(MENAFN- Kuwait News Agency (KUNA)) Hong Kong managed over five years to establish Islamic Shariah compliant organizations, authorities, products and services, a report by Kuwait Finance House (KFH) said here Tuesday.
KFH-Research highlighted high potential for Islamic banking in Hong Kong, because Hong Kong has high liquidity, free economy, strong presence of foreign banks and simple taxes' system, which makes it a great candidate to become a major Islamic financial hub.
Hong Kong is also considered, according to the report, to be a gate to China that has a robust market. In addition, Hong Kong held cooperation agreements with Dubai to reinforce cooperation in the field of promoting and developing sectors of Islamic banking, in order to take advantage of the liquidity in the GCC region.
Hong Kong works on issuing a legislation that organizes Sukuk, so that it can attract more Sukuk issuance from neighboring countries, such as Malaysia, that took many initiatives in Hong Kong for the past six years.
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