Hong Kong boosts Islamic centre plans with sukuk bill

By Dan Alderson
27 Mar 2014

Hong Kong has taken an unlikely lead in the race among non-Muslim-majority countries to issue a debut sovereign sukuk, with the territory passing a bill that will allow its government to issue up to $500m.

The Legislative Council’s bills committee passed the Loans (Amendment) Bill 2014 on Wednesday. This raises the prospect that Hong Kong could beat other competing global financial centres, the United Kingdom and Luxembourg, which are also looking to bring their first Islamic deals.

The UK government has said little ...

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