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Shariah Governance of IFIs in Malaysia (Shariah Advisory Council (SAC)…
Shariah Governance of IFIs in Malaysia
The highest authority (governance) of IFIs in Malaysia:
Central Bank of Malaysia (Bank Negara Malaysia)
Shariah Advisory Council (SAC)
Tan Sir Sheikh Ghazali Abdul Rahman
Degree in Islamic Law, Al-Azhar University, Cairo
Diploma in Education, Ain Shams University, Cairo, Egypt
Diploma in Law and Judiciary, IIUM
Prof. Dr. Engku Rabiah Adawiah Engku Ali
PhD in Law (Securities Regulation), University of Aberdeen, UK
Master in Comparative Laws, International Islamic University Malaysia
Bachelor of Shariah (Hons), International Islamic University Malaysia
Bachelor of Law (Hons), International Islamic University Malaysia
Datuk Dr. Mohd Daud Bakar (Chairman)
PhD: University of St. Andrews, Scotland, United Kingdom
Bachelor of Jurisprudence, University of Malaya
Degree in Shariah, University of Kuwait & UM
Role of SAC
:
-Ascertainment of Islamic law
-Validating all Islamic banking and Takaful products to ensure their compatibility with the Shariah principles
Prof. Dr. Ashraf Bin Md. Hashim
PhD in Islamic Law, University of Birmingham, UK
MA in Fiqh and Usul Fiqh, University of Jordan, Amman
Degree in Shariah, Islamic University of Medina, Saudi Arabia
Prof Madya Dr. Asmadi Mohamed Naim
PhD & MA in Fiqh & Usul Fiqh, IIUM
Degree in Shariah, University of Jordan
Dr. Shamsiah Mohamad
PhD in Shariah, University of Jordan
MA and degree in Shariah, UM
En Burhanuddin Lukman
Degree in Shariah, Islamic University of Medina, Saudi Arabia
MA in Shariah, Al-Bayt University, Jordan
Datuk Dr. Zulkifli Mohamad al-Bakri
PhD in Shariah, Universiti Sains Malaysia (USM)
MA in Shariah, University of Arabic and Islamic Studies, Syria
Degree in Shariah, Islamic University of Medina, Saudi Arabia
Dato' Abdul Aziz Abdul Rahim
LLB (Hons) University of Malaya
LLM, King’s College, University of London
Prof. Dr. Mohamad Akram Laldin
PhD in Principles of Islamic Jurisprudence (Usul al-Fiqh), University of Edinburgh, Scotland
Degree in Islamic Jurisprudence and Legislation, University of Jordan, Amman
Qualification to be the SAC’s
members
The Board of Directors of an Islamic financial institution shall appoint the members of the Shariah Committee the term shall be valid for a renewable term of two years
The proposed member of the Shariah Committee shall at least either have qualification or possess necessary knowledge, expertise or experience in Islamic jurisprudence (Usul al-Fiqh); or Islamic transaction/commercial law (Fiqh al-Mucamalat)
Practically additional qualifications are really being needed such as prudent and competent in syariah and legal aspects of Islamic finance and also proficient in English and Arabic
Islamic financial institutions are not allowed to appoint any member of the SAC in another Islamic financial institution of the same industry.
Role of Shariah Committee
Assess work carried out by Shariah review, Shariah audit
Assist related parties on Shariah matters
Endorse and validate relevant documentations
Advise on matters to be referred to the SAC
Endorse Shariah policies and procedures
Provide written Shariah opinions
Advise to the board and IFI