******************************************************
The following is issued on behalf of the Hong Kong Monetary Authority:
The Hong Kong Monetary Authority (HKMA) and Bank Negara Malaysia (BNM) jointly announced today the signing of a Memorandum of Understanding (MoU) on co-operation in the development of the financial services industry, particularly in the area of 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:
ˇEcapacity building and human capital development;
ˇEfacilitating 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; and
ˇEpromoting 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 BNM," said Mr Joseph Yam, Chief Executive of the HKMA. "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."
Dr Zeti Akhtar Aziz, Governor of the BNM 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."
For further enquiries, please contact:
Hong Kong Monetary Authority
Ms Peggy Lo, Manager (Communications), at +852 2878 1687; or
Mr Hing-fung Wong, Manager (Communications), at +852 2878 1802
Bank Negara Malaysia
Ms Lee Poh Fong, Manager, Corporate Communications Dept., at +603 2698 8044 Ext 8622; or
Ms Norrayati Tumin, Manager, Corporate Communications Dept., at +603 2698 8044 Ext 8927
Background information about the HKMA and BNM:
Hong Kong Monetary Authority (HKMA)
The HKMA is the Hong Kong Government authority responsible for maintaining monetary and banking stability, managing Hong Kong's official reserves and developing Hong Kong's financial infrastructure. The HKMA is part of the Hong Kong Special Administrative Region Government operating with a high degree of autonomy, complemented by a high degree of accountability and transparency.
Bank Negara Malaysia (BNM)
Bank Negara Malaysia, the Central Bank of Malaysia, is the regulatory and supervisory authority over the banking and financial industry in Malaysia, including Islamic banking and takaful industry, and is empowered to exercise the regulatory and supervisory powers, functions or duties provided under the relevant laws in Malaysia.
Ends/Monday, September 28, 2009
Issued at HKT 16:30
NNNN