The Shariah Supervisory Council (SSC) of Labuan FSA was established in 2002 under the Labuan Islamic Financial Services and Securities Act 2010 (Act 705). The SSC serves as the authoritative body for determining Islamic law applicable to businesses regulated or supervised by Labuan FSA. The council members are responsible for reviewing and ensuring the compliance of proposed financial instruments with Shariah requirements, and also advises Labuan FSA on the development of principles related to Islamic jurisprudence.
The SSC is composed of internationally recognized scholars in Islamic finance, both from Malaysia and abroad, who are appointed by the Labuan FSA’s Authority. The current members of the SSC, serving from 1 August 2026 to 31 July 2028, are as follows:
Professor The International Centre for Education in Islamic Finance University (INCEIF), Malaysia
Datuk Professor Dr. Mohamad Akram Laldin (Chairman)
Professor, The International Centre for Education in Islamic Finance University (INCEIF), Malaysia
Datuk Professor Dr. Mohamad Akram Laldin is a prominent academic currently serving as a Professor at INCEIF University. Possessing a wealth of experience in Islamic banking and finance, he previously held the pivotal role of Executive Director at the International Shariah Research Academy for Islamic Finance (ISRA).
Renowned for his expertise in Islamic jurisprudence, Datuk Prof. Akram is a sought-after Shariah advisor to numerous domestic and international financial institutions, including Bank Negara Malaysia, the Employees Provident Fund, Lembaga Tabung Haji, Dubai Islamic Bank, Yassar Limited and many more.
Datuk Prof. Akram holds a PhD in Principles of Islamic Jurisprudence (Usul al-Fiqh) from the University of Edinburgh, Scotland, and a Bachelor of Arts (Hons) in Islamic Jurisprudence and Legislation from the University of Jordan, Amman, Jordan.
Honorary Professor IIUM Institute of Islamic Banking and Finance (IIiBF) International Islamic University Malaysia
Professor Dr. Engku Rabiah Adawiah Engku Ali (Deputy Chairman)
Honorary Professor, IIUM Institute of Islamic Banking and Finance (IIiBF) International Islamic University Malaysia
Honorary Professor, IIUM Institute of Islamic Banking and Finance (IIiBF) International Islamic University Malaysia
Professor Dr. Engku Rabiah Adawiah is a distinguished academic and among the leading authority in Islamic finance. She holds an Honorary Professorship at the IIUM Institute of Islamic Banking and Finance and is a two-time recipient of the prestigious Most Outstanding Individual Contribution award from Deloitte, bestowed upon her in 2004 and 2014 at the Kuala Lumpur Islamic Finance Forum (KLIFF) for her exceptional contributions to the field.
Prof. Engku Rabiah serves as Shariah advisor to key institutions in Malaysia's Islamic finance landscape, including Bank Negara Malaysia, Securities Commission Malaysia, the Employees Provident Fund, Bursa Malaysia, and Labuan Re. She also served on the Shariah Boards of several Khazanah exchangeable sukuks and has previously held positions on the Shariah committees of numerous financial institutions.
She earned her LLB (First Class Honours) and LLB (Shariah) (First Class Honours) from International Islamic University Malaysia (IIUM), followed by a Master of Comparative Laws (MCL) from the same institution. She later obtained a PhD in Law from the University of Aberdeen, UK.
Sheikh Professor Dr. Mohamed Ali Elgari is a former professor of Islamic Economics and Director of the Centre for Research in Islamic Economics at King Abdulaziz University. As a recognized Shariah expert, he held influential positions at the Islamic Jurisprudence Academy of the Organisation of the Islamic Conference (OIC) and the Islamic World League.
Sheikh Elgari served on the Shariah Board of the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI) and was a member of numerous Shariah boards for Islamic banks and takaful companies worldwide, holding over 60 such positions.
He has contributed significantly to the field of Islamic finance through his books, articles, and conference presentations. His exceptional work was recognized with the Islamic Development Bank prize in Islamic banking and finance in 2004.
Mr. Razi Shafeek Fakih is a seasoned professional and international icon in Islamic banking, with over three decades of experience. He is the Founder and Director of Waseeya Holdings Ltd, a UK-based Legal-Tech company providing estate planning services, and True Ilm Ltd, an Edu-Tech company offering online Islamic education materials.
Mr. Fakih has held senior positions within the HSBC Group, including Deputy CEO of HSBC Amanah, where he was responsible for the global performance of HSBC Amanah. He also served as Deputy CEO at Bank Al Bilad in Saudi Arabia.
He is an Associate Member of the Institute of Chartered Accountants of India and holds a Bachelor of Commerce degree from the University of Bombay.
IIUM Institute of Islamic Banking and Finance (IIiBF) International Islamic University Malaysia
Professor Dato’ Dr. Aznan Hasan
Professor, IIUM Institute of Islamic Banking and Finance (IIiBF) International Islamic University Malaysia
Professor Dato’ Dr. Aznan Hasan is a distinguished Shariah scholar and Professor at the IIUM Institute of Islamic Banking and Finance (IIiBF), International Islamic University Malaysia. He is also the Founding President of the Association of Shariah Advisors in Islamic Finance Malaysia (ASAS).
Dr. Aznan serves on numerous prominent Shariah advisory bodies in Malaysia and internationally. He was the Chairman of the Shariah Advisory Council of the Securities Commission Malaysia and holds advisory roles with institutions including the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Central Bank of the UAE, International Islamic Financial Market (IIFM), Employees Provident Fund (EPF), and several Islamic financial institutions. An active researcher and contributor to the Islamic finance industry, Dr. Aznan has undertaken more than 80 research projects and delivered over 100 presentations in the areas of Shariah and Islamic finance.
Dr. Aznan obtained his first degree in Shariah from Al-Azhar University, followed by a Master’s degree in Shariah from Cairo University. He subsequently earned his PhD from the University of Wales, Lampeter, United Kingdom.
