Hong Kong has yet to make its mark on the Islamic finance sector, with limited interest from industry practitioners. However, taking a page out of Malaysia in terms of education and training could provide new impetus to the sector. Amirullah Haji Abdullah discusses.

The global financial crisis of 2008 to 2009 and the European debt crisis have brought to the forefront wide-ranging issues concerning the stability and soundness of the global financial system. The world is still reeling from the damage caused by so-called conventional instruments. This has prompted an extensive re-examination by the international community of the need for the regulatory reforms and the adequacy of the existing international financial architecture, in search of a more sustainable solution. Islamic finance is the panacea. The way forward is to provide a dynamic Islamic finance business model that is both effective and efficient in achieving financial and social objectives.

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