Islamic Finance and UN SDGs: A Customer Perspective
Two key publications highlight the nexus between Islamic Finance and the UN Sustainable Development Goals (UN SDGs). In these papers, about 2000 respondents were surveyed from different Islamic financial institutions around the world, including those in Pakistan, Malaysia, the UK, Australia, and Nigeria.
These reports were among the outputs of the Global Islamic Finance and UN SDGs Taskforce, an innovative public-private partnership that examines the potential contribution of the Islamic finance sector to closing this funding gap as well as the potential business opportunities the SDGs offer the sector.
In this blog, we discuss the main highlights of the Islamic Finance and the UN SDGs Retail Banking Customer Perspectives Global Survey 2023 and the Attitudes of banking customers towards the UN SDGs Global Survey 2023.
The first report found the following:
- Ethical Commitment: 96% of respondents emphasized the importance of their financial products aligning with their personal values and ethics emphasizing that customers are committed to ethical banking.
- Demand for SDG Products: A significant 90% of respondents highlighted the importance of their banks offering products that aligned with the UN SDGs, indicating a demand for sustainable financial offerings.
- Poverty Alleviation: Social responsibility proved to be a high priority as 95% of respondents rated reducing poverty to be of high importance.
- Sustainability Encouragement: A notable 71% stated that the alignment of financial products with sustainability would motivate them to use their bank's products more actively, hinting at the potential of sustainable finance to engage customers.
- Premium for Alignment: An impressive 87% of respondents expressed their willingness to pay a premium for UN SDG-aligned products, demonstrating a strong commitment to values-driven banking.
The second survey categorized the 17 SDGs into four core areas: Reducing poverty and hunger, Injustice and equality, Environment and climate change, and Sustainable economic development. These categories were further divided into the Global North and Global South. Global South consisted of banks in Pakistan, Nigeria, and Malaysia while the institutions in Australia and UK made up the Global North.
The key findings include:
- Regional Disparities and Priorities: While the Global North exhibited a higher response rate, it was in the areas of "Injustice and equality" and "Environment and climate change" where significant differences emerged. This suggests that economic SDGs tend to hold greater importance in the Global South, whereas social and environmental issues are relatively more critical in the Global North concerning the SDGs as a whole.
- Alignment with Core SDG Areas: Survey participants overwhelmingly endorsed the alignment of Islamic finance with the four core SDG areas (reducing poverty and hunger, equality, environment, and economic development), with over 90% considering this alignment vital.
- Terminology and Awareness: There were disparities in terms of terminologies. For instance, "Net Zero" displayed significant awareness disparities between the Global North and Global South. “Impact investing" was more recognized in the Global South, while "ethical finance" garnered higher awareness in the Global North. This indicates that respondents in the Global North may possess a somewhat higher awareness of certain trends, especially those related to sustainability.
- Alignment with Core SDG Areas: Survey participants overwhelmingly endorsed the alignment of Islamic finance with the four core SDG areas (reducing poverty and hunger, equality, environment, and economic development), with over 90% considering this alignment vital.
- Seeking Information: Finally, the survey explored how respondents accessed information, with social media and website news emerging as the primary sources in both the Global North and Global South. Facebook was the preferred platform in the Global South, while LinkedIn took precedence in the Global North.
Overall, the surveys revealed respondents across regions showed keenness for aligning financial products with the SDGs once they understood the SDGs, moderate overall awareness of the SDGs, and a substantial willingness to pay for SDG-related financial products.
The SDGs represent an opportunity for Islamic finance institutions to drive sustainability and positive change. By utilising the SDGs in communications with customers about issues of social and responsibility, Islamic finance institutions have an opportunity to increase brand value and customer engagement.
By harnessing financial innovation to expand access to values-driven products, improve financial inclusion, support renewable energy investments, and finance projects alleviating poverty, Islamic banks and financial institutions can fulfill their purpose of bringing shared prosperity in an ethical manner.
Join us this Thursday for a lunchtime chat, 1:30 - 2 pm, where we explore these findings and learn more with Sultan Choudhury OBE.
Understanding Legal Maxims in Islamic Finance
The phrase ‘legal maxims’ often connotes a ‘well-established legal idea, proposal, or doctrine, generally expressed in Latin’. Legal maxims exist in Islamic law as well and are rooted in the principles of Shariah law. In the world of finance, legal principles and maxims serve as the cornerstone of stability, providing guidance and clarity in a complex and ever-evolving industry. In this blog post, we discuss some of the fundamental legal maxims that underpin Islamic finance.
