Just as pro-democracy demonstrators take to the streets of Hong Kong, the communist masters who hold sway over that city have embraced a different form of totalitarianism: Shariah, through the financial trap door.
Hong Kong is expected to see more Shariah bond (sukuk) issuances in the near future, following the launch of its first such bond this month.
This is the first US dollar-denominated Shariah bond issued by an AAA-rated government.
Hong Kong will launch the pioneering Shariah bond to raise US$1 billion in the city’s latest effort to promote Shariah finance.
The five-year sukuk will be listed in Hong Kong, Malaysia and Dubai.