BSEC forms shariah advisory council

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

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

The council members include Mohammad Abdur Rashid, a professor of Islamic studies department of Dhaka University; Syed Shahid Rahmani, an Islamic scholar; Yousuf Sultan, a certified 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 four members are Abu Taleb, a professor of the banking and insurance department of Dhaka University; AKM Nurul Fazal Bulbul, a law consultant; Prof Md Nazim Uddin Bhuiyan, an accounting expert, and Mezbah Uddin Ahmed, a capital market expert.

With the launch of the shariah advisory council, the scope for issuing Islamic or shariah-based securities in the capital market will widen, the BSEC said in the press release.

Moreover, people who want to invest in shariah-compliant stocks will be encouraged, it added.