The Shariah Advisory Council of Bank Negara Malaysia (the SAC) 172nd Meeting

The Shariah Advisory Council of Bank Negara Malaysia (SAC) in its 172nd meeting on 29 November 2016 discussed the following:

Appointment of Chairman and Deputy Chairman of the SAC
As this is the first SAC meeting for the new term of 2016-2019, the SAC decided on the appointment of its Chairman and Deputy Chairman. Datuk Dr. Mohd Daud Bakar and Prof. Dr. Ashraf Md. Hashim have been appointed as the Chairman and the Deputy Chairman of the SAC respectively.

The SAC’s Meeting Procedures
As stated in the Central Bank of Malaysia Act 2009, the SAC may determine its own procedures. Therefore, the SAC also discussed and approved its meeting procedures that outline conducts of the meeting which include chairmanship, frequency of meetings, quorum, decision making procedures, etc. The meeting procedures will serve as governance procedures for the SAC meetings throughout the term.

Tawarruq financing product
The SAC has approved the proposal on linking of tawarruq financing product with another tawarruq account which enables the customer to withdraw any excess amount in the future.