Shariah advisory council, committee dissolved

The securities regulator has discarded the Shariah advisory council and its selection committee to facilitate the issuance of fresh Shariah-compliant securities.

The Bangladesh Securities and Exchange Commission (BSEC) on Thursday dissolved the committees by issuing two directives.

As per the Bangladesh Securities and Exchange Commission (Securities Market Shariah Advisory Council) Rules 2022, the previous commission formed a selection committee in 2023. The committee later formed a Shariah advisory council the same year based on the criteria set in the rules.

BSEC spokesperson Md. Abul Kalam said the regulator would form a new selection committee very soon and the council would be formed based on its recommendations.

"Both the existing bodies have been discarded as there are some controversial members in the committees," he said.

Earlier, the securities regulator introduced Shariah rules and subsequently made two committees to widen the scope of issuing Shariah-based securities in the capital market.

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