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From Christine Gaylican , Opalesque Asia:
The interest of Islamic funds pouring into China intensified in the last six months prompting the Hong Kong Securities and Futures Commission (HK-SFC) to sign a memorandum of understanding (MOU) with the Securities Commission of Malaysia today.
The MOU will strengthen the overseeing capabilities of both regulators of Islamic funds as cross-border transactions are now both frequent in Hong Kong and Malaysia, according to HK-SFC’s statement (Source ).
The Declaration on Mutual Cooperation on Development of Islamic Capital Market and Islamic Collective Investment Schemes provides for the mutual recognition of Islamic collective investment schemes (CISs) between the two jurisdictions, HK-SFC’s chairman, Dr Eddy Fong, said at the signing ceremony.
"This not only marks a milestone in the regulatory co-operation with our Malaysian counterpart, but also contributes to the government's objective to promote Islamic finance in Hong Kong," said Dr. Fong during the signing ceremony.
China draws Islamic finance
With an estimated 22 million Muslims residing in city-states comprised of Gansu, Xinjiang, Qinghai, Henan, Hebei, among others, financial analysts said China’s (Source ) China...................... To view our full article Click here
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