In an open letter from the Hong Kong Exchange and Clearing Limited (HKEx), Chief Executive Mr. Paul Chow extended congratulation to Lord Edwin E. Hitti, President of the Arab Chamber of Commerce and Industry, in Hong Kong, for the launch of the HK Islamic Index.
The Arab Chamber of Commerce & Industry’s HK Islamic Index (HKI-Index) is made up of a basket of selected Hong Kong listed companies which have received preliminary qualification as being Shariah Compliant by the Chamber’s Shariah Advisory Council.
The Hong Kong Stock Exchange (HKEx) is the Stock Exchange of Hong Kong( (SEHK). The exchange has predominantly been the main Exchange for Hong Kong where shares of listed companies are traded. More commonly known as the Hang Seng Index, it is Asia's second largest stock exchange.
HKEx Chief Operating Officer Mr. Gerald Greiner also adds in his letter to the Chamber “We too look forward to working with you on developing Islamic Finance in Hong Kong”
HKEx is the holding company of The Stock Exchange of Hong Kong Limited, Hong Kong Futures Exchange Limited and Hong Kong Securities Clearing Company Limited. It brings together the market organizations which have transformed Hong Kong's financial services industry from a domestically focused market to become a central market place in Asia attracting investment funds from all over the world.
Worldwide Islamic capital has been estimated at well over US$1 Trillion, much of which is managed by Middle East based advisors to Shariah Compliant Public and Private Establishments. As a result, the HK Islamic Index was introduced in 2007 by the Arab Chamber of Commerce and Industry, in response to Hong Kong’s increasing trend towards attracting Islamic investment. The HK Islamic Index is also the first Hong Kong public listed companies’ benchmark to feature an Islamic compliant portfolio of eligible companies. The Index represents the performance of Shariah Compliant companies, selected from both the Hong Kong and China market.
