Hong Kong plans Islamic bond market

September 11, 2007 12:14

Hong Kong's financial secretary says he wants to launch a market for Islamic bonds and has ordered regulators to study how to reconcile Muslim financial rules with local laws. John Tsang said in a speech at a financial conference Monday that major international banks and other financial centers have ventured into Islamic financing and Hong Kong needs to catch up. "Islamic finance is an important element of the global financial system. For Hong Kong to be a major international financial center - not just in the region, but globally - then Islamic finance must be among our portfolio of products and services," Tsang said, according to a transcript of the speech seen Tuesday.

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