New law may bolster Hong Kong market for Islamic finance
Last year the Financial Services and the Treasury Bureau presented feedback on the consultation on the amendments which were proposed aiming to ease development of an Islamic bond in Hong Kong. The government of Hong Kong has a long-standing policy initiative to develop Islamic finance in the city. As a part of it, the bureau sent out a consultation paper containing detailed proposals for the amendment of relevant tax-related legislation. The key part of the proposal states that a level playing field needs to be created to enable Islamic finance products to be structured in Hong Kong.