SC names new syariah advisers-Star Online

Friday July 9, 2010

SC names new syariah advisers

KUALA LUMPUR: The Securities Commission (SC) yesterday named new Syariah Advisory Council (SAC) members.

The 11-member SAC will advise the regulator on Islamic law matters and determine the list of syariah-compliant securities.

The appointment of the members was made by Yang di-Pertuan Agong following amendments to the Capital Markets and Services Act 2007, which came into force on April 1, 2010, the SC said on its website yesterday.

Pursuant to the amendments, the SAC is now empowered to make rulings on any syariah matters 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 had been instrumental in the development of innovative Islamic products and services.

The advisers include former chief justice Tun Abdul Hamid Mohamad, Mohd Daud Bakar, who heads Bank Negara’s Syariah Advisory Council, and Rafe Haneef, managing director for global markets at HSBC Amanah.

This entry was posted in Capital Markets and Services Act 2007, Islam, Islamic capital market and tagged . Bookmark the permalink.