Central Bank of Malaysia Act 2009 · Updated to 1 Nov 2020 · Part VII · Islamic Financial Business
51. Establishment of Shariah Advisory Council
Feedback & supportThe Bank may establish a Shariah Advisory Council on
Bank
“Bank” means Bank Negara Malaysia or in English, the “Central Bank of Malaysia”;
Islamic Finance which shall be the authority for the ascertainment of
Islamic law for the purposes of Islamic financial business.
Islamic financial business
“Islamic financial business” means any financial business in ringgit or other currency which is subject to the laws enforced by the Bank and consistent with the Shariah;
The Shariah Advisory Council may determine its own procedures.
Shariah Advisory Council
“Shariah Advisory Council” means the Shariah Advisory Council on Islamic Finance established under section 51;