ディナールに関するマハティール首相の演説②

「THE OFFICIAL OPENING OF THE INTERNATIONAL ISLAMIC CAPITAL MARKET CONFERENCE AND THE LAUNCHING OF THE INTERNATIONAL ISLAMIC CAPITAL MARKET WEEK AT THE SECURITIES COMMISSION」(2002年3月26日)

Thank you for inviting me to officiate at this
International Islamic Capital Market Conference and to
officially launch the Islamic Capital Market Week, an
event which is jointly organised by the Securities
Commission and the Asian Strategy and Leadership
Institute. Let me also say a warm welcome to the many
foreign speakers and participants at this conference.
I hope you will find time to see and experience for
yourself the peace, stability and prosperity of
multiracial Malaysia. By the time you leave Malaysia,
I hope that you will be convinced that the only things
that we would like to launch from the Malaysian
`launching pad’ are new and more innovative financial
products to whet the increasing appetite of fellow
Muslims for more Syari’ah compliant financial
instruments.

2. The Malaysian economy is private sector-driven and
has been so all along. The government sees itself as a
facilitator, providing the necessary policies,
structures and framework to ensure that the private
sector can continue to effectively play its role as the
main engine of growth. This formula has worked well for
us, in good times and in bad times. This is because
both the government and the private sector as
stakeholders in all economic enterprises have interests
that are closely aligned.

3. The nature and extent of the government’s role as
facilitator of economic growth will change from time to
time – difficult times call for a more proactive role
in the mobilisation of funds and stimulation of
economic activities while good times allow us to create
a healthy climate for investment and economic activity,
ensure good housekeeping and collect our dividends.
The Government considers itself as a substantial
shareholder in all businesses because 28 percent of the
profit belongs to the Government.

4. We therefore make no apologies for our business-
friendly policy. The government is committed to
ensuring that the market for capital, which is the fuel
that drives the private sector engine of growth,
continues to be developed and strengthened so that it
can continue to effectively mobilise funds to meet the
increasingly huge financing needs of the private
sector.

5. Let me make it clear that Malaysia is a Muslim
country, perhaps even a model Muslim country. Our
economy has grown from strength to strength, from the
day of our independence almost forty-five years ago.
From being reliant on tin and rubber we have now a
diversified economic base and we are the 18th largest
trading nation in the world.

6. Our financial and capital market has also grown in
parallel with the growth of the economy. The Malaysian
capital market which took a beating in 1998 is today
back at relatively more reasonable and sustainable
levels. With a 2.4 per cent gain over the year, the KL
Composite Index (KLCI) is a bright spot compared to a
drop of six per cent for the Dow Jones, 23.5 per cent
for the Nikkei and 24.3 per cent in the Hang Seng.
Contrary to the expectation of many, GDP growth for
2001 remained in positive territory.

7. Our Islamic capital market has grown from strength
to strength, complementing and benefiting from the
infrastructure within the conventional capital market,
and providing a vital third component to Islamic
banking and Takaful.

8. In recent years, the Islamic capital market has
contributed significantly to the broadening and
deepening of the Islamic financial sector. Since almost
a decade ago when the first Islamic Private Debt
Securities were issued, the Islamic capital market has
developed a wide range of equity products, debt
securities and managed funds.

9. Supporting institutions and structures have also
been developed. We have a core of specialist Islamic
financial institutions as well as conventional
financial institutions that offer Islamic financial
products and services. The government, through the
Securities Commission and Bank Negara Malaysia, ensures
by way of supervision and monitoring, that the
activities carried out are not in conflict with the
tenets of the Syari’ah.

10. We have successfully replicated our earlier
successes with Islamic Banking and Takaful in the newer
area of Islamic capital market. Today, approximately
three quarters of the stocks on the KLSE are Syari’ah
compliant, with the KLSE Syari’ah Index or KLSI index
providing a benchmark for the performance of the
Syari’ah-approved securities. There has also been a
steady increase in the percentage of Islamic debt
securities relative to total debt securities in terms
of the value of funds raised. Many large domestic
companies are seeking financing through the issue of
long-term Islamic papers. Islamic financing has also
started to provide money for the venture capital
industry, turning innovative ideas into businesses.

