Keynote Speeches by Lord Provost of Edinburgh & Scottish Cabinet Minister headline Day 1 of 2nd Global Ethical Finance Forum
Under the patronage of the Scottish Government and supported by the UK Government, the 2nd edition of GEFF witnessed over 300 industry leaders converge with the aim of mainstreaming ethical finance.
This morning, a packed audience of over 300 key ethical finance leaders gathered from various markets comprising the Middle East, Africa, East Asia & Europe witnessed path-breaking insights unfold at the 2nd edition of the Global Ethical Finance Forum (GEFF). Convened by Middle East Global Advisors in strategic partnership with the Islamic Finance Council UK (UKIFC), the Forum is presently being held under the patronage of the Scottish Government, supported by the UK Government and hosted by the Royal Bank of Scotland (RBS) at its Headquarters in Edinburgh.
Building upon the legacy of the inaugural Forum held in September 2015, the theme for GEFF 2017 – “Ethical Finance: Merging Profit & Purpose”, is in line with the Forum’s aspiration to serve as a platform of convergence and collaboration across the responsible finance universe, and to forge a vision for a more inclusive and sustainable financial system.
Reflecting on the aftermath of the global financial crisis and highlighting the need of establishing a sustainable financial system, Keith Brown MSP, Cabinet Secretary for the Economy, Jobs & Fair Work, Scottish Government, said, “In the ten years following the global financial crisis there has been something of a re-alignment in attitudes among bankers and investment managers and among customers and shareholders. There has been a recognition that ‘business as usual’ is no longer an option and indeed no longer desirable. A recognition that there could, and should, be a practical, economic alternative to established business practices. Interest in establishing an alternative, sustainable, responsible and ethical financial system continues to grow as does interest in developing a more long-term and responsible form of economic development.”
Adding further, he said, “Despite the challenges which continue to exist within the financial sector in Scotland, and across the world, the industry remains in a strong position and it is crucial that we continue to rebuild its proud legacy and reputation. There is a growing demand for the financial sector to look up to its historic roots in saving, in communities and in sustainable investment and support for businesses. Those roots run deep in Scotland.”
Speaking on behalf of the conference’s Strategic Partner and explaining how Scotland poses as a fitting backdrop to host the narrative due to its strong heritage in ethical finance, Omar Shaikh, Advisory Board Member, The Islamic Finance Council UK (UKIFC) said, “Globally the city is a leading financial hub an within this, Edinburgh is a key location for asset management and banking. With Scotland’s proud heritage in prudent finance through the mutual life companies, origins of the savings bank movement, I believe that Scotland presents a natural place to convene and host this international dialogue which is pertinent now more than ever.”
Adding further to the rapid rise of Scotland and in particular the Scottish Capital as a premier fintech and innovation hub, Frank Ross, The Rt. Hon, Lord Provost & Lord Lieutenant of the City of Edinburgh, in his welcome address, cited, “Edinburgh is not riding the fintech wave, it is driving it.”
However, while the three segments of ethical finance – Socially responsible investing (SRI), Environmental, Social & Governance (ESG) & Islamic/faith-based finance – share the same values-based approach, they are separated by boundaries of geography, perception and methodology.
Stressing on the massive opportunity that lies for mainstreaming ethical finance, Lord Sheikh, The Baron Sheikh of Cornhill, said, “A fundamental part of the UK’s economic success strength stems from bilateral trade. This will be more important than ever before as we embark on a new era for our country post-Brexit. In particular, I believe that we must now seek greater economic and trade ties with our friends from across the globe and forge new trading agreements. In this context, the APPG believes that Islamic and ethical finance can offer a gateway to building new relationships and accessing new markets.”
Explaining how it’s imperative to put ethics at the forefront of businesses and speaking on behalf of the forum’s host Partner, Kirsty Britz, Director of Sustainable Banking, Royal Bank of Scotland, said, “We must keep listening to all our stakeholders. We must work together, to help people make ethical choices with their own money – the norm, rather than the exception.”
Following the welcome and keynote addresses was the Plenary Session on the interplay between ethics, faith and finance which witnessed leading experts deliberate on how ethics should redeem its integral role within finance, beyond being just a convenient addendum. The day ensued with a host of panel sessions gravitating around the key themes affecting the ethical finance industry at large – these issues comprised Sustainable capitalism, incorporating ESG into faith-based investing, scaling up impact investments, two exclusive case studies delving deep into tracking the growth of responsible investments in Japan & Malaysia and a keynote interview on ethics and morality with Prominent Banker and Business Historian Charles Munn. Leading industry experts analyzed the challenges at hand and focused on coming up with effective suggestions with the ultimate aim of developing a convergence roadmap for the ethical finance industry at large.
The forum is taking place on the 13th & 14th of September at the Royal Bank of Scotland (RBS)’s prestigious Conference Centre in Edinburgh, Scotland. The second day of the conference will see Keynote Speeches by Jameel Ahmad, Deputy Governor, State Bank of Pakistan (SBP), Nigel Kershaw, Chair, The Big Issue, amongst others. The forum will also see a host of panel sessions gravitating around key topics affecting the ethical finance landscape comprising banking on values, ESG Screens and risk mitigation, Green Bonds and an Innovate Showcase wherein entrepreneurs and intrapreneurs will showcase innovative ethical finance solutions. The two-day forum will culminate in an exclusive Civic Reception at the historic Edinburgh Castle, hosted by Keith Brown MSP, Cabinet Secretary for the Economy, Jobs & Fair Work, Scottish Government.