Developing an Islamic Bond Market
25. Islamic finance offers huge potential for development. To further consolidate Hong Kong's position as a global financial centre, we should actively leverage on this new trend by developing an Islamic financial platform in Hong Kong. Apart from stepping up our efforts to promote Hong Kong's financial services to major Islamic countries and regions, we will focus on developing an Islamic bond market. The Hong Kong Monetary Authority, in conjunction with the financial sector, has set up a dedicated team to study related issues and make recommendations for the early introduction of Islamic debt offerings in Hong Kong.
Promoting International Arbitration Services
26. A sound judicial system and comprehensive legal services for dispute resolution are indispensable for an international financial centre. We have endeavoured to develop Hong Kong into an arbitration centre in the Asia-Pacific region. With increasing demand for arbitration services in Hong Kong and the region, the number of cases handled here is on the rise. Hong Kong-based arbitral bodies and their arbitrators, with their status well recognised, are committed to promoting the development of arbitration services. An enhanced arbitral environment will help to further develop our arbitration services. To strengthen Hong Kong's competitive advantage, we have been forging closer ties with international arbitral bodies. By updating our legal mechanism, we will add to Hong Kong's appeal as a prime jurisdiction for arbitration. We will consult the public on the new Arbitration Bill, which seeks to align local legislation with international laws and make our arbitration legislation and procedures more user-friendly.
