Arab Chamber of Commerce and Industry

The Arab Chamber of Commerce & Industry

Founded	2006
Type	Non-profit civil society
Focus	Business advocacy
Location	Hong Kong
Area served	Hong Kong
Key people	Edwin Hitti, President
Slogan	To promote and expand relations between Hong Kong/Greater China and Arab countries
Website	arabcci.org

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 organization, The President is Edwin Hitti.

Activities

Shariah Advisory Council

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

Hong Kong Islamic Index Banner

The HK Islamic Index (HKII), was established in 2007 by the Chamber to support Hong Kong's ambitions to develop into an 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

ACU Logo

The Arab Chamber of Commerce and Industry recognized 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

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

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 centers, and other public facilities for the Islamic community. The group works in collaboration with The United Muslim Association of Hong Kong. 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

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 cooperation with the Institute of Professional Education and Knowledge of Hong Kong.^[26][27]

Support

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

• Hong Kong SAR Government
• Ministry of Commerce of the People's Republic of China ^{[28][29][30][31][32][33]}
• General Union of Chambers of Commerce, Industry & Agriculture for Arab Countries (GUCCIAAC)
• Union of Arab Banks (UAB)
• Hong Kong Stock Exchange (HKEx)
• Islamic Corporation for Insurance of Investments & Export Credits (ICIEC)
• United Muslim Association of Hong Kong (UMAH)
• Islamic Chamber of Commerce & Industry (ICCI)
• League of Arab States (Arab League)
• Islamic Financial Services Board (IFSB)

Affiliations

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