HH Emir Sanusi delivers keynote at Shared Values workshop
On the 28th of May 2016, the IFC together with the Church of Scotland held the first in its three part workshop series to identify a ethical finance shared values principles framework.
Held at the Dalmahoy Estate, the round table workshop bought together leading global theologians, scholars and practitioners and follows the joint venture announcement made earlier in the year (see FT / BBC coverage). The first workshop took a historical perspective to explore the events, people and ideas that have shaped faith discussions on ethical finance. Along with the key note from HH Emir Sanusi, presentations were made by , Rev. Richard Fraser, Sheikh Ruzwan, Prof. Robbie Mochrie and Dr Akram Laldin.
The content revolved around an enquiry on the following points:
- Theological perspectives on ethical finance and just economy.
- Philosophical underpinnings of ethical finance.
- The teleology of economy in Christianity and Islam.
- Mapping a history of the ethical finance movement in relation to the religious teachings that informed it.
- The socio-theological origins of Savings Banks movement in Scotland.
- Contextual factors to the rise of alternative financial models and the role of Christianity and Islam in facilitating such initiatives.
The next round table workshop is planned for later in the year in London. To find out more or to participate contact info@ukifc.com
Umer Suleman recognised as a 'Rising Star of the City'
The Top 30 future leading figures in the City were recognised and celebrated in this years Brummell publication. A rigorous judging panel reviews nominations and this year Umer Suleman was successfully recognised for outperforming in his market and for giving back to make the world a better place.
As noted in Brummell, 'Suleman is an experienced risk SME who has assumed various risk roles during his career. He co-heads HSBC’s Muslim Network and used his experience to run a workshop on leadership and creating effective networks for City employees. He is an executive manager for the Islamic Finance Council on a pro-bono basis and one of the founding partners of Affogato, an ethical artisanal coffee and gelato shop. He previously took a sabbatical to join the Mosaic charity, which helps people from disadvantaged backgrounds.'
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IFC welcomes new Board Member - Ajmal Bhatty
Continuing its strong growth the UKIFC takes on its first international Board Member.
Ajmal Bhatty is a thought leader and pioneer in takaful and ethical investment solutions, Ajmal has over 35 years of international experience (17 years at C-level) in financial services sectors. He has been instrumental in developing and managing insurance institutions in challenging environments. An actuary by profession, Ajmal has provided advisory and technical support to regulators and standard setting bodies on Takaful in several jurisdictions in the Middle East and Malaysia.
Tariq Masood, UKIFC Chairman, commented "Ajmal brings a wealth of experience in Takaful which complements well the skill set of the existing Board. We are delighted to have Ajmal join the UKIFC which is fundamentally built on the goodwill and tireless efforts of our team."
On joining the UKIFC Board, Ajmal commented, "UKIFC is one of the most effective platforms in the promotion and development of Islamic Finance and probably the only most active platform for identifying interfaith shared values with Islamic Finance; this is most commendable for the general awareness and promotion of Islamic Finance in the context of Ethical Finance.
Takaful and Micro-takaful have not had similar promotion and development in terms of customer recognition of their ethical dimensions when compared to their conventional counterparts. There is still a disconnect with takaful of the various areas of Islamic Finance such as project finance, long term sukuks and private equity initiatives. Takaful is perceived more as a product than a system. Whilst it is the industry itself that needs to address such issues, the platform of UKIFC can be a great catalyst in debating the issues and bringing about a change in the current status quo and in the mind set of regulators, entrepreneurs and practitioners.
As a member of the advisory board of UKIFC, I would address pertinent issues and areas that would enable it to support the promotion, growth and development of Takaful in areas and markets currently not yet developed, or where it is in initial stages of development. This would be the OIC markets as well as markets where Takaful should appeal to everyone on ethical grounds. Islamic micro-finance and micro-takaful are very much needed. Working with government bodies as well as the private sector, UKIFC can be instrumental in bringing micro-solutions to several Muslin countries by helping to develop specific regulations, guidelines, training programs and by mobilizing relevant resources through NGO’s and takaful companies in helping to develop viable propositions for financial inclusion and protection of the masses.
