Tan Sri Dato’ Azman bin Hj. Mokhtar, Managing Director of Khazanah Nasional Berhad, delivered the keynote lecture to mark the culmination of the 2014 Fajr Capital and Oxford Centre for Islamic Studies (OCIS) Seminar Series on Islamic finance and socially responsible investment.
Tan Sri Azman’s lecture – entitled “How