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Arab Chamber of Commerce and Industry

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The Arab Chamber of Commerce & Industry
Founded2006
TypeNon-profit civil society
FocusBusiness advocacy
Location
  • Hong Kong
Area served
Hong Kong
Key people
Edwin Hitti, President
WebsiteOfficial website

The Arab Chamber of Commerce and Industry (ARABCCI) or (ArabCham) in Hong Kong was established in 2006 to promote commercial ties between Hong Kong and Greater China with the Arab world.[1][2] The Arab Chamber of Commerce is a not for profit organisation, The President is Edwin Hitti.

Activities

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Shariah Advisory Council

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Shariah Advisory Council Banner

The Arab Chamber established the first Shariah Advisory Council in Hong Kong, made up of experts in the Islamic code of law.[3] It was established because of the great of Shariah compliance of banking services, financial products, and commercial establishments requiring compliance supervision and regulation, and the lack of services that was provided in Hong Kong and China. The Shariah Advisory Council, established by The Chamber, filled that gap and to this day has provided council and regulation for many establishments throughout Hong Kong and China.[4]

Hong Kong Islamic Index

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The HK Islamic Index (HKII), was established in 2007 by the Chamber to support Hong Kong's ambitions to develop into a Shariah compliant, Islamic banking and financial centre and was the first time a chamber of commerce had taken the initiative to create its own equity index. Reuters, Bloomberg, and Quamnet have been contracted to disseminate the HK Islamic Index. The HKII comprises 78 companies listed on the Hong Kong Stock Exchange, with 39 each from Hong Kong and mainland China. The Hong Kong Islamic Index was valued at HK$1,419 as of 20 June 2011. Stocks under the index are listed from the Real Estate, Transportation, Information Technology, Industrial Goods, Utilities, Energy, Material, Telecommunications, or Consumer Goods sectors.[5][6]

Amwal Credit Union

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ACU Logo

The Arab Chamber of Commerce and Industry recognised that when The Chamber was established there was a lack of Islamic Banking in Hong Kong and China. In 2009 it established the Amwal Credit Union, which would provide Shariah compliant, Islamic banking and finance based on the core principles of community and individual responsibility, environmental responsibility, and Islamically permissible banking practices.[7][8]

The Amwal Credit Union is the first Islamic Credit Union in the world and the first licensed Islamic cooperative financial institution in Hong Kong, and the sole Shariah Compliant credit union within the Greater China region.[9][10][11]

The Amwal Credit Union is a member of the Credit Union League of Hong Kong,[12][13] and the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).[14]

International Islamic Mediation and Arbitration Centre

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International Islamic Mediation and Arbitration Centre Banner

The International Islamic Mediation & Arbitration Centre (IMAC) is an independent international institution established pursuant to a resolution agreed by the Chamber on 31 July 2008 in Hong Kong and in consultation with The International Chamber of Commerce.[15][16][17][18][19][20][21]

The Centre was established to conduct the following:

  • Conducting mediations and arbitrations;
  • Promotion of international commercial arbitration;
  • Coordinating the activities of, and offering assistance to, existing arbitration institutions in the region;
  • Providing assistance to ad hoc arbitrations, including acting as appointing authority, particularly in cases where they are taking place in accordance with the UNCITRAL Rules;
  • Providing assistance in the enforcement of arbitral awards;
  • Providing assistance in the settlement of disputes.[22]

With these goals in mind the Centre has held training courses on Shariah and arbitration for members of the judicial sector in Hong Kong and China.[23]

The Mosque Building Fund

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The Mosque Building Fund Banner

The Mosque Building Fund (MBF) is a charitable building fund established by The Arab Chamber of Commerce and Industry, in 2008, to collect donations and provide funding in Hong Kong to build mosques, community centres, and other public facilities for the Islamic community. Donations, called Zakat, are collected from individuals or institutions. The payment of a Zakat is mandatory under one of the five pillars of Islam.[24] With currently 175,000 Muslims in Hong Kong there is a great need of services specifically designed for their religion.[25]

HK Institute of Islamic Studies

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Hong Kong Institute of Islamic Studies Banner

The Hong Kong Institute of Islamic Studies (HKIS) was established by The Arab Chamber of Commerce and Industry in 2008 and offers educational programs in Islamic Law (Shariah), Islamic Finance and Banking, and Islamic Insurance (Takaful). Programs are offered in co-operation with the Institute of Professional Education and Knowledge of Hong Kong.[26][27]

Support

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The establishment of the Chamber and its other organisations have been supported by many organisations:

Affiliations

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The Arab Chamber of Commerce and Industry is a member of the Islamic Financial Services Board (IFSB),[34] ICC- World Chambers Network (WCN),[35] World Association of Non-Governmental Organizations (WANGO),[36] and a subscriber to the World Bank- Civil Society Organization.

