Bursa Malaysia Establishes New Shari’ah Committee

Bursa Malaysia Berhad would like to announce the establishment of its new Shari’ah Committee in its efforts to enhance and strengthen the business governance for its Islamic capital market offerings. The oversight function of the Exchange’s Islamic business was previously provided by an individual Shari’ah Advisor. As part of its strategic direction to propel the Exchange to be a leading marketplace in Asia, Bursa Malaysia is focused on developing its potential as an international Islamic fund-raising centre.

It has appointed Professor Dr Ashraf Md Hashim, Associate Professor Dr Shamsiah Mohamad and Associate Professor Dr Younes Soualhi as Chairman and members, respectively, of the Shariah Committee, with effect from 1 October 2012. The Committee is responsible for providing advise on matters relating to shari’ah that affect Bursa Malaysia Islamic Services Sdn Bhd and Bursa Malaysia Berhad. The Committee will also guide, advise and provide input on the structuring of Islamic Finance products from the early stage of formulation until issuance as well assist to vet proposals, current procedures, legal and other documents to ensure Shari’ah compliance in all aspects.

Dato’ Tajuddin Atan, Chief Executive Officer of Bursa Malaysia said, “As the catalyst for the nation’s economic growth, we are focused on the development of the Islamic capital market in Malaysia that leverages on the country’s leadership position in global Islamic financial products and services. The establishment of the Shariah Committee, with members consisting of well recognized Shariah scholars, will enhance the integrity of the governance structure and will provide better oversight to the process in the development and promotion of Islamic offerings at Bursa Malaysia. It is hoped that the Shariah Committee will help spur the expansion and further growth of the products and services of the Islamic and Sukuk markets in Malaysia as well as regionally and internationally.”

Dr. Ashraf is currently a member of Bank Negara Malaysia’s Shariah Advisory Council and also serves as a member of the National Fatwa Council. He was previously an academic staff at the International Islamic University, Malaysia and was awarded the Chevening Fellowship at the Oxford Centre for Islamic Studies, United Kingdom in 2006. Over the course of his career, Dr. Ashraf has conducted and published numerous researches on various aspects of Islamic financing.

Associate Professor Dr. Shamsiah is an expert in ‘fiqh muamalat’ and is currently lecturing at the Department of Fiqh and Usul, Academy of Islamic Studies, University Malaya. She is also a member of the Shariah Advisory Council of the Securities Commission, the Shariah Advisory Council of Association of Islamic Banking Institutions Malaysia and sits on the Shariah Research Panel, JAKIM.

Associate Professor Dr. Younes is currently the Chairman of the Shariah Board of HSBC Amanah Malaysia and Deputy Dean of the International Islamic University Malaysia (IIUM) Institute of Islamic Banking and Finance. He has published many articles and books in Shariah-related issues as well as in Islamic banking and finance.