Financial Islam - Islamic Finance
  • Home
  • News
  • Islamic Economics
    • The ownership of wealth
    • The Islamic economic system
    • Prohibition of Riba, Maysir and Gharar
    • Financial intermediation
    • Shareholding in Islam
    • Islamic Commercial contracts >
      • Valid transactions
      • Loans and debts in the Sharia'h
      • Mudarabah
      • Musharakah
      • Diminishing Musharakah
      • Murabahah
      • Salam
      • Istisna'a
      • Ijarah
      • Wakalah
      • Other contracts
  • Islamic Banking Operations
    • Investment and transactions
    • Deposits
    • Islamic credit cards
    • Fee-based services
    • Letter of Credit
    • Bank Guarantee
    • Modes of financing >
      • Ijarah financing
      • Musharakah and Mudarabah certificates
      • Diminishing Musharakah
      • Replacing interest-based lending
  • Regulation and Supervision
    • The Islamic Development Bank
    • Shari’ah Boards
    • Islamic accounting
    • Financial statements analysis
    • The Organising group
    • Relationship with central banks
    • Operations within the conventional system
  • Capital Market Operations
    • Islamic Unit Trusts
    • Islamic Fund Structures
    • Investment screening
    • Islamic Market Indexes
    • Islamic ETF
    • Venture Capital
    • Foreign exchange
  • Securisation and Sukuk
    • Sukuk structures
    • Controversy
    • Indexation of financial obligations
    • Risks underlying Sukuk
  • Takaful - Islamic Insurance
    • Takaful Agreements
    • Takaful models
    • Areas of Takaful
    • General insurance
    • Life insurance
    • Reinsurance
    • Corporate Governance
  • Video Zone
  • Events Agenda 2016
    • Events Agenda 2011
    • Events Agenda 2010
    • Events Agenda 2015 >
      • Events Agenda 2012
      • Events Agenda 2013
      • Events Agenda 2014
  • Careers
  • Education and Training
  • Glossary
  • Contact

Hong Kong passes Islamic bond bill, paves way for $500 million sukuk

3/27/2014

0 Comments

 
Photo
Hong Kong lawmakers passed a bill on Wednesday that will allow the AAA-rated government to raise around $500 million via sukuk, or Islamic bonds.

A debut sukuk from Hong Kong would help boost its Islamic finance credentials and position itself as a gateway between mainland China and investors in the Gulf and Southeast Asia.

The Legislative Council's bills committee confirmed the bill was passed in an email response to Reuters.

The task of issuing the sukuk now rests with the Hong Kong Monetary Authority under the territory's Government Bond Programme, which has a borrowing ceiling of HK$200 billion ($25.8 billion).

As of February, the programme had 14 listed bonds currently outstanding worth a combined HK$94 billion, with tenors of up to 10 years.

Hong Kong's sukuk plan comes at a time of increasing competition among financial centres for a slice of Islamic finance business, which is centred in southeast Asia and the Middle East.

A $500 million sukuk issue would be larger than debut sovereign issues planned by Luxembourg and Britain, which are at different stages of development.

Legal filings describe the proposed sukuk issuance as "inaugural", suggesting it would not be a one-off like Britain's plan for a 200 million pound ($333 million) sukuk issue.

Sukuk proceeds would be placed with the territory's Exchange Fund, which is managed by the Hong Kong Monetary Authority.

source: Reuters

0 Comments



Leave a Reply.

    Picture

    RSS Feed


    Topics

    All
    Aaoifi
    Accounting
    Afghanistan
    Algeria
    Asset Management
    Australia
    Azerbaijan
    Bahrain
    Bangladesh
    Bermuda
    Brazil
    Brunei
    Cambodia
    Canada
    China
    Commodities
    Consulting
    Credit Card
    Crisis
    Croatia
    Currencies
    Debt
    Derivatives
    Egypt
    Equities
    France
    Germany
    Ghana
    Hong Kong
    Ifsb
    Iifm
    India
    Indonesia
    Ipo
    Iran
    Iraq
    Ireland
    Isda
    Islamic Development Bank
    Italy
    Japan
    Jordan
    Kazakhstan
    Kenya
    Kuwait
    Kyrgyzstan
    Lebanon
    Libya
    Liquidity
    Luxembourg
    Malaysia
    Maldives
    Malta
    Mauritius
    Mexico
    Microfinance
    Morocco
    Nigeria
    Oman
    Pakistan
    Palestine
    Philippines
    Qatar
    Rating
    Real Estate
    Risk
    Russia
    Saudi Arabia
    Senegal
    Shariah Board
    Singapore
    South Africa
    South Korea
    Spain
    Sri Lanka
    Sudan
    Sukuk
    Swaziland
    Switzerland
    Syria
    Takaful
    Tanzania
    Thailand
    Tunisia
    Turkey
    Uae
    Uk
    Usa
    Wealth Management
    Yemen

Powered by
✕