Pursuant to the resolution by the ARABCCI in July 2008, the International Islamic Mediation & Arbitration Centre (IMAC) was set up in Hong Kong as an independent international institution in consultation with the International Chamber of Commerce. Its main objectives were to facilitate in conducting mediations and arbitrations, promotion of international commercial arbitration, coordinating the activities of, and offering assistance to existing arbitration institutions in the region.
In March 2008, Khazanah Nasional Berhad of Malaysia successfully issued USD550mln worth of Islamic exchangeable trust certificates on the HKEx. The sukuk which are exchangeable into shares of Parkson Retail Group were well received by the investors as the offering was 10 times oversubscribed despite the prevailing market conditions during the first half of 2008.
(Zawya / 02 Jan 2013)
Alfalah Consulting - Kuala Lumpur: www.alfalahconsulting.com
Islamic Investment Malaysia: www.islamic-invest-malaysia.com