Ceajar Chan Ka-keung, secretary for Financial Services and the Treasury in Hong Kong announced on Wednesday that the territory is set to implement tax breaks in order to support the country's first Islamic Bond.
According to reports, the bond will be issued by the Airport Authority. Chief Executive Stanley Hui says the firm is "actively looking" to issue the bond in the third quarter, and that the issuance could raise up to US$1bn.
Mr Chan confirmed, according to the Hong Kong Standard that:
"There is still time to implement [permanent] changes to our tax regime to allow for the issuing of Islamic bonds. So for now we will exempt certain taxes on [such notes] on a case by case basis."
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