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BSEC forms Shariah Advisory Council to attract investors

FE REPORT | January 17, 2023 00:00:00

The securities regulator has formed a nine-member Shariah Advisory Council to facilitate the issuance of shariah-based securities and formation of Islamic Capital Market.

Bangladesh Securities and Exchange Commission (BSEC) on Monday announced the names of the members for the council.

The council consists of five shariah scholars and four experts.

Dr Mohammad Abdur Rashid has been made the chairman of the council. The other four shariah scholars are: Mufti Shahid Rahmani, Mufti Yusuf Sultan, Mufti Dr Waliur Rahman Khan and Maulana Shah Waliullah.

Four experts selected for the council are: Prof Abu Taleb, AKM Nurul Fazal Bulbul, Prof Md Nazim Uddin Bhuiyan and Mezbah Uddin Ahmed.

Bangladesh Securities and Exchange Commission (Securities Market Shariah Advisory Council) Rules, 2022 has a mandatory provision for forming a Shariah Advisory Council.

The BSEC officials said the opportunity of enlisting Islami shariah-based securities will be created in the capital market through the council.

"The local and foreign investors will also be attracted to shariah-based securities required for the capital market," the BSEC said in a release.

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