What’s the main role of the Shariah Advisory Council (SAC) in Bank Negara Malaysia?

• Approving Islamic financial products
• Advising on Shariah compliance in Islamic finance
• Managing Islamic banking operations
• Overseeing conventional financial regulations

IFSA 2013 one of law officially established the Shariah Advisory Council (SAC)?

Who appoints the members of the Shariah Advisory Council (SAC)?

• The Board of Directors of Bank Negara Malaysia
• The Malaysian Government
• The Board of Directors of Islamic banks
• Each Islamic financial institution

What’s the key responsibility of a Shariah Committee in an Islamic financial institution?

• At least 5 members
• At least 7 members
• At least 3 members
• No specific requirement