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Tuesday, 30 September 2014

Malaysia: Hong Kong to launch first sukuk this month, more sukuk issuances to come

KUALA LUMPUR, Sept 29 — Hong Kong is expected to see more sukuk issuances in the near future, following the launch of its first Islamic bond this month, says a Chinese banker. 
“Going forward, it is safe to say that there will be more sukuk issuances, such as renminbi-denominated ones in Hong Kong,” said Bank of China (Hong Kong) Deputy Chief Executive, Zhu Yanlai.
She added that while Malaysia is undeniably a leading Islamic financial centre, Hong Kong has spared no efforts to develop its Islamic finance as well.
“The efforts have paid off with the Hong Kong government issuing its first-ever sukuk under the Government Bonds Programme.
“This is also the first US dollar-denominated sukuk originated by an AAA-rated government,” Zhu said in a keynote address at the “Asean Fixed Income Summit”, hosted by Bank Negara Malaysia, here today.
Hong Kong will launch the pioneering sukuk to raise US$1 billion (RM3.27 billion) in the city’s latest effort to promote Islamic finance.
The five-year sukuk, oversubscribed by 3.7 times, will be listed in Hong Kong, Malaysia and Dubai.
Hong Kong is vying for a piece of the global Islamic finance business which is now worth US$1.3 trillion and expected to double by 2017.
Zhu, 59, a high-profile banker, joined Bank of China Hong Kong in 2001, having previously worked at Bank of China, Royal Bank of Canada and Nesbitt Burns, a wealth-management unit of the Bank of Montreal Group.
(The Malay Online / 29 September 2014)
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