hong-kong-makes-late-bid-to-become-islamic-hub

Hong Kong makes late bid to become Islamic hub

Tax legislation is key to attracting Islamic products and services to Hong Kong, says PricewaterhouseCoopers.
According to PricewaterhouseCoopers PWC, the Hong Kong government is keen to develop Islamic finance in the territory after the financial secretary, John Tsang, made a statement of intent six months ago. However, as PWC tax partners Florence Yip and Jennifer Chang made clear at a forum discussion on April 30, Hong Kong has a long way to go in order to realise an ambition to become a significant hub for Islamic banking and finance.

Globally, there is a strong impetus to expand Islamic financial services to access funds from the Middle East and to meet the demand of a growing Muslim middle class by providing retail and takaful insurance as alternatives to conventional...
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