The role of Hong Kong in the entry of Islamic finance on the Chinese market

Téhéran(IQNA)-Un expert de la fintech et de la finance estima que Hong Kong doit continuar ses efforts en vue de devenir un foyer de finance islamique, parce qu’il detient tous les facteurs de réusissement.

Oriol Caudevilla, consultant and researcher in financial technology, in a note to “Macao Business” on the role of Islamic finance in Hong Kong and in the economy of the region, wrote: “Economic diversification is certainly a key element for Attainder une économie et un développement durables. Diversity is very important for Hong Kong and Macao. Hong Kong does not give up its efforts to become an Islamic financial center because this city has all the necessary elements to succeed. En tant que porte d’entrée financier vers la China, Hong Kong est l’endroit idéal pour une cooperation des investisseurs et des distributors de services de financementique islamique.

The situation in Hong Kong was not easy during the last two years. 2019 was one of the most traumatic years for the special administrative region of Hong Kong, due to internal troubles, and the situation was not better in 2020/2021 due to the pandemic of COVID-19.

According to the 2021 report of the Hong Kong government, the unemployment rate has fallen to 6.6% during the October-December period, compared to 6.3% previously, returning to a level never seen since December 2004, and the number of tourists for the period from January to July 2020, a diminué de 91.2% compared to the same period in 2019.

dollars in circulation in Hong Kong

Yet, cette place financière internationale, réputéme pour sa flexibility, s’est montrée prête à saisir toute opportunité susceptible d’assureur sa dominance financière régionale.

Other than the numerous initiatives (the new Fintech of Hong Kong, the connectivity in the management of heritage, the growth of the virtual bank, the experience of the numerical yuan and the recent deployment as a cross-border payment instrument), domaine auquel les gens ne font pas assez attention qui est la finance islamique qui peut ouvrir d’innumbrables opportunités, fonctionne selon les lois islamiques (sharia) et comme le système financier conventionale, dispose de banques, de markets de capitals et de sociétés d’ investment.

Bien que les théories islamiques de l’économie existent depuis plus de mille ans, l’industrie financière financière moderne n’a commencement que dans les années 1970, et il ya maintenant, une comprehension claire de l’importance du financemente islamique non seulement dans les pays musulmans mais aussi dans le système financier international.

Looking for Hong Kong to become an Islamic financial market

According to the 2018 report on the stability of the Islamic financial services industry published by the Islamic Financial Services Council in Malaysia, the total value of the Islamic finance industry exceeded 2000 billion dollars and the industry finance islamique a plus que doublé depuis 2009.
The main drivers of the growth of this financial system were the issuance of sukuk (obligations compliant with the Sharia law). The market of Islamic bonds Sukuk has also become very strong in several non-Muslim countries such as the United Kingdom.

Bien que la croissance économique ait ralenti depuis la crisis financier mondiale, l’industrie dispose d’une grande marge de manœuvre pour pursuivre sa croissance. The share of the Islamic bank in the total bank assets in Sudan and Iran is 100%, in Brunei 57%, in Saudi Arabia 51%, in Qatar 27% and in Malaysia 24%.

En Asie, la Malaisie reste un leader de la Finance islamique. However, Singapore (a country with a Muslim population of around 14% of its total population) is striving to become an important center in the domain of Islamic finance. Singapore has launched an index conforme à la charia, qui sert de référence pour les fonds et les investments. Géographiquement, Singapour a un vantage dû à sa proximité avec les pays musulmans les plus peuplés. In 2009, when the Monetary Authority of Singapore (MAS) established the latest certification program “Lejarah Amanat Sukuk” of more than 145 million American dollars, published for the first time on the Islamic financial market of Sukuk with the highest quality de crédit, un tournant s’est produit dans le développement de l’industrie de la Finance islamique à Singapour.

Hong Kong’s first attempt to develop Islamic finance began in 2007, when Donald Tsang Yam-Kuen, then director general of Hong Kong, mentioned the possibility of developing the Islamic financial market and the sukuk market in his policy. To pave the way for this, the Legislative Council of Hong Kong amended the Internal Revenue Ordinance (chapter 112) and the Stamp Ordinance (chapter 117) to provide a fiscal framework for the issuance of sukuk. comparable to the issue of conventional bonds.

In 2014, the government of Hong Kong issued its first sukuk under the government bond program (second sukuk in 2015 and third sukuk in 2017). However, no other sukuk has been issued in Hong Kong since 2017, the sukuk of 2014, with an issue volume of 1 billion dollars and a duration of 5 years, was the first sukuk in US dollars issued by a government avec une notation AA (très forte capacité à faire face à ses obligations financières). Cependant, seuls trois sukuk ont ​​​​étis émis à Hong Kong et aucun d’entre eux n’a encore été considered comme très successful. For example, with 3.132%, the yield of sukuk in February 2017 was lower than that of other 10-year sukuk, notés AA sur le marché.

En tant que porte d’entrée financier vers la China, Hong Kong est un endroit idéal pour faire la mediation entre les investors et les distributors de services de financementique islamique. Dans le même temps, les entreprises chinese continentales ont besoin de financements et d’investissements croissants (le crédit est difficile à trouver en Chine continentale, il ya donc une croissance progressive du système bancaire parallel).

In short, the growing industry of Islamic finance presents huge opportunities for Hong Kong, because the country has all the necessary conditions to facilitate growth. Hong Kong est un endroit idéal pour que les institutions conforme à la charia bridging the gap between the Islamic world and China, et d’autres countries en développement d’Asie de l’Est.

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