Shaping a Sustainable Future: UKIFC's Impactful Journey at COP28 and Beyond

The Islamic Finance Council UK (UKIFC) was a strategic partner for the Global Ethical Finance Initiative (GEFI)’s #PATHTOCOP28 Programme – the first and largest finance-focused campaign for COP28.

The programme had seven high–profile events which included the Evening Lectures 'Adam Smith & Ibn Khaldun at #PATHTOCOP28, the COP28 Climate Finance Summit: Financing Survival which Scotland’s First Minister – Humza Yousaf; Unlocking Islamic Finance at COP28, and the SDG Hive.

The Unlocking Islamic Finance Summit was the largest Islamic finance event at COP28. The event which had in attendance global experts and scholars in the industry, delved into discussions on Green and Sustainable Sukuk, transitioning from Halal to Tayyib by enhancing consideration of ESG factors, and the pivotal role of Shariah scholars in promoting sustainability.

The UKIFC has been at the forefront of advancing the intersection of Islamic finance and sustainable development over the years, we are therefore delighted to share some remarkable achievements and announcements that underscore our commitment to shaping a sustainable future through Islamic finance.

  1. PRE-COP28

Unlocking Islamic Finance Insight Series – LAUNCHED BEFORE COP

The UKIFC has released an Unlocking Islamic Finance Insight Series, a collection of blogs and articles that discuss key issues and opportunities in Islamic finance. This ongoing initiative aims to deepen understanding and awareness of Islamic finance through engaging discussions, webinars, and expert opinions. It includes articles about ESG Frameworks and the Imperative of Inclusivity, Challenges of Islamic Financial Institutions Engaging with Net Zero Frameworks and Other Initiatives, and Green Sukuk for Nature and Biodiversity Conservation: the Next Frontier.

Other Islamic Finance News

We are also happy with the launch of the annual report on the Islamic finance industry, titled “Navigating Uncertainty” by our partner London Stock Exchange Group (LSEG) and the Islamic Corporation for the Development of the Private Sector (ICD) during the 18th AAOIFI-IsDB Annual Islamic Banking and Finance Conference.

The Islamic Finance Development Report 2023 states that the assets of the global Islamic finance sector grew by 11% to US$4.5 trillion in 2022, with 72% of the industry's total assets coming from Islamic banking. It is anticipated that the industry will expand by US$6.7 trillion by 2027, having grown by 163% since 2012.

  1. BLUE ZONE ANNOUNCEMENT

ICMA, IsDB, and LSEG Partnership for Green Sukuk Guidelines – LAUNCHED IN BLUE ZONE

UKIFC welcomed the collaboration between the High-Level Working Group on Green Sukuk (HLWG) with ICMA through its partners IsDB, and LSEG to produce a Green Sukuk practitioners’ guide which will be in line with the Green Bond Principles. This collaboration aims to support the growth of the green sukuk market, mobilizing climate finance from global capital markets. The guide will enhance investor awareness of the sukuk asset class, furthering our collective efforts toward climate and sustainability goals. The UKIFC continues to support the work of the HLWG as its Secretariat.

  1. UNLOCKING ISLAMIC FINANCE SUMMIT

Launch of Global Islamic Finance and UN SDGs Taskforce Key Outputs Report – LAUNCHED AT SUMMIT

With the close of the Global Islamic Finance and UN SDGs Taskforce(Taskforce) we released its final report - Global Islamic Finance and UN SDGs Taskforce Key Outputs Report which delves into all the activities and achievements of the Taskforce. It also highlights the integral role Islamic finance plays in contributing to the United Nations Sustainable Development Goals, offering insights and recommendations for a positive global impact.

Through advocacy efforts at major global forums and the production of technical resources, the Taskforce successfully engaged with four working groups, focusing on Disclosures and Reporting, Education and Awareness, Pakistan, and the High-Level Working Group on Green Sukuk (HLWG).

The UKIFC looks forward to working with partners who are eager to take the recommendations from the report forward.

