Hang Seng Bank today launched Hong Kong's first SFC-authorised* Islamic fund - the Hang Seng Islamic China Index Fund.
Mr William Leung, Hang Seng's General Manager, Personal Financial Services and Wealth Management, said: "Islamic finance is one of the fastest growing sectors in the global financial industry. Global Islamic financial assets are currently worth about US$1 trillion and this figure is expected to grow by 15% per annum. This new Fund provides both Islamic investors and other interested individuals with an opportunity to gain exposure to the mainland China and Hong Kong markets while meeting Islamic Investment Principles."
"Hang Seng is committed to providing premium wealth management services to customers. The launch of this Fund further diversifies our product offerings. Hang Seng Islamic China Index Fund is the only Islamic equity fund in the world that focuses on the Mainland and Hong Kong markets and is professionally managed by an investment management company based in Hong Kong -- an international financial centre in China. The Fund will help investors capture the potential investment returns generated by growing international interest in these markets," Mr Leung added.
The Fund will invest primarily in the constituent stocks of the Dow Jones Islamic Market China/Hong Kong Titans IndexSM. The Index comprises the 30 largest Shariah-compliant stocks of companies whose primary operations are on the Mainland and in Hong Kong and are traded on the Stock Exchange of Hong Kong. All investments of the Fund will meet Islamic Investment Principles as interpreted and laid down by the Shariah Compliance Adviser of the Fund.
The Fund is managed by Hang Seng Investment Management Limited ("Hang Seng Investment Management"), a wholly owned subsidiary of Hang Seng Bank. Based in Hong Kong, members of Hang Seng Investment Management's team has, on average, over 15 years of investment experience and an outstanding track record in managing index funds that are related to the Mainland and Hong Kong.
'Hang Seng China H-Share Index Leveraged 150 Fund' and 'Hang Seng HK MidCap Index Fund, managed by Hang Seng Investment Management, won the Best Fund over 3 Years award in the 'Equity China Sector' and 'Equity Hong Kong Sector' respectively at the Lipper Funds Award Hong Kong 2007.
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About Hang Seng Offers Hong Kong's First Islamic Fund/2
Founded in 1933, Hang Seng Bank operates around 150 branches and automated banking centres and 13 Business Banking Centres in Hong Kong.
The Bank also maintains a branch in Shenzhen for foreign currency wholesale business, a branch in Macau, and representative offices in Xiamen and Taipei.
Established on 28 May 2007, wholly owned subsidiary Hang Seng Bank (China) Limited operates a mainland China network of 20 outlets in Beijing, Shanghai, Guangzhou, Dongguan, Shenzhen, Fuzhou, Nanjing and Hangzhou.
With consolidated assets of HK$741.3 billion as at 30 June 2007, Hang Seng Bank reported a profit attributable to shareholders of HK$8,867 million for the first six months of 2007 and HK$12.04 billion in 2006. Hang Seng Bank is a principal member of the HSBC Group, one of the world's largest banking and financial services organisations. For further information on Hang Seng Bank, please visit the bank's website at www.hangseng.com.
For more information, please contact:
Cecilia Ko
Tel: (852) 2198-4227
Email: ceciliako@hangseng.com
Michelle Chan
Tel: (852) 2198-4236
Email: michellechan@hangseng.com
© Press Release 2007
