166
Figure 4.20: Phases of Islamic Finance’s Inclusion in Hong Kong’s Financial Landscape
Sources: RAM, ISRA
4.6.5 COUNTRY-SPECIFIC RECOMMENDATIONS
Some key factors, as depicted in Chart 4.54, have contributed to the development of Hong
Kong’s sukuk market. The Hong Kong government scores particularly highly in setting a
benchmark yield curve, its existing infrastructure for bond/sukuk issuance, its strong
regulatory framework, and its tax-neutrality policy for bonds and sukuk, over and above its
favourable tax regime.