Green Sukuk Updated Report 2023 – LAUNCHED AT SUMMIT

The HLWG remains the only workstream that continues after the successful tenure of the Taskforce. Its commitment to sustainable finance is further emphasized in the Financing a Sustainable Future Green and Sustainability Sukuk Updated Report 2023. This report which is an update to the 2022 report provides a comprehensive analysis of the latest developments and trends in the green sukuk market, showcasing Islamic finance's pivotal role in driving environmentally conscious initiatives. The report shows global green and sustainability sukuk issuances exceeding $10 billion in the first three quarters of 2023 as the instrument gains momentum for financing environmental projects.

According to the report, global Green and Sustainability Sukuk issuance has surpassed $10 billion in the third quarter of 2023 compared to $9.4 billion in 2022. Indonesia, Malaysia, and Saudi Arabia also collectively contributed 77% of the total cumulative issuance by Q3 2023, underscoring the key role played by these nations in driving sustainability within the Islamic finance sector.

Tayyib Secretariat Launch – LAUNCHED AT SUMMIT

This global initiative, unveiled at GEFI's Unlocking Islamic Finance Summit in Dubai, developed following a year-long market assessment by UKIFC and GEFI. The Tayyib approach leverages the Shariah-compliant model of Islamic finance to cultivate an enhanced ESG and sustainability framework. Positioned as a potential best practice approach to responsible investing, the Tayyib Inspired Secretariat, a collaborative effort involving Malaysia, the UAE, and the UK, aims to develop Tayyib-inspired investment principles, foster market expansion, and contribute to the mainstream sustainable finance sector.

Co-managed by UKIFC and ISRA Consulting, with DIFC as the Host Financial Centre and PwC Dubai as the Technical Partner, the Tayyib Secretariat boasts an Advisory Panel representing Shariah scholars, multilateral bodies, and industry developmental stakeholders, along with an Industry Consultation Group to ensure comprehensive support and collaboration.

  1. UKIFC WIDER ENGAGEMENT AT COP28

Our Director and Advisory Board Member, Omar Shaikh attended three equally important events at COP28. He moderated the Fireside Chat titled “Leveraging Islamic Finance for Sustainability: MENA and ASEAN Perspectives” on 3rd December. The event was held at the Malaysia Pavilion. The theme for the Malaysia Pavilion for COP28 was “Going Beyond: Green Growth, Resilient Community, Liveable Planet”.

Experts on Islamic finance and sustainability gathered to discuss leveraging Islamic finance instruments to promote sustainability initiatives in the MENA and ASEAN regions, exploring the latest trends while considering the unique regulatory environments. Panelists addressed the current Islamic finance landscape and sustainability challenges, shared success stories demonstrating Islamic finance's pivotal sustainability role, and offered solutions to specific regulatory and practical obstacles.

On 4th December, he was a panelist at a UNHCR & Greenpeace Session on “Islamic Social Finance for Climate Action” held at the Faith Pavillon (Blue Zone). The discussion centred on how Islamic social finance might help address crises involving displacement, highlighting the innovative ways that the UNHCR has used zakat, sadaqah, and waqf as sustainable finance solutions.

At the Knowledge Hub on the 5th of December, he was one of the key stakeholders who attended the “Empowering society through financial resilience” event which was hosted by Abu Dhabi Islamic Bank (ADIB), in partnership with the London Stock Exchange Group (LSEG). The gathering brought together influential industry participants to explore market insights and trends with a particular emphasis on the role Islamic finance can play in advancing sustainable development goals (SDGs).

  1. CONCLUSION

UKIFC's recent achievements stand as a testament to the collective dedication and expertise of our community. The Unlocking Islamic Finance Summit emerged as a significant highlight of COP28, gathering global experts and scholars to explore themes like Green and Sustainable Sukuk, transitioning from Halal to Tayyib with enhanced consideration of ESG factors, and the crucial role of Shariah scholars in promoting sustainability.

The summit also witnessed the launch of the Global Islamic Finance and UN SDGs Taskforce Key Outputs Report and the Tayyib Secretariat, a transformative global initiative. With Islamic finance assets projected to grow 163% by 2027, the UKIFC remains committed to harnessing the industry's immense potential through strategic partnerships and initiatives promoting sustainable development.

