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4 – Believer’s money: what financial attitudes for religious organisations?
Best Practices to make investments in line with your religion’s principles.
Financial activities inspire different approaches and solutions to the various religions of the world. However, moral concerns represent a common denominator.
Protestants were the first advocates of ethical investment. Catholic authorities also show their determination to invest Church money in funds or enterprises upholding Christian values.
For Muslims, Islamic financing creates Sharia compatible funds, since the Koranic law prohibits, amongst other things, speculation, investment in certain business activities and loans with interest.
The capital generated under Islamic financing by 300 institutions in 75 countries, is estimated at 700 billion dollars, and could double over the next decade.
Historically, the Jews’ relationships with money is different from that of other monotheistic religions in that wealth is welcomed by Jews, and must be used to rehabilitate the world.
What can religious moral values bring to us today in terms of Best Practices?
Khalid OUDGHIRI - Advisor - Bank Al Jazira (Saudi Arabia)
Khalid OUDGHIRI, who has been Head of BANK AL JAZIRA, including in Saudi Arabia, became advisor for the bank in July 2009. He is an expert in Islamic finance.
Khalid OUDGHIRI was born in Fes (Marocco) and graduated from the Ecole Centrale de Paris. He has been CEO of Banque Commerciale du Maroc and was in charge of the acquisition of Wafabank, which eventually resulted in the existence of Attijariwafa Bank, the first financial group in Maghreb and the 6th in Africa.
Laura BERRY - Executive Director - Interfaith Center on Corporate Responsibility (USA)
Interfaith Center on Corporate Responsibility is an international coalition of 275 institutional investors including religious communities, pension funds, foundations and dioceses with combined portfolios worth an estimated $110 billion. ICCR has been striving to have social values integrated into companies’ and investors’ desisions since it was created in 1971. ICCR is one of the greatest shareholder advocacy organizations in the world. Prior to joining ICCR as CEO in July 2007, Laura Berry was successively Vice president at SSB Citi Asset Management, Community Development Initiative Director for the New London Development Corporation and Senior Vice President for Philanthropic Service at the Community Foundation for Greater New Haven.
Downlad her Powerpoint presentation: Powerpoint Laura BERRY
Moderator :
Robert RUBINSTEIN - CEO - TBLI Group (Triple Bottom Line Investing Group) (The Netherlands)
Robert Rubinstein is the founder and CEO of Brooklyn Bridge TBLI Group. The mission of TBLI Consulting Group is to maximize the financial, social, and environmental returns of investments, simultaneously, for their clients and partners. Since in 1999, he was the organiser of the Lisbon Conference on SRI for the European Commission, he then has hosted the annual TBLI Conference eight times in Europe and he recently launching the annual TBLI Asia Conference. Robert also provides consulting and financial networking services through the TBLI Group. He has developed a global network of 22,000 financial professionals, NGO’s, government representatives, and business practitioners.
Robert Rubinstein has a Bachelors degree in history and political science and has completed Master’s level work in Business Administration.
Download his Powerpoint presentation: Powerpoint Robert RUBINSTEIN
