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11-Jan-2014

The Loans (Amendment) Bill 2014, to accommodate the issuance of Islamic bonds (sukuk) under the Government Bond Programme, was gazetted today and will be tabled at the Legislative Council on January 22.

 

Secretary for Financial Services & the Treasury Prof KC Chan says the Government amended its tax laws in July 2013 to enhance Hong Kong's competitiveness through developing a sukuk market, by providing a taxation framework for the bonds comparable to that for conventional bonds.

 

The Monetary Authority is examining practical issues to formulating a sukuk issuance plan. Bonds issued under such a programme could encourage other potential issuers to raise funds in Hong Kong, he said. 

 

"This will help diversify the types of financial products and services available in our markets and consolidate our status as an international financial centre and asset-management centre," he added.

 

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