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The Chief Executive, Mr Donald Tsang, today (January 28) invited Kuwaiti banks and financial services to join Hong Kong¡¦s development of an Islamic finance market.
On his final day of a formal visit to Kuwait, he addressed members of the Kuwait Chamber of Commerce and Industry at a business lunch.
¡§We believe Hong Kong is well placed to become a centre for Islamic finance in Asia. Our sound financial services infrastructure and well-established legal system make Hong Kong an attractive location for such investments,¡¨ he said
¡§Recently, the first Islamic retail fund in Hong Kong was launched. By December last year, the fund had already attracted some US$45 million worth of orders. We also welcome investment by sovereign wealth funds, which are becoming more prominent in financial markets and are a positive force for global markets.
¡§I invite Kuwaiti banks and financial services companies to extend and diversify their global reach through Hong Kong. We can also learn a great deal from your expertise in the provision of Shariah-compliant services.¡¨
Mr Tsang also met H.E. Mr Bader Mohammad Al-Saad, Managing Director of the Kuwait Investment Authority, then toured the Kuwait Aquarium and Scientific Centre before meeting H.E. Ali Mohamad Al Ghanem, Chairman, Kuwait Chamber of Commerce and Industry.
After the lunch Mr Tsang went on to the Saudi Arabian capital, Riyadh, to continue his Middle Eastern tour. He will return to Hong Kong on February 1.
Ends/Monday, January 28, 2008
Issued at HKT 18:30
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