11. While Islamic unit trust currently forms only a
small portion of the entire unit trust industry, I am
confident that this sector will grow in parallel with
the growth of the entire unit trust industry. With the
increasing prosperity of our people and the relative
success of the government’s affirmative actions,
coupled with savings averaging almost 33 per cent, we
expect the unit trust industry, including the Islamic
unit trust industry to see rapid growth in the years
ahead.

12. Indeed we expect the Islamic capital market to
mobilise more domestic and institutional funds to
finance our economic activities. After all there is a
large pool of Islamic funds being mobilised by the
Islamic banking sector, Takaful industry and various
Muslim savings schemes such as the Pilgrims Fund Board.
All three have been growing rapidly for the past five
years, and it is expected that given the size of the
assets and deposits held by these sectors, the
potential for strong growth of funds available for
investment in the Islamic capital market is tremendous.

13. In the Islamic banking sector, deposits have grown
from RM4.9 billion in 1995 to RM35.9 billion in 1999.
I would like to add here that although the USD is worth
3.8 Ringgit, in purchasing power terms the Malaysian
Ringgit in Malaysia is equal to one USD in America.
While total assets in the Islamic banking sector stood
at only 6.9 per cent of total banking assets in the
year 2000, the Islamic banking sector is targeted to
capture at least 20 per cent of the banking market
share by year 2010.

14. Takaful assets account for a relatively low
percentage of the total assets of insurance funds, but
there is significant potential for increasing market
penetration, given that there is a low level of life
insurance penetration, especially among the Muslim
population.

15. In the offshore market we have established an
International Offshore Financial Centre to provide a
platform for banking and fund raising activities
denominated in foreign currencies. The Labuan Offshore
Financial Services Authority (LOFSA) has identified
Islamic financial services and products as a niche
area.

16. We have learnt many lessons from the Asian
currency crisis. We learnt about the greed of currency
traders; we learnt about the fickleness of portfolio
flows; we learnt about the “credibility and
professionalism” of the so-called analysts and economic
experts – cheering an economy one day and blowing it to
smithereens the next day, basing their comments usually
on tendentious media reports, having almost never
visited or studied in depth the situation on the
ground.

17. Most importantly, we learnt about the pains that
unfettered globalisation and unchecked liberalisation
can inflict on developing economies. We learnt about
the importance of equipping ourselves, our
institutions, our enterprises and indeed our economy
with the knowledge and the skills and the intrinsic
strengths to cope with the tidal wave of globalisation.
We learnt that for developing economies, political
sovereignty without economic sovereignty cannot ensure
true independence for our nation. The people who
conceived globalisation did not do it for charity.
They had and they still have their own acquisitive
interest at heart. This fact we have always borne in
mind.

18. In this regard we in Malaysia are determined to
ensure that we put the lessons that we have learnt
especially from the currency manipulations to good use.

19. On the international front, Malaysia together with
other developing economies must continue to demand a
more equitable distribution of the fruits of
globalisation and a check on economic bullying
practices which are carried out in the name of
globalisation, free markets and portfolio flows. The
pressure tactics, the `green room’ approach, used at
WTO meetings must cease.

20. On the domestic front, we have resolved to
strengthen ourselves, our institutions, our markets,
our intermediaries and our investors so that we are
better prepared to face the ups and downs of the
economic cycle.

