Supervising sharia
Malaysia is positioning itself as the leading provider of Islamic products in the Asia- Pacific region. The country's pre-eminent sharia board, the Shariah Advisory Council (SAC), is chaired by Mohd Daud Bakar. Pamela Tang talks to him about the SAC's work
Why was the Shariah Advisory Council (SAC) set up and what are its day-to-day activities?
Mohd Daud Bakar: The sharia board came into existence in 1997. A section in the Banking and Financial Institution Act 1987 allowed the central bank to appoint the board. And in 2004, the Central Banking Act was amended to specifically establish the board and give it very clear cut responsibilities and privileges.
The members of the board are not employees of the central bank (Bank Negara Malaysia); we are
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