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The Principles and Practices of Shariah in Islamic Finance - page 8 / 49

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The Shariah Advisory Council of Bank Negara Malaysia

The Shariah Advisory Council of Bank Negara Malaysia (SAC) was established in May 1997 as the highest Shariah authority for Islamic finance in Malaysia. Among the SAC’s primary objectives are:

i) to ascertain the Islamic law on any financial matter and issue a ruling upon reference made to it in accordance with Islamic financial business; and

ii) to advise BNM on any Shariah issue relating to Islamic financial business.

The SAC is entrusted with the authority to ascertain the 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 undertaken by entities supervised and regulated by BNM. In addition, the SAC also acts as a reference body and advisor to BNM on Shariah matters pertaining to Islamic financial business.

Its members comprise of prominent Shariah scholars, jurists and market practitioners. Members of the SAC are qualified individuals, and collectively have vast experience in the application of Shariah principles and practices in Islamic banking and finance, economics and law.

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