Latest news with #commodityTrading
South China Morning Post
21-05-2025
- Business
- South China Morning Post
Hong Kong plans legislation to offer 50% tax concession for some commodity trading
Hong Kong will table a bill by the end of the year to offer a 50 per cent tax concession for certain commodity trading activities, Financial Secretary Paul Chan Mo-po said on Wednesday. The legislation was part of a broader policy initiative to develop a commodity trading ecosystem in the city, Chan said at the LME Asia Metals Seminar. In February, he said the bill would be brought to the Legislative Council in the first half of 2026. Chan's remarks came a day after the London Metal Exchange (LME) added three more Hong Kong warehouses to its global network, following an initial approval of four in April. This, he said at the seminar, was 'bringing storage facilities closer than ever to the industrial heartlands and consumption centres on the Chinese mainland'. 'The progress is impressive,' Chan added. China is the world's largest metals consumer, but Beijing does not allow non-mainland exchanges to operate delivery warehouses within the country. In January, the LME said it would add Hong Kong to its global warehouse network in an effort to meet rising demand for the physical exchange of metals between mainland China and the rest of the world. 'We've really focused on being as close as possible to the mainland and Hong Kong is the ultimate expression of that,' said Matthew Chamberlain, the LME's CEO. Chamberlain said 85 per cent of the LME's stock of metals is held in Asia, which 'reflects the evolution of the underlying industry, and it's also no surprise that a lot of that is about servicing the mainland China market'.
Yahoo
19-05-2025
- Business
- Yahoo
Sidra Capital Joins Bursa Suq Al-Sila' as a Member
SINGAPORE, May 19, 2025--(BUSINESS WIRE)--Sidra Capital has officially joined Bursa Suq Al-Sila' (BSAS) as a commodity trading participant, placing it alongside central banks, global commercial banks, and international multilateral financial institutions. BSAS is a Malaysia-based commodity trading platform designed to facilitate Islamic liquidity management and financing by Islamic financial institutions. BSAS has become a leading platform for tawarruq transactions, with an average daily trading value of approximately USD 10 billion, a significant rise from USD20 million when it was launched in 2009. "Sidra Capital is a well-established player in Islamic asset management, specializing in real estate and private finance. As we expand our footprint in the Asia-Pacific we see immense potential for Shariah-compliant solutions, having direct access to one of the most widely used platforms for tawarruq transactions strengthens our competitive edge," said Ghassan Soufi, Vice Chairman at Sidra Capital . "Tawarruq or commodity murabaha is a highly practical solution to shariah restrictions on financial transaction executions. As we look forward to entering further into the Asia Pacific private credit market, access to BSAS enhances our ability to close deals more efficiently and cost-effectively," added Arif Rahim, CEO of Sidra Capital Singapore. Traditionally, tawarruq transactions in Islamic financing are facilitated through brokers or intermediaries who execute trades on global commodity exchanges such as the London Metal Exchange. The establishment of BSAS, part of the publicly listed Bursa Malaysia Berhad group, allows financial institutions to trade directly on the platform, improving efficiency by eliminating intermediaries and leveraging cutting-edge technology. Source: AETOSWire View source version on Contacts Sarah AbuzeidCorporate Communications Divisionprandmarketing@
Yahoo
19-05-2025
- Business
- Yahoo
Sidra Capital Joins Bursa Suq Al-Sila' as a Member
SINGAPORE, May 19, 2025--(BUSINESS WIRE)--Sidra Capital has officially joined Bursa Suq Al-Sila' (BSAS) as a commodity trading participant, placing it alongside central banks, global commercial banks, and international multilateral financial institutions. BSAS is a Malaysia-based commodity trading platform designed to facilitate Islamic liquidity management and financing by Islamic financial institutions. BSAS has become a leading platform for tawarruq transactions, with an average daily trading value of approximately USD 10 billion, a significant rise from USD20 million when it was launched in 2009. "Sidra Capital is a well-established player in Islamic asset management, specializing in real estate and private finance. As we expand our footprint in the Asia-Pacific we see immense potential for Shariah-compliant solutions, having direct access to one of the most widely used platforms for tawarruq transactions strengthens our competitive edge," said Ghassan Soufi, Vice Chairman at Sidra Capital . "Tawarruq or commodity murabaha is a highly practical solution to shariah restrictions on financial transaction executions. As we look forward to entering further into the Asia Pacific private credit market, access to BSAS enhances our ability to close deals more efficiently and cost-effectively," added Arif Rahim, CEO of Sidra Capital Singapore. Traditionally, tawarruq transactions in Islamic financing are facilitated through brokers or intermediaries who execute trades on global commodity exchanges such as the London Metal Exchange. The establishment of BSAS, part of the publicly listed Bursa Malaysia Berhad group, allows financial institutions to trade directly on the platform, improving efficiency by eliminating intermediaries and leveraging cutting-edge technology. Source: AETOSWire View source version on Contacts Sarah AbuzeidCorporate Communications Divisionprandmarketing@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
