HONG Kong is changing its tax laws to allow the sale of Islamic bonds, or sukuk, its financial secretary John Tsang (picture) said.
"We're also enhancing market infrastructure and product development and educating market participants and investors in raising the profile of Hong Kong as an Islamic finance platform," he said at a business luncheon in Kuala Lumpur yesterday.
Hong Kong wants to use its position as the main financial gateway to China by bridging investment opportunities between Muslim economies like Malaysia and the mainland.
Malaysia is helping Hong Kong to develop an Islamic finance market following an agreement between the financial regulators of both countries last year.
Hong Kong's economy is heading for 4-5 per cent growth this year and its government has identified six industries as key engines of future economic development: educational services, medical services, testing and certification, innovation and technology, environmental industries, and cultural and creative industries.
To a question on a common currency for mainland China and Hong Kong, Tsang said there was no intention to move in this direction as Hong Kong's link to the US dollar has been operating well for the past 27 years.
"We're doing a lot to make the renminbi as the regional currency. We shall continue to strengthen our role as the testing ground for the regionalisation and internationalisation of renminbi," he said.
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