HK holds Islamic banking seminar

Focused on developing Islamic capital markets.

The Islamic Financial Services Board (IFSB) organized recently hosted a Seminar on Strategies for the Development of Islamic Capital Markets in Hong Kong hosted by the Hong Kong Monetary Authority.

 The seminar sought to promote discussions, understanding and experience-sharing in the area of Islamic capital markets.

HKMA Deputy Chief Executive Peter Pang said that being an international financial centre, it is important for Hong Kong to embrace Islamic finance given its rising prominence in the global financial arena.

“The development of an Islamic capital market in Hong Kong will open up new opportunities for our financial sector. We should take full advantage of Hong Kong’s position as a gateway to Mainland China in developing the Islamic capital market. The HKMA is very pleased to host this seminar and will continue to work closely with the Government and the industry in furthering the development of this segment in the city.”

Jaseem Ahmed, Secretary-General of the IFSB, said that thanks to its inherent features and widening appeal, Islamic finance has displayed remarkable growth over the years.

“As far as the Islamic capital market is concerned, we have seen strong growth in Shariah-compliant securities, or Sukuk market. Sukuk issuances reached $131 billion in 2012, a 54% increase over 2011, and are expected to reach new heights in 2013.”