Hong Kong and Islamic Finance

I was delighted to learn recently that Hong Kong authorities have provided for the exercise of Islamic finance in the territory last week. On my first trip into Red China in 1977 I was surprised to see the level of solicitousness the communists offered Moslems.  Halal meals, prayer opportunities, etc.  And the new grand exhibition centers have mini-mosques and separate halal eateries.  I avail myself of these since they are little patronized, and offer plenty of room for a diner where everywhere else seats are unlikely. The staff wonders at my pedigree.

Enough travelogue!  The challenge of Islamic finance is it is trending toward the accommodations that appear to have infected Christian polity.  As one Moslem told me, modern Islamic Finance is "pork labelled beef on the package."

What is delightful with this news is Hong Kong is an excellent place to test out Islamic Finance in practice.  Hong Kong is transparent and fair, so the operation and effect of any innovations in Islamic Finance will be clear and present.  Hong Kong is literally agnostic on the faith claims of Islam, so there will be no arguing to distract the effort. There will be no subsidies or favoritism to cloud the outcomes.  

At the same time, Hong Kong also includes free market activity, practices totally in line with the Biblical foundations esteemed by the "people of the book."  A most excellent laboratory to test and observe finance in practice.

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