Renowned American investor and author, Howard Marks, last night paid tribute to the Islamic finance industry’s ethical values at the Fajr Capital and London School of Economics House of Commons reception.
Mr Marks, who currently serves on the Board of Directors of Jadwa Investment, made the comments whilst delivering the keynote address to mark the culmination of a six-part lecture series on the importance of a values-based approach to financial services.
Speaking at the reception, Iqbal Khan, CEO of Fajr Capital, added: “It is both pertinent and historically symbolic that we are hosting this reception at the House of Commons – in a parliament and a city that has played a leadership role in the development and growth of trade, commerce and finance across the world.
“Our lecture series with the LSE has highlighted the role ethical finance can play in three major areas: Reducing volatility and increasing the embedded capital of the world’s economies; addressing the world’s growing inequality and current fiscal imbalances; and generating growth and employment in today’s interconnected world.”
UK Prime Minister David Cameron recently unveiled plans to position London as a global capital for Islamic finance and to create a world-class business environment for Islamic financial services. An Early Day Motion – tabled at the UK Parliament in advance of the reception – goes further still:
“That this House congratulates the London School of Economics and Fajr Capital on co-hosting the 2013 Islamic Finance Lecture Series; welcomes the House of Commons reception on 2 December 2013 to conclude that series of events; notes that the lecture series informed students, recent graduates and city professionals on the importance of a principles-based approach to financial services; further notes the Islamic financial services industry’s valuable role in attracting trade and investment into the UK; and calls on the Government to promote Islamic finance’s principles of ethical, community banking and socially responsible investing to enable long-term growth, employment and prosperity.”