Kuala Lumpur: Islamic finance has grown strongly in emerging markets which can benefit immeasurably from further development of values-based responsible finance, according to an expert.
“By connecting Islamic finance with traditional responsible finance which is beginning its growth into emerging market, the Summit will support sharing of approaches to facilitate future growth of responsible finance,” says Blake Goud, CEO of RFI Foundation, the organizer of the Summit.
The Responsible Finance Summit was held in Malaysia brought together representatives of the Islamic finance and traditional responsible finance sectors to build alliances in support of the expansion of responsible finance across emerging markets.
With participation by financial sector leaders including Governor of Bank Negara Malaysia, the Emir of Kano and the Founder of the UN Global Compact, as well as high profile delegates from Canada, Ghana, Malaysia, Seychelles, Libya, UAE, Nigeria, USA, Russia, the Summit brought together diverse perspectives to identify ways for the financial sector to support equitable, inclusive and sustainable economic growth.
Over two days, the Summit played host to critical discussions around strategies to increase the footprint of responsible finance in emerging markets, facilitate knowledge sharing and cooperation between Islamic finance and traditional responsible finance, and integrate responsible finance within a wider global financial markets.
Ehsan Abbas, Chairman of Middle East Global Advisors, the co-organiser of the Summit, stressed on the importance of enhancing the scale and impact of responsible finance: “The Summit highlighted the universal values that are shared between Islamic finance and traditional responsible finance. It spurred a critical dialogue that was previously lacking, specifically on ways to encourage the expansion of the responsible finance ecosystem into emerging markets and fostering a more inclusive Islamic finance industry.”
Hosted by Bank Negara Malaysia, the Summit was organized by RFI Foundation and co-organized by Middle East Global Advisors, two leading institutions spearheading the agenda of identifying Islamic finance within the broader responsible finance universe to capitalise on its unique aspects to make responsible finance more inclusive across the global population.