Qawaid Fiqhiyyah/Islamic legal maxims have retained a distinctive place in jurisprudence for all time and will continue to do so. Legal maxims are typically accepted as the foundation for developing Shariah opinions by jurists from all schools. This is particularly true if these maxims are founded on the Holy Quran and the traditions of the Prophet SAW. These maxims provide an accessible summary of laws that are connected to one another and supported by the Qur'an and the Sunnah while some are direct citations from Hadiths of the Prophet PBUH. For instance, the maxim “There shall be no harm nor any reciprocation of harm.”
Some legal definitions offered for al Qawaid al-Fiqhiyyah include:
- Al-Suyti for instance defines Qawaid as “a general rule which applies to all its particulars.”
- Al-Burnu defined it “as a universal legal ruling or proposition from which are understood the particular legal rulings that are derived from it.”
- Sheikah Mustafa al-Zarqa defines Qawaid as “the root maxim of fiqh dedicated in its concise text with regulatory nature, containing general rules of Law on these issues which transpired under its theme”.
- Al Hamawi defined it as “the predominant ruling which is applied to the greater part of its particular”.
Islamic finance is governed by Shariah law, which consists of primary sources like the Quran and Sunnah as well as secondary sources like ijma (scholarly consensus), qiyas (analogical reasoning), and legal maxims. Legal maxims play an important role in interpreting and applying Shariah principles to contemporary financial practices. Here are some key legal maxims relevant in Islamic finance:
- Matters are determined according to intentions/ Al-'Aqd yata'amal bi 'Umum al-lafz wa khusus al-maqasid - In agreements, emphasis is placed on intent and significance rather than on language and form. The intended meaning should always take precedence over the literal phrase of an expression where there is a contradiction between them. This implies that we should prioritise a transaction's economic above its formal characteristics when assessing its legality.
- There shall be no initiation of harm, nor any reciprocation of harm/La zarar wa la dirar – All damaging and destructive acts must not only be avoided in all circumstances, but they must also be prevented. The implication is that in Islam there is an emphasis on ensuring good and avoiding harm. It proves that harm prevention, eradication, and minimization are the goals of the law.
- Custom is a basis for judgment/ Al-‘adah muḥakkamah – Customs are established practices of any community over a typically longer period of time. According to this maxim, the shariah acknowledges and respects the social customs of society in terms of their words and deeds in the absence of textual injunctions, provided they don’t violate the Quran or Sunnah or any shariah principle; the custom is applied consistently and is prevalent in the community; was applicable at the time the activity or transaction took place; and the contractual parties have not stipulated a condition that runs counter to custom at the time of the activity or transaction.
- The origin of all rules is permissibility/ Al'asl fi al'ashya' al'iibaha – Using this maxim as a general guideline, it can be said that Islamic financial practices are initially permitted unless there is proof that they contain aspects that are forbidden, in which case the original judgment is effectively changed. Also, tand wide room for innovations for different financial tools and instruments for financial transactions. These innovations must however not conflict with the Quran or Sunnah.
- Reward begets risk/ Al-Kharaj bi al-daman - According to this maxim, no one can expect to succeed in their endeavours without taking on some level of risk or loss.
- Ambiguity cannot coexist with certainty/ La yubaru ma'al-Gharar - According to this maxim, a contract or transaction that includes ambiguity or uncertainty cannot be deemed valid. It highlights the requirement for precision and clarity in contractual provisions in order to promote justice and prevent exploitation.
The legal maxims discussed are just a few that are applicable to Islamic finance, intended to situate the role and impact that they have on modern applications. These legal maxims are still actively guiding the practice and growth of Islamic finance.
The UKIFC will be introducing Project Tayyib at the largest Islamic and ethical finance event at COP28 – Unlocking Islamic Finance Summit.
Project Tayyib: Bridging Values and Finance
The Conference of Parties (COP) is the annual United Nations Climate Change Conference that started running in 1995. The purpose of this conference is to assess the progress made by signatories to the United Nations Framework Convention on Climate Change (UNFCCC). The upcoming COP is COP28 which is scheduled between Thursday, 30th November 2023, and Tuesday, 12th December 2023.
