The Chamber established the first ‘Shariah Advisory Council’ in China, made up of experts in the Islamic code of law (Shariah). It was established due to the growing demand for Shariah compliance of banking services, financial products, and commercial establishments requiring compliance supervision and regulation, and the lack of services provided within the China. The SAC, established by the Chamber in consultation with ‘The Incorporated Islamic Trustees of Hong Kong’ filled that gap and to this day has provided counsel and regulation for many establishments throughout China.
The Chamber established its own Islamic Index, referred to as the ‘HK Islamic Index’ (HKII). The HK Islamic Index, is composed of selected Hong Kong SAR of China listed companies which are qualified as Shariah Compliant. The establishment of the HKII was applauded by the Chief Operating Officer of the Hong Kong Exchange and Clearing Limited (HKEx). The HKII is composed of 78 Shariah Compliant companies, with about 52% of the companies listed as China H Shares and 48% licensed and listed in the Hong Kong SAR of China Market.
The Chamber recognized that when it was established there was a great lack of Islamic Banking within The People’s Republic of China. In 2009 it established the Amwal Credit Union, which would provide the lacking Shariah compliant, Islamic Banking component. “The concept of Islamic finance is based on themes of community banking, ethical and socially responsible investing. These themes are based on core principles, which include individual responsibility, reliance on Halal (Islamically permissible) market mechanisms, commitment to economic and social justice and mandatory care for the environment.”
The International Islamic Mediation & Arbitration Centre (IMAC) is an independent international institution comprising more than 30 internationally accredited Arbitrators. It was established pursuant to resolution by ‘The Arab Chamber of Commerce & Industry’ signed on the 31st of July 2008 in Hong Kong SAR of China in consultation with ‘The International Chamber of Commerce (ICC)’.
The MBF is an “Islamic community Investment Fund” that provides a system to collect funds for building Mosques in cooperation with UMAH and other non-government, non-profit-making organizations dedicated to service Islamic ethnic minorities.
To advance education, research and related activities promoting a deeper understanding, and building a wider knowledge base, on the world of finance and economics based on Islamic principles of equity, socio-economic justice and inclusiveness. The Programs are carried with academic establishments such as VTC ‘PEAK’, HKU, and Dream Carriers for internship programs whose aims are to make substantial contributions, to improving lives and to encourage the debate on the relationship between ethics, and religious morality in such a manner as the curriculum and disciplines may from time to time direct.