HK urged not to copy UK shariah products

Sunday May 4 2008 14:00

Hong Kong should follow the example of Malaysia rather than the UK in the way it approves Islamic investments to help it achieve its ambition of becoming a major financial centre for shariah products, PwC, the consultancy, said.

Hong Kong is a relative latecomer to the Islamic finance market, which is estimated to be worth $500bn (£252bn, €323bn) by Standard & Poor‘s, the ratings agency, and is growing rapidly.

Donald Tsang, chief executive of Hong Kong, said in his annual policy address in October 2007 that providing financial products that complied with Islamic laws had huge potential that the territory should pursue.

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