 


Countdown to COP28

 

The countdown to the 28th UN Climate Change Conference of the Parties (COP28) has begun. As the world gears up to address the cross-cutting themes of finance, technology, innovation, and inclusion, here are key reasons you should keep an eye on COP28:

  1. Learn about the latest trends:

Islamic finance principles of social responsibility naturally align with sustainability objectives. With COP28 being hosted in Dubai, there will be more of a focus on Islamic Finance than ever before, offering an opportunity to understand how Islamic finance instruments like green sukuk can support climate mitigation and adaptation projects. The Global Ethical Finance Initiative (GEFI) in partnership with the Islamic Finance Council, UK (UKIFC) is putting together the largest Islamic Finance focused event at COP, set to share insights on how Islamic finance offers an ethical model for financing sustainability.

  1. Ethical Investments:

, aligning well with the goals of COP28. There will be opportunities to explore ethical investments that adhere to both Islamic finance principles and environmental sustainability. Companies like NuQi Wealth which provides opportunities for ethical investment will be at COP.

  1. Contribute to shaping policy:

With sustainability a growing priority worldwide, policymakers are looking for solutions. COP28 will negotiate policies like emissions reductions, adaptation goals, and climate funding mechanisms. With key policymakers from all over the world attending, participants will have the opportunity to share their perspectives on how Islamic finance can be furthered through policies, regulations, and tax frameworks to drive sustainable development.

  1. Join the global community:

COP events are global in scope, with participation from governments, businesses, and organizations from around the world which offers the chance for attendees to network and collaborate with international stakeholders who are shaping the future of finance and sustainability.

Islamic banks like Gatehouse Bank, takaful providers, law firms, fintechs, consultants, and other professionals will be in attendance. Also, DDCAP Group, a company that offers the Islamic financial sector ethical, sustainable intermediary services, will be at COP28.

  1. Innovative Solutions:

The conference is a hub for innovation and solutions. Discover the latest advancements in green technology, climate mitigation, and adaptation strategies.

The UKIFC will be launching the Tayyib Project at the Unlocking Islamic Finance Summit at COP28 on Tuesday, 5th December 2023. This innovative kitemark unites best practices of ESG and Shariah compliant finance, aimed at facilitating the development of sustainable financial products that are both Islamic and conventional finance approved.

The "Unlocking Islamic Finance at COP 28" event is where the intersection of Islamic finance and climate action will take centre stage. Learn more about it here!

#IslamicFinance #COP28 #Sustainability #EthicalFinance

 

 

 

 


An Ethical Convergence: Islamic Finance and ESG Principles

By Oyin BamgboseJuly 11, 20230 Comments

HOME / NEWS / FAITH IN FINANCE: COLLABORATING FAITHS FOR ECONOMIC INTEGRITY


In recent years, Environmental, Social, and Governance (ESG) considerations have become increasingly important in the financial industry. The term was first used by the UN Global Compact in 2005. ESG despite having financial relevance, originally was not a part of financial analysis.

The term “ESG” refers to a firm’s overall impact on the environment, society, and the strength and openness of its corporate governance, including matters such as executive compensation, company leadership, audits, internal controls, and shareholder rights. The environmental considerations center on how the company lessens its environmental impact, for instance, resource depletion, greenhouse gas emission, and deforestation. The social component is concerned with the way a company affects both workplace culture and the larger society, for instance, working conditions, including child labour and slavery; and health and safety. The term “governance” describes the procedures for making decisions, reporting, and managing the day-to-day operations of an organisation including issues on donations and political lobbying, corruption, and bribery.

Similarly, Islamic finance, which is guided by the principles of Islamic law (Shariah), continues to grow rapidly. Islamic finance refers to financial services – such as banking or investment – where money is raised and used in line with Shari’ah. It prohibits interests (riba), engagement with gambling (maysir), uncertainty (gharar), and prohibited industries like alcohol and pornography. It offers perspectives that aligns closely with ESG objectives. This blog post explores the reasons why Islamic finance is inherently compatible with ESG principles and how Islamic banks are taking steps to align with ESG principles. One area of convergence between ESG and Islamic Finance is that both encourage economic expansion and financial stability, as well as the protection of the environment and the eradication of poverty. For instance, countries like Saudi Arabia and Malaysia have begun to issue green and sustainable sukuk. These investments in environmental assets and renewable energy are compliant with Shari’ah.

