Malaysia legislation
Section 3
Section 3
New sections 23a, 23b, 23c and 23d
The principal Act is amended by inserting after section 23
the following sections:
“Establishment of Shariah Advisory Committee 23a. (1) The Board shall establish a Shariah Advisory
Committee which shall be the authority for the ascertainment of Shariah matters for the purposes of advising the Board and the Investment Panel in ensuring that the management of the accounts of the members of the Fund whose elections under section 43a have come into effect complies with Shariah principles, including the contributions, investment and dividend.
(2)
The Shariah Advisory Committee may determine its own procedures.
Functions of Shariah Advisory Committee 23b. The Shariah Advisory Committee shall have the following functions:
(a)
to ascertain the application of Shariah principles on any matter relating to the accounts of the members of the Fund whose elections under section 43a have come into effect;
(b)
to advise the Board and the Investment Panel on any matter relating to Shariah and the application of Shariah principles on any matter relating to the accounts of the members of the Fund whose elections under section 43a have come into effect;
(c)
such other functions as may be prescribed by the
Board.
Appointment of members of Shariah Advisory Committee 23c. (1) The Board may appoint such number of persons, which shall not be less than three, from amongst persons who are qualified in Shariah, or who have knowledge or experience in Shariah and in banking, finance, law or such other related disciplines, as members of the Shariah Advisory Committee.
(2)
Members of the Shariah Advisory Committee shall not be entitled to any remuneration but may be paid such honorarium, and travelling and subsistence allowances, as the
Board may determine.
Employees Provident Fund (Amendment)
5
Reference to Shariah Advisory Committee 23d. (1) The Board and the Investment Panel shall refer to the Shariah Advisory Committee any matter relating to Shariah and any matter which requires the ascertainment of Shariah principles by the Shariah Advisory Committee relating to the accounts of the members of the Fund whose elections under section 43a have come into effect.
(2)
The advice given by the Shariah Advisory Committee on any matter referred under subsection (1) shall be binding on the Board and the Investment Panel.”.
Amendment of section 26