KUALA LUMPUR (Dec 17): Malaysia's central bank has reappointed three members to its Shariah Advisory Council (SAC), the highest authority on Islamic law for the purposes of Islamic financial business in Malaysia.

In a statement on Tuesday, Bank Negara Malaysia (BNM) has reappointed Selangor Mufti Datuk Prof Madya Dr Anhar Opir, deputy president of research at International Centre for Education in Islamic Finance (INCEIF University) Dr Marjan Muhammad and Permodalan Nasional Bhd head of shariah management Dr Ahmad Basri Ibrahim as SAC members.

The reappointments are made in accordance with Section 53(1) of the Central Bank of Malaysia Act 2009, which governs the establishment and functions of the SAC.

The announcement comes as BNM saw the departure of SAC's existing member Zainal Abidin Jamal, who ended his term on Oct 31, and the central bank will soon prepare for the departure Tan Sri Mohd Zawawi Salleh, who will complete his term on Dec 31.  

"Tan Sri Mohd Zawawi and Encik Zainal Abidin contributed immensely to the deliberations of the SAC and towards the overall development of Islamic finance in Malaysia," BNM said.

The SAC will now consist of seven members, including Prof Dr Ashraf Md Hashim from INCEIF University as its chairman, while Prof Dr Engku Rabiah Adawiah Engku Ali from the International Islamic University Malaysia (IIUM) will serve as the deputy chairman.

The remaining members of the council are Datuk Prof Dr Mohamad Akram Laldin, a professor at INCEIF University, and Burhanuddin Lukman, a member of the hajj advisory committee at Lembaga Tabung Haji.

The SAC mainly advises BNM on shariah issues related to Islamic financial businesses, activities, and transactions.

Its rulings serve as a reference for Islamic financial institutions to ensure compliance with shariah principles. These rulings may also be referenced by the courts and arbitrators in their decisions.

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