Just like ESG, Islamic Finance requires screening out certain industries, the beneficiaries’/clients’ values must be reflected in the portfolios, together with the objective of creating a just and sustainable society and avoiding environmental or human harm. The screenings could be absolute, for instance, it could prohibit weapons, pornography, and cluster ammunition. Where the screening is relative, the rules can entail for instance barring businesses whose tobacco sales account for at least 10% of their total revenue. Companies or issuers that perform poorly in terms of ESG factors or that transgress international soft laws like the UN Guiding Principles on Business and Human Rights may also be excluded. Investments in conventional financial services, cigarettes, alcohol, pork, pornography, guns, gambling, human smuggling, and other goods and activities that are regarded as illegal are prohibited under Islamic finance, which is based on Shari’ah regulations.

Islamic finance places emphasis on investments in real assets and tangible projects that have a positive impact on society. This emphasis is consistent with the ESG philosophy of investing in businesses and initiatives that meet social needs, produce sustainable value, and improve the general well-being of communities.

Although similarities exist between ESG and Islamic Finance, there are areas of divergence. Islamic Finance prohibits security lending and shorting. ESG does not prohibit it but some investors running ESG investing strategies also will not partake in security lending and shorting, while others will apply rules that allow them to vote on shareholder resolutions.

Islamic banks are taking steps like their conventional counterparts to align with ESG. Some of them are signatories to the Principles on Responsible Banking like Al Baraka Banking Group (Bahrain), Gatehouse Bank (UK) and Jaiz Bank (Nigeria) which are fully Shari’ah compliant. A new three-year ESG strategy to incorporate ESG risk concerns within the banking framework was recently highlighted in the Abu Dhabi Islamic Bank’s second annual ESG report.

Overall, there is a chance to increase the influence of ethical and responsible investing due to the convergence of Islamic finance and ESG. It enables Islamic financial institutions and investors to include ESG factors and support sustainable development while upholding their core values and tenets. This convergence encourages the development of ethical finance, broadens the use of sustainable investment strategies, and helps create a more equitable and sustainable international financial system.


Register here to participate in the conversation on ESG at the Ethical Finance Global 2023 summit organised by our partner GEFI.




Faith In Finance: Collaborating Faiths for Economic Integrity

By Oyin BamgboseJune 16, 20230 Comments

HOME / NEWS / FAITH IN FINANCE: COLLABORATING FAITHS FOR ECONOMIC INTEGRITY


Faith groups have a long history of incorporating values into financial decision-making. For thousands of years, the world’s major faiths have included instructions on how to carry out business in an ethical manner, and the modern ethical finance movement has its roots in religious investment funds seeking to exclude weapons manufacturers from their portfolios in the 1970s. The Pax World Fund, launched in 1971 by Methodists in reaction to the Vietnam War, is still active today and known as Impax Funds.

In 2018, the Edinburgh Finance Declaration was launched by UKIFC in collaboration with GEFI and the Church of Scotland after a three-year dialogue. The Edinburgh Finance Declaration is a ray of hope in a world where economic systems frequently put financial gain ahead of morality. By working together, these institutions strive to promote financial integrity, responsible investment, and economic justice.

In this article, we look at the six shared values in operation in both Islam and Christianity which the Declaration identifies as providing an ethical framework. They are – StewardshipLove of the NeighbourHuman FlourishingSustainability & PurposefulnessJustice & Equity and the Common Good.

Stewardship

Both religions place an emphasis on stewardship which implies that the money we possess ultimately belongs to God and is to be spent in accordance with righteous moral standards, with investments made with the welfare of humanity in mind. In the Holy Quran (Q2:30), human beings have been appointed as vicegerents on earth and Genesis 1.26- 27 has a similar provision.

