The Hong Kong Monetary Authority and the Dubai International Financial Center Authority have signed a memorandum of understanding to boost cooperation in finance, the Hong Kong Monetary Authority said Monday.
The MOU, signed on May 20, sets out the framework agreed between the two organizations regarding cooperation, communication and information sharing in financial development, particularly the development of Islamic finance.
They will exchange advice on the development of legal and regulatory frameworks and the standardization and harmonization of relevant standards, promote training and educational programs and facilitate dialogue with Sharia scholars.
The two organizations will also explore ways to foster cross- border Islamic finance, including the trading of sukuk, or securities that comply with the Islamic law and its investment principles, and other Sharia-compliant financial instruments.
They will also work on the development of payment systems.
Technical cooperation and linkages between their financial infrastructure developments are also included in their fields of cooperation.
Joint studies on the extent to which each party's financial infrastructure can support financial infrastructure development in the other party's jurisdiction, and workshops, seminars and conferences will also be conducted.
Eddie Yue, deputy chief executive of the Monetary Authority, said the agreement marked an important milestone and "will enhance the co-operation between the HKMA and the DIFC Authority, particularly in the development of Islamic finance, which in turn will benefit Hong Kong the international financial center."
Source:Xinhua
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