COP28 is poised to become a critical milestone for global cooperation, one with a clear aim of aligning climate action with the availability, affordability, and accessibility of finance. In the lead-up to COP28, the COP Presidency has been notably attentive to an array of financial challenges confronting the Global South. Insights from Dr. Al Jaber's discussions with delegates shed light on issues spanning limited access to climate finance and funding insufficiency to capacity limitations, uncertain revenue streams, and the weight of high transaction costs.
Amidst these challenges, the prominence of Islamic finance within the Global South emerges as a beacon of opportunity. This owes to the harmonious alignment of Islamic principles with ethical and socially conscientious values positioning Islamic finance as a significant catalyst for overcoming these financial hurdles.
Despite the inherent alignment of Islamic principles with ESG values, there remains a disconnect between Islamic financiers' investment practices and ESG investments. This can be attributed to their distinct theological foundations, sector focus, and differences in language. While Islamic finance adheres to Shariah principles, guiding permissible (Halal) and forbidden (Haram) activities, ESG investment encompasses a broader range of sustainability factors beyond those explicitly addressed in Islamic finance. Additionally, differing geographical prevalence and evolving awareness contribute to the gap. This was highlighted in the Islamic Finance and the UN SDGs - Retail banking customer perspectives Global Survey 2023 report. However, at the core of these differences lies the absence of specifically tailored guidance for Islamic finance institutions compared to their conventional financial counterparts, which has magnified what is known as the Halal-Tayyib gap in Islamic finance.
Islamic finance, in its true essence, does not only avoid forbidden activities (Haram) but also actively encourages endeavours that are wholesome, pure, and beneficial for individuals and the environment (Tayyib). This is based on the idea that there are distinct gradations within Fiqh (Islamic Jurisprudence) and the Quran beyond simple compliance of "Halal" or "Haram".
Inspired by the notion of Tayyib, Islamic Finance Council UK (UKIFC) and the Global Ethical Finance Initiative (GEFI) will formally launch Project Tayyib at the COP28 Summit in Dubai this December. The project seeks to introduce a verification kitemark that seamlessly melds established Shariah-compliant practices with considerations of climate resilience, biodiversity preservation, human rights, and other critical ESG factors. Shaped by extensive market analysis, Project Tayyib focuses on four asset classes - capital markets, debt, real estate, and private equity.
The Islamic finance market's impressive global worth, standing at $4 trillion and experiencing consistent year-on-year growth, represents an untapped source of capital that could significantly contribute to funding the transition towards net-zero emissions and the achievement of the UN Sustainable Development Goals.
The scope for unlocking substantial market opportunities through this alignment is also significant. Notably, ESG investing is projected to surge by 84%, surpassing $30 trillion by 2026, in parallel with Islamic finance's anticipated growth to $5.9 trillion. While currently only 5% of sukuk issuances align with green or sustainable criteria, the evident demand for such products is compelling. The UKIFC envisions a potential influx of $30 billion through the green and sukuk (Islamic bonds) market by 2025.
By harmonizing the burgeoning Islamic finance and conventional finance sectors inclusively, Project Tayyib holds the promise of fostering a broader positive societal impact. As the COP28 climate summit approaches in the UAE—a hub for Islamic finance—the prominence of the Tayyib Project grows, poised to mark a significant stride towards effecting transformative change at the convergence of finance and sustainability. The sector’s engagement at COP28 will offer an opportunity for the industry to extend its commitment and bring its unique perspective and sustainable financing models to the global conversations.
Learn more about being a part of the Unlocking Islamic Finance Summit at COP28 here, and explore GEFI's Path to COP28 programme here.
Discover how you can participate in the Unlocking Islamic Finance Summit at COP28 here and visit this link to learn more about GEFI's Path to COP28 programme.
Empowering Change: Unveiling the All-Party Parliamentary Group on Islamic and Ethical Finance
All-Party Parliamentary Groups (APPGs) are unofficial, cross-party organisations that do not hold official status in the British Parliament. Although many prefer to include people and organisations from outside of Parliament in their administration and operations, they are still managed by and for Members of the Commons and Lords.
