In the wake of the Global financial downturn and collapse in the west of gigantic proportions the governments and people seemed to continue with more of the same! Bankers still raked in millions in bonuses and more people lost thier homes and livlihoods and in us ended up on the street and at the food bank to feed thier families.
However in the parallel world o fthe Middle eastern and sharia Banking world there was far less problems. Indeed many see that this type of banking underpinned by ethical banking practice became more attractive. In the world there are many people seeking to develop this type of finance on a far wider global scale.
In Scotland’s Capital the first Global Ethical Finance Forum took place in the Balmoral Hotel, Edinburgh, with a lrarge number of delegates from around the world and a high quality panel of speakers. Perhaps it is time for the Kirk in Scotland to kick start a Christian pressure on the Government and Banks to look to how thier unregulated greed ended in disaster and a new culture for the future can be grown. Save for Iceland that did not bail out the banks, but indeed imprisoned some of them for what was at best negligent practice and at worst criminal gambling with other peoples money.
The two day forum covered a range of topics from looking at Holistic views of risk taking to mainstreaming green bond Sukuk to Ethics in Finance on the second day.
The keynote speakers included Jaseem Ahmed who is secretary General of the Islamic Financial Services Board (IFSB for short) who highlighted the need for the system to be more comprehensive and designed for the goood of all.
The Emir of Kano, Nigeria was another keynote speaker.
Among the list or well qualified speakers were:
Keith Brown MSP, Cabinet Secretary for Infrastructure, Investment & Cities, Scottish Government
Tan Sri Dato’ Sri Dr. Zeti Akhtar Aziz, Governor Bank Negara Malaysia
His Royal Highness Emir Muhammad Sanusi II Emir of Kano
Fergus Moffatt, Programme Director and Head of Public Policy, UKSIF
Ulrika Hasselgren, Chief Executive Officer and Founding Partner, Ethix SRI Advisors
Martina Macpherson, Managing Partner, SI Partners – oekom research, UK
Bruce Davis, Joint Managing Director, Abundance Generation
Will Martindale, Head of Policy, UN PRI
Marcos Eguiguren, Executive Director at The Global Alliance for Banking on Values
Andreas Feiner, Founding Partner and Head of Values Based Research, Arabesque Asset Management
Professor Charles Munn, Banker and Business historian
Brandon Davies, Independent Non-executive Director Lintel Bank Ltd.
Amanda Young, Head of Responsible Investment, Standard Life Investments
Abdulla Mohammed Al Awar, CEO, Dubai Islamic Economy Development Centre
Richard de Belder, Partner, Dentons
and many others.
The Scottish Government was one of the sponsors of this forum which will set some
benchmarks for the banking industry in the coming months and years. many speakers at plenery sessions highlighted the need for the whole change in culture withing the Finance industry aimed at a much more wholesome approach than existed and led to the downturn and collapse in 2008 due to the ridiculous NINJA (no income No job) mortgages encouraged by the banks both sides of the pond and the reselling and packaging of this debt in derivitives which received triple A tags! Despite thier shaky foundations. One trader who decided to find out what was in one derivative that ther could be up to 100,000 items packaged in bond the bulk being debt of dubious value and one or two good stocks or insurances.
The two day long event in the Balmoral Hotel was ended with a Scottish government hosted night in the Grand Hall in Edinburgh Castle, hosted by senior politicians.