Hong Kong, Ningxia to emerge as China's Islamic finance centres
With China showing growing interest to participate in the global Islamic finance market, the country is working on establishing hubs for Shariah banking within its borders. The first such centre to emerge will undoubtedly be the southern metropolis of Hong Kong which is very serious about becoming an East Asian hub for Islamic finance with a side glance on its regional competitor Singapore. But many eyes are also on China's majority-Muslim autonomous province of Ningxia in the northwestern part of the country. Ningxia plans a $1.5bn debut sukuk sale as early as this year. The deal, managed by Nanchang-based AVIC Securities, will be China's first local-government overseas bond issuance and the first Islamic bond issued by a province.
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