They have greater power than they may appear to have since the recommendations and reports that APPGs publish after their investigations frequently affect government policy. APPGs were established to serve a wide range of objectives by bringing together diverse stakeholders. They offer lawmakers an invaluable chance to interact with people and organisations outside of Parliament who are interested in the group’s topic. As a result, they can be highly responsive to proposals from organisations, and they might offer a venue for thoughtful debate and analysis.
Formerly the All-Party Parliamentary Group on Islamic Finance, the All-Party Parliamentary Group on Islamic and Ethical Finance was reconstituted in February 2023. The All–Party Parliamentary Group on Islamic Finance was first registered in 2016 ‘to give the Islamic finance industry a voice in parliament; to address issues as they arise such as Sukuk issuances, inclusivity, regulation, and taxation whilst positioning the UK as the European hub of Islamic financial services, and also to play a wider role in promoting ethical finance’. With The diversity in political affiliations of APPGs reflects that members put their interests in a particular policy area above their political affiliations and views.
There are ways for the public to engage with the APPGs, such as to respond to Calls for Evidence on particular topics or attend events, including Town Hall meetings. The APPGIEF has issued a Call for Evidence on “Financial Inclusion of Muslims in the UK”. It is an opportunity to investigate strategies to advance fairness, customised goods, and equitable access in the financial industry in order to expand the UK financial market. By closing the financial inclusion gap, the APPGIEF hopes to improve the financial environment and offer benefits to everybody by supporting the economic empowerment and social well-being of Muslims in the UK. This would provide an opportunity to influence policy change in UK.
By promoting Islamic finance, the APPG supports economic inclusion for the UK’s 3 million Muslims and develops Britain as a global Islamic finance hub. This would not only empower Muslims, but also lower economic inequality. A survey revealed that some Muslim students are unable to attend university due to a lack of Shariah-compliant student financing options. The availability of Islamic financial products leads to transparency and real economic activities because investors are aware of where their monies are invested and can therefore drive change.
You can contribute to the ongoing research by the APPGIEF by responding to the Call for Evidence here.
Financing a Sustainable Future: High-Level Working Group on Green & Sustainability Sukuk releases its first report
Press Release 24 Oct 2022
- Global Green Sukuk issuance of $4.4 billion in H1 2022
- Indonesia and the GCC are leading jurisdictions for green and sustainability sukuk, together making up 53% of total issuance.
- The report recommends promoting common regional and international standards, developing capacity with issuers, and expanding the wider ecosystem.
Global green and sustainability sukuk issuance totalled $4.4 billion during the first half of 2022, following a record annual issuance of $6.1 billion in 2021, according to data published by the High-Level Working Group (HLWG) on Green and Sustainable Sukuk. HLWG has issued its first report titled “Financing a Sustainable Future“.
The HLWG was launched in November 2021, during COP26, by founding members Islamic Finance Council UK (UKIFC), HM Treasury, Ministry of Finance in the Republic of Indonesia, Islamic Development Bank, LSEG (London Stock Exchange Group), and Global Ethical Finance Initiative (GEFI.)
The report, produced in partnership with UKIFC, GEFI, and LSEG, provides insights on the green and sustainability sukuk market, discusses key recent transactions and regulatory developments, and provides views from key industry stakeholders conducted through discussions of the HLWG and an industry survey. Featuring a roadmap outlining key recommendations to facilitate the development of the green and sustainability sukuk ecosystem globally, key findings include:
- Indonesia and the GCC are the leading jurisdictions for green and sustainability sukuk, together making up 53% of total issuance.
- Sukuk have been the main driver of ESG debt issuance in the GCC, making up 80% of green and sustainability bonds sold by GCC-based issuers during the first half of 2022.
- On average, 82% of annual green and sustainability sukuk have been issued in international markets since 2018, reflecting strong demand from overseas investors.
- On average, green and sustainability sukuk generated order books worth 4.4 times their offering values, compared with 3.3 times for comparably sampled traditional sukuk.
- The report recommends promoting common regional and international standards, developing capacity with issuers, and expanding the wider ecosystem.
Omar Shaikh, Advisory Board Member & Director, Islamic Finance Council UK (UKIFC), commented: “We are pleased the HLWG has filed its first report which finds that despite the increase in the issuance of green and sustainability sukuk, there is scope for greater capacity building across issuers, investors and professional services to scale the market to serve the Islamic world.”
