Hong Kong steps up Islamic finance ambitions

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Hong Kong's proximity to mainland China may prove an advantage in its effort to catch up with more established peers like Malaysia and Singapore and become an Islamic finance hub, say local politicians.

"A unique advantage for Hong Kong is our access to the markets of mainland China," said John Tsang, the territory's financial secretary, at an Islamic finance conference in Hong Kong in January. "It provides an opportunity for Hong Kong to develop wholesale markets in sharia-compliant instruments

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