References

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  1. ^ The Arab Chamber of Commerce & Industry
  2. ^ "WHO'S WHO INTERNATIONAL MAGAZINE spoke with the President of ARABCCI, Lord Edwin E. Hitti". Archived from the original on 26 March 2012. Retrieved 5 July 2011.
  3. ^ SAR shariah council formed – The Standard Archived 16 October 2012 at the Wayback Machine
  4. ^ HK's Islamic New Year – Banking & Finance – ArabianBusiness.com
  5. ^ "Quamnet.com Stock Markets". Archived from the original on 4 July 2014. Retrieved 6 July 2014.
  6. ^ "HK Islamic Index Limited". Archived from the original on 25 March 2012. Retrieved 20 June 2011.
  7. ^ AmwalCreditUnion
  8. ^ Credit crunch opens doors for other possibilities – The Standard Archived 16 October 2012 at the Wayback Machine
  9. ^ "Amwal Credit Union signs major deal with Path Solutions". Mysolutioninfo.com. Retrieved 30 April 2014.
  10. ^ Islamic banking software provider | Shariah Compliant Software Solutions Archived 9 December 2013 at the Wayback Machine
  11. ^ "Amwal Credit Union signs major deal with Path Solutions". Zawya. 16 October 2009. Retrieved 30 April 2014.
  12. ^ "Set up of new credit unions / News / Home – Credit Union League of Hong Kong". Web.culhk.org. Archived from the original on 30 July 2012. Retrieved 30 April 2014.
  13. ^ "Community Credit Unions / Types of Credit Union / Credit Union in Hong Kong / Intro / Home – Credit Union League of Hong Kong". Web.culhk.org. Archived from the original on 2 May 2014. Retrieved 30 April 2014.
  14. ^ "2010 Integrated Annual and Sustainability Report" (PDF). Association of Development Financing Institutions in Asia and the Pacific. Archived (PDF) from the original on 3 March 2016.
  15. ^ "Archived copy" (PDF). Archived from the original (PDF) on 6 June 2014. Retrieved 6 July 2014.{{cite web}}: CS1 maint: archived copy as title (link)
  16. ^ http://encyclopedia.mitrasites.com/imgs/international-islamic-mediation-and-arbitration-centre.html[permanent dead link]
  17. ^ Our People Archived 28 March 2012 at the Wayback Machine
  18. ^ International Islamic Mediation and Arbitration Center organizes basic training courses in Hong Kong announces its president Lord Edwin E. Hitti Archived 28 March 2012 at the Wayback Machine
  19. ^ "Mediation in Today's News". Archived from the original on 14 July 2014. Retrieved 6 July 2014.
  20. ^ Headlines on International Arbitration, Mediation, Conciliation, Alternative Dispute Resolution, ADR – ADR Resources (ARyME) Archived 7 July 2012 at archive.today
  21. ^ Hong Kong to host its first Islamic Arbitration Center – ADR Resources Archived 27 March 2012 at the Wayback Machine
  22. ^ The Arab Chamber of Commerce & Industry
  23. ^ International Islamic Mediation & Arbitration Center (IMAC) organizes basic training courses in Hong Kong announces its president Lord Edwin E. Hitti Archived 14 July 2014 at the Wayback Machine
  24. ^ Ishaq Zahid. "Five Pillars of Islam". Islam101.com. Retrieved 3 July 2011.
  25. ^ "Population of Muslims around the world". Islamicweb.com. Retrieved 3 July 2011.
  26. ^ "Press Release – HK Institute of Islamic Studies, a division of the Arab Chamber of Commerce & Industry, in Hong Kong, offers for the first time in Hong Kong, a full Arabic Language Program, consisting of Arabic Reading and Arabic Speaking Courses". 24-7pressrelease.com. 20 November 2008. Retrieved 8 December 2013.
  27. ^ "The Arab Chamber of Commerce & Industry". Arabcci.org. Retrieved 8 December 2013.
  28. ^ "Mr. Jiang, Zengwei, Vice Minister of The Ministry of Commerce of The People's Republic of China, welcomed the Hong Kong delegation and applauded the Arab Chamber's role in promoting Arab investments and business cooperation in the region, and in developing the commercial sectors through receiving major business delegations and missions from all over the Arab World, and arranging networking meetings for them with the business community in China."
  29. ^ Arabcham President Meets China's Ministry of Commerce Vice Minister – Arabcham, China, Finance
  30. ^ League of Arab States welcomes The Arab Chamber of Commerce & Industry (ARABCCI) at the 3rd China-Arab Business Conference and I | PressReleasePoint
  31. ^ "CCPIT hosts The Arab Chamber of Commerce & Industry (ARABCCI) at its 3rd China-Arab Business Conference and Investment Seminar in Hangzhou – China". Archived from the original on 19 March 2012. Retrieved 22 July 2011.
  32. ^ SCC: Other Chambers of Commerce in Hong Kong
  33. ^ Hong Kong to host its first Islamic Arbitration Center – ADR Resources Archived 27 March 2012 at the Wayback Machine
  34. ^ IFSB
  35. ^ The Official Chamber Registry
  36. ^ "Worldwide NGO Directory". Archived from the original on 10 July 2011. Retrieved 13 July 2011.
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