Shrey Kohli, Director, Head of Debt Capital Markets, London Stock Exchange, and Chair of the HLWG on Green and Sustainability Sukuk, said: “The growth of green and sustainability sukuk will enable more countries and companies to access finance in a manner consistent with their faith and values. As sukuk are linked to assets that may be eligible for green and social projects, they will become vital tools to fund the U.N. Sustainable Development Goals and the just transition to Net-Zero, as has been evidenced by transactions by Working Group members such as the Islamic Development Bank and Etihad Airlines.”
“I sincerely thank all members of the HLWG for their expertise and insights. We look forward to working with the market to implement the recommendations as head towards the next two COPs in Egypt and the United Arab Emirates.”
Mustafa Adil, Head of Islamic Finance, Data & Analytics, LSEG, said: “This July marked five years since the first green sukuk was issued, raising $58 million. Green and sustainability sukuk have made great strides during this time, gaining traction across several Islamic capital markets in Southeast Asia, the GCC and Africa, with cumulative total issuance amounting to $21 billion by the first half of 2022.”
“As we approach COP27, it is our aim this report will inform and encourage more countries to adopt green and sustainability sukuk as an innovative approach for financing their SDGs and sustainable development plans.”
LSEG is well placed at the heart of global capital markets to be a strategic enabler of sustainable economic growth. It plays an important role in accelerating the transition to Net Zero and supporting the growth of the green economy. Refinitiv, an LSEG business, provides an Islamic finance database including over 1,500 Islamic financial institutions data covering $4 trillion of Islamic finance assets. The London Stock Exchange’s Sustainable Bond Market (SBM) is home to more than 300 green, social, and sustainability bonds, raising a combined £120 billion. Read the full report here: https://ukifc.com/greensukuk/
– Ends –
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About LSEG
LSEG (London Stock Exchange Group) is more than a diversified global financial markets infrastructure and data business. We are dedicated, open-access partners with a commitment to excellence in delivering the services our customers expect from us. With extensive experience, deep knowledge and worldwide presence across financial markets, we enable businesses and economies around the world to fund innovation, manage risk and create jobs. It’s how we’ve contributed to supporting the financial stability and growth of communities and economies globally for more than 300 years.
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Our acquisition of Refinitiv means we can provide the breadth and depth of financial data and best-in-class analytics that customers expect – driving innovation and growth across global markets. And our high-performance solutions – from trading, to market surveillance, to wealth solutions and more – help to enhance the performance of our customers. FTSE Russell is a leading global provider of financial indexing, benchmarking and analytic services with more than $16 trillion benchmarked to our indices – and offers an extensive range of data services and research. The combination of Refinitiv and FTSE Russell provides LSEG with leading capabilities in data, analytics, indices and benchmarks.
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We offer our customers extensive access to capital markets and liquidity across multiple asset classes. We operate a broad range of international equity, fixed income, exchange-traded funds/exchange traded products and foreign exchange markets. Our Group is home to several capital formation and execution venues: London Stock Exchange, AIM, Turquoise, FXall and Tradeweb (through a majority ownership interest).
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We support our customers’ clearing and reporting obligations, providing risk, balance sheet and financial resource management solutions, whilst working with our other divisions to extend this support across the value chain.
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LSEG is headquartered in the United Kingdom, with significant operations in 70 countries across EMEA, North America, Latin America and Asia Pacific. We employ 25,000 people globally, more than half located in Asia Pacific. LSEG’s ticker symbol is LSEG.
UKIFC to host Global Islamic Finance and the SDGs Series 2022
Global Islamic Finance and the SDGs Series (19, 20, 21 September)
UKIFC in partnership with United Nations, GEFI, Refinitiv and IsDB is organising a virtual global summit on Islamic finance and the SDGs, to coincide with the UN General Assembly 2022 and taking place on 19, 20 and 21 September. Click here to sign up now, or click here to find out more.
SHARE YOUR VIEWS | Islamic Finance and Sustainable Banking: Global Retail Survey
We want to hear your views on sustainability in the Islamic banking industry! Our Islamic Finance and Sustainable Banking: Global Retail Survey is a landmark study that aims to understand the views of customers of Islamic banks on environmental sustainability and the UN Sustainable Development Goals.
The survey takes 4 minutes to complete, and will help inform the direction of the Islamic banking sector going forward. Please click here to share your valuable feedback.
