Recent authorization of the first Islamic Bank in the United Kingdom has come as a result of recognition of potential and maturity of the Islamic financial services industry affirming a growing acceptance that retail Islamic finance presents exciting new prospects and opportunities for those willing to explore this rapidly growing and lucrative sector.
"There is a growing acceptance that Islamic financial instruments can compete with conventional financial tools. For example, 70% of the users of Islamic financial products are non-Muslim."
In light of Hong Kong’s Government on-going initiatives to make Hong Kong an Islamic Financial Centre, The University of Hong Kong hosted a lecture by Mufti Muhammad Arshad, Chief Imam of Hong Kong and Lord Edwin E. Hitti, Economics & Policy Advisor - President of the Arab Chamber of Commerce & Industry, in Hong Kong on Islamic Principals, Shariah (Islamic Law) and Islamic Banking & Finance.
The lecture was held at The University of Hong Kong, Wang Chue Ming Building Lecture Hall on February 28th 2008. The distinguished podium speakers Mufti Muhammad Arshad and Lord Edwin E. Hitti addressed both Business and Journalism faculty members on Islamic principals and practices in today’s societies, Shariah (Islamic Law) and Islamic Banking & Finance compatibility with conventional secular practices in the modern world.
Among the issues raised in the subsequent Q&A session, were indicative concerns about the effectiveness of the role of Government and the constraints of Islamic values integration within an existing Hong Kong and China legislative and economic frameworks.
