As a prelude to the Global Islamic Economy Summit (GIES) taking place in Dubai next year, Dubai Chamber of Commerce and Industry, in partnership with Dubai Islamic Economy Development Centre (DIEDC) and Thomson Reuters, organized a roundtable discussion, ‘Ethical and Islamic Finance’ at the Chamber premises on Monday.
The first of the GIES Series Roundtable, presided over by H.E. Hamad Buamim, President and CEO, Dubai Chamber, was attended by H.E. Essa Kazim, Secretary General, DIEDC, Abdulla Mohammed Al Awar, CEO, DIEDC, Mr. Nadim Najjar, Managing Director, Middle East, Africa, & Russia/CIS, Thomson Reuters, and a number of GCC and global CEO’s and Islamic Finance experts.
The three roundtables over the course of 2014-15 will each discuss respectively: Ethical & Islamic Finance, Leadership for the Islamic Economy and Wholesome and Halal Food. The experts at this first roundtable discussed meaningful actions that the Islamic finance industry can take at a collective level, while agreeing upon resolutions to key issues and challenges facing the industry, which shall be documented in a white paper.
The topics discussed during the three sessions revolved around building a robust institutional investor base for Islamic finance, Sharia governance and templatisation of Islamic product offerings and the convergence of Islamic finance with the ethical and socially responsible investment industry.
The speakers also came up with proposals and recommended the setting up of specific task forces for reviewing some of these issues in further depth, organizing shared roundtables with the socially responsible investment industry to enhance awareness and possibilities of cooperation.
They also recommended developing standards equivalent to triple bottom line reporting for Islamic financial institutions, and disseminating independent and objective research to institutional investors about the potential positive or negative impact of Islamic finance on the economic development and financial stability of their economies.
Originally published on www.cpifinancial.net