Christians and Muslims unite to tackle banking crisis
The Church of Scotland and Islamic Finance Council UK have announced a partnership to create ethical financial services.
The joint venture will draw on how the Christian and Muslim communities have supported ethical finance in the past and examine the practical commercial viability of new models which can tackle inequality and poverty. This pioneering initiative is the first time the Church and Islamic finance have come together to collaborate and will aim to create solutions open to everyone regardless of religious or ethnic background.
This initiative has come into being through a shared belief that existing financial institutions have in recent years lost their social conscience. Following the banking crisis of 2008, further ongoing scandals of misselling payment protection and interest rate fixing have raised the question if reforms have worked. We believe this is an exciting opportunity for faith groups to work together on solutions which will benefit the whole of society, regardless of faith or belief.
On announcing the project Rt. Rev Dr Angus Morrison, Moderator of the General Assembly of the Church of Scotland, said: “In 2012 the Church of Scotland’s special commission on the purpose of economic activity identified human flourishing and the protection of the planet for future generations as two of the most critical purposes for financial interaction. Our current system has gone badly wrong, creating massive inequality and the destruction of our shared natural resources by money-making machines overtaking commerce that serves the common good.
“The Christian and Islamic faith traditions share a commitment to economic justice and a call to an equal distribution of the gifts of God. By collaborating and “putting our money where our morals are” we have an opportunity to live out our common values and make a tangible change for those most affected by poverty. Active concern for our communities is an obligation and we look forward to meeting the challenge together.”
The Islamic Finance Council UK (IFC) is inspired by a commitment to developing a fairer, more responsible finance system. It has been recognised globally for its work in promoting shared values and increasing connectivity between ethical and Islamic finance stakeholders across the UK. For more than 5 years the IFC has been leading the debate on ethical finance through a series of events based in Edinburgh.
IFC Advisory Board Member Omar Shaikh said: “In recent years we have developed a strong relationship with the Church of Scotland and this project is a result of that positive engagement and the mutual desire to work collaboratively on a project which brings together the best of our respective faiths. The positive message of faith groups working together presents a beacon of light which we hope can inspire many others across the world.
“Scotland has a proud heritage in ethical finance with the savings bank movement able to trace its origins back to the Rev. Henry Duncan of the Church of Scotland. This model was also used as the blueprint for the early Islamic banking attempts in the 1960s, which makes it particularly poignant that this new initiative in being led in Scotland.”
The project will research, shortlist, test and then establish a viable ethical finance business solution. The consultation and business plan phase is expected to last a year, with the first workshop to take place this May in Edinburgh with theological and financial experts coming to Scotland from as far afield as Nigeria, Malaysia and Bahrain.
International Islamic Finance
Worth over $2trn, the Islamic finance sector has witnessed tremendous growth over the past decade. Moving forward a key growth strategy for Islamic financial institutions will be their ability to successfully enter and tap the considerably larger ethical finance arena. Along with the commercial opportunity, by focusing on the inherent convergence in ethical values will increase the appeal of Islamic finance in new global markets and allow an avenue to address the aspirational dissatisfaction growing within the industry as witnessed by key stakeholders raising concerns over excessive synthetic imitation of conventional structures.
Africa and Nigeria specifically is well known for its triple heritage. Often referred to as non-interest finance, Nigeria has been taking a lead in developing this sector to promote financial inclusion. Ex-Governor of the Central Bank of Nigeria, HH Emir Sanusi commented, “One immediate success of this initiative is how it is bringing together faith communities on their common values. This is powerful example that many globally can take from, including us in Nigeria. Well done to the Islamic Finance Council UK and the Church of Scotland for showing their vision, leadership and bravery.”
