Interfaith Shared Values Framework On Ethical Finance Unveiled

                                                                                                                              Tuesday October 23 2018

AN interfaith shared values framework on ethical finance is unveiled in Edinburgh today (Tues).

The Edinburgh Finance Declaration has been jointly developed between the Church of Scotland and the Islamic Finance Council UK. The declaration is thought to be the first of its kind across the globe and has led on from an historic collaboration in February 2016 when the Church and UKIFC signed a partnership agreement to develop an ethical finance solution open to all, regardless of faith or ethnicity, built around the shared values of the two faith traditions.

The launch of the declaration at Greyfriars Kirk marks the end of an international ethical finance conference that has brought 300 experts to this city this week.

The framework spells ot six core shared values – stewardship, love of the neighbor, human flourishing, sustainability and purposefulness, justice and equality and common good.

 The Declaration has bee 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.

 The 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.

Outlining the next stage of the journey, UKIFC Advisory Board member Omar Shaikh said: “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 is available at www.edinburghdeclaration.org

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