Hong Kong can help promote the growth of Islamic finance by matching the investment demand of Muslim economies with opportunities available on the Mainland and around the world, Monetary Authority Chief Executive Joseph Yam says.
He backed the Government's initiative in introducing an Islamic finance platform in Hong Kong, adding the city and the Middle East will benefit from the significant momentum and growth opportunities it will bring to world financial markets.
The authority, Treasury Markets Association and Trade Development Council jointly presented the Hong Kong Showcase on Islamic Finance in a roadshow on May 11 in Dubai and May 12 in Amman.
Discussion avenue
Speaking at the roadshow, Treasury Markets Association Executive Board Chairman Eddie Yue said the financial industry in Hong Kong should seek to become an important player in the booming Islamic finance arena.
"In this regard the association can play a significant role in providing an avenue for open and useful discussions and the sharing of experiences from experts in this field."
Trade Development Council Executive Director Fred Lam said Hong Kong is making headway in forging a closer economic relationship with the Middle East through the solid progress it is realising in the area of Islamic financing.
"We at the council are seeking to build on this momentum by continuing to facilitate closer business ties between the two areas, and to bring more Middle East delegates to Hong Kong to understand our markets, particularly during the second Asian Financial Forum, a high-level conference to be held in Hong Kong in January 2009."
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