BSEC appoints 9 Shariah Advisory Council members

The Bangladesh Securities and Exchange Commission (BSEC) has appointed nine members to its Shariah Advisory Council on Sunday to facilitate the issuance of shariah-based securities and the formation of an Islamic Capital Market.

As per the stock market regulator’s order, the council consists of five shariah scholars and four economic experts.

Dr Mohammad Abdur Rashid has been made chairman of the council. He is a professor of Islamic Studies at the University of Dhaka.

The Other shariah scholars are Mufti Shahed Rahmani, Chief Executive Officer, of Centre for Islamic Economics Bangladesh, Mufti Yousuf Sultan, Chief Executive Officer, of ADL Advisory Malaysia, Mufti Dr Waliur Rahman Khan, muhaddis of the Islamic Foundation, Maulana Shah Mohammad Wali Ullah, khatib at Sobhanbagh Masjid and Madrassah Complex

The four economic experts are Professor Abu Taleb, professor of the Department of Banking and Insurance, University of Dhaka, AKM Nurul Fazal Bulbul, vice-chairman of Central Depository Bangladesh, Professor Md Nazim Uddin Bhuiyan of the Department of Accounting and Information Systems at the University of Dhaka, and Mezbah Uddin Ahmed of ISRA Research Management Centre at INCEIF University, Malaysia.

Bangladesh Securities and Exchange Commission (Securities Market Shariah Advisory Council) Rules, 2022, have a mandatory provision for forming a Shariah Advisory Council.

"The local and foreign investors will also be attracted to shariah-based securities required for the capital market," the BSEC officials said.

The tenure of the members, including the chairman of the council, will be three years.