Bankers in Hong Kong and Malaysia are partnering to improve Islamic business by issuing Islamic bonds and mutual funds called sukuk to investors in both the countries.
Bank Negara Malaysia and Hong Kong Monetary Authority expect that finding potential sukuk issuers can benefit in enhancing their funding sources.
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Hong Kong has passed a tax bill to facilitate sukuk issuance in July.
Malaysia, which has the largest base of Islamic mutual funds worldwide, has an agreement with the Dubai Financial Services Authority to market the funds in the Gulf region.
Eight commercial banks and three fund managers that attended a private-sector forum hosted by regulators this week in Hong Kong to create awareness of Islamic finance in the first half of 2014, reported Reuters.
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