Friday 25th July 2014                 Change text size:

Scotland could be go-to place for ethical banking and Islamic finance



Photo: zheem via Flickr

Recent figures from the Islamic Finance Council UK (IFC) show that more than 50% of Scots want to see some of their money invested using green or ethical criteria – meaning the country has an opportunity to become a hub for ethical finance.

The IFC invited governmental representatives, as well as business leaders and academics, to a recent round table discussion, which discussed such topics as marketing challenging and measuring social returns.

The discussion aimed to “bring together Islamic and ethical banking as the bedrock to a systemically stable and prudent banking sector”.

Graham Burnside, chairman at Edinburgh-based solicitors Tods Murray, said, “We believe that it is time for the government to formalise their involvement to position Scotland as a global ethical finance hub.”

A growing industry, Islamic investments seek to abide by Sharia law – Islam’s legal system – which forbids investment in areas such as tobacco and pornography.

With over half of Scots wanting to see their money invested in ethical banks, the two sectors could soon become mainstream financial systems in the country.

In response to the encouraging figure, the IFC said, “The need for a more ethical form of banking and finance is paramount against the backdrop of the ongoing financial crisis.”

Further reading:

Islamic investment industry predicts exponential growth

Responsible investment terms: what is sustainable investment?

£11bn invested ethically in the UK: infographic analysis

The Guide to Sustainable Banking 2012


Register with Blue and Green

To leave a comment on this article, fill in your details below to register, alternatively if you are already registered you can login here







Subscribe for our Newsletter

7 + four =

A password will be e-mailed to you.

Latest poll

Which one of these sources of energy would you be happiest to have next to your home?

View Results

Loading ... Loading ...