Islamic finance in Malaysia has taken considerable market share and attracted many Chinese Malays and those not of the Islamic faith. Dr Akram Laldin, CEO of Malaysia based Bank Negara body ISRA commented, “Islamic finance is founded on moral and ethical values and these values are shared by different faiths. This joint venture with the Church demonstrates that people from different faiths can work together on the common ground that we share. Together we can strive for the betterment of humanity.”
Scottish communities show leadership
Minister for Europe and International Development, Humza Yousaf, said: “Ethical finance offers a great opportunity to diversify Scotland’s financial services industry, allowing it to grow and prosper. I’m delighted to see the Islamic Finance Council’s hard work in this field acknowledged by the EFICA. The Scottish Government is committed to creating a more socially responsible and fairer economy in Scotland and is building upon our progress to become a worldwide industry leader in the field.”
Since the issuance to the public, in 2013, of its report on the purpose of economic activity the Church of Scotland has promoted a range of new initiatives including the development of the Churches Mutual Credit Union in partnership with other UK churches and support for WEvolution, a pioneering movement developing Self Reliant Groups and social enterprise in Scotland’s poorest communities.
Rev Sally Foster-Fulton, convener of the Church of Scotland’s Church & Society Council said: “In the Church we don’t just want to talk about how we need to do things differently. We want to demonstrate how we can and are. Working with the Islamic Finance Council UK is an important part of that work. Not only are we trying to build a fairer economy together. We are also building vital friendships and relationships across our faiths. That is also really significant in today’s world where these relationships are so often defined by division.”
Scotland’s leading Sunni Muslim theologian, Shaykh Ruzwan commented, “Today marks the beginning of extensive consultation between Muslim faith representatives headed by IFC and its associates and the Church of Scotland on working towards a shared principles framework distilled from the intellectual legacy of the two great faith traditions that will inform the debate on ethical and sustainable models of economy. As the financial crisis of the last decade is being pushed firmly to the back of the collective memory, the systemic non-sustainability of the current financial model further amplifies the need to highlight alternative practice that places human nurturing and the environment at the core of deliberation on what economy should be.
In doing so, it also engages those that question the relevance of religion in the creation of the common good and provides a new model of Interfaith engagement - moving from dialogue to action. The Scottish context of this initiative, with its unique history in the development of the Enlightenment, in ethical banking as well as its pioneering ecumenical work, serves as the perfect environment in which to embark on this journey.”
UK leading innovation as a global financial hub
Prime Minister David Cameron has stated the UK’s position as a center for Islamic finance. As the first Western government to issue a sovereign sukuk, today’s pioneering development of interfaith collaboration showcases the UK’s ability to innovation and contribute to the global Islamic finance sector.
Lord Sheikh, Patron of the Islamic Finance Council UK and Co-Chair of the All-Party Parliamentary Group on Islamic Finance and Diversity in Financial Markets, said, “The UK has successful positioned itself as the leading Western Hub for Islamic finance with over £20bn in shariah-compliant assets. This pioneering retail focused initiative presents a great opportunity to build not only a robust sustainable business but also demonstrates British communities working together building stronger, interdependent communities.”
CityUK Islamic Market Advisory Group Chair, Stella Cox, said, '
The UK is a world leading centre for Islamic Finance, and its industry stakeholders have been proactively seeking to further the development of Islamic finance through engagement with a more universal audience. Research currently being undertaken, supports the assertion that socially responsible investment principles can combine effectively with the ethical and prudent financial screening procedures of Islamic and faith-based finance to support sustainable, economic growth and a more measured approach to global, financial practice. Amongst these initiatives, the award-winning IFC EFRT round table series has demonstrated that there are a great many shared values to provide a foundation for further collaboration.
The City, as a financial hub, has long since shown that it is open for business and that it welcomes innovation....Further defining and shaping our shared ‘ethics’, as we progress, is a debate to which the faith communities can meaningfully contribute, with the common objective of proving a model that motivates and inspires our global partners.'
Funding social housing, IFC Ethical Finance round table
The Islamic Finance Council UK and hosts Maclay Murray & Spens LLP (MMS) last week held the 10th in the series of the award-winning Edinburgh Ethical Finance Round Tables.