Love of the Neighbour

It suggests a sense of social duty and a dedication to advancing others’ well-being, rather than just expressing love or other forms of connection. It was reported by a companion of Prophet Muhammad (p.b.u.h) Abu Hurayrah that the Prophet (p.b.u.h) said: “Jibra’il kept enjoining good treatment of neighbours until I thought he would make neighbours heirs.” Loving one’s neighbour is also mentioned in Matthew 22:34-40. This concept helps to develop empathy, kindness, and care for other people.

Human Flourishing

It refers to a person’s condition of maximum well-being and development, during which time they are experiencing personal growth, fulfilment, and potential realisation not just for themselves but for the overall good. Additionally, it entails the capacity to completely embody the virtues of charity, compassion, and justice within a society through not only the advancement of commerce but also one that is mindful of the needs of all.

Sustainability and Purposefulness

The idea of stewardship means that human beings must take responsibility to manage the available resources and use them efficiently. Sustainability and environmental stewardship are frequently values that cross religious boundaries. By working together, religious groups can influence the financial sector to support initiatives that put focus on renewable energy, environmental protection, and ethical business practices.

Justice and Equity

Justice, equality, and compassion are values that are emphasized in both religious traditions. There can be cooperation in the financial sector to combat systematic injustices, poverty, and marginalisation. As a result of his concern for the extreme poverty of his parishioners, Rev. Henry Duncan founded the first savings bank – Ruthwell Parish Savings Bank in 1810 with the intention of promoting saving among the working class and protecting them from the degrading effects of poor relief. Interestingly, Mit Ghamr established the first Islamic bank on his model. Although both banks were short-lived, they were foundations for the recent banking models.

Common Good

This shapes how followers interact with and give back to their communities and the larger world, guiding their personal behaviour and informing both religions’ ethical teachings. This underscores the requirement to pay zakat. It is the third pillar of Islam which mandates that Muslims donate 2.5 per cent of their qualified wealth each year to support Muslims who are in need. Although voluntary, the idea of paying tithes in Christianity can be linked to this.

In conclusion, by working together, these institutions strive to promote financial integrity, responsible investment, and economic justice. The partnership between UK Islamic Finance Council (UKIFC) and the Church of Scotland serves as a model for interfaith cooperation and demonstrates the potential for transformative change within the community.





Investing in SDG-Aligned Products

In our recently published report, Attitudes of banking customers towards the UN SDGs, an impressive 87% of respondents stated that they would be willing to pay extra for SDG-aligned products. For a product to be SDG aligned, it must be connected to one or more of the existing 169 targets under the 17 SDGs. What exactly does that mean?

An SDG-aligned banking product is similar to a sustainability or green product. It can be a loan, bond, sukuk, or any other sort of financial product. The difference from a traditional product is that these specialty products are designed with a specific goal in mind, usually an environmental or social goal that can be measured. For instance, a green loan that is tied to a particular project may have different repayment amounts for different levels of success, such as cutting emissions from a particular business by 20% or 50%. In this case, the borrower would repay less if they achieved more of an emissions cut.

The findings from Attitudes of Banking Customers Towards the UN SDGs, recently released by GEFI and the UKIFC, found that 80% of Global North respondents and 89% of Global South respondents were willing to pay more for an SDG-aligned financial product. On average, the respondents were willing to pay a premium of up to 4.4%. That’s a significant amount, a clear demonstration that this is becoming more and more important to financial product clients all over the world.

There were variations in feedback that were most evident in age, with the lowest (18-24 year olds) and highest (65+) being willing to pay the lowest premium (3.8% and 2.1%, respectively). This is likely due to differences in awareness. Younger respondents are in the process of learning about financial products and exploring what works best for them, while older respondents may have concerns that impact-oriented investing may not be as effective as traditional investing. In both cases, clear educational tools and resources would be beneficial. Luckily, more and more research is finding that investing from a sustainability-backed approach does well to mitigate risk, tends to be less volatile, and is economically profitable.

