NEWS & ECONOMICS (The Incorporated Trustees of the Islamic CommunityHong Kong)

Hong Kong now one step closer to becoming an
Islamic Finance Centre

By The Arab Chamber of Commerce & Industry Hong Kong, Special Administrative Region of China
Business: Finance October 29, 2007

In a move to sustain Hong Kong’s aspirations in Islamic Finance, The Arab Chamber of Commerce & Industry in Hong Kong (Arabcci) is pleased to announce the establishment of the first qualified Shariah


(Free-Press-Release.com) October 29, 2007 --
Mr. John Tsang, Hong Kong’s Financial Secretary was quoted as saying “ Hong Kong wants a slice of the 1 trillion US Dollar Islamic finance market and is taking steps to develop a local Islamic bond market. Islamic finance is an important element of the global financial system. For Hong Kong to be a major international financial centre, not just in the region, but globally, then Islamic finance must be among our portfolio of products and services.”

In a move to sustain Hong Kong’s aspirations in Islamic Finance, The Arab Chamber of Commerce & Industry in Hong Kong (Arabcci) is pleased to announce the establishment of the first qualified Shariah Advisory Council in Hong Kong.

“We fully support the Financial Secretary’s initiative but realised that Hong Kong was sadly lacking the necessary infrastructure to support Islamic and Shariah compliant financial transactions. This is one of the reasons Arabcci decided to establish its Hong Kong Shariah Advisory Council. Arabcci in Hong Kong is now fully equipped to provide Shariah related advice and Shariah Compliancy Certification to both investors and issuers” said Lord Edwin Hitti, President of Arabcci.

Arabcci’s Shariah Advisory Council is composed of scholars and professionals fully conversant with Shariah. The current members of the council are: -

Mufti Muhammad Arshad – Chief Imam of Hong Kong,

Lord Edwin Hitti – President of the Chamber and Economic Advisor;

Dr. A S Johan – Vice President of the Chamber and Consultant Forensic Accountant;

Mr. Abdul Kareem Cheung – Solicitor and Corporate Finance Adviser; and

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Mr Zubair M. Latif – Markets Editor, “The Standard” Newspaper in Hong Kong.

According to Dr A S Johan, “ Arabcci’s Hong Kong Shariah Advisory Council has begun offering a range of specialized services for companies and funds seeking to attract investments from Shariah compliant investors worldwide. Hong Kong and PRC companies in Hong Kong can now structure their offerings in compliance with Shariah directly from Hong Kong. Arabcham’s services could be used as a one stop center.”

With the availability in Hong Kong of these specialized Shariah services, Hong Kong can now become a serious player in the global Islamic Finance space. END

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The Government of Hong Kong

recognizes only one body as representing

the interests of the Muslim Community in

Hong Kong for Mosques and Cemeteries.

This body is called "The Incorporated

Trustees of the Islamic Community Fund

of Hong Kong" but is generally known

among Hong Kong Muslims as "The

Board of Trustees."

Those national Muslim associations or

sectarian bodies which are affiliated to the

'Board' and also contribute regularly

towards its fund are entitled to nominate

representatives on the 'Board.' These

nominees elect a Chairman, an Hon.

Secretary, and an Hon. Treasurer from amongst themselves.

The main functions of the 'Board' are:

a) To manage the Mosques and Muslim cemeteries in Hong Kong.

b) To control the subscribed, donated and bequeathed funds.

c) To make all arrangements for funerals and burials of deceased Muslims.

d) To organize prayers for special occasions like the Eid festivals.

e) To undertake any other actions in the general interests of the Hong Kong Muslims and propagation of Islam.

Three Mosques on Hong Kong Island (Shelley Street, Masjid Ammar and Cape Collinson) and one Mosque on the Kowloon Peninsula (known as the Kowloon Mosque) are under the jurisdiction of the 'Board.' In addition to the four Mosques, two cemeteries (Happy Valley and Cape Collinson) are under the 'Board's' jurisdiction The following Hong Kong Muslim bodies are affiliated to the Board:

a) The Islamic Union of Hong Kong.

b) The Pakistan Association of Hong Kong, Ltd.

c) The Hong Kong Dawoodi Bohra Association.

d) Indian Muslim Association (JAMAATH) Ltd.

The above four constituent bodies regularly donate funds to the Board, calculated on the number of their members.

It has under the auspicious of the Board that the Kowloon Mosque and Islamic Centre was funded, planned and constructed in 1984 at the total cost of HK$25 million. It is a matter of humble pride to the Muslim Community of Hong Kong that their unified effort has resulted in this magnificent Mosque a symbol of Muslim presence in Hong Kong amidst the most commercial part of the Kowloon Peninsula known as Tsim Sha Tsui.

Everyday and especially on Fridays the call of the Muezzin is heard by the believers in the turning surrounding shops and offices of Tsim Sha Tsui and Muslims lay aside their daily task of earning their bread and flock to the Mosque and join their brothers of many nationalities in saying "Allaho Akba