The session included a presentation from Susan Torrance on the Scottish Government’s social housing policy as well as Ian Watt, of Aberdeen YMCA, and Steve Williams, of INTEGRATE, who presented on the European Long-Term Investment Funds (ELTIF) which was discussed within the context of the wider European economic policy, the “Juncker Plan” and investment in social infrastructure. If you would like a copy of the slides please contact chris@ukifc.com
An update on the Scottish Ethical Finance Hub was provided by Omar Shaikh. The Hub will be hosted at Heriot Watt University in Edinburgh and is the first such dedicated hub for ethical finance in the UK. To find out how you can get involved in the Hub then please contact Graham Burnside or Omar.
We would like to thank MMS for hosting the recent event and to all participants for their continued engagement in driving the ethical finance agenda forward.
Developing Islamic Finance in Poland
CASE, together with the Polish Economic Association and Ministry of Finance, invite the UKIFC to present at Islamic finance roundtable in Warsaw, Poland.
Although Islamic banking and finance (IBF) is definitely not an innovation in the strict sense of the word (its roots reach VII century), it is only relatively recently that bankers and financiers around the world – also in non-predominantly Muslim countries – started appreciating the opportunities it offers. As stressed by CASE President, Christopher Hartwell, in his opening speech, this interest grew stronger after the global financial crisis of 2007-2008, when Islamic banks proved to be more resistant to financial turbulences than their traditional interest-based counterparts.
Money cannot create money – main features of Islamic Finance
The most important aspect that distinguishes Islamic finance from traditional one concerns the nature of money. As the first keynote speaker during the 'Innovative approaches to finance: The Islamic experience in Europe' seminar, which took place on February 9th 2016 in Warsaw, Katarzyna Sidło from CASE, explained, according to shariʿa principles, money does not carry any value in itself, as so cannot create new money; only labor can. Furthermore, Islam prohibits charging interest (riba) and speculation. What is more, each part of a financial contract should be precisely described and understandable for every person involved in the transaction, so as to avoid information asymmetry and excessive uncertainty (gharar). As a result, traditional Islamic contracts (such as mudarabah and msharakah) are based on the profit and loss sharing (PLS) schemes. Additionally, all financial transactions have to be asset-based. As Katarzyna Sidło emphasized, Islamic financial contracts are often very similar to the conventional ones, only terminology is different. Mudarabah is akin to limited partnership, while musharakah resembles general partnership. Islamic finance offers also bonds which are called sukuk and lease services (in Arabic ijara). Given the fact that there are different schools of interpretation of Islam, also financial instruments differ. This cause some problems in transactions where different variations of the same products are used. Standardisation comes as the only solution, but the process is very slow.
Islamic finance is not just for Muslims
In the last few years Islamic banking has become more and more popular in Europe. According to EY, between 2009 and 2013 an annual growth of value of the Islamic financial assets amounted to 17.6 per cent; in 2013 it reached 1.7 trillion dollars. There are many different models of implementation of IBF in Europe to exploit the potential of Islamic finance but two of them, used in Luxembourg and the UK, are especially interesting. As Zeeshan Ahmed from EY Luxemburg clarified, one of the alternative ways of investing is shariʿa-compliant asset management. Luxembourg has lately become one of the leading non-Muslim domiciles which offer favorable environment for the creation of Islamic investment vehicles and cross-border retail funds (those instruments are dedicated particularly for investors from the Gulf). It is also the 1st Eurozone country that issued a sovereign Sukuk in response to the recent surge in investor demand for Islamic finance instruments.
