Editorial

Abstract

In the Name of Allah, Most Gracious, Most Merciful. A recent academic study highlighted that Islamic finance today has reached global academic appeal. It showed that research in Islamic finance is not constrained by the religious beliefs or geography of the researchers or the academic institutions they are associated with.

A mapping of countries developing Islamic finance would equally show that the industry has expanded far and wide, being embraced by even Muslim-minority countries. Again religion – though a crucial driving force – is not necessarily the key determining factor leading to the development of Islamic finance in specific markets. The case of Hong Kong, which has actively pursued the development of a ṣukūk market with three issuances to date, can be cited as an example. The government of Hong Kong specifically tapped into the ṣukūk market to further consolidate its position as an international financial center. The development of other Islamic financial products and services in the country is also based on market forces and depends on investor and issuer appetite.