Islamic finance: Hong KongÆs latest asset

Hong Kong is making the right moves to attract Islamic finance, but will it work?

Once a niche banking product of the Muslim world, Islamic finance is becoming a global financial darling. Finance hubs from London to Hong Kong have expressed interest in, or initiated programmes aimed at, attracting Islamic assets and Islamic banks have stepped up, opening offices around the world. Islamic finance is becoming mainstream, even if some critics still think it is little more than a marketing gimmick.

Islamic finance began in the Middle East during the 1970s. The first Islamic banks...

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