Ethical Finance
The UKIFC has developed a growing reputation for its innovative work in exploring the relationship between Islamic finance and the broader ethical finance arena and promoting better coordination and understanding between them.
In 2010, the UKIFC hosted a pioneering conference on Islamic and ethical finance which led to feedback from participants supporting an on-going dialogue. Recognising this as a unique opportunity for the UKIFC to lead the ethical finance debate, the Ethical Finance Round Table Series (EFRT) was initiated later that year in Edinburgh. This round table series has provided a platform to develop other ethical finance initiatives and now operates as a stand alone brand under the Global Ethical Finance Initiative (GEFI) umbrella.
Edinburgh Ethical Finance Round Table Series Overview
The Edinburgh Ethical Finance Round Table Series (EEFRT) is a unique initiative bringing together senior stakeholders from financial services, government, faith groups, academia and the third sector. It provides a key forum for networking, sharing experiences and exploring the means and opportunities for establishing a more stable and socially responsible financial services sector.
For more detail, please download the overview.
Visit our Ethical Finance Round Table website.
Shared Values: Ethical Finance Workshop
TRANSCRIPT
The first in the series of three shared values workshops was held in Edinburgh in May 2016. This session explored the historical trajectory of an ethical economy in the monotheistic faiths. The presentations and discussions offered theological perspectives and philosophical underpinnings of Christianity and Islam. Although discovering the nuances of another faith is daunting, we have actually come to realise that there is much more in common with the Church than we first expected.
For more detail, please download the transcript.
Shared Values: Ethical Finance Workshop 2
OVERVIEW
The second shared values workshop took place in the House of Lords in October 2016 and focused on the present experience of ethical finance and the manner in which faith discussions have shaped the arena of ethical investments. The event, which included a welcome note from Lord Archbishop of Canterbury, The Most Rev and Rt Hon Justin Welby, was attended by faith leaders, parliamentarians (including Lords Newby, Sheikh and Turner) and finance practitioners.
For more detail, please download the overview.
Shared Values: Ethical Finance Workshop 3
OVERVIEW
The third shared values workshop returned to Edinburgh, to the iconic Dalmahoy Hotel and Country Club. The focus of the final workshop was the draft shared values framework, and the accompanying guidelines, presented by Shaykh Ruzwan Muhammad, encompassing the synergies in perception and approach to ‘finance’ between the Abrahamic faith traditions. The event was attended by faith leaders, theologians, academics, government representatives and finance professionals, including Sir David Walker, former Chairman of Barclays Bank and Merrill Lynch, and Sultan Choudhury OBE, CEO of Al Rayan Bank plc.
For more detail, please download the overview.
Interfaith Ethical Finance Round Table at The House Of Lords
Hosted in the House of Lords on the 24th September 2013, with a keynote address by the Archbishop of Canterbury, the Interfaith Ethical Finance Round Table uniquely brought together religious scholars and financial practitioners. The presenters shared their perspectives on the principles and common values underlying ethical nuance and the practical challenges inherent in trying to follow such. The event was hosted by the UKIFC and assisted by the Arab Finance Forum (AFF) and the Cambridge Interfaith Programme (CIP). The roundtable follows on from the UKIFC and Tods Murray LLP 2010 Ethical Finance conference and subsequent Edinburgh Ethical Finance Round Table series and the 2007 Interfaith Ethical Finance Round Table hosted by the AFF and CIP.
For more detail, please download the report.
Representative Activities
Planning and organising round tables, seminars and conferences
Supporting and participating in international conferences through advising on format, topics and agendas and adopting roles as chair, panelist and speaker
Contributions to media reports and articles
Leading interfaith and multi-stakeholder projects and initiatives
Advising conventional ethical finance bodies on adding an Islamic finance dimension
Highlights
Launched the Edinburgh Finance Declaration – the first global partnership between Islamic finance and the Church of Scotland with the aim of creating a new financial model available to everyone regardless of religious or ethnic background
Winning the prestigious Islamic Finance Industry Development award at the Ethical Finance Innovation Challenge Awards 2015 (EFICA) which recognised the UKIFC’s work in promoting Islamic finance to non-Muslim stakeholders and jurisdictions
Initiating the Edinburgh Ethical Finance Round Table series, a leading ethical finance discussion platform, bringing together senior stakeholders (from academia, banks, asset managers, faith groups, government and third sector bodies) with the aim of promoting a fairer and more socially responsible financial sector
Launching Europe’s first dedicated Ethical Finance Hub to bring together practitioners and other participants in ethical finance in collaboration with the Scottish Government and Heriot-Watt University
Working in partnership with a global events’ organiser to host around 250 leading industry experts from across the globe to Global Ethical Finance Forum 2015, Global Ethical Finance Forum 2017 and Ethical Finance 2018, in Edinburgh
Bringing together religious scholars and financial practitioners at the first ever Interfaith Ethical Finance Round Table, held at the House of Lords with Archbishop Justin Welby
Established the Global Ethical Finance Initiative – a coordinated programme of innovative activities, originating from Scotland, to promote finance for positive change
Endorsements
The UKIFC has successfully acted as the convenor of the Edinburgh based Ethical Finance Roundtable series – a leading platform for discussing ethical finance that has commanded universal support. They are creative and valuable partners in the maintenance and enhancement of both the Islamic and ethical financial services industry.