Hong Kong now one step closer to becoming an Islamic Finance Centre

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) October 29, 2007 -- Mr. John Tsang, Hong Kong’s Financial Secretary was quoted as saying “ Hong Kong wants a slice of the 1 trillion US Dollar Islamic finance market and is taking steps to develop a local Islamic bond market. Islamic finance is an important element of the global financial system. For Hong Kong to be a major international financial centre, not just in the region, but globally, then Islamic finance must be among our portfolio of products and services.”

In a move to sustain Hong Kong’s aspirations in Islamic Finance, The Arab Chamber of Commerce & Industry in Hong Kong (Arabcci) is pleased to announce the establishment of the first qualified Shariah Advisory Council in Hong Kong.

“We fully support the Financial Secretary’s initiative but realised that Hong Kong was sadly lacking the necessary infrastructure to support Islamic and Shariah compliant financial transactions. This is one of the reasons Arabcci decided to establish its Hong Kong Shariah Advisory Council. Arabcci in Hong Kong is now fully equipped to provide Shariah related advice and Shariah Compliancy Certification to both investors and issuers” said Lord Edwin Hitti, President of Arabcci.

Arabcci’s Shariah Advisory Council is composed of scholars and professionals fully conversant with Shariah. The current members of the council are: -

Mufti Muhammad Arshad – Chief Imam of Hong Kong,

Lord Edwin Hitti – President of the Chamber and Economic Advisor;

Dr. A S Johan – Vice President of the Chamber and Consultant Forensic Accountant;

Mr. Abdul Kareem Cheung – Solicitor and Corporate Finance Adviser; and

Mr Zubair M. Latif – Markets Editor, “The Standard” Newspaper in Hong Kong.

According to Dr A S Johan, “ Arabcci’s Hong Kong Shariah Advisory Council has begun offering a range of specialized services for companies and funds seeking to attract investments from Shariah compliant investors worldwide. Hong Kong and PRC companies in Hong Kong can now structure their offerings in compliance with Shariah directly from Hong Kong. Arabcham’s services could be used as a one stop center.”

With the availability in Hong Kong of these specialized Shariah services, Hong Kong can now become a serious player in the global Islamic Finance space. END

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