伊斯/兰金融机会增长
Opportunities in Islamic Finance Grow
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2020-01-11 23:02
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I am convinced that opportunities exist in Islamic, or Shariah-compliant, investment products to address the investment needs of the world's 1.6 billion Muslim citizens. I recently attended a conference on Islamic investment that Franklin Templeton organized in Dubai, where H.R.H. Sultan Nazrin Muizzuddin Shah, Sultan of Perak Darul Ridzuan and Royal Patron for Malaysia's Islamic Finance Initiative, delivered the keynote speech. He reflected on the progress made by Islamic finance in recent years, and the challenges that remain. I believe the presence at our conference of such a distinguished and respected member of the Islamic financial community reflects well on the efforts both of our team in Malaysia (a key center for Islamic finance) and those within our wider organization.

我深信伊斯/兰或符合伊斯/兰教义的投资产品拥有机会,满足全球16亿穆斯/林公民的投资需求。我最近参加了富兰克林邓普顿在迪拜举办的伊斯/兰投资大会,霹雳州苏丹、马来西亚伊斯/兰金融倡议的皇家赞助人纳兹林沙殿下发表了主题演讲。他探讨了近年来伊/斯兰金融取得的进步以及仍然面对的挑战。我相信,伊斯/兰金融界如此杰出和受尊重的成员出席我们的会议,说明我们马来西亚(伊斯/兰金融的重要中心)的团队和整个机构的出色努力。

The presence of the Royal Patron for Malaysia's Islamic Finance Initiative at our conference in Dubai was no accident, as Malaysia and Dubai are among the strongest proponents of Shariah finance globally. Both countries have been active in developing institutional structures opening the way to the international development of Shariah-compliant products, including both Shariah equities and Sukuk, commonly referred to as Islamic bonds. Malaysian authorities, in particular, have been proactive in encouraging the development of a wider range of Shariah-compliant financial products, while Dubai is the home of one of the first Islamic banks, set up in 1975, and is aiming to become a major global hub for Islamic finance.

马来西亚伊斯/兰金融倡议的皇家赞助人出席我们在迪拜的会议不是一个偶然,因为马来西亚和迪拜是伊斯/兰金融在全球的两个最强大的支持者。这两个国家一直在积极发展机构结构,为符合伊斯/兰教义产品的国际发展开辟道路,包括符合伊斯/兰教义的股票和伊斯/兰债券。在鼓励开发更广泛的符合伊斯/兰教义的金融产品方面,马来西亚当局尤其积极主动,而第一个伊斯/兰银行于1957年在迪拜诞生,迪拜的目标是成为全球主要的伊斯/兰金融枢纽。

At the Franklin Templeton Islamic Forum, Dubai: Stephen Grundlingh, Co-CEO & Regional Head of Southeast Asia for Franklin Templeton; Datuk Ahmad Anwar Adnan, Malaysian Ambassador to UAE; YBhg Datuk Ranjit Ajit Singh, Chairman of Securities Commission Malaysia; His Royal Highness Sultan Nazrin Muizzuddin Shah Ibni Almarhum Sultan Azlan Muhibbuddin Shah, Sultan of the State of Perak Darul Ridzuan & Royal Patron for Malaysia's Islamic Finance Initiative; Tan Sri Dato' Sri Dr. Zeti Akhtar Aziz, Governor of Bank Negara Malaysia; Dr. Mark Mobius, Executive Chairman of Templeton Emerging Markets Group; Dhiraj Rai, Director of Gulf & Eastern Mediterranean for Franklin Templeton; Sandeep Singh, CEO & Country Head of Malaysia for Franklin Templeton; Adam Quaife, Regional Head of Central & Eastern Europe and Middle East for Franklin Templeton.

The efforts of proponents of Shariah-compliant investment in Malaysia, Dubai and elsewhere were fruitful in 2014. Several Sukuk offerings from non-Muslim countries— including the United Kingdom, Hong Kong, South Africa and Luxembourg—represented a major breakthrough for a type of product that had previously been largely local in nature, with issuance restricted to a few Islamic nations. In the context of global financial markets, Shariah-compliant equity and Sukuk investments remain relatively small in scale. Islamic finance is still a young industry in comparison with its conventional counterpart, growing fast but still representing a small fraction of global financial assets. The bulk of industry assets are still accounted for by Islamic bank deposit accounts. Aspects of Islamic law affect investment, including the prohibition of the payment of interest, so-called “riba,” and on a range of activities and products forbidden to Muslims including alcohol, armaments and a number of foodstuffs and food-related activities. These prohibitions appear relatively simple in principle. In practice, the interpretation of what is Shariah-compliant and what is not can be complex, requiring the active involvement of Islamic scholars, especially as new investment products are developed to widen the range of the Islamic investment industry but that require considerable discussion. Furthermore, interpretation of Shariah principles differs from one Islamic scholar to another. Thus, creating uniform standards for products can be problematic, with differences from jurisdiction to jurisdiction, and with many products not adhering fully to those standards that are set.

