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Shariah Advisory Council (SAC)
Malaysia has dedicated Shariah Advisory Councils for the Islamic banking and takaful sectors, as well as for the Islamic Capital Market (ICM).
 
The Shariah Advisory Council of Bank Negara Malaysia (BNM) is responsible to advise on matters in relation to Islamic banking and takaful businesses or any other Islamic finance area that is supervised and regulated by BNM.
 
The Shariah Advisory Council of the Securities Commission Malaysia (SC) is responsible to advise on matters pertaining to the ICM.
 
Consisting of prominent Shariah scholars, jurists and market practitioners, members of the two SAC are qualified individuals who can present Shariah opinions and have vast experience in banking, finance, economics, law and application of Shariah, particularly in the areas of Islamic economics and finance.
 
In executing its duties and responsibilities, both SAC examine and endorse the validity of application of Shariah in Islamic financial products which are submitted by Islamic financial institutions.
 
The SAC would also issue Shariah resolutions and decisions relating to their relevant jurisdictions from time to time. Both SAC have published their resolution, which have been translated into various languages and is being used as a reference point by industry and academia around the world.
 
The SAC, in their respective capacity as advisory bodies, can make pronouncements; respond to inquiries and proposals from the industry as well as encourage innovation through progressive guideline formulation.
 
The progressive approach of the SAC has allowed the banking and takaful and ICM sectors to flourish by cultivating an environment for product innovation and flexibility while ensuring compliance with Shariah principles.
 
Click here to view the Shariah Advisory Council of Bank Negara Malaysia
http://www.bnm.gov.my/index.php?ch=en_about&pg=en_thebank&ac=439&lang=en
 
click here to view the Security Commission of Malaysia Shariah Advisory Council
https://www.sc.com.my/members-of-the-scs-shariah-advisory-council/

Members of the SC's Shariah Advisory Council
(1 July 2014 – 30 June 2017)
Y.A.Bhg. Tun Abdul Hamid bin Haji Mohamad
Y.Bhg. Tan Sri Sheikh Ghazali bin Haji Abdul Rahman
Y.Bhg. Datuk Dr. Mohd Daud Bakar
Y.Bhg. Prof Dato' Mohamed Ismail bin Mohamed Shariff
Y.Bhg. Dato' Dr. Abdul Halim bin Ismail
Y.Bhg. Dato' Ahmad Tajudin Haji Abdul Rahman
Prof Dr. Ashraf bin Md Hashim
Prof Dr. Engku Rabiah Adawiah Engku Ali
Associate Prof Dr. Aznan bin Hasan
Associate Prof Dr. Asmadi Mohamed Naim
Dr. Shamsiah Mohamad
 
Bank Negara Malaysia
(2013/2016)
Dr. Mohd Daud Bakar (Chairman)
Prof. Madya Dr. Mohamad Akram Laldin (Deputy Chairman)
Yang Amat Arif Tun Abdul Hamid Mohamad
Tan Sri Sheikh Ghazali Abdul Rahman
Y.B. Sahibus Samahah Dato’ Haji Hassan Ahmad
Prof. Dr. Engku Rabiah Adawiah Engku Ali
Prof. Dr. Ashraf bin Md. Hashim
Prof. Madya Dr. Rusni binti Hassan
Prof Madya Dr. Asmadi Mohamed Naim
Dr. Shamsiah Mohamad
En. Burhanuddin Lukman