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Wednesday, May 23, 2012

Hong Kong opening up to Islamic finance, Current affairs, NewAgeIslam.com

Current affairs
Hong Kong opening up to Islamic finance
By Mushtak Parker

“We recognize that Islamic finance is one of the major growth areas in the financial services industry, and Hong Kong being an international financial center involved in financial intermediation activities, we feel that we need to provide a full suite of financial products to market participants round the world. And obviously if you don’t have Islamic finance you are missing a big market segment. Since the beginning of 2007, we have been talking to the market players about the opportunities, potential and the impediments in developing Islamic finance in Hong Kong. The market players came up with a very positive report, stressing that they see great potential in the Islamic finance sector.”

Due to the very rapid GDP growth in China over the last few years, which last year touched 11 percent to 12 percent per annum, Hong Kong’s economy has similarly benefited from this growth. In 2007, GDP growth in Hong Kong totaled six percent, although this year it is projected to slowdown slightly to four percent or five percent because of the uncertainty in the international financial markets due to the global credit crunch as a result of the subprime mortgage crisis in the US.

http://newageislam.com/-hong-kong-opening-up-to-islamic-finance/current-affairs/d/123


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