Royal Award for Islamic Finance recipient Tan Sri Dr Mohd Daud Bakar has been charged with abetment relating to alleged unlicensed capital market activities, according to a report by The Edge.
He pleaded not guilty at the Sessions Court before judge Norma Ismail to one charge of abetment under Section 58(1) read together with Section 370(c) of the Capital Markets and Services Act 2007.
The provision prohibits carrying out regulated capital market activities, including dealing in securities, without a Capital Markets Services Licence or proper registration.
Court documents allege that he abetted AUF MBZ Consortium PLT in carrying on a business of dealing in securities without a licence between 14 June 2021 and 9 August 2023, while serving as a representative of Energy Eco Berhad.
The prosecution contends that AUF MBZ did not hold the required licence or registration to undertake such activities during that period. The charge sheet does not state the value of the transactions.
The offence carries a maximum penalty of RM10 million in fines, imprisonment of up to 10 years, or both.
Bail was set at RM50,000 with one local surety, and he must surrender his passport and report monthly to the SC’s Investigating Officer. Case management is fixed for 10 April.
Royal Award Recipient With Senior Advisory Roles
Mohd Daud is a well-known figure in Malaysia’s Islamic finance industry.
He previously chaired the Shariah Advisory Councils of Bank Negara Malaysia and the Securities Commission Malaysia and served as president of the International Islamic University Malaysia.
He is the founder of Amanie Group, a Shariah advisory firm involved in policy frameworks, product structuring and fintech-related initiatives.
In October 2022, he was named recipient of The Royal Award for Islamic Finance, a biennial award jointly organised by Bank Negara Malaysia and the Securities Commission Malaysia under the Malaysia International Islamic Financial Centre initiative.
The award, presented by the Yang di-Pertuan Agong, recognised his contributions to global Islamic finance, including advisory roles with international institutions and involvement in developing Shariah standards such as those relating to gold issued by the Accounting and Auditing Organization for Islamic Financial Institutions.
Featured image: Edited by Fintech News Malaysia, based on image by Borin via Freepik
