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| HK And Malaysia Sign MOU For Islamic Finance Cooperation |
by Mary Swire, LawAndTaxNews.com, Hong Kong
Wednesday, September 30, 2009
The Hong Kong Monetary Authority has signed a memorandum of understanding
with Bank Negara Malaysia to work closely in the development of the financial
services industry, particularly Islamic finance.
Aimed at a long-term strategic partnership, both parties have agreed to facilitate
and promote the development of an effective financial market infrastructure,
through the exchange of information and experience in developing legal, regulatory
and supervisory frameworks for Islamic finance.
Both sides also agreed to promote cross-border financial activities through
exploring harmonisation of standards and documentation relating to Islamic finance
transactions, and further the consistent application of Islamic financial contracts
for cross-border transactions.
The Chief Executive of the Monetary Authority, Joseph Yam, said the signing
marks the beginning of a new area of co-operation between the authority and
the Malaysian central bank. "It reflects our joint commitment to further
developing the Islamic finance industry and paves the way for future initiatives
that will benefit both Malaysia and Hong Kong," he stated.
Zeti Akhtar Aziz, Governor of Bank Negara Malaysia said: "This effort,
which extends the co-operation in the area of Islamic finance, will provide
further opportunities for increased economic and financial flows between Hong
Kong and Malaysia."
A comprehensive report in our Intelligence Report series
giving a country-by-country analysis of offshore investment funds, stock exchanges
and trusts, with an analysis of the US QI regime, is available in the Lowtax
Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp
and a description of the report can be seen at
http://www.lowtaxlibrary.com/asp/description_report9.asp
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