Another country that is positioning itself as a Islamic finance hub in Europe is the United Kingdom. According to Omar Shaikh, Islamic Finance Council United Kingdom, the UK is the leading western country and Europe’s premier center for Islamic finance. This is to a large extent a result a political will and support on behalf of the British government, including for example the removal of double tax on and extension of tax relief on Islamic mortgages. Development of Islamic finance has been promoted particularly by the two last Prime Ministers, namely Gordon Brown and David Cameron. In 2013 the United Kingdom hosted, as the first non-Muslim country, the World Islamic Economic Forum. As a result, currently there are six fully shariʿa-compliant banks in the UK and in 2014 the UK government, as a first non-predominantly Muslim and a first European country issued a sovereign Sukuk. Islamic financial instruments were used to finance construction of the Olympic Village, the Shard, Battersea Power Station regeneration, London Gateway.
As all the keynote speakers underlined, it is worth looking closer at and following examples of both Luxemburg and the UK – Islamic finance is the fastest growing segment of the financial industry, which potential reaches far beyond the Muslim world.
***
The seminar 'Innovative approaches to finance: The Islamic experience in Europe' was organized by CASE in cooperation with Narodowy Bank Polski, Centre for International Initiatives and the Polish Economic Association as a part of an effort to broaden the understanding of Islamic finance in Poland. High attendance during the seminar confirms that there more and more people in our country become interested in Islamic banking.
***The above article is taken from the CASE website, published 10-2-2016
UKIFC global ethical finance prize winners
The Islamic Finance Council UK (UKIFC) saw off competition from over 200 organisations from across the globe to win the $100,000 Industry Development Award at the Ethical Finance Challenge and Innovation Award (EFICA) in Dubai. The prize was presented by keynote speaker and Nobel Peace Prize Laureate Dr Muhammed Yunus.
The award was recognition of the UKIFC’s work in establishing a programme of ethical finance events bringing together a range of stakeholders which now forms the UK’s leading discussion platform seeking to promote a fairer and more socially responsible financial system.
watch the video of the finalist
The UKIFC and fellow finalists, Malaysian sovereign wealth fund Khazanah Nasional Berhad and Bank Negara Malaysia backed ISRA, each delivered a 10 minute pitch to the 350 guests at the EFICA Gala Dinner who then voted for the winner.
UKIFC Advisory Board member and co-founder Graham Burnside commented: "It is tremendously exciting for us to have won this major award in the face of competition from much larger organisations based in the heartlands of Islamic finance and a very gratifying recognition of our work in bringing together the diverse strands of the ethical finance arena. The prize will make a genuine difference to what the UKIFC is able to achieve."
EFICA was launched in 2013 by Abu Dhabi Islamic Bank (ADIB) and Thomson Reuters with the aim of inspiring and recognising fresh ways of thinking and promoting the most dynamic actionable solutions that advance ethics in the world's financial services.
“Our winners are the future of the finance industry and thought leaders for a world in which working for profit and working for social good can and should be one and the same. Those recognised at these third annual EFICA awards have not only shown this to be true, they have taken bold new steps in expanding the possibilities of ethical finance," said ADIB CEO Tirad Al Mahmoud.
The UKIFC’s success has been recognised by the Scottish Government:
“Ethical finance is an area where Scotland has a real opportunity to make an impact and success at EFICA has raised the profile of the ethical finance sector here in Scotland as well as raising Scotland’s profile internationally,” commented John Swinney, Cabinet Secretary for Finance and Sustainable Growth.
The other prizewinners on the evening were crowdfunding platform Narwi and former UN Secretary General Kofi Annan, who received the lifetime achievement award.
[Oct2015]
For more information contact:
Chris Tait - chris@ukifc.com
Media coverage:
http://finance.salaamgateway.com/en/finance/story/SALAAM04102015194010
http://www.heraldscotland.com/business/13836028.Islamic_Finance_Council_wins__100_000_award/?ref=rss
UKIFC welcome new Board Members - Richard de Belder & Dr Nasir Ahmad
As the activities of UKIFC continue to successfully grow the UKIFC has begun a process of expanding its Advisory Board. The Islamic finance industry is now worth over $2trillion and the increasing demand and interest in the sector has resulted in multiple organisations reaching out to the UKIFC for assistance.
