BSEC forms shariah advisory council

Bangladesh Securities and Exchange Commission (BSEC) yesterday formed a nine-member shariah advisory council to get advice on issuing shariah-compliant securities.

As per Bangladesh Securities and Exchange Commission (Securities Market Shariah Advisory Council) Rules 2022, the council should have five shariah scholars and four industry experts.

The members include Mohammad Abdur Rashid, a professor of Islamic studies department of Dhaka University; Syed Shahid Rahmani, an Islamic scholar; Yousuf Sultan, a shariah adviser and auditor; Waliur Rahman Khan, a representative from Islamic Foundation Bangladesh, and Shah Wali Ullah, an Islamic scholar, according to a press release.

The rest are Abu Taleb, a professor of the banking and insurance department of Dhaka University; AKM Nurul Fazal Bulbul, a law consultant; Md Nazim Uddin Bhuiyan, an accounting expert, and Mezbah Uddin Ahmed, a capital market expert.

The scope for issuing shariah-based securities in the capital market will now widen, the BSEC said.