Arab Chamber of Commerce and Industry
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| Founded | 2006 |
|---|---|
| Type | Non-profit civil society |
| Focus | Business advocacy |
| Location | |
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Area served
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 Hong Kong
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Key people
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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. The Arab Chamber of Commerce is a not for profit organisation, The President is Edwin Hitti.
The Arab Chamber established the first Shariah Advisory Council in Hong Kong, made up of experts in the Islamic code of law. 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.
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.
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.
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.
The Amwal Credit Union is a member of the Credit Union League of Hong Kong, and the Association of Development Financing Institutions in Asia and the Pacific (ADFIAP).
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