コネクターから発行体へ：第一次五カ年計画（2026-2030年）における香港のグリーン・スクーク・プラットフォームとしての位置づけ
From Connector to Issuer: Positioning Hong Kong as a Green Sukuk Platform under the First Five-year Plan (2026-2030) (原題)
Ka Wah Philip Ng
🤖 gxceed AI 要約
日本語
香港はスクーク発行の法的・税制基盤を備えるが、上場企業による発行は未だない。本稿は、世界のスクーク発行額の記録的増加、ESGスクーク市場の拡大、香港のグリーンファイナンス基盤（移行活動を含むタクソノミー、トークン化債券）を踏まえ、香港がグリーン・スクークのハブとなる機会を分析する。第一次五カ年計画の政策窓口を活用した発行プレイブックと政策提言を提示する。
English
Hong Kong has a dormant sukuk market despite a legal framework. This paper argues that record global sukuk issuance, ESG sukuk growth, and Hong Kong's green finance infrastructure (taxonomy, tokenized bonds) create a policy window. It proposes an issuance playbook for listed enterprises and policy recommendations for the First Five-Year Plan.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本ではSSBJ開示が進む中、グリーンボンド市場は拡大しているが、イスラム金融との接点は限定的。本稿は、移行金融やトークン化債券など香港の先進的なグリーン金融インフラを紹介しており、日本の金融機関や政策担当者にとって、新興のグリーン金融商品や中東との連携を考える上で示唆に富む。
In the global GX context
This paper contributes to global transition finance scholarship by analyzing Hong Kong's unique position as a potential green sukuk hub, leveraging its common law system, tokenization infrastructure, and offshore RMB market. It offers insights for other jurisdictions seeking to integrate Islamic finance with green finance frameworks.
👥 読者別の含意
🔬研究者:Provides a case study on the intersection of Islamic finance and green finance, highlighting policy enablers and market barriers.
🏢実務担当者:Offers a practical issuance playbook for Hong Kong-listed enterprises considering green sukuk, including regulatory and structural considerations.
🏛政策担当者:Presents policy recommendations for integrating Islamic finance into green finance strategies, relevant for Hong Kong and other financial hubs.
📄 Abstract（原文）
Hong Kong built a complete legal and tax framework for sukuk more than a decade ago, and its <br> government issued three US dollar sukuk between 2014 and 2017. Yet no Hong Kong-listed <br> enterprise has issued a sukuk from Hong Kong, and the market has stayed dormant. This paper <br> argues that conditions have now changed in a way that earlier studies could not anticipate. <br> Global sukuk issuance reached a record US$264.8 billion in 2025, and outstanding ESG sukuk are <br> expected to exceed US$70 billion by the end of 2026. Hong Kong has meanwhile assembled a <br> green finance infrastructure that no Islamic finance centre matches: a sustainable finance <br> taxonomy extended to transition activities in January 2026, subsidy schemes for green and digital <br> bond issuance, and three sovereign tokenised green bonds, the latest a record HK$10 billion issue. <br> The paper examines Hong Kong's green sukuk opportunity through the lens of the First Five-Year <br> Plan for Economic and Social Development (2026–2030), whose consultation document promotes <br> green finance and Middle East engagement but does not mention Islamic finance. It identifies three <br> differentiators for Hong Kong: a common law system suited to the true-sale requirement of the <br> forthcoming AAOIFI Shariah Standard No. 62, proven tokenisation infrastructure, and the <br> offshore renminbi market. It then sets out a practical issuance playbook for Hong Kong-listed <br> enterprises and assesses the implications for the Hong Kong banking industry. <br> The paper argues that the convergence of regulatory reform, digital bond infrastructure, growing <br> Gulf connectivity and the First Five-Year Plan creates a policy window that did not previously <br> exist. It concludes with policy recommendations framed as a contribution to the Five-Year Plan <br> consultation.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.7090338first seen 2026-09-01 04:54:31 · last seen 2026-09-21 04:29:02
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