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GLOBAL:
The Securities & Futures Commission of Hong Kong (SFC) and the
Securities Commission Malaysia (SC) have announced that they will
continue to enhance cross-border co-operation in Islamic finance,
especially in the area of fund management. The regulators recently
organized a joint event in Hong Kong in response to the growing
interest in Islamic finance within the city-state.
Ranjit
Ajit Singh, the chairman of the SC, highlighted that Malaysia has been
the Islamic funds gateway in Asia, linking the Middle East and Europe
to this part of the world. “While Hong Kong can leverage on Malaysia’s
Islamic fund management capabilities, Malaysia at the same time would
benefit from Hong Kong’s strength as an international financial
center,” he said. The collaboration of both parties is expected to add
a new dimension to the global Islamic finance market.
Echoing
similar sentiments, Alexa Lam, SFC’s deputy CEO and executive director
for investment products, international and China, affirmed Hong Kong’s
commitment to develop its Islamic finance market. “We see Islamic
finance as a valuable proposition, one which can contribute towards
innovation and diversity in our financial market. Our robust
infrastructure and world-class reputation as well as first mover
advantage in renminbi finance and products, all combine to make Hong
Kong an excellent platform to further develop Islamic finance products
for sale to investors domestic and internationally.”
The
event also witnessed the launch of the first SFC-authorized Islamic
balanced fund in Hong Kong under the Mutual Recognition Agreement
between the SFC and the SC. Offered by Malaysia-based RHB Asset
Management (RHBAM), the RHB-OSK Islamic Regional Balanced was launched
in furtherance to the aim of enhancing the Islamic capital markets and
Islamic collective investment schemes in Hong Kong and Malaysia.
Expressing
his confidence in Hong Kong’s Islamic finance proposition Ho Seng Yee,
CEO and regional head of retail distribution at RHBAM, said: “We
believe there is significant appetite by investors interested in
participating in Islamic investment products as an alternative to other
traditional options. We in fact are planning to introduce two more
Shariah compliant funds here next year.”
Hong
Kong is also in the process of launching a Sukuk issuance of between
US$500 million to US$1 billion in the second half of this year.
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