21. As we pursue all these measures, it is imperative
that we ensure efficient and sufficient mobilisation of
funds at home and abroad to support these increasingly
capital intensive economic activities. It is vital
that the capital market efficiently allocate available
funds to further generate growth and to ensure that we
are not overly reliant on foreign capital even as we
welcome long-term foreign capital with open arms. FDI
is not always about bringing in capital. More often
the capital is borrowed locally and used to pay for
imported machinery etc., resulting in an outflow of
capital rather than inflow. If local borrowing is not
allowed then the investments may not be made. This
talk about inflow of funds due to FDI need to be
clarified. We must therefore ensure that our capital
market, indeed our entire financial system, are made
more resilient and the supporting framework more
robust, so that we can better absorb future shocks
arising from a yet to be regulated international
financial market. It is for this reason that just over
a year ago the government endorsed the Capital Market
Masterplan and the Financial Sector Masterplan
initiated and prepared by the Securities Commission and
Bank Negara Malaysia respectively.

22. The Capital Market Masterplan is a comprehensive
10-year plan which charts the strategic positioning and
future direction of the Malaysian capital market for
the next 10 years. It seeks to ensure that the private
sector as the engine of economic growth will continue
to be able to have all their financing needs met – with
market institutions that are strong, resilient and
competitive; with intermediaries having high standards
of professionalism and technical skills; a regulatory
framework that is strong yet facilitative and, most
importantly, a sufficient array of products to meet
risk-reward profiles of issuers and the increasingly
sophisticated and deep-pocketed investors.

23. With respect to the Islamic capital market, the
Capital Market Masterplan has identified as a key
objective the establishment of a Malaysian
international Islamic capital market centre. In the
pursuit of these objectives, four key strategies have
been identified, namely: to facilitate the development
of a wide range of competitive products and related
services; to create a viable market for the effective
mobilisation of Islamic funds; to ensure appropriate
and comprehensive accounting, tax and regulatory
framework; to enhance the value recognition of the
Malaysian Islamic capital market internationally.

24. In the early stages of the Islamic financial
market development, products offered in the
conventional financial market were evaluated, assessed
and where appropriate adapted to ensure conformance
with the Syari’ah.

25. While the approach of imitation and adaptation has
served us well in getting the Islamic capital market
started and in enabling it to leapfrog into the wider
financial system, it is clear that this approach alone
is not sufficient for us to efficiently mobilise Muslim
funds and provide a sufficient array of instruments for
investors and issuers looking for Syari’ah compliant
instruments. Neither does such an approach do justice
to the completeness of Islam as a way of life and the
richness of `fiqh-muamalat’.

26. Going forward, for the Islamic capital markets to
remain competitive, attractive and innovative, we must
be able to introduce indigenous Islamic financial
products, products that meet the risk-reward profiles
of investors and issuers, fulfil all the tenets of the
Syari’ah while remaining sufficiently cost-effective
and competitive vis-…-vis conventional products. If we
are merely to confine our product development efforts
to evaluation and adaptation of products in
conventional markets, the Islamic capital market will
have to play a perpetual catch-up game with the
conventional financial system. We will also have to
continuously rely on the expertise within the
conventional market to take the Islamic capital market
forward. Failure to fulfil the demand for Syari’ah
compliant instruments, may well result in Muslims
returning to or relying totally on conventional
products with the elements of `riba’ and `gharar’.
Indeed, we should see the development of a sufficient
array of Islamic financial products as `fardhu
kifayah’, since we have the intellect, strength and
skills to use for the benefit of the Muslim community.

27. In Malaysia, efforts to diversify Islamic
financial products have been quite successful. This is
no doubt the result of the relentless efforts of
Islamic scholars, practitioners and academics and
supported and facilitated by the government and
regulators such as SC, KLSE, BNM and LOFSA. I am
particularly pleased with the active and continuous
involvement of Syari’ah scholars (ulama) to ensure
compliance with Syari’ah principles and standards.
Participation of and contribution from Syari’ah
scholars is indeed critical for the continued success
and further development of the Islamic capital market.

28. Of course there are bound to be differences in
views and opinion among scholars with respect to the
interpretation of the Syari’ah. This however should not
be a cause for paralysis and an excuse for inaction.
Rather it should be regarded as both a challenge and an
opportunity – a challenge because differences in views
will call for deeper analysis and evaluation, and an
opportunity because it allows for the vigorous exercise
of `ijtihad’ among the scholars and the flexibility to
test new grounds.

