"One God, Many Paths" panel at the UKIFC 2019 London Summit
The "One God, Many Paths" panel was featured as part of UKIFC's 2019 London Summit on Islamic finance, which tackled innterfaith issues in finance, including the Edinburgh Finance Declaration. UKIFC is one of the founding partners of the Edinburgh Finance Declaration.
Taking part were moderator Habib Motani from hosts Clifford Chance with Rev. Fiona Stewart-Darling from the Canary Wharf Multifaith Chaplaincy, Church of Scotland elder and UKIFC board member Graham Burnside, former HSBC executive Dominic Gorton and Martin Palmer from FaithInvest.
The event included contributions from across the faiths on topics such as:
- The overlap between Islamic values, the values of other faiths, and non-faith values
- The Edinburgh Finance Declaration
- The commanalities among the Abrahamic faiths
- The concept of stewardship, and how this does not always resonate with those outside of the Abrahamic tradition
- How culture is needed to create lasting change
Watch the session below:
The Faith in Finance Round Table, organised in partnership with UK Islamic Finance Council and the Church of Scotland
As part of Ethical Finance 2019 summit, on 9th October 2019, UKIFC and Church of Scotland organised a private Faith in Finance round table and dinner at St Andrew’s and St George’s West Church.
The event included contributions from across the faiths on topics such as:
- Interfaith collaboration and the role of faith-based values in modern finance
- Benefits of bringing different perspectives together
- Identifying shared values – the Edinburgh Finance Declaration
- Heritage role of the Church influencing the values of banks and what the current paradigm can take from this history
- Faith groups sharing leading practice:
- Engagement strategies
- Creating a space for religious actors in formal governance models
- Addressing the common global goals – role of faith traditions to address the SDGs
Participants included Lord John Alderdice, David Pitt-Watson, Shayk Ruzwan Mohammed, Prof. Mohamed Iqbal Asaria, Rev. Fiona Stewart-Darling, Datuk Noripah Kamso, Saker Nusseibeh and Peter Greengrass.
“THE EDINBURGH FINANCE DECLARATION” – AN INTERFAITH INITIATIVE ON ETHICAL FINANCE
MEDIA RELEASE
EMBARGO – 0001 (UK) Tuesday 23rdOctober 2018
“THE EDINBURGH FINANCE DECLARATION” – AN INTERFAITH INITIATIVE ON ETHICAL FINANCE
‘The Edinburgh Finance Declaration’ – The Church of Scotland and the Islamic Finance Council UK (UKIFC) will officially unveil an interfaith shared values framework on ethical finance at a reception in Greyfriars Kirk this evening (Tuesday 23rdOctober 2018). The event marks the end of the international Ethical Finance 2018 conference that has convened 300 experts in Edinburgh this week.
The Declaration, thought to be the first of its kind globally, represents the culmination of the first stage of an historic collaboration initiated in February 2016 when the Church and UKIFC signed a partnership agreement to co-develop an ethical finance solution open to all society, regardless of faith or ethnicity, that is built upon the shared values between the two faith traditions.
The shared values framework emerged from efforts led by finance practitioners. This included in-depth interviews, consultation papers and a series of structured round tables held over a two year period. This process engaged over 200 senior stakeholders ranging from banking and finance experts to religious theologians, parliamentarians and academics from across the UK and abroad. Six core shared values emerged that were refined to create the Edinburgh Finance Declaration.
The shared values – which include Stewardship, Love of the Neighbour, Human Flourishing, Sustainability and Purposefulness, Justice and Equity, and Common Good – align contemporary trends in the financial markets such as climate, UN Sustainable Development Goals and impact investing. The Declaration is designed to inform the development of financial products that support an ethical economy. It also provides a values framework that can inform organisational cultures to help rebuild the loss of trust in financial institutions and markets that has arisen since the global financial crisis.
Rev Dr Richard Frazer, Convener of the Church of Scotland’s Church and Society Council said:
“Since the global economic crash in 2008 public trust in financial institutions has been shaken, with seemingly little change as a result. From our Christian and Islamic faith traditions we believe that a different world of finance is possible, one in which ethics and economics go hand in hand. We believe that these shared values provide a solid foundation from which we might arrive at a financial sector that contributes to the flourishing of all.”