Tariq Masood, UKIFC Chairman, commented "Over the past few years the UKIFC has grown considerably as our pioneering activities begin to make impact and achieve global recognition. We have been the main UK Islamic finance body driving the ethical finance debate focusing on the convergence of Islamic and ethical finance, holding the first ever interfaith ethical finance roundtable with the Archbishop of Canterbury, Justin Welby. Our work empowering shariah scholars through a conventional markets training programme and our seminal research, Enhancing Shariah Assurance, has led to a number of international regulators upgrading their regulatory frameworks in line with our recommendations. This along with our other work has made real impact and Alhumdulilah credit is due to the dedication, expertise and professionalism of our multi-award winning team."
"I am delighted to announce our first wave of new Board Members Dr Nasir Ahmad and Richard de Belder. I am sure with their extensive experience and enthusiasm they will help take the UKIFC through the next stage of its journey."
Dr Nasir commented, "I believe the Islamic Finance Council UK has made a positive contribution, over the years, to the development of Islamic finance in the UK and overseas via its broad but focused set of activities and its dedicated staff. I welcome the opportunity to join the UKIFC as an Advisory Board member. I am looking forward to supporting the Council's efforts, to enhance the global Islamic and ethical finance industry, especially in the areas of risk and financial regulation, given my experience and the increasing importance of both these aspects across financial services. "
Dr Nasir Ahmad is currently a partner at Ernst & Young and specialises in risk and regulatory services to financial institutions. He has 20 years of international experience in financial risk management in banking, consulting, and academia, based out of Europe, Middle-East and Canada. Dr Ahmad has lead several risk and regulatory engagements, covering credit, market, operational and liquidity risks, including the implementation of Basel II and III programmes, Eurozone instability planning, stress testing, quantitative model development for complex derivatives, risk MI, internal control systems.
The UKIFC have recently become the only UK Islamic finance promotional body to become members of IFSB. Benefiting from Dr Nasir's expertise in Basel III, the IFC aim to promote IFSB activities through our footprint in the UK and beyond.
Also joining Dr Nasir, is Richard de Belder a partner with the international law firm Dentons who heads up the global co-ordination of the firm's Islamic Finance practice. Since the late 1990s he has been involved in a wide range of Shari'ah-compliant finance transactions working with leading Shari'ah scholars to create ground breaking structures and internationally recognised solutions. He previously chaired the Legal Group of the UK Islamic Finance Secretariat (UKIFS) and in 2013 was one of seven non-ministerial members of the UK Government's Islamic Finance Task Force.
Commenting on his appointment he said, "'I have known Omar Shaikh for a long time and have admired the work that the Islamic Finance Council UK has done to promote Islamic finance in a range of areas, including developing the ethical values of Islamic finance, encouraging research into areas that could be developed and its training initiatives such as its programme to assist Shari'ah scholars - which I have had the opportunity to engage in. So the opportunity to assist the UKIFC in its work is something that I am very excited about and I am looking forward to working with the other team members to develop and expand its initiatives to encourage and facilitate the growth of Islamic finance."
Ethical & Islamic finance - exploring collaboration and convergence
Unique may be an overused word nowadays, but the Global Ethical Finance Forum (GEFF) which took place in Edinburgh at the start of this month, September 2015, for once justifies the description. The gathering in Scotland’s capital, organised by Dubai-based MEGA Events and supported by the Scottish Government and the Islamic Finance Council UK (IFC), represented the first such event in Europe and saw an attendance of around 250 delegates from across the globe.
The subtitle of the conference, “Growing the global ethical finance industry through collaboration and convergence”, hints at the main thrust of the discussions, namely how the ethical finance and investment industry can be strengthened and developed by increased collaboration and mutual awareness between the socially responsible investment movement on the one hand and Islamic finance on the other. A number of the GEFF sessions were expressly built around the convergences (or lack of them) between these two areas, with topics covered including comparative approaches to positive screening between Islamic finance and other areas of the ethical investment industry, the role of regulators and standard setting bodies in increasing connections between Islamic finance and other areas of the ethical sector; and exploring parallels and differences between sukuk and green bonds.
