BSEC forms 9-member shariah advisory council 

The Bangladesh Securities and Exchange Commission (BSEC) has formed a nine-member Shari'ah Advisory Council consisting of Shari'ah scholars and industry experts.

In this regard, the stock market regulator issued an order on 22 October, which was made public today (26 October).

The order stated that the commission deems it necessary to form a Shari'ah Advisory Council to ensure the proper issuance of Islamic Shari'ah-based securities and the protection of investors' interests in such securities, in line with Islamic Shari'ah principles, as well as to promote the development of the Islamic capital market in Bangladesh.

The commission formed the council in accordance with the Bangladesh Securities and Exchange Commission (Securities Market Shariah Advisory Council) Rules 2022, the order added.

The council will advise the BSEC on the formation and development of the Islamic capital market, including various types of Islamic Shari'ah-based securities.

Professor Nakib Muhammad Nasrullah, vice-chancellor of Islamic University, Kushtia, has been appointed as the chairman of the council.

The council members include Shari'ah scholar Mohammad Monzur-E-Elahi, professor of Islamic Studies at National University; Mufti Masum Billah, senior mufti at Jami'ah Shariyyah Malibagh; Mufti Abdullah Masum, senior deputy mufti of the same organisation, and Md Ruhul Amin, assistant professor in the Department of Islamic Studies at Manarat International University.

Finance and banking expert Professor Mohammad Kabir Hassan of the Department of Economics and Finance, University of New Orleans, USA; Barrister Omar Sadat, senior advocate and capital market expert; AKM Majedur Rahman, CEO of Bangladesh International Arbitration Centre; and accounting expert Mohammad Abdur Rahim have also been made members of the council.