KUWAIT, Jan 1 (KUNA) -- Hong Kong managed over five years to establish
Islamic Shariah compliant organizations, authorities, products and services, a
report by Kuwait Finance House (KFH) said here Tuesday.
KFH-Research highlighted high potential for Islamic banking in Hong Kong,
because Hong Kong has high liquidity, free economy, strong presence of foreign
banks and simple taxes' system, which makes it a great candidate to become a
major Islamic financial hub.
Hong Kong is also considered, according to the report, to be a gate to
China that has a robust market. In addition, Hong Kong held cooperation
agreements with Dubai to reinforce cooperation in the field of promoting and
developing sectors of Islamic banking, in order to take advantage of the
liquidity in the GCC region. Hong Kong works on issuing a legislation that
organizes Sukuk, so that it can attract more Sukuk issuance from neighboring
countries, such as Malaysia, that took many initiatives in Hong Kong for the
past six years. (end)
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