The Hong Kong Monetary Authority has signed a memorandum of understanding with Bank Negara Malaysia to work closely in the development of the financial services industry, particularly Islamic finance.
Aimed at a long-term strategic partnership, both parties have agreed to facilitate and promote the development of an effective financial market infrastructure, through the exchange of information and experience in developing legal, regulatory and supervisory frameworks for Islamic finance.
Both sides also agreed to promote cross-border financial activities through exploring harmonisation of standards and documentation relating to Islamic finance transactions, and further the consistent application of Islamic financial contracts for cross-border transactions.
The Chief Executive of the Monetary Authority, Joseph Yam, said the signing marks the beginning of a new area of co-operation between the authority and the Malaysian central bank. "It reflects our joint commitment to further developing the Islamic finance industry and paves the way for future initiatives that will benefit both Malaysia and Hong Kong," he stated.
Zeti Akhtar Aziz, Governor of Bank Negara Malaysia said: "This effort, which extends the co-operation in the area of Islamic finance, will provide further opportunities for increased economic and financial flows between Hong Kong and Malaysia."
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