29. To progress further, we need to look at the
possibility of moving towards some convergences of
Syari’ah interpretations. We need to give careful
thought to the interpretations of the teachings of
Islam and how they relate to today’s and future
financial matters, while meeting the `maslahah’ (public
interest) and `umum balwa’ (common plight) of the
ummah.

30. Towards this effort, the Quran and the Sunnah will
of course be our ultimate guide supported by the
application of `qiyas’ and `ijma`’ taking through the
process of `Ijtihad’. Islam is the most complete of
religions because it governs all aspects of life at all
times. In terms of trade and financial matters, there
is a lot of guidance provided in the Quran and the
Hadith. Trying to recreate the conditions prevailing
during the lifetime of the Prophet amounts to admission
that Islam is only relevant to the society of that
period. This amounts to degrading Islam as a religion
only suitable for the first century of the Hijrah or
the 7th century Masehi. Those who want us to return to
that period are really insulting the eternity and
universality of Islam.

31. Whether we like it or not rapid advances in ICT
will have a tremendous impact on all aspects of our
life – the way we live, the way we communicate, the way
we do business and indeed the way the entire market
operates. If we do not want to be left behind in the
race into the information age, we cannot isolate or
insulate ourselves from the information revolution and
the technology which is driving it. We must move with
the tide into the information age without being drowned
in the process. Never again must we allow ourselves to
miss the opportunities and need for keeping pace with
the advanced countries as we did with the industrial
revolution.

32. Islam is not and has never been synonymous with
conservatism. Islam does not call for rejection of
technology or modernity. While the Islamic capital
market is all about complying with Syariah principles,
we must take advantage of progress in ICT for
efficiency, effectiveness and competitiveness of our
products and markets.

33. In the new globalised economy, ICT has the
potential to raise productivity, stimulate innovation
in economic organisation and entrepreneurship, and
create and disseminate knowledge and wealth. The
Islamic capital market will pay a heavy price if the
professionals and the policy makers involved do not use
ICT for our benefit.

34. In the capital market in particular, we need to
broaden on-line trading activities to keep up with the
new economy and increase the distribution channels and
transaction volumes. In this regard, I am pleased to
note that there have been efforts to establish Islamic
financial portals providing a wide spectrum of on-line
service, including by several Malaysian-based
companies.

35. For economic prosperity to be widely shared, it
must be founded upon progress in the areas of research
and innovation and human and institutional capacity
building. There is need therefore, to develop clear and
comprehensive strategies that will foster innovation
and entrepreneurship, promote a broad distribution of
the opportunities of the new economy, facilitate the
diffusion of information and communication technology
and programmes that will promote life-long learning,
education and training of our human capital. Across
developing countries today, a majority of Islamic
countries included, there remains a dearth of
technical, professional and managerial talents and
skills, so essential and critical in delivering
development.

36. Thus human capacity building must be accorded high
priority in the development efforts of all Muslim
countries. It must be integrated with the overall
economic, social and human resources development
strategies, while adhering closely to the true and
fundamental teachings of Islam.

37. At this stage I would like to say a few words
about the Gold Dinar. The proposal is to make this
Dinar a currency for international trade only. It is
not meant to replace the currency of any country.

38. International trade requires the determination of
the exchange rates of the currencies of the trading
countries. With paper currency there is no intrinsic
value. The exchange rate is therefore arbitrary and
subject to manipulation as we saw during the Asian
financial crisis.

39. Gold has a definite value based on the demand for
the metal. Its value may appreciate or depreciate
according to world’s demand and the demand in a given
country. But the fluctuation would be minimal. The
Gold Dinar being made of gold will largely follow the
price of gold.

40. The local gold price will determine the exchange
rate for the local currency against the Dinar. Thus
the price of imported goods in Dinar can be computed in
local currency and vice versa for local goods to be
exported.

