Islamic Finance Figure Daud Bakar Charged Over Securities Offence

KUALA LUMPUR – Renowned Islamic finance scholar Daud Bakar, 62, was charged in the Sessions Court with abetting unlicensed securities transactions between 2021 and 2023. Prosecutors alleged his role as a representative of Energy Eco Berhad enabled AUF MBZ Consortium PLT to operate without a Capital Markets Services Licence (CMSL). He pleaded not guilty before Judge Norma Ismail, who set bail at RM50,000 with conditions including surrendering his passport and monthly reporting to the Securities Commission.

Daud Bakar

Two businessmen, Iqbal Mohamad and Mahadi Badrul Zaman, also faced similar charges. Iqbal, a director of QEW Group Berhad, was accused of abetting AUF MBZ, while Mahadi was charged directly for conducting unlicensed securities dealings. Both pleaded not guilty, with Mahadi’s bail set at RM100,000. The case, prosecuted by the Securities Commission, will be mentioned again on April 10.

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