The Hong Kong Monetary Authority (HKMA) and the Dubai International Financial Centre Authority (DIFC Authority) signed a Memorandum of Understanding (MOU) on 20 May 2008 aimed at fostering co-operation in the development of Sharia-compliant financial products and the financial infrastructures in their respective jurisdictions.
The MOU sets out the framework agreed between the HKMA and DIFC Authority regarding the co-operation, communication and sharing of information in the following areas:
l Development of Islamic finance in the Dubai International Financial Centre (DIFC) and Hong Kong, including the exchange of advice on the development of legal and regulatory frameworks and the standardisation and harmonisation of standards
l Promotion of training and educational programs and the facilitation of dialogue between and with Sharia Boards and Sharia Scholars
l Exploration of ways to foster Islamic financial activities on a cross-border scale between the DIFC and Hong Kong, such as trading of sukuk and other Sharia compliant financial instruments
l Development of payment systems
l Technical co-operation and linkages between each party’s financial infrastructure developments
l Joint studies on the extent to which each party’s financial infrastructure can support financial infrastructure development in the other party’s jurisdiction, particularly with regard to cross-border financial activities
l Joint workshops, seminars and conferences in support of the activities referred to above