The Hong Kong Securities and Futures Commission has authorised the Special Administrative Region's first Islamic retail fund. The regulator gave no details in its statement, but the South China Morning Post, citing unnamed sources, said the fund would be launched by Hang Seng Bank. Alexa Lam, SFC executive director of investment products, said: "The introduction of Islamic retail funds gives added variety to our retail fund market and underscores the versatility of our asset management industry." Last month, Hong Kong's chief executive Donald Tsang said the government would push to develop products that comply with Islamic law. The financial centre is seeking to compete with Singapore and Malaysia as a hub for Muslim investment. In support of the government’s initiative, the SFC has been working with industry participants to enable the introduction of Islamic financial products to the Hong Kong market.