The panel discussion in which I took part personally focused on the question of how Islamic and other forms of responsible investment products could be “taken mainstream” without diluting their basic values. Chaired by Ulrika Hasselgren, CEO of Ethix SRI Advisors, the panel also featured Abdulla Mohammed Al Awar, CEO of the Dubai Islamic Economy Development Centre, Fergus Moffatt, Head of Public Policy at UKSIF and Scott Murray of Virtuo Wealth Management. There was general consensus among the panel members that the presently fragmented state of the ethical finance world was a major stumbling block in seeking to expand its reach. One aspect of the discussion centred on the question whether it would be practicable to establish fundamental standards which would be accepted across the industry as a whole; related issues raised included whether ethical products could be effectively rated, and if so how an “ethical ratings agency” might emerge, or whether it might even be possible to establish an “ethical finance kite-mark” for the benefit of retail product customers. There was general acceptance that given the very wide-ranging origins of ethical investment, from Islamic and other faith-based products to those looking to environmental or social outcomes, it would be challenging to formulate an approach which could apply across the board (and indeed to identify who might provide this). One area of agreement however was that there was still considerable work to be done in achieving sufficient clarity and transparency in investor-facing documentation. There was consensus too that in seeking to widen the investment base for ethical products there was a constant need to guard against deleting core values with the effect of reducing the ethical element to a mere veneer or box-ticking exercise – as one panel member put it, while the boxes do still need to be ticked there must be real substance behind them.
The GEFF was book-ended by significant contributions from two eminent representatives of the world of Islamic finance. The opening keynote speech was delivered by Dr Zeti Akhtar Aziz, Governor of Bank Negara, Malaysia who delivered a broad ranging review of the role of Islamic finance within the wider financial world and in particular the contribution its fundamental principles allow it to make to financial stability and to widening financial inclusion within emerging economies. She also emphasised the importance of education within the sector, citing Malaysia’s role in establishing INCEIF, the global university of Islamic finance. The closing session of the conference took the form of an extended interview with HRH Muhammad Sanusi II, Emir of Kano, former Governor of the Central Bank of Nigeria. HRH Sanusi spoke powerfully about his role in combating corruption within the financial sector in his country and in enabling the Islamic finance industry within it during a particularly febrile period for community relations.
In conclusion it is worth mentioning that Scotland was a particularly apt destination for the inaugural GEFF. Historically it has contributed perhaps more than any other country to the development of ethical finance – in addition to being the birthplace of Adam Smith (himself a powerful proponent of the ethical aspects of economics), Scotland was the cradle of the mutual insurance industry, from the foundation of Scottish Widows in 1815 onwards. It was in early 19th century Scotland also that the Rev Henry Duncan laid the foundations of what was to become the savings bank movement, and it is a striking fact that when the first Islamic bank in the modern sense was established in Egypt in the 1960s those involved drew expressly on the experience of the Scottish savings bank movement. As Omar Shaikh of the IFC teasingly suggested in his remarks at the conference opening, perhaps in addition to its many inventions in the fields of engineering and science from the steam engine onwards Scotland can also claim to have had a hand in the establishment of Islamic finance!
Graham Burnside
Advisory Board Member, Islamic Finance Council UK
Consultant, Shepherd and Wedderburn LLP
To find out more about our work on ethical finance, click here.
UKIFC win British Muslim Award 2015 for services to finance and accounting
Held at The Chateau Impney Hotel, and hosted by Al Rayan Bank, the 3rd annual British Muslim Awards was held on the 27th of January 2015. The British Muslim Awards are designed to recognise a wide range of achievements which cover various aspects of society including business, charity, sport, arts and culture and much more. The event celebrates contribution and reflects the significant role that Britain’s Muslim have in society.
The not-for-profit work of the UKIFC in playing a key role in building out the Islamic Finance industry was recognised on the night and awarded for Best Services to Finance & Accounting 2015.