Examples of Shariah Advisory Council in a sentence
Gain or profit received from the investment in Islamic securities, other than convertible loan stock, which are issued in accordance with the principles of Mudharabah, Musyarakah, Ijarah, Istisna’ or any other principle approved by the Shariah Advisory Council established by the SC under the Capital Markets and Services Act 2007.
He has actively participated in various industry development initiatives namely the International Organization of Securities Commission (IOSCO) Task Force on Islamic Capital Market, Islamic Financial Services Board’s (IFSB) Governance of Islamic Investment Funds Working Group, technical member for the publication of Resolutions of the Securities Commission Shariah Advisory Council and Islamic Capital Market educational and promotional programs.
This risk refers to the risk that the currently held Shariah-compliant equity securities in the portfolio of Shariah-compliant funds may be reclassified as Shariah non-compliant in the periodic review of the securities by the Shariah Advisory Council (“SAC”) of the Securities Commission Malaysia (“SC”), the Shariah Adviser or the Shariah Supervisory Boards of relevant Islamic indices.
As for the securities which are not certified by the Shariah Advisory Council of the Securities Commission, we have reviewed the said securities and opine that these securities are designated as Shariah-compliant.
In the event of a dispute or difference of opinion whatsoever in respect of, relating to, or in connection with Shariah, the parties shall refer the matter to the Shariah Advisory Council of BNM and such ruling shall be binding and conclusive.