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Sunday, 4 October 2009

Hong Kong: HKMA And Bank Negara To Advance Islamic Finance

KUALA LUMPUR, Sept 28 (Bernama) -- The Hong Kong Monetary Authority (HKMA) and Bank Negara Malaysia Monday announced the signing of a memorandum of understanding (MoU) on co-operation in development of the financial services industry, particularly in Islamic finance.

Aiming towards a long-term strategic partnership under the MoU, both parties agreed to further strengthen co-operation in a number of key areas, including capacity building and human capital development, they said in a statement.

Another area is facilitating and promoting the development of an effective financial market infrastructure through the exchange of information and experience in developing legal, regulatory and supervisory frameworks for Islamic finance.

Both parties will also promote cross-border financial activities through exploring harmonisation of standards and documentation relating to Islamic finance transactions and promoting the consistent application of Islamic financial contracts for cross-border transactions.

"The signing of this MoU marks the beginning of a new area of co-operation between the HKMA and Bank Negara," said HKMA chief executive Joseph Yam.

"It reflects our joint commitment to further developing the Islamic finance industry and paves the way for future initiatives that will benefit both Malaysia and Hong Kong," he said.

"This effort which extends the co-operation in the area of Islamic finance will provide further opportunities for increased economic and financial flows between Hong Kong and Malaysia," said Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz.

The HKMA is the Hong Kong government authority responsible for maintaining monetary and banking stability, managing Hong Kong's official reserves and developing its financial infrastructure.

Bank Negra, the central bank, is the regulatory and supervisory authority over the banking and financial industry in Malaysia, including Islamic banking and takaful industry.
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