KUALA LUMPUR (July 23): The Securities Commission Malaysia (SC) today announced the new line-up for its Shariah Advisory Council (SAC), which will serve for a three-year period commencing July 1.

The previous line-up just ended its tenure after completing a three-year term from July 1, 2017.

In a statement, the SC said the members include two new appointees, namely Professor Datuk Dr Mohd Azmi Omar and Dr Zaharuddin Abdul Rahman.

The full list of the nine SAC members are as follows:

1. Datuk Dr Mohd Daud Bakar, executive chairman of Amanie Group
2. Associate Professor Dr Aznan Hasan, IIUM Institute of Islamic Banking and Finance
3. Dr Shamsiah Mohamad, former senior researcher, ISRA
4. Professor Dr Engku Rabiah Adawiah Engku Ali, IIUM Institute of Islamic Banking and Finance
5. Professor Dr Ashraf Md Hashim, chief executive officer, ISRA International Consulting Sdn Bhd
6. Professor Dr Asmadi Mohamed Naim, College of Business, UUM
7. Associate Professor Dr Mohamed Fairooz Abdul Khir, School of Law and Shariah, UIM
8. Professor Datuk Dr Mohd Azmi Omar, President and chief executive officer, INCEIF
9. Dr Zaharuddin Abdul Rahman, chief executive officer, Elzar Shariah Solutions and Advisory Sdn Bhd

The SAC was established in 1996 to ensure the development of the Islamic capital market complied with Shariah principles.

The SAC is empowered to advise the SC on any matters relating to Islamic capital market businesses or transactions. It is the central authority responsible for determining the application of Shariah principles in ICM.

SC chairman Datuk Syed Zaid Albar said that with the expertise and experience of the SAC members, the capital market regulator will be able to further enhance Malaysia's position as a leader in Islamic capital market.

"The SAC rulings provide greater clarity, consistency and confidence to all stakeholders of the Islamic capital market in Malaysia, which in turn would facilitate the development by practitioners in the marketplace.

"This critical function will support further innovations and greater internationalisation, as well as the sustainability and scalability of our products and services," he added.