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Updated Thursday, November 22, 2007 0:00 am TWN, AP

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Hong Kong regulator OKs city’s first Islamic fund

HONG KONG -- Hong Kong moved a step closer to positioning itself as a hub for Islamic financing after the stock regulator gave the green light for the city’s first retail fund based on Islamic, or Sharia, laws.

The announcement by the Securities and Futures Commission on Tuesday comes as Hong Kong races to catch up with regional rivals Singapore and Malaysia in tapping the estimated US$700 billion (euro473.45 billion) Islamic financial market. The Hong Kong fund, to be launched by Hang Seng Bank, a unit of global banking group HSBC, would track Hong Kong and mainland China companies that meet strict Islamic conditions, brokers said.

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