41. The Dinar can be held as central bank reserve.
Trade need not be paid in actual Dinar but the imports
and exports of a pair of trading nations can be
balanced and only the difference paid in Dinar. This
will minimise the need to move the Gold Dinar. In fact
the surplus or deficit can be credited or debited
against future imports or exports.

42. We have already worked out the mechanics for using
the Gold Dinar and any problem arising can be resolved.
The risk of speculation will be reduced to almost
nothing. World trade can actually expand because the
cost of business will be much reduced as the need to
hedge would practically disappear.

43. I hope the delegates will give some time to think
about this idea of a Gold Dinar.

44. The Muslim population of the world currently
stands at 1.3 billion, representing a very significant
portion of the world’s population. Although there is
much more that Muslim nations can do for the socio-
economic upliftment of the `ummah’, I am certain that
we have among us an abundance of talent and expertise
in all fields including conventional and Islamic
finance, conventional and Islamic economics, Islamic
financial systems, structuring of capital market
products, `fiqh-muamalat’ and the like. Together let
us use the resources and expertise available and help
enhance capacity in the areas of Islamic finance,
economics and capital market. Let us replicate in the
areas of Islamic finance and capital market, the
earlier successes of Muslim scholars in areas like
mathematics, astronomy, and medicine that contributed
to the transformation of Islam as a world civilisation.

45. Greater and improved cooperation is also needed in
our efforts to build a sustainable pool of human
capital among and within the Islamic nations. In this
regard, Islamic countries should leverage on the
organisations that are already available to us such as
those within IDB and OIC. By enhancing partnerships
via the existing institutions, member states can be
prevailed upon to provide all kinds of training and
education to bridge the knowledge and skills divide
among our peoples and communities. Through the OIC,
much progress in the area of institutional and human
capacity building has been made, but more can and needs
to be done. In particular, Muslim academics, prominent
business leaders and technical experts should be
invited to expand our knowledge and research in the
areas of Islamic economics and development, banking and
finance.

46. While the thrust of company and securities
regulation has always been about accountability, trust,
transparency, avoidance of conflict, board
responsibility and shareholder rights, the term
`corporate governance’ seems to have become fashionable
since the Asian currency crisis. Time and time again
we in this part of the world have been lectured about
how good corporate governance is lacking and that is
the sole cause of all our ills and ailments.

47. Indeed the elements of good governance are
inherent values in Islam. If we are guided in our
business transactions by the Islamic injunctions of
professionalism, high ethical conduct and the concept
of trust or `amanah’ that is so fundamental in Islam,
good governance will be an inevitable by- product.

48. Surah Al-Baqarah (verses 282 and 283) for instance
highlight the importance of transparency by providing
step by step process that should be followed when
carrying out a transaction, highlighting the importance
of record-keeping so as to avoid injustice to the
parties involved and emphasising the need for
accountability and transparency.

49. Furthermore the concept of trust (amanah) is
pervasive in Islam. In Surah Al-Anfal (verse 27) we
are enjoined to “betray not the trust of God and the
Apostle, nor misappropriate knowingly things entrusted
to you”. The prophet (Peace be unto him) was reported
in one of the `Hadith’ as saying that each of us is a
guardian and each guardian is accountable to everything
under our care.

50. In Surah An Nisa (verse 58) Allah commands us to
render back the trust to those whom they are due.

51. Let us therefore not see good governance as
something alien to us or externally imposed upon us.
In Islam the elements of good governance – trust,
accountability, ethical conduct – are indeed our way of
life not something that became fashionable only
recently. If we ensure that we are always guided by
these principles in all our dealings, good governance
will be second nature to us all.

52. I am sure your deliberations at this conference
and your active participation towards developing the
Islamic capital market will ensure the continuing,
indeed increasing, relevance and vitality of the
Syari’ah in today’s world. I wish you every success in
your deliberation and endeavours.

53. On this note, I have great pleasure to declare
open the Kuala Lumpur International Islamic Capital
Market Conference and to officially launch the Islamic
Capital Market Week.


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