Shariah Board of Dow Jones Islamic Market Index, New York
  • Shariah Board of Financial Guidance, USA
  • Shariah Board of Amundi Asset Management, France

Qualification:

  • Bachelors in Jurisprudence, University of Malaya, 2002
  • Ph.D from University of St. Andrews, UK, 1993
  • Bachelors in Shariah, University of Kuwait, Kuwait 1988
Prof. Dr. Ashraf Md. Hashim


Chief Executive Officer (CEO) of ISRA Consultancy
SAC member since 2010

Shariah advisory:

  • Shariah Advisory Council of the Securities Commission of Malaysia
  • Shariah Committee of Bursa Malaysia
  • Shariah Committee of Association of Islamic Banking Institutions Malaysia (AIBIM)
  • Member of National Fatwa Council of Malaysia
  • Shariah Committee of Lembaga Tabung Haji
  • Chairman of the Shariah Committee of Real Estate Investment Trust (REIT), Singapore

Qualification:

  • Ph.D in Islamic Law, University of Birmingham, UK 1999
  • Masters in Fiqh and Usul Fiqh, University of Jordan, Jordan, 1995
  • Bachelors in Shariah, Islamic University of Madinah, Saudi Arabia, 1991
Dato' A. Aziz A. Rahim


Former Chairman of Enforcement Agency Integrity Commission (EAIC)
SAC member since 2016

Qualification:

  • Masters in Law (LLM) King’s College, University of London, 1986
  • Bachelors in Law  (LLB) (Hons), University of Malaya (UM), 1981
Prof. Dr. Mohamad Akram Laldin


Executive Director of the International Shari’ah Research Academy for Islamic Finance (ISRA)
SAC member since 2008

Shariah advisory:

  • Shariah Advisory Committee of the Employees Provident Fund (EPF)
  • Shariah Supervisory Council of the Labuan Financial Services Authority
  • Shariah Committee of Lembaga Tabung Haji
  • Member of Shari’ah Advisory Council International Islamic Financial Market (IIFM), Bahrain
  • Shariah Board of Yaasar Limited, UK
  • Shari’ah Advisor of Dar Al Takaful, Dubai
  • Shariah Advisor of National Takaful Company PSC (Watania), Abu Dhabi
  • Shariah Board of Eco Islamic Bank, Republic of Krygyzstan
  • Member of Financial Regulation Advisory Council of Experts (FRACE), Central Bank of Nigeria
  • Shariah Board of Da Afghanistan Bank

Qualification:

  • Ph.D in  Islamic Finance, University of Edinburgh, Scotland, 1995
  • Bachelors in  Islamic Jurisprudence and Legislation University of Jordan, Jordan, 1989
Prof. Dr. Engku Rabiah Adawiah Engku Ali


Professor, Institute of Islamic Banking and Finance (IiBF), International Islamic University Malaysia (IIUM)
SAC member since 2006

Shariah advisory:

  • Shariah Advisory Council of the Securities Commission of Malaysia
  • Shariah Supervisory Council of the Labuan Financial Services Authority (Labuan FSA)
  • Shariah Advisory Council of Employees Provident Fund (EPF) Shariah Board of Labuan Reinsurance (L) Ltd (Labuan Re)
  • Shariah Board for Amanah Ikhtiar Malaysia
  • Shariah Board to Khazanah (for issuance of exchangeable sukuk)

Qualification:

  • Ph.D  in Securities Regulations University of Aberdeen, UK, 1998
  • Masters in Comparative Law, IIUM, 1993
  • Bachelors in Shariah Law,   LLB.S (Hons), IIUM, 1991
  • Bachelors in Law,   LLB (Hons), IIUM, 1990
Encik Burhanuddin Lukman

Head of Takaful Unit, International Shari’ah Research Academy for Islamic Finance (ISRA)
SAC member since 2013

Qualification:

  • Masters in  Shariah, Al-Bayt University, Jordan, 2000
  • Bachelors in  Shariah, University of Madinah, Saudi Arabia, 1993
Dr. Marjan Mohamad


Head of Research Quality Assurance Office, International Shari’ah Research Academy for Islamic Finance (ISRA)
SAC member since 2019

Qualification:

  • Ph.D In Islamic Revealed Knowledge And Heritage (Fiqh And Usul Al-Fiqh)  International Islamic University Malaysia (IIUM), 2006
  • Masters in Islamic Revealed Knowledge And Heritage (Fiqh And Usul Al-Fiqh)  (IIUM), 2001
  • Bachelors in Islamic Revealed Knowledge And Heritage (Fiqh And Usul Al-Fiqh) (IIUM), 1998
Encik Zainal Abidin Jamal

