Hong Kong must provide a “clear direction” for how it wants to develop its Islamic finance sector before Malaysia can provide the expertise needed to tap into the Middle East market, the country’s envoy to the financial centre has said.
Advertisement
In an exclusive interview with the Post, Consul General Muzambli Markam also said Hong Kong had “a lot of potential” to turn itself into a Muslim-friendly market but that more effort was needed to accommodate Middle Eastern consumer behaviour.
“We are ready to provide our services to our Hong Kong friends to move forward with Islamic financing and Islamic banking … but we need a clear direction of [where] the policy is headed,” Markam said.
“There’s no point in pushing … [if] there is no interest in Hong Kong,” he said.
Islamic finance, also known as sharia-compliant finance, is a system that operates in accordance with Islamic law and principles, which promote ethical and socially responsible financial practices.