SBP Islamic Banking Bulletin, July-Sep 2007

Worth about usd 1 trillion and this figure is

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Page 15 International News Hang Seng Bank launches Hong Kong's 1st Islamic fund 23&ID=208798 Hang Seng Bank, a unit of global lender HSBC Group, launched Thursday Hong Kongs first Islamic fund, in a move that provides Islamic investors with an opportunity to gain exposure to the Chinese and Hong Kong markets while meeting Islamic law . "Islamic finance is one of the fastest growing sectors in the global financial industry," William Leung, Hang Sengs General Manager of Personal Financial Services and Wealth Management, said in a statement. "Global Islamic financial assets are currently worth about USD 1 trillion and this figure is expected to grow by 15 percent per year," said Leung. The new fund, called Hang Seng Islamic China Index Fund, is the only Islamic equity fund in the world that focuses on the mainland China and Hong Kong markets . KFH launches Sharia-compliant credit card with Visa Article=201195&Sn=BUSI&IssueID=30252 (KFH-Bahrain) announced the launch of the first Is-
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July-September 2007 Principle based regulation will help flourish Islamic Financ e in UK principles-based-regulation-will-help-islamic-finance- flourish-fsa/ The FSA says that a move to principles-based regulation will provide the right environment for Islamic finance to flourish in the UK. The regulator has published a paper outlining its future role in the growth of Islamic finance, pointing out that it is now worth around £250bn glob- ally. It says it hopes the UK will be the “major European centre” for Islamic financial products and services. The paper identifies some of the challenges and opportunities specific to Islamic finance and says it has actively en- couraged its growth by providing an “open and flexible regulatory environment”, which accommodates both Islamic and non-Islamic financial institutions. It adds it is the first European regulator to authorize a wholly Is- lamic bank, and points out other Islamic financial insti- tutions have since been authorized. FSA Chairman, Callum McCarthy, says: “Islamic finance is a fast grow- ing force in the world economy and the FSA’s open and principle-based approach to regulation offers the right environment for it to flourish in the UK. “There is huge potential for an expansion of Islamic offerings in the UK’s financial markets, which will in turn boost Lon- don’s position as an international financial centre. “We believe in a ‘no obstacles, no special favours’ approach when authorizing new financial institutions and wel- come the development of this market as it provides cer- tain UK consumers with financial products that are in line with their beliefs.” The FSA does not regulate the Shariah compliance or otherwise of Islamic financial products. ONE of the UK’s leading accountancy
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