马来西亚、迪拜和其他地区推动符合伊斯/兰教义投资的努力在2014年卓有成效。包括英国、香港、南非和卢森堡的非伊斯/兰国家发售伊斯/兰债券,这对于原先基本上是地区性和发行仅限于少数伊斯/兰国家的产品来说,这是一个重大突破。在全球金融市场的背景下,符合伊斯/兰教义的股票和伊斯/兰债券投资规模仍相对较小。和传统行业相比,伊斯/兰金融仍是一个年轻的行业,增长速度快,但仍然占全球金融资产的一小部分。行业资产的大部分是伊/斯兰银行存款账户。伊斯/兰法对投资有影响,包括禁止支付利息,禁止一系列穆斯/林不能参与的活动和获得的产品,包括酒精、武器装备和一些食品以及和食品相关的活动。这些禁令的原理比较简单。但在实践中,诠释是否符合伊斯/兰教义却很复杂,需要伊斯/兰学者的积极参与,尤其是在开发新的投资产品以扩大伊/斯兰投资行业的范围,需要相当多的讨论。此外,不同伊/斯兰学者对伊斯/兰教义的诠释不同。因此,为产品创建统一的标准可能会遇上问题,不同的管辖区不一样,许多产品也没有充分遵守所设定的标准。
 

With businesses looking to develop increasingly complex Shariah instruments, for example in the field of derivatives and currency hedging, issues of interpretation can be a barrier to market acceptance. However, I find that many of the ideas implicit in Islamic investment are gaining increasing acceptance within conventional markets through the concept of ethical or socially responsible investment, creating an obvious point of contact between the Shariah-compliant financial world and a growing area of conventional finance. In addition, Shariah-compliant investments emphasize a worthy function and social impact to help mankind. This aspect appears to potentially fit with the need for high levels of infrastructure investment across a wide range of emerging countries, both in the Islamic world and beyond: investments that will likely need to tap resources well beyond the capacities of individual governments.

随着企业寻求开发日益复杂的符合伊斯/兰教义的工具,如衍生品和货币对冲,诠释的问题可能会阻碍产品被市场接受。不过,我发现,很多隐含在伊斯/兰投资的想法,如道德或社会责任投资的概念,正在获得传统市场的接受,创造了伊斯/兰金融世界和传统金融界之间的接触点。此外,符合伊斯/兰教教义的投资强调有价值的功能和社会影响,以帮助人类。这方面很适合新兴国家对高水平基础设施投资的需求,无论是在伊斯/兰世界还是其他地区:投资需要的资源可能远远超出各国政府的能力。

With much work going into creating infrastructure Sukuk with international acceptability, I believe this pressing global need could represent a great opportunity, and one that we at Franklin Templeton could be well placed to participate in. With Islamic nations among the world's most populous and fastest-growing economies, I strongly believe that Shariah investing could become increasingly important, as well as a thoroughly worthy endeavor in tune with the ideals of our mentor, Sir John Templeton.

随着投入大量工作,以创建让国际认同的基础设施伊斯/兰债券,我相信这个全球紧迫的需求可能是一个很好的机会,富兰克林邓普顿可以很好地参与其中。伊斯/兰国家是全球人口最多和增长最快的经济体,我坚信伊斯/兰投资可能会变得越来越重要,这也和我们的导师约翰·邓普顿爵士的理想一致,是非常值得努力的。

Comments, opinions and analyses are for informational purposes only and should not be considered individual investment advice or recommendations to invest in any security or to adopt any investment strategy. Because market and economic conditions are subject to rapid change, comments, opinions and analyses are rendered as of the date of the posting and may change without notice. The material is not intended as a complete analysis of every material fact regarding any country, region, market, industry, investment or strategy.

评论、意见及分析仅供参考之用,不应被视为个人的投资建议或推荐投资于任何证券或采取任何投资策略的建议。由于市场和经济状况可能出现急剧变化,评论、意见和分析都以公布日期当日为准,若有更改恕不另行通知。本文材料不是针对任何国家、地区、市场、行业、投资或策略的所有重大事实的全面分析。

Important Legal Information

重要的法律信息

This material is intended to be of general interest only and should not be construed as individual investment advice or a recommendation or solicitation to buy, sell or hold any security or to adopt any investment strategy. It does not constitute legal or tax advice. The companies and case studies shown herein are used solely for illustrative purposes; any investment may or may not be currently held by any portfolio advised by Franklin Templeton Investments.

本文只供一般性参考,不应被视为个人投资建议,或推荐投资者购买、出售、持有任何证券及采纳任何投资策略的建议或招揽,不构成法律或税务咨询。本文所列的公司和案例研究仅供说明;富兰克林邓普顿(Franklin Templeton)所建议的任何投资组合目前尚未确认是否存在投入。

The opinions are intended solely to provide insight into how securities are analyzed. The information provided is not a recommendation or individual investment advice for any particular security, strategy, or investment product and is not an indication of the trading intent of any Franklin Templeton managed portfolio. This is not a complete analysis of every material fact regarding any industry, security or investment and should not be viewed as an investment recommendation. This is intended to provide insight into the portfolio selection and research process. Factual statements are taken from sources considered reliable but have not been independently verified for completeness or accuracy. These opinions may not be relied upon as investment advice or as an offer for any particular security. Past performance does not guarantee future results.

这些意见仅仅是为人们提供有关证券的分析方法参考。本文所提供的信息并非针对任何特定证券、策略或投资产品的推荐或个人投资建议,富兰克林邓普顿管理团队不对任何有关投资组合的交易意图做出指示本博文不是针对任何行业、证券或投资的所有重大事实的全面分析,不作投资建议参考。于此提供的某些评论旨在提供对投资组合选择和研究过程的的见解。本文所载之资料属可靠的公开来源,但未经独立验证且并不保证其完整性和准确性。这些意见不得作为投资建议或任何特定证券的要约。过往表现不能预示或保证其未来表现。

The views expressed are those of the investment manager and the comments, opinions and analyses are rendered as at publication date and may change without notice. The information provided in this material is not intended as a complete analysis of every material fact regarding any country, region or market.

评论、意见及分析均为投资经理的个人观点,并以公布日期当日为准,若有更改恕不另行通知。本文提供的信息不是针对任何国家、地区或市场的所有重大事实的全面分析。

Data from third party sources may have been used in the preparation of this material and Franklin Templeton (“FT”) has not independently verified, validated or audited such data. FT accepts no liability whatsoever for any loss arising from use of this information and reliance upon the comments opinions and analyses in the material is at the sole discretion of the user. Products, services and information may not be available in all jurisdictions and are offered outside the U.S. by other FT affiliates and/or their distributors as local laws and regulation permits. Please consult your own professional adviser or Franklin Templeton institutional contact for further information on availability of products and services in your jurisdiction.

富兰克林邓普顿投资(FTI)可能使用了来自第三方的数据来准备这份材料,FTI并没有独立核实、验证或审核这些数据。对于因使用这些资料而产生的任何损失, FTI概不承担任何责任,依赖评论观点和分析材料,由用户自行决定。产品、服务和信息可能不会在所有司法管辖区提供,由FTI附属公司及/或其当地的法律和法规许可的分销商提供。关于产品和服务在您的司法管辖范围是否提供,请咨询您的专业顾问获取更多信息。

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

Copyright © [2019]  。富兰克林邓普顿投资。版权所有。

What Are the Risks?

有何风险?

All investments involve risks, including the possible loss of principal. Investments in foreign securities involve special risks including currency fluctuations, economic instability and political developments. Investments in emerging markets, of which frontier markets are a subset, involve heightened risks related to the same factors, in addition to those associated with these markets' smaller size, lesser liquidity and lack of established legal, political, business and social frameworks to support securities markets. Because these frameworks are typically even less developed in frontier markets, as well as various factors including the increased potential for extreme price volatility, illiquidity, trade barriers and exchange controls, the risks associated with emerging markets are magnified in frontier markets. Stock prices fluctuate, sometimes rapidly and dramatically, due to factors affecting individual companies, particular industries or sectors, or general market conditions.

所有投资均涉及风险,包括可能损失本金。外国证券投资涉及特别风险,包括汇率波动、经济不稳定和政治发展。在新兴市场(包括前沿市场)国家的投资涉及相同因素的较高风险,以及与这些市场的规模较小、流动性较低、并缺乏既定的法律、政治、商业和社会的框架以支持证券市场的相关风险。因为前沿市场的这些框架往往更欠发达,以及各种因素,包括极端价格波动、流动性不足、贸易壁垒和外汇管制,潜在的与新兴市场相关的风险在前沿市场尤为突出。在影响个别公司、特定行业或部门或一般市场状况的因素作用下,股票价格会表现出极大的不稳定性。

To get insights from Franklin Templeton delivered to your inbox, subscribe to the Investment Adventures in Emerging Markets blog.

有意从富兰克林邓普顿 (Franklin Templeton) 的邮件中了解更多信息,请订阅 “新兴市场的投资冒险” (Investment Adventures in Emerging Markets) 博客。

For timely investing tidbits, follow us on Twitter @FTI_Emerging and on LinkedIn.

有意及时投资的话,请在推特上关注 @FTI_emerging和LinkedIn。

The technology industry can be significantly affected by obsolescence of existing technology, short product cycles, falling prices and profits, competition from new market entrants as well as general economic conditions. The technology sector has historically been volatile due to the rapid pace of product change and development within the sector.

现有技术过时、产品周期短、价格和利润下降、市场新进入者带来的竞争以及一般的经济条件都可能对技术产业产生重大影响。由于科技产品更新换代周期较短,该行业一直以来面临着巨大/波动。

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