On 21 February, a large London gathering of the Islamic finance and ethical finance communities took place. Over 140 bankers, financiers, academics and scholars considered the trend of positioning Islamic finance within the broader umbrella of ethical finance. Following Shariah principles, it is argued Islamic finance is seen to be intrinsically interwoven with ethical finance values and strategies. However, this view is not shared across the whole of the financial services industry and the Muslim community.
Lord Sheikh delivered the keynote address at the Islamic Finance Council UK (UKIFC) and the International Shari’ah Research Academy for Islamic Finance (ISRA) Thematic Workshop which reflected upon a number of key areas in order to explore the question of “How Ethical is Islamic Finance?”
Key themes included:
- The Shari’a Scholar Debate – Is Islamic finance following the spirit of the law or just the letter?
- Is Islamic Finance an ethical alternative – what social impact has it made in the past 20 years?
- With $40trn in SRI funds under management, is the Islamic Finance sector branded optimally?
- By focusing on the banking model, has Islamic Finance restricted its ability to provide more ethical and socially responsible solutions?
- Malaysia and UK innovation case studies – value-based intermediation and interfaith shared values framework
Please click here to download Lord Sheikh’s speech.