BSEC forms 9-member Shariah Advisory Council to guide Islamic capital market

The Bangladesh Securities and Exchange Commission (BSEC) has formed a nine-member Shariah Advisory Council to ensure proper issuance of Islamic Shari'ah-based securities and strengthen investor protection in the Islamic capital market.

The council, formed through an official order on 22 October, will advise the commission on the compliance and certification of Islamic Shari'ah-based securities (ISBS) and other related market activities, aiming to promote a robust and transparent Islamic capital market in Bangladesh.

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

Its other members are Prof Dr Mohammad Monzur-E-Elahi, Professor of Islamic Studies, National University, Gazipur; Mufti Masum Billah, Senior Mufti and Muhaddis, Jamia Islamia Darul Ulum, Mirpur, Dhaka; Mufti Abdullah Masum, Senior Deputy Mufti, Jami'ah Shariah, Malibagh, Dhaka; Dr. Md. Ruhul Amin, Assistant Professor, Department of Islamic Studies, Manarat International University; Prof Dr Mohammad Kabir Hassan, Professor of Finance, University of New Orleans, USA; Barrister Omar Sadat, Senior Advocate, Supreme Court of Bangladesh; AKM Majedur Rahman, CEO, Bangladesh International Arbitration Centre; and Mohammad Abdur Rahim, Chief Finance Officer, Islami Bank Bangladesh Limited.

According to the BSEC, the council comprises leading Shari'ah scholars and industry professionals who will advise the Commission on the compliance and certification of Islamic Shari'ah-based securities (ISBS) and related market activities.

The commission said the initiative aims to promote a robust Islamic capital market in Bangladesh by ensuring transparency, investor confidence, and alignment with international Shari'ah standards.