The Securities and Futures Commission (SFC) and the Securities Commission Malaysia (SC) today jointly organised a seminar in Hong Kong to explore the potential of Hong Kong as an Islamic fund platform.
In her opening remarks, the SFC’s Deputy Chief Executive Officer and Executive Director, Investment Products, International and China, Mrs Alexa Lam, said Hong Kong is keen to further develop its Islamic finance market.
“We see Islamic finance as a valuable proposition, one which can contribute towards innovation and diversity in our financial market,” she said. “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.”
“The SFC and the SC have enjoyed a close and mutually beneficial relationship,” Mrs Lam added. “The SFC will continue to work closely with the SC, as well as the global Islamic finance community, to develop Hong Kong’s Islamic finance platform.”
“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,” said Mr Ranjit Ajit Singh, Chairman of the SC.
“Malaysia has been the Islamic funds gateway in Asia, linking the Middle East and Europe to this part of the world. While Hong Kong can leverage on Malaysia’s Islamic fund management capabilities, Malaysia at the same time would benefit from Hong Kong’s strength as an international financial centre,” he said.
“This potent combination can add a new dimension to the global Islamic finance market. Today, we also see the launch of the first SFC-authorized Islamic balanced fund in Hong Kong under the Mutual Recognition Agreement between the SFC and the SC. We will continue our close cooperation with the SFC and work with other stakeholders to strengthen the Hong Kong – Malaysia Islamic finance proposition,” added Mr Singh.
The half-day event brought together over 100 policy makers, regulators and international industry participants from Hong Kong and Malaysia.