BSEC forms shariah council for Islamic securities

The stock market regulator formed a Shariah advisory council recently for ensuring proper issuance of Islamic securities products in the market.

Shariah is the Islamic legal system based on the Qur'an, the Sunnah or teachings and practices of the Prophet Muhammad (PBUH), the consensus of Islamic scholars (Ijma), and analogical reasoning (Qiyas).

Informing of it in a notice, the Bangladesh Securities and Exchange Commission said it was necessary to ensure proper issuance of Shariah-based securities and accordingly protect investors' interests.

The council is also necessary for the development of an Islamic capital market, the regulator said.

The council comprises nine members—five Shariah scholars and four experts from different industries.

Prof Nakib Muhammad Nasrullah, vice-chancellor of the Islamic University, is the council's chairman.

Of the others, Mohammad Monzur-E-Elahi is a professor of Islamic studies of National University, Mufti Masum Billah is a senior mufti and muhaddis of Jamia Islamia Darul Uloom, Mufti Abdullah Masum is a senior deputy mufti of Jamia Shariah Malibagh and Md Ruhul Amin is an assistant professor of the Department of Islamic Studies at Manarat International University.

Prof Mohammad Kabir Hassan, a professor of the Department of Economics and Finance of the University of New Orleans of USA, Omar Sadat, a senior advocate of the Supreme Court of Bangladesh, AKM Majedur Rahman, CEO of Bangladesh International Arbitration Centre, and Mohammad Abdur Rahim, CFO of Islami Bank, are also in the council.