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Hong Kong Aims to Increase Islamic Finance Products |
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Sunday
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07/02/2010 |
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Source :
Global islamic finance magazine |
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The director of the Singapore-based Hong Kong Economic and Trade Office has said the Special Administrative Region is aiming to increase the number and types of Islamic finance products it has on offer. |
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The director of the Singapore-based Hong Kong Economic and Trade Office has said the Special Administrative Region is aiming to increase the number and types of Islamic finance products it has on offer.
Subrina Chow, on a visit to Brunei, admitted that bringing Islamic finance to Hong Kong is a challenge, for one very significant reason. "Hong Kong is a newcomer in Islamic finance. We do have a Muslim population [but] it is a very small group, so it has never occurred to our banks that we should have Islamic banking or Islamic finance in Hong Kong."
In spite of this, the Hong Kong government is still keen for the jurisdiction to become more involved in the industry. Chow explained, "Right now we already have Islamic bonds, which are issued in Hong Kong, and it started a few years ago, but we’re trying to see if we can further increase the volume and diversify the kind of products that are available in Hong Kong.”
Chow is visiting Brunei with the intention of forging closer business links with the Sultanate, on behalf of Hong Kong. Brunei itself is looking to become more involved in Islamic finance, as demonstrated by the speculation that it may soon issue sukuk.
Other high-profile Hong Kong government figures have previously expressed their support for Islamic finance. Financial Secretary John Tsang has consistently stressed Hong Kong's need for Islamic finance for the past few years. As early as January 2008 Tsang spoke at an Islamic finance seminar, stating, "Obviously, Islamic finance has become part of the global financial system and it offers huge potential for development and growth. To further consolidate Hong Kong's position as an international financial centre, we should actively leverage on this new trend by developing an Islamic finance platform, and focus on, among other things, developing a wholesale Islamic finance market."
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