Malaysia Gold Association Appoints World’s First Independent Shariah Advisory Board

Wed July 09 2025

The Malaysia Gold Association (MGA) has officially appointed the world’s first independent institutional Shariah Advisory Board dedicated to overseeing Shariah compliance across the entire precious metals ecosystem.

This milestone initiative is aimed at strengthening Malaysia’s position in Shariah-compliant gold trading and Islamic finance, providing Shariah governance and standardised references for both physical and financial gold transactions.

The board, comprised of leading Shariah scholars and practitioners, will offer independent oversight and guidance to ensure all industry activities comply with Shariah requirements. The founding members include:

· Datuk Prof. Dr Mohamad Akram Laldin (Chairman), Professor at INCEIF University;

· Khairun Najmi Saripudin, an experienced advisor in Shariah and regulatory development;

· Zikri Shairy, a practitioner in Islamic finance and Shariah risk management.

According to MGA President Dato’ Wira Louis Ng, the appointment reflects Malaysia’s growing leadership in ethical gold trading. “By institutionalising Shariah oversight within the industry, MGA is setting new standards for compliance and building greater trust among investors and consumers particularly within the global Muslim community,” he said.

The initiative also aims to encourage innovation in Islamic gold products, including bullion-backed instruments, sukuk structures, and gold savings schemes, while collaborating with regulators to harmonise Shariah principles with statutory standards.

With demand for Shariah-compliant investments rising across Southeast Asia, the Middle East and Africa, the new Shariah Advisory Board provides a clear framework for ethical and transparent offerings amid the rapid growth of digital platforms and cross-border gold products.

MGA remains the only organisation globally to have set up an independent Shariah board exclusively for the precious metals sector.

Source: https://www.businesstoday.com.my