Monetary Authority Deputy Chief Executive Peter Pang opened an Islamic finance conference in Hong Kong today, held with Bank Negara Malaysia.
The meeting is to raise interest in sukuk, or Islamic financial certificates, as a viable financing and investment instrument for the Hong Kong and Mainland markets.
The half-day conference saw regulators and Islamic finance leaders discuss sukuk-related issues, including global sukuk market trends, Islamic finance business opportunities in Hong Kong, and practical issues in structuring sukuk.
About 200 people participated.
Mr Pang said Hong Kong's financial platform is ready for sukuk issuance with the required tax platform in place, adding the Monetary Authority is working with the Government to issue government sukuk to lead-off the city's sukuk market.
The bank’s Deputy Governor Muhammad Ibrahim said the conference marks a significant step in boosting collaboration, adding he looks forward to sharing expertise in the structuring, managing and distribution of sukuk, and providing advice on legal and Shariah matters.
Mr Ibrahim emphasised the importance for new markets to adopt international standards and best practices, coupled with a proper governance framework to facilitate Islamic finance transactions and instil investor confidence.
Potential areas of collaboration include the dual listing of sukuk, leveraging on Malaysia's Shariah governance framework and arbitration platform, and developing Islamic finance talent, he added.
