Hong Leong Bank launches Islamic banking
HONG KONG — Malaysian lender Hong Leong Bank has become the first bank to be allowed to offer comprehensive Islamic banking services in Hong Kong.
The bank aims to tap the markets of mainland China and West and North Asia through this platform leveraging on Hong Kong’s status as an international financial centre.
Islamic banking is based on sharia, or Islamic law. It requires that gains be derived from ethical and socially responsible investments and frowns on interest-based banking and sectors involving pork, gaming and pornography.
Hong Kong’s government has been showcasing the territory as a potential centre for Islamic finance in a bid to attract petrodollars from booming Middle East economies.
“With colossal projects in China like power plants, transmission grids, refineries, pipelines, utilities, ports and LNG facilities in the offing, Hong Kong can attract sharia compliant financing structures,” said Yvonne Chia, CEO of Hong Leong Bank.
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