BSEC forms Shari’ah advisory council for Islamic market development
Bangladesh’s securities regulator has created a nine-member advisory panel to guide Islamic finance activities in the country’s capital markets. The commission said the council will oversee compliance with Shari’ah principles for Islamic investment products and safeguard investors who purchase such securities.
Five Islamic scholars and four finance professionals make up the group. The scholars hold positions at universities and religious institutions across Bangladesh, while the professionals work in law, arbitration, banking and academia.
The panel takes effect immediately under the authority of the Bangladesh Securities and Exchange Commission. A statement from the regulator on Monday described the council as necessary for proper oversight of Islamic financial instruments.
