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The securities regulator has formed a nine-member Shariah advisory council to facilitate the issuance of Shariah-compliant securities and promote the development of an Islamic capital market.
The Bangladesh Securities and Exchange Commission (BSEC) on Sunday announced the names of the council members.
As per the 2022 rules governing the formation of the Shariah advisory council, it must consist of five Shariah scholars and four industry experts.
Professor Dr Nakib Muhammad Nasrullah, vice chancellor of the Islamic University of Bangladesh, has been appointed chairman of the council. The other four Shariah scholars are Dr Mohammad Morizur-E-Elahi, professor of Islamic Studies at National University; Mufti Masum Billah, senior deputy mufti and muhaddis at Jamia Islamia Darul Ulum Mirpur; and Dr Md Ruhul Amin, assistant professor at the Department of Islamic Studies, Manarat International University.
The four industry experts selected for the council are Professor Dr Mohammad Kabir Hassan, from the Department of Economics and Finance at the University of New Orleans, USA; Barrister Omar Sadat, senior advocate at the Supreme Court; A.K.M. Majedur Rahman, CEO of Bangladesh International Arbitration Centre; and Mohammad Abdur Rahim, CFO of Islami Bank Bangladesh.
Md Abul Kalam, BSEC director and spokesperson, said there is a substantial demand for Shariah-compliant securities, but the supply has remained limited.
"More Islamic securities can be listed in the capital market through the council. Local and foreign investors will also be attracted to these securities," he added.
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