HONG KONG, Jan 16 (APP): The Hong Kong Monetary Authority (HKMA) and the Islamic Financial Services Board (IFSB) jointly held a Seminar on Islamic Finance Tuesday to promote discussion of the development of an Islamic financial platform in Hong Kong.
Around 280 delegates attended the seminar, including representatives from central banks, financial regulators, prominent commercial bankers, market professionals and legal practitioners from Hong Kong and the region, and representatives from Dubai, Saudi Arabia, Kuwait, Bahrain and European countries.
HKMA Chief Executive Joseph Yam said: “The importance of Islamic finance is rising in the global financial market. As an international financial center, Hong Kong is stepping up its efforts to promote its financial services to major Islamic countries and regions, and developing an Islamic bond market.”
IFSB Secretary-General Professor Rifaat Ahmed Abdel Karim said: “The IFSB hopes that the global perspectives on Islamic finance presented by the regulators and industry practitioners in the Seminar will contribute to greater understanding of Islamic finance as a viable form of intermediation that promotes the growth of real economic activities together with social justice, as well as highlight the challenges, issues and opportunities in the introduction of Islamic finance in Hong Kong.”
Speakers with a wide background and experience in the Islamic financial field examined the opportunities and challenges facing the Islamic financial services industry.
They discussed the operational and business structural issues for institutions wishing to establish an Islamic financial services unit and the convergence of the Islamic financial services industry with the mainstream financial services industry.