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Press Release > 2013

Seminar on Strategies for the Development of Islamic Capital Markets

Date posted: 27 June 2013

Hong Kong, 27 June 2013 - The Islamic Financial Services Board (IFSB) organised and the Hong Kong Monetary Authority (HKMA) hosted the Seminar on Strategies for the Development of Islamic Capital Markets today (27 June) in Hong Kong to promote discussions, understanding and experience-sharing in the area of Islamic capital markets. This Seminar is particularly timely and relevant in view of the growing interest in Islamic finance in Hong Kong and at global level.

Mr. Jaseem Ahmed, Secretary-General of the IFSB, said, “Thanks to its inherent features and widening appeal, Islamic finance has displayed remarkable growth over the years. As far as the Islamic capital market is concerned, we have seen strong growth in Sharī`ah-compliant securities, or Sukūk market. Sukūk issuances reached USD131 billion in 2012, a 54% increase over 2011, and are expected to reach new heights in 2013”. He added that the mandate of the IFSB is to assist and facilitate the building of the supporting financial infrastructure not only for Islamic banking, but also for other segments of the industry, including Islamic capital markets and Islamic Insurance (Takāful).

Mr Peter Pang, Deputy Chief Executive of the HKMA, said “Being an international financial centre, it is important for Hong Kong to embrace Islamic finance given its rising prominence in the global financial arena. The development of an Islamic capital market in Hong Kong will open up new opportunities for our financial sector. We should take full advantage of Hong Kong’s position as a gateway to Mainland China in developing the Islamic capital market. The HKMA is very pleased to host this seminar and will continue to work closely with the Government and the industry in furthering the development of this segment in the city.”

H.E. Abdullah Al-Turifi, Chief Executive Officer of Emirates Securities and Commodities Authority (ESCA), in his Keynote address said, “The global financial crisis has challenged our domestic (UAE) Islamic finance industry in unexpected ways. We have learned that we should update and improve our supporting infrastructure, especially for liquidity, while prioritising market diversification, which demands from us to properly invest in the improvement of governance and compliance regimes for our industry players. With these measures in place, I am confident that Islamic financial institutions will continue to contribute to financial and economic stability through their strong and sustained asset growth”.

In the one-day seminar, speakers with extensive experience and expertise in the Islamic finance field discussed the latest developments of the global Islamic capital markets and examined the prospects and opportunities going forward, with particular focus on Sukūk and Islamic collective investment schemes. They also shared their insights into the strategies for bringing Islamic capital markets to the mainstream.

The seminar was attended by more than 80 delegates including representatives from regulatory authorities, policy-makers, financial institutions, market professionals and legal practitioners from Hong Kong and different parts of the world including the Middle East, Asia, Africa and Europe.

The seminar was supported by the Treasury Markets Association.

This seminar is part of the IFSB events being held in Hong Kong this week. A Roundtable on the Development of Islamic Real Estate Investment Trusts will take place at the HKMA offices tomorrow.


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