Faith organisations are estimated to command assets valued at $7 trillion. That jumps to $13 trillion when charities, endowments and philanthropic entities are included. As a consequence, these bodies are well placed to influence investment decisions and to demand that financial institutions are responsive to the values set out in the Declaration. One obvious starting point would be making a commitment to advancing the common good by adopting the United Nations’ 17 Sustainable Development Goals.
UKIFC Advisory Board member Omar Shaikh outlined the next stage in the journey: “Faith groups have always had an important role in promoting social causes. Moving forward, taking these values coupled with strong business acumen and a solid commercial approach we hope to develop an ethical finance solution that is both commercially sustainable and creates positive societal impact.”
The Declaration, which forms part of the Global Ethical Finance Initiative, is a symbolic development sending a strong and positive message of interfaith collaboration and furthering Scotland’s growing reputation for innovation and ethical finance.
Further Information
Chris Tait
Project Manager, UKIFC
(m) 07931 103573
Helen Silvis
Communications Manager
Church of Scotland
HSilvis@churchofscotland.org.uk
(m) 07817 995887
QUOTES
“A remarkable and admirable document, reflecting very great credit on both the collaborative process and fine draftsmanship that generated it.”
Sir David Alan Walker, Former Chairman Barclays, Morgan Stanley, Spearheaded Walker Report of corporate governance
“This collaboration is an important example of how different communities can not only talk of, but demonstrate shared values. It is also very encouraging to see the role the faith communities can play in inspiring a more inclusive, ethical and responsible financial system.”
Lord Archbishop of Canterbury, The Most Reverend and Right Honourable Justin Welby
“The Christian and Islamic faith traditions share a commitment to economic justice…. 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.”
Rt. Rev Dr Angus Morrison, Ex- Moderator of the General Assembly of the Church of Scotland
“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.”
His Highness Emir Sanusi Former Governor of the Central Bank of Nigeria
“We were delighted and astonished to discover that the Church of Scotland and UKIFC had been working together to produce a theological statement of core values. Bringing faiths together in ethical finance has never been done and this work is very impressive.”
Martin Palmer, Secretary-General, Alliance of Religions and Conservation
About the Global Ethical Finance Initiative
The Global Ethical Finance Initiative (GEFI) is a global movement and co-ordinated programme of ethical finance projects and activities originating from Scotland. GEFI consolidates some of the pioneering ethical finance work being undertaken in Scotland under one brand to create a compelling global proposition.
About the UKIFC
The UKIFC was established in 2005 as a specialist advisory and developmental body focused on promoting and enhancing the global Islamic and ethical finance industry. As a dynamic and forward-thinking not-for-profit organisation the UKIFC’s Advisory Board Members, who provide pro bono support, have defined and evolved the role the organisation plays in making a tangible impact in the global Islamic and ethical finance sectors. Principle service areas are: Advisory, Ethical Finance, Training and Awareness and Thought Leadership.
The UKIFC 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 UKIFC has been leading an award winning debate on ethical finance through a series of events based in Edinburgh.
About the Church of Scotland
The Church of Scotland is Scotland’s national church and is also one of the UK’s largest charities. It serves almost 400,000 members, with more regularly involved in local congregations and our community work. Within the organisation, the Church has around 800 ministers serving in parishes and chaplaincies, supported by professional and administrative staff. The Church has a proud tradition of working to benefit those less well off in society, and campaigns on a range of economic and social welfare issues.
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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.
MEDIA RELEASE
Tuesday 22nd March 2016
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.
Additional Notes
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 Ryzwan 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.”
For more information contact:
Chris Tait, Islamic Finance Council UK
chris@ukifc.com
(m) 07931103573
Rob Flett, Communications Manager, Church of Scotland
rflett@churchofscotland.org.uk
(m) 07764 335793
About the Islamic Finance Council UK
The Islamic Finance Council UK (IFC) is a specialist advisory and development body established to promote and enhance the global Islamic and ethical finance industry. Operating since 2005, the IFC Executive Board brings together a unique blend of seasoned practitioners who are recognised leaders in the Islamic finance market and have worked for leading global institutions. The Council has successfully pioneered a number of unique developmental and educational programmes.
About the Church of Scotland
The Church of Scotland is Scotland’s national church and is also one of the UK’s largest charities. It serves almost 400,000 members, with more regularly involved in local congregations and our community work. Within the organisation, the Church has around 800 ministers serving in parishes and chaplaincies, supported by professional and administrative staff. The Church has a proud tradition of working to benefit those less well off in society, and campaigns on a range of economic and social welfare issues.
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