The SDGs and Islamic finance: 5 publications to read
By Mohammad Hashimi
The sustainable development goals (SDGs) represent the global development agenda and need mobilization of capital from a variety of sources including Islamic finance. Here are five publications in on Islamic finance and SDG that those interested in the topic should read.
1. Innovation in Islamic Finance: Green Sukuk for SDGs
Innovation in Islamic Finance: Green Sukuk for SDGs, The Islamic Finance Council UK, 40 pages, 2021
The report, commissioned by UNDP Indonesia, explores the role of green sukuk in the context of climate change and the green economy. Indonesia has issued the world's first sovereign green sukuk in 2018 and the world’s first retail green sukuk in 2019. The report highlights the opportunity for Islamic finance industry to play a major role in achieving the UN SDG. The report suggests green sukuk could bridge the gap of funding towards sustainability and provides several recommendations for the development of the green sukuk market.
It finds that “green sukuk are a relatively new development with limited issuances but have a clear alignment with the value system of Islamic law. As Islamic finance evolves, innovative products such as green sukuk represent the potential for a new class of products that consider more than legal permissibility, moving towards a positive impact in line with SDGs.”
2. How Islamic Finance Contributes to Achieving the Sustainable Development Goals
How Islamic Finance Contributes to Achieving the Sustainable Development Goals, OECD Development Co-operation Directorate, 44 pages, 2020
In this report, the authors argue that in Muslim-majority contexts, Islamic finance could be socially, culturally and ethically more acceptable than conventional finance and better suit development. The report discusses Islamic social finance instruments and opportunities that can be used for achieving UN SDGs.
The report “identifies the opportunities that Islamic finance presents for donors, as they look to deliver the Sustainable Development Goals (SDGs). To achieve the SDGs by 2030, Arab and OECD DAC donors need to mobilize innovative forms of financing and deliver the UN Secretary-General’s call to deepen the transformation of development finance systems.”
3. Reforming Islamic Finance for Achieving Sustainable Development Goals
Reforming Islamic Finance for Achieving Sustainable Development Goals, Tariqullah Khan, 19 pages, 2019
The author explains the possibilities of Islamic finance contributing towards SDGs in the light of objectives of Shariah. The paper examines that a change in the perspective current system will be helpful in achieving SDGs.
The paper suggests that Maqasid should be given more importance, and argues that “The paradigm of Islamic economics and finance is guided by the motivation of comprehensive human development (CHD) and its preservation as manifested in the objectives of Sharīʿah (maqāṣid al-Sharīʿah)”
4. Role of Islamic Finance in Sustainable Development Goals
Role of Islamic Finance in Sustainable Development Goals, Abdul Ghafar Ismail, Salman Ahmed Shaikh, 16 pages, 2017
The paper explains the potential of achieving UN SDGs in light of the philosophical foundations of Islamic finance. The authors focus on environmental and climate changes caused by human beings. The paper suggests Islamic social finance instruments like zakat (obligatory alms) and waqf (charitable endowment) can contribute towards scaling up efforts in commercially non-viable but socially vital projects and programs.
They find that “there is much potential for Islamic finance to promote sustainable economic development through such approaches as widening access to finance, financing infrastructure projects, and expanding the reach of Takaful. Real sector based productive enterprise in Islamic finance has positive implications for the ecosystem.”
5. Sustainable Development Goals and Role of Islamic Finance
Sustainable Development Goals and Role of Islamic Finance, Habib Ahmed, Mahmoud Mohieldin, Jos Verbeek, Farida Aboulmagd, 47 page, 2015
According to the authors, basic principles of Islamic finance stabilize the economic system and give importance to social responsibility. The working paper explains how social financing tools like Zakath and Waqf help to achieve SDGs by enhancing stability and resilience to the financial sector, financial inclusion, reducing vulnerability of the poor, contributing to environmental and social issues, and infrastructure development.
They argue that “practical measures are required to enhance the contribution of the Islamic financial sector to achieve the SDGs. We have identified five tracks through which Islamic Finance could support efforts to achieve the SDGs: financial stability, financial inclusion, reducing vulnerability, social and environmental activities, and infrastructure finance.”
Concluding thoughts
Together, these reports and papers display the harmony between Islamic economic thought, Islamic finance, and the SDGs. However, they also show that the majority of the work to practically utilize Islamic finance for achieving the SDGs remains to be done.
'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.
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