When developing these financial products, financial institutions have an opportunity to impact genuine positive change. The OECD’s Framework for SDG Aligned Finance presented this beautifully with two primary objectives:

  1. Equality: resources should be mobilised to leave no one behind and fill the SDG financing gaps, and
  2. Sustainability: resources should accelerate progress across the SDGs.

This is pivotal as it emphasizes the need to make socially conscious decisions while addressing the SDGs, to ensure that investments in one area are not detrimental to another. For instance, suddenly shutting down all mining operations may be better for the environment, but it could leave the local population struggling if there is no other industry around. SDG financial products must be carefully designed to maximize positive benefit while mitigating the negative.

With a strong interest in SDG-aligned financial products from consumers and research supporting the economic benefits of such an investment, it is no wonder that impact investing has grown 63% from 2019 to 2021, surpassing $1.2 trillion according to the Global Impact Investing Network (GIIN). Demand is rising for positive investments that are good for people and good for the planet.

The findings from Attitudes of banking customers towards the UN SDGsa joint effort by GEFI and UKIFC, found consistently strong support for financial products that are SDG aligned. These products give banking clients the opportunity to directly support causes they feel strongly about, to invest in their communities, and to see positive returns for socially and environmentally aligned investments. It is empowering for clients, creates opportunities for financial institutions to invest in risk-mitigated, strategic, long-term projects, and fosters a sense of inclusion.


To support this important work, GEFI has designed the SDG Product Platform. Financial products are carefully assessed to ensure that they meet the goals they set for themselves, and GEFI works closely with the asset manager to maintain SDG alignment and economic benefit. Learn more about GEFI’s SDG Product Platform here:

SDG FINANCIAL PRODUCTS PLATFORM

Banking Customer Focus on UN SDGs

In the recently released joint report by the UKIFC and GEFI, banking customers discussed their perceptions regarding the UN and UN SDGs, and revealed where their values lie.

The report, Attitudes of banking customers towards the UN SDGs, took a particularly interesting approach as so often the focus is on how the UN SDGs can be integrated into a financial portfolio. Research is often framed from the perspective of the asset manager, government, or special interest nonprofit. Speaking directly to banking customers in different countries reveals the concerns of everyday people, not just industry experts.

Of the top UN SDGs that banking customers focused on, both the Global North and Global South prioritized Quality Education (Goal 4) (30% and 29%, respectively). There is an awareness of how vital it is, not only for children but for adults, to continue learning and growing as the challenges we face as a planet evolve. This goal spans generations and genders, as it highlights the importance of lifelong and gender-inclusive learning.

The top priorities for both Global North and Global South were focused around social equity and quality of life. Quality Education sets the foundation for the other goals of Zero Hunger (Goal 2), Gender Equality (Goal 5), Clean Water & Sanitation (Goal 6), and Affordable & Clean Energy (Goal 7).

Interestingly, the UN SDGs with the least amount of awareness for both the Global North and Global South are Life Below Water (Goal 14) and Life on Land (Goal 15), likely because they are broad, far-reaching goals. Both of these goals significantly impact those living in vulnerable areas such as islands or in areas sensitive to climate shifts, but they can come across as abstract concepts for people who don’t experience direct impacts of climate change in their daily lives.

The other SDGs that received the lowest engagement are Responsible Consumption & Production (Goal 12) and Partnerships for the Goals (Goal 17). Given that this survey targeted banking customers, it is likely that those particular goals seem best addressed at an institutional level. In support of this, it is worth noting that survey participants were strongly in favour of their banking institutions offering sustainability products.

The Global North and Global South agreed that Reducing Poverty and Hunger was the most important UN SDG to consumers. Of the global population, 8.9% are undernourished and roughly 8% are living in extreme poverty, meaning that these issues impact over 650 million people. With increasing environmental risks from climate change, these percentages are likely to increase as a direct result of droughts, shifting weather patterns, and planetary stress.

Recent publications from ESG Today to Reuters have stressed the importance of ‘zooming out’ to see the bigger picture beyond environmental metrics. It is important to remember that while we focus on particular issues, all of the UN SDGs are connected in one way or another. In cleaning up the oceans (Goal 6), we can create quality employment (Goals 7, 8, and 9), healthier communities (Goals 3, 11, and 12), and encourage global collaborations to unite and strengthen our sense of global community (Goals 16 and 17).


