Islamic finance banking window approved in Hong Kong

MalaysiaÆs Hong Leong Bank will launch the first full service Islamic finance banking window in Hong Kong.

Hong Leong Bank has been granted approval by the Hong Kong Monetary Authority to open the cityÆs first Islamic finance banking window. This will allow Hong Leong to expand its existing portfolio of Islamic finance products into mainland China, West and North Asian markets from its current base in Malaysia.

Malaysia is trying to establish itself as the Islamic finance hub of the region. Islamic finance is based on Islamic law, or SharÆiah, which prohibits the collection of interest...

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