KUALA LUMPUR, Feb 23 — Tan Sri Dr Mohd Daud Bakar, a prominent Islamic finance figure and the former chairman of Bank Negara Malaysia's Shariah Advisory Council, was charged in the Sessions Court here today with abetting in the unlicensed trading of securities three years ago.

Mohd Daud, 62, pleaded not guilty and claimed trial before Judge Norma Ismail, Berita Harian reported.

He was charged in his capacity as a representative of commodity trading company Energy Eco Berhad.

The charge alleges that he abetted another company, AUF MBZ, in carrying out securities trading despite AUF MBZ not holding the required Capital Markets Services Licence.

The offence allegedly took place at a business address in Rawang between June 2021 and August 2023.

The charge was framed under Section 58(1) of the Capital Markets and Services Act 2007, which carries a heavy penalty of up to RM10 million in fines, imprisonment for up to 10 years, or both, upon conviction.

During the proceedings, Securities Commission (SC) Deputy Public Prosecutor Shoba Venu Gobal argued for bail to be set at RM200,000, citing the seriousness of the non-bailable offence.

However, Mohd Daud's counsel, Mohd Haziq Razali, requested a lower amount of RM50,000, arguing that his client had cooperated fully with the investigation since 2024.

The court subsequently set bail at RM50,000 with one surety and ordered Mohd Daud to surrender his passport and report to the nearest SC office once a month.

The case has been fixed for mention on April 10.