Central Bank of Malaysia Act 2009 · Updated to 1 Nov 2020 · Part VII · Islamic Financial Business
52. Functions of Shariah Advisory Council
Feedback & supportThe Shariah Advisory Council shall have the following functions:
Shariah Advisory Council
“Shariah Advisory Council” means the Shariah Advisory Council on Islamic Finance established under section 51;
Central Bank of Malaysia 61
Bank
“Bank” means Bank Negara Malaysia or in English, the “Central Bank of Malaysia”;
to ascertain the Islamic law on any financial matter and issue a ruling upon reference made to it in accordance with this Part;
to advise the Bank on any Shariah issue relating to Islamic financial business, the activities or transactions of the
Bank;
to provide advice to any Islamic financial institution or any other person as may be provided under any written law;
and
such other functions as may be determined by the Bank.
For the purposes of this Part, “ruling” means any ruling made by the Shariah Advisory Council 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;