Founder and Senior Partner of Zainal Abidin & Co., Advocates and Solicitors
SAC member from 1st June 2020

Qualification:

  • Bachelors of Laws (LLB) (Hons), University of Singapore, 1979
Sahibus Samahah Dato' Dr. Haji Anhar Haji Opir

Deputy Mufti of Selangor
SAC member since 2019

Shariah advisory:

  • Member of Shariah Advisor for Lembaga Urus Air Selangor (LUAS)
  • Member of Shariah Advisor for Standard and Industrial Research Institute of Malaysia (SIRIM)
  • Member of Shariah Advisor for Perbadanan Usahawan Nasional Berhad (PUNB)

Qualification:

  • Ph.D in Shariah, The World Islamic Sciences and Education University, Jordan, 2015
  • Masters in Shariah, Cairo Unversity, 2006
  • Bachelors in Shariah, Al- Azhar University, 1999

 

List of previous SAC members

Click to view full list
  1. Dato' Dr. Abdul Halim Ismail
    Sessions of Appointment: 1997 - 2013
     
  2. Prof. Madya Dr. Aznan Hasan
    Sessions of Appointment: 2006 - 2008, 2010 - 2013
     
  3. Dr. Muhammad Anwar Ibrahim
    Session of Appointment: 2010 - 2013
     
  4. Datuk Haji Md. Hashim Yahaya
    Sessions of Appointment: 1997 - 2010
     
  5. Dato’ Wan Mohamad Dato’ Sheikh Abd. Aziz
    Session of Appointment: 2008 - 2010
     
  6. Dr. Muhammad Syafii Antonio
    Sessions of Appointment: 2006 - 2010
     
  7. Prof. Madya Dr. Abdul Halim Muhammad
    Sessions of Appointment: 2004 - 2008
     
  8. Dr. Mohd Parid Sheikh Ahmad
    Sessions of Appointment: 2004 - 2008
     
  9. Prof. Datuk Dr. Abdul Monir Yaacob
    Sessions of Appointment: 1999 - 2006
     
  10. Dr. Mohd Ali Baharum
    Sessions of Appointment: 2001 - 2006
     
  11. Prof. Dr, Joni Tamkin Borhan
    Sessions of Appointment: 1999 - 2003
     
  12. Prof. Dato’ Dr. Haji Othman Ishak
    Session of Appointment: 1997 - 1999
     
  13. Dato’ Dr. Haron Din
    Session of Appointment: 1997 - 1999
     
  14. Dr. Ahmed Ali Abdalla
    Session of Appointment: 1997 - 1999
     
  15. Allahyarham Prof. Emeritus Tan Sri Datuk Ahmad Ibrahim
    Session of Appointment: 1997 - 1999
     
  16. Allahyarham Dato’ Sheikh Azmi Ahmad
    Session of Appointment: 1997 - 1999
     
  17. Allahyarham Dr. Abdullah Ibrahim
    Session of Appointment: 1997 - 1999
 

 

The Bank's SAC Meeting Schedule for 2020

No.

Date

Date (Hijri)

Day

Time

1

29 January

4 Jamadil Akhir 1441

Wednesday

9.30 a.m. – 4.30 p.m.

2

27 February

3 Rejab 1441

Thursday

9.30 a.m. – 4.30 p.m.

3

31 March

6 Sya’ban 1441

Tuesday

9.30 a.m. – 4.30 p.m.

4

28 April

5 Ramadan 1441

Tuesday

9.30 a.m. – 4.30 p.m.

5

19 May

26 Ramadan 1441

Tuesday

9.30 a.m. – 4.30 p.m.

6

23 June

1 Zulkaedah 1441

Tuesday

9.30 a.m. – 4.30 p.m.

7

22 July

1 Zulhijjah 1441

Wednesday

9.30 a.m. – 4.30 p.m.

8

19 August

29 Zulhijjah 1441

Wednesday

9.30 a.m. – 4.30 p.m.

9

29 September

11 Safar 1442

Tuesday

9.30 a.m. – 4.30 p.m.

10

27 October

10 Rabi’ul Awwal 1442

Tuesday

9.30 a.m. – 4.30 p.m.

11

26 November

10 Rabi`ul Akhir 1442

Thursday

9.30 a.m. – 4.30 p.m.

12

15 December

29 Rabi`ul Akhir 1442

Tuesday

9.30 a.m. – 4.30 p.m.

 

Note: Any correspondence to seek the SAC's resolution should be submitted to the SAC Secretariat at least one month prior to the meeting.