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Updated Thursday, October 11, 2007 0:00 am TWN, AFP

Hong Kong aims to become hub for Islamic finance

HONG KONG -- Hong Kong’s chief executive said Wednesday the city would look to emulate Malaysia and Singapore as a center for Islamic finance, in an effort to grab a slice of the thriving market.

In his annual policy address, Donald Tsang said providing financial products that comply with Islamic law “offers huge potential for development.”

“To further consolidate Hong Kong’s position as a global financial center, we should actively leverage on this new trend by developing an Islamic financial platform in Hong Kong,” Tsang told legislators.

Malaysia retains the world’s largest Islamic bond market, accounting for about US$47 billion or two-thirds of total Islamic bonds outstanding worldwide. Singapore has also pushed to establish itself as an Islamic banking center.

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