Islamic finance banking window approved in Hong Kong

The Hong Kong Monetary Authority has granted Hong Leong Bank approval to open the city’s first Islamic finance banking window, Finance Asia reports.

This will allow Hong Leong to expand its existing portfolio of Islamic finance products into mainland China, West and North Asian markets from its current base in Malaysia.

Malaysia is trying to establish itself as the Islamic finance hub of the region. Islamic finance is based on Islamic law, or Shar’iah, which prohibits the collection of interest and includes aspects of ethical banking, for example avoiding investments in pork, prostitution or gambling. ....