Islamic capital market: Formation of 9-member Shariah advisory Council

Bangladesh Securities and Exchange Commission has decided to form a 9-member Shariah Advisory Council for the purpose of giving appropriate advice to the commission in the formation of Islamic capital market including various types of securities issues based on Islamic Shariah. In the 848th meeting of the commission, it was unanimously decided to form this council.

Shariah Advisory Council 2022 rules 4 and 5 taking into consideration the qualifications of Shariah scholars and experienced members of the industry, the commission has the obligation to form a 9-member Shariah Advisory Council consisting of 5 Shariah scholars and 4 experts as members of the Shariah Advisory Council.

In light of this, Professor Dr. as the chairman of the Commission Sharia Advisory Council. The commission has decided to give responsibility to Mohammad Abdur Rashid. The 5 Shariah Scholar Members elected to the Council are: 1. Professor Dr. Mohammad Abdur Rashid; 2. Mufti Shaheed Rahmani; 3. Mufti Yusuf Sultan CSAA, CIFE; 4. Mufti Dr. Waliur Rahman Khan (Representative of Islamic Foundation); 5. Maulana Shah Wali Ullah.

On the other hand 04 expert members are: 1. Professor Abu Taleb Finance and Banking Expert; 2. AKM Nurul Fazal Bulbul- Legal Expert; 3. Professor Md. Nazim Uddin Bhuiyan FCMA-Accounting Expert; 4. Mezbah Uddin Ahmed, FCCA, CIPA, CSAA – Capital Market Expert.

It is noted that through the formation of Shariah Advisory Council, the opportunity to bring Islamic Shariah-based securities to the capital market of Bangladesh will increase and domestic and foreign investors interested in Islamic Shariah-based securities will be more enthusiastic about investing in the country’s capital market. This will increase investment in the country’s capital market.”

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