中英文模式阅读
中文模式阅读
英文模式阅读

Edward Wong

We answer to a Higher Authority{#16a0}
我们回答了更高的权威{#16a0} Photo by
Photo by Hamza Javaid on
on Unsplash

Shari'a and Halal {#92da}

Adherents of the Islamic faith must follow the
伊斯兰信仰的坚持者必须遵循 Five Pillars of Islam which guides the Islamic financial system in terms of finance, lending, risk, speculation, ownership, and general business practices. Two words you often hear are
它在金融,贷款,风险,投机,所有权和一般商业惯例方面指导伊斯兰金融体系。你经常听到的两个词是 halal and
and Shari'a . The set of Islamic religious laws that governs not only religious rituals but also aspects of day-to-day life in Islam is referred to as Shari'a, the guidance of which then yields activities known as halal, which translates into "permissible". While many are familiar with the term halal as used in conjunction with dietary food, it is also used in context to investments, which implies a commitment to moral principles and socially responsible investments for the benefit of the whole community, but particularly Islam.{#7f8c}
。一套伊斯兰宗教法律不仅管理宗教仪式,而且管理伊斯兰教的日常生活方面,被称为Shari'a,其指导产生了被称为清真的活动,转化为"允许的"。虽然许多人熟悉与饮食食品一起使用的清真术语,但它也用于投资,这意味着承诺道德原则和社会责任投资,以造福整个社区,尤其是伊斯兰教。{ 7f8c}

Here are the guidelines from the
以下是该指南Seven Pillars Institute for investments in order to meet
为了满足投资 halal criteria:{#5ae2}
criteria:{#5ae2}

· The first and most contradistinctive feature of Islamic finance is there is no concept of the time value of money. A dollar is worth the same today as it is to someone three months from now. This is in stark contrast to the western view of money --- a dollar is worth more to me now than it is three months from now. According to modern (western) finance theory, for those three months, I could have that dollar sit in a bank account and earn interest for three months so that once three months have passed, I will have more than a dollar. Therefore, when I am lending money to someone and not getting it back for a period a time, I am to be compensated by the borrower for the opportunity cost of not receiving interest from that money.{#b603}
·伊斯兰金融的第一个也是最具矛盾性的特征是没有货币时间价值的概念。今天一美元和现在三个月的人相同。这与西方的货币观形成鲜明对比 - 现在一美元对我来说比现在三个月更值钱。根据现代(西方)金融理论,在这三个月里,我可以将这笔钱存入银行账户并赚取三个月的利息,这样一旦过了三个月,我将获得超过一美元。因此,当我向某人贷款并且暂时没有将其取回时,借款人会因未能从这笔钱中获得利息而获得机会成本补偿。{#b603}

· Second, and closely linked to not having a time value of money is the Qur'an's strict prohibition against the collection of interest or
·其次,与没有时间价值的金钱密切相关的是古兰经严格禁止收集利息或 riba, which is sometimes translated also as usury or exploitation. The prohibition stems from the belief that money and profits are earned. The charging of interest is considered unlawful gain, as the financial institution is not really providing any service to the borrower, but is profiting from merely existing and being able to lend money. Some adherents to this belief view people that store their money in banks as hoarders, believing that money is not be socked away in banks earning interest, but should be used to support entrepreneurs and the development of Islamic enterprise.{#ae2d}
有时也被翻译为高利贷或剥削。该禁令源于相信金钱和利润的获得。利息收费被视为非法收益,因为金融机构并未真正向借款人提供任何服务,而是仅从现有利润中获利并能够借钱。一些信奉这种观点的人认为,将钱存入银行作为囤积者的人认为,钱不会在赚钱的银行中被蚕食,而应该被用来支持企业家和伊斯兰企业的发展。{#ae2d}

· Third, risk taking or
·第三,冒险或 gharar is to be avoided as much as possible. In an Islamic contract the price, quantity, and time of payment must be known prior to entering into the contract with the other party. This practice ties in to some of the other characteristics of Islamic finance, but may have something to do with the culture and customs of the people that settled the area. The Middle East is home to people whose ancestors were nomadic, tribal people, who lived off of the land and never took more risk than was necessary. This history of risk avoidance seems to continue to play out in the region's financial sector. However, it is this aspect of Islamic business that we again see the impact that the teachings of Allah. Life insurance, a familiar financial instrument for most in the West, is shunned by Muslims because Allah knows the time and place of each person's passing, their time on this earth being predetermined. Mechanisms have been developed to help ameliorate the consequences of the risk of death from everyday life, with the focus on zakat, social security, and laws of inheritance that allow people to take care of their family members after they pass (Malkawi).{#cf92}
应尽可能避免。在伊斯兰合同中,必须在与另一方签订合同之前知道价格,数量和付款时间。这种做法与伊斯兰金融的其他一些特征有关,但可能与解决该地区的人民的文化和习俗有关。中东是人们的家园,他们的祖先是游牧民族,部落人民,他们生活在土地之外,从未冒过必要的风险。这种风险规避的历史似乎在该地区的金融部门继续发挥作用。然而,正是伊斯兰商业的这一方面,我们再次看到了安拉教义的影响。人寿保险是西方大多数人熟悉的金融工具,被穆斯林避开,因为安拉知道每个人过世的时间和地点,他们在地球上的时间是预先确定的。已经制定了一些机制,以帮助改善日常生活中死亡风险的后果,重点是zakat,社会保障和继承法,允许人们在他们通过后照顾他们的家庭成员(Malkawi)。{ cf92}

· The fourth feature of Islamic finance that makes it stand apart from conventional, western finance is the understanding that money is not a commodity. When buying and selling products either on the street or through a business contract, money does not change hands until the item being purchased is physically present. In other words, farmers or car producers cannot sell their produce or merchandise until the goods have reached the intended consumer (Malkawi). This requirement is related to risk (the previous feature of Islamic finance). The demand for payment at delivery helps to reduce any unforeseen price fluctuations between the onset of a contract and the final delivery of the product under contract. The immediate exchange of goods for payment also shields the buyer from any problems that may arise for the seller during production that may delay or interrupt the ability for final delivery.{#d181}
·伊斯兰金融的第四个特点是,它与传统的西方金融不同,就是理解金钱不是商品。当在街上或通过商业合同购买和销售产品时,在购买的物品实际存在之前,钱不会转手。换句话说,农民或汽车生产商在货物到达目标消费者(Malkawi)之前不能出售他们的产品或商品。这一要求与风险(伊斯兰金融的前一个特征)有关。交货时的付款要求有助于减少合同开始与合同产品最终交付之间的任何不可预见的价格波动。立即交换货款还可以保护买方免受卖方在生产过程中可能出现的任何可能延迟或中断最终交付能力的问题。{#d181}

· The last major requirement for a financial institution to be considered '
·考虑金融机构的最后一项主要要求 Shari'a complaint' is that contracts provided by these institutions share the risks and rewards of the contract evenly between all parties involved (Ali). This idea is again in contrast with the western world's idea of contracts and profits in the financial sector. In the west, the finance is a zero sum game: for every person that earns a positive return or profit from their investment, that profit comes from someone else's loss. Often in Islamic contracts, there will be an equal distribution of positive return among all parties, but losses will be reserved for those most heavily invested financially. Those parties contributing technical knowledge or other non-monetary support are not subject to the loss of an investment if there is one.{#e703}
投诉'是这些机构提供的合同在所有相关方(阿里)之间平均分担合同的风险和回报。这个想法再次与西方世界的金融部门合同和利润的想法形成对比。在西方,金融是一种零和游戏:对于每个获得正回报或从投资中获利的人来说,这种利润来自于其他人的损失。通常在伊斯兰合同中,各方之间的正回报将平等分配,但损失将留给那些在经济上投入最多的人。那些提供技术知识或其他非货币支持的政党如果有投资,则不会遭受投资损失。{#e703}

In short, halal compliant investments are prohibited from profiting off debt, so bonds are off the table.
简而言之,禁止使用符合清真标准的投资来抵扣债务,因此债券不在谈判桌上。 Speculation and
and derivatives trading are also off limits. Additionally, halal investing prohibits businesses that profit off certain activities including alcohol, tobacco, narcotics, gambling, pork, sex and weapons, among others.{#842f}
交易也是禁区。此外,清真投资禁止那些从某些活动中获利的企业,包括酒精,烟草,麻醉品,赌博,猪肉,性和武器等。{#842f}

Halal investment funds have ROI which are in line with other all-equities funds, since they are not allowed to have a bond or fixed income component, making them moderately risky. Separately, the adoption of halal investing is getting popular in the general secular community as many consider the investment to be based on good social values, irrespective of whether one is practicing Islam. This is analogous to those preferring to eating kosher food for non-religious reasons which also explains why Hebrew National Frankfurters and Empire Chicken are doing well as they cater just as much to
清真投资基金的投资回报率与其他所有股票基金一致,因为它们不允许拥有债券或固定收益部分,使其具有中等风险。另外,清真投资的采用在一般的世俗社区中越来越受欢迎,因为许多人认为投资是建立在良好的社会价值基础上的,无论是否实行伊斯兰教。这类似于那些因为非宗教原因而喜欢吃犹太食物的人,这也解释了为什么希伯来国家法兰克福香肠和帝国鸡的表现都很好,因为它们同样适合 gentiles .{#bda7}
.{#bda7}

What about cryptocurrencies? Do they meet halal or are they considered haram, the opposite of halal and whose meaning translate to "forbidden". This is open to interpretation and currently there is no definitive answer. Many experts are saying that since Bitcoin is built on an iron-clad distributed ledger system, it is actually more halal than common fiats, including the US dollar, since they are based on fractional reserves.{#18c7}
加密货币怎么样?他们是否符合清真,或者他们被认为是haram,与清真相反,其意义转化为"禁止"。这是开放的解释,目前没有明确的答案。许多专家都说,由于比特币建立在铁质分布式分类帐系统上,因此它实际上比普通菲律宾更为清真,包括美元,因为它们是基于分数储备。{#18c7}

Another interpretation on cryptocurrencies is that since there are valid and legitimate technology behind cryptocurrencies, e.g., blockchain and cryptography, the technology play in itself would deem crypto's as halal.{#f20c}
关于加密货币的另一种解释是,由于加密货币背后存在有效且合法的技术,例如区块链和密码术,因此技术本身就会将加密视为清真。{#f20c}

How do I invest in a halal-compliant way? {#13e0}
{#13e0}

Fully about one fourth of the world's population are Muslim, or practitioners of the Islam faith which amounts to about 1.9 billion people with an estimated Islamic financial assets of over $2.8 trillion in 2019.{#0faa}
全世界大约四分之一的人口是穆斯林,或者是伊斯兰教信徒的实践者,这些人信息约为19亿,2019年估计伊斯兰金融资产超过2.8万亿美元。{#0faa} Photo by
Photo by Kai Pilger on
on Unsplash

The good news is that halal investing is much easier now as it is really starting to come into its own. Great Britain is the only non-Muslim country with a high level of Islamic financial institutions assets (six) and many traditional banks have specialized Islamic service units. Obviously this market is still underserved in non-Muslim countries. Another way would be to buy into halal investment funds which would give you good assurances. There are even halal trading bots which can be configured to meet different investment strategies --- all of which will meet or exceed halal compliance.{#36fe}
好消息是,清真投资现在变得更加容易,因为它真正开始自成一体。英国是唯一拥有高水平伊斯兰金融机构资产的非穆斯林国家(六个),许多传统银行拥有专门的伊斯兰服务单位。显然,这个市场在非穆斯林国家仍然缺乏服务。另一种方式是购买清真投资基金,这将给你很好的保证。甚至还有清真贸易机器人可以配置以满足不同的投资策略 - 所有这些都将达到或超过清真合规。{#36fe}

In the meantime, QuantDesk.AI is currently working developing a variety of halal complaint funds and investment advisory along with adding halal investment bots to round out our offerings of post-quantum, cryptographically hardened wallets and custody. The funds, the advisory, and the algorithms behind the trading bots will be approved in conjunction with Islamic Finance authorities in order to insure that we are conforming to our social responsibilities (QuantDesk.AI also has a considerable charity arm) as well as meeting market demands. Stay tuned as this subject areas evolves and takes on greater significance.{#3861}
与此同时,QuantDesk.AI目前正在开发各种清真投诉基金和投资咨询,同时增加清真投资机器人,以完善我们的后量子,加密硬化钱包和托管产品。交易机器人背后的资金,咨询和算法将与伊斯兰金融机构一起批准,以确保我们符合我们的社会责任(QuantDesk.AI也有相当多的慈善机构)以及满足市场需求需要。请继续关注这个主题领域的演变并具有更大的意义。{#3861}

Edward Wong is a Co-Founder at QuantDesk.AI, a crypto custody, wallet, investment funds, advisory, and exchange startup. Edward is the Original Co-founder of the Shanghai Futures Exchange and was the former Treasury Architect at the Federal Reserve. Besides being a Fedophile he is a World Champion Spicy Eater and a cat lady.{#b6f9}
Edward Wong是QuantDesk.AI的联合创始人,这是一家加密监管,钱包,投资基金,咨询和交易创业公司。爱德华是上海期货交易所的原始联合创始人,曾是美联储的前财务顾问。除了是一个恋爱狂热者,他还是世界冠军辣食者和猫女士。{#b6f9}

中英文模式阅读
中文模式阅读
英文模式阅读

查看英文原文

查看更多文章

公众号:银河系1号
公众号:银河系1号

联系邮箱:public@space-explore.com
联系邮箱:public@space-explore.com

(未经同意,请勿转载)
(未经同意,请勿转载)