Malaysia and Hong Kong Enhance Cross Border Partnership on Islamic Capital Market

KUALA LUMPUR - The Securities Commission Malaysia (SC) will continue its close cooperation with the Securities and Futures Commission of Hong Kong (SFC) and other stakeholders to strengthen the Hong Kong-Malaysia Islamic finance proposition.

SC Chairman Datuk Ranjit Ajit Singh said Malaysia has been the Islamic funds gateway in Asia, linking the Middle East and Europe to this part of the world.

He said Hong Kong could leverage on Malaysia's Islamic fund management capabilities while Malaysia would benefit from Hong Kong's strength as an international financial centre.

"This potent combination can add a new dimension to the global Islamic finance market," he said in a statement.

The first SFC-authorised Islamic balanced fund was launched in Hong Kong today under the Mutual Recognition Agreement between the SFC and the SC.

SFC Deputy Chief Executive Officer and Executive Director for Investment Products, International and China, Alexa Lam said Hong Kong was keen to further develop its Islamic finance market.

Speaking at a jointly organised seminar in Hong Kong on Islamic funds, she said SFC viewed Islamic finance as a valuable proposition and could contribute towards innovation and diversity in Hong Kong's financial market.

"The SFC and the SC enjoy a close and mutually beneficial relations.

"The SFC will continue to work closely with the SC, as well as, the global Islamic finance community, to develop Hong Kong's Islamic finance platform," she added.