For many years, Hong Kong has sought to enhance its offerings in Islamic finance. In a strategic decision, the government’s talent immigration scheme will prioritize applicants with expertise in the Islamic market and accounting.
These professions are included in a broader talent list, which now encompasses 60 job categories. The initiative aims to cultivate high-value services that will help diversify the local economy.
This development is particularly encouraging, especially as countries in the Middle East and ASEAN nations with a Muslim demographic increasingly assert their influence in global finance and diplomacy. Additionally, the talent scheme now features new job categories such as ship surveyors, aircraft maintenance engineers, experts in green shipping and patents, seasoned commodities traders, and systems architecture specialists.
As a prominent financial center, the city must address not just the conventional Western or Wall Street-style services, but also those catering to the Global South, which includes many emerging economies with significant Muslim populations.
The Islamic bond market represents an important sector where Hong Kong’s presence remains limited. The financial professionals in the region have predominantly received training focused on Western methodologies and regulations.
Unlike conventional finance, Islamic finance operates under sharia law, which regulates the charging and payment of interest and includes specific guidelines on profit-sharing. This framework necessitates knowledgeable professionals and experienced accountants to effectively manage its services and products.