'The Future of Green and Sustainable Finance'- UKIFC at Dubai Expo 2020

The UKIFC are thrilled to be delivering a Global Leaders event in partnership with the Global Ethical Finance Initiative, as part of the Scottish Government’s Expo 2020 Dubai Race to Net Zero Day. Taking place in Dubai International Financial Centre, the event will look at future of green and sustainable finance with a particular focus on financing the UN Sustainable Development Goals (SDGs).

Speakers include:

  • HE Dr Reza Baqir, Governor, State Bank of Pakistan
  • Christian Gueckel, Chief Risk Officer, Head of Research, Sedco Capital
  • Ivan McKee, Minister for Business, Trade, Tourism and Enterprise, Scottish Government
  • Mustafa Adil, Head of Islamic Finance, Data & Analytics, London Stock Exchange Group
  • Graham Burnside, Senior Advisor, GEFI & Chair, UKIFC
  • Syed Samar Hasnain, Executive Director, State Bank of Pakistan
  • Omar Shaikh, Managing Director, GEFI

Scotland has a unique and strong heritage in ethical finance through the world’s first mutual savings scheme, the world’s first savings bank and indeed the father of modern economics Adam Smith. Smith’s reconciliation between self-interest and innate goodness through his enquiries into moral philosophy and the causes of the wealth of nations created the chassis by which modern markets and economies functions.

With the meteoric rise of ethical/sustainable finance (over $80trn signed up to PRI) once again modern markets face the challenge of reconciling profit and purpose. This event will unpack and explore key thematic in the financial markets in addressing this global trend which aligns with Expo 2020 Dubai’s focus on sustainability and the UN SDGs.

We will also be officially launching our latest report with State Bank of Pakistan (SBP on implementing the SDGs into national economic framework.

There is still time to register to join us here.


The best Islamic Finance Qualifications in 2022

Islamic finance has been hailed as a means to catalyze economic growth in the UK in 2022. For those of just starting out in the field- or looking to solidify our practice within it- now might be the perfect time to gain a qualification.

Islamic Finance Qualifications are a great way to integrate a Shariah and faith-based perspective to your pre-exisiting financial knowledge. Gaining an Islamic Finance Qualification represents a fantastic opportunity to learn how to implement Shariah principles in a business and insurance capacity, and to increase your subject-awareness more broadly.

Knowing what qualification to take can be a challenge, whatever stage of your career you’re currently at. To help you take your next step on your Islamic Finance journey, we have put together a directory of UK-based and remote qualifications to suit your learning needs.

UK-Based:


Remote Learning / Outside of the UK
:

The UKIFC has specialist capability in advising government agencies, regulatory bodies and financial institutions on creating enabling frameworks for Islamic finance, as well as empowering Shariah scholars and finance professionals. To find out how we can help you or your organisation, contact  info@ukifc.com


UKIFC COP26 sessions available on Efx.Global

The UKIFC was delighted to support the Global Ethical Finance Initiative through their ‘Faith in the SDGs’ programme at COP26  across the 2 weeks of the summit, with a series of public and private meetings. A number of these sessions are now available to watch back on EFX.Global, including the whole of the Faith in the SDGs mini-summit which took place at the University of Glasgow Adam Smith Business School.

Take me to the Faith in the SDGs mini summit on Efx.Global

Watch all Faith and Finance related content on Ex.Global

Look back at the photos of Faith in the SDGs at COP26


New: COP26 'Faith in the SDGs' photobook released

The UKIFC were honoured to be parth of the programme of activities around Faith in the SDGs at COP26 which took place across the 2 weeks of the summit, with a series of public and private meetings. The activities were held in partnership with The Global Ethical Finance Initiative, FaithInvest, Wahed Invest, Gatehouse Bank and the Church of Scotland.

The private meetings took place at Ross Priory, on the beautiful banks of Loch Lomond, near Glasgow.

You can view all of the photographs here.