The Securities Commission Malaysia (SC) and the Securities and Futures Commission of Hong Kong (SFC) have agreed to work together to promote Islamic finance in Hong Kong.
The comments were made at an Islamic funds seminar in Hong Kong that brought together over 100 policy makers, regulators and fund managers from Hong Kong and Malaysia.
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The seminar included a range of topics relating to Islamic funds and Islamic finance such as structuring and regulatory aspects of Islamic funds to a macro view on the Islamic fund industry landscape.
The move will strengthen cross border co-operation between the two markets in Islamic finance, particularly in the area of fund management.
Through this deal, Hong Kong will be able to use Malaysia’s Islamic fund management capabilities, while Malaysia will benefit from Hong Kong’s strength as an international financial centre.
This mutual cooperation will also include initiatives on capacity building and promotion of educational programs concerning Islamic collective investment schemes and other Islamic investment products.
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By GlobalDataDatuk Ranjit Ajit Singh, chairman of the SC, said: "The joint seminar is an excellent platform for market leaders and other capital market professionals from Malaysia and Hong Kong to exchange views and explore the many opportunities that the linkage between Hong Kong and Malaysia offers.
"Malaysia has been the Islamic funds gateway in Asia, linking the Middle East and Europe to this part of the world. We will continue our close cooperation with the SFC and work with other stakeholders to strengthen the Hong Kong – Malaysia Islamic finance proposition," added Ajit Singh.
Alexa Lam SFC deputy CEO and executive director investment products international and china said that Hong Kong is seeking to further exapnd its Islamic finance 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," Lam added.
