Islamic finance leader Daud Bakar charged over securities conspiracy

2026-02-23 - 05:23

Daud Bakar previously served as chairman of the shariah advisory councils at both Bank Negara Malaysia and Securities Commission Malaysia. (Bernama pic) KUALA LUMPUR: Islamic banking figure Daud Bakar pleaded not guilty in the sessions court here today to a charge of conspiring to deal in securities without a capital markets services licence. Daud, who previously served as chairman of the shariah advisory councils at both Bank Negara Malaysia and Securities Commission Malaysia, entered his plea before judge Norma Ismail after the charge was read to him. The 62-year-old was charged under Section 58(1) of the Capital Markets and Services Act 2007, which prohibits anyone from carrying out a regulated activity, including dealing in securities, without a valid capital markets services licence or being a registered person. According to the charge sheet, Daud allegedly conspired with AUF MBZ Consortium PLT and two individuals linked to the entity between June 14 and Aug 9, 2021. AUF MBZ was neither a holder of a capital markets services licence nor registered to deal in securities. The prosecution claimed the alleged conspiracy involved dealings connected to Energy Eco Bhd, which Daud was said to represent. The charge sheet did not disclose the value of the securities involved. If convicted, Daud faces a fine of up to RM10 million, imprisonment of up to 10 years, or both. The court granted bail of RM50,000 with one surety. Daud was also ordered to surrender his passport and report monthly to Securities Commission Malaysia pending the disposal of the case. Case management is set for April 10. Lawyer Haziq Razali represented Daud while Securities Commission deputy public prosecutor Shoba Venu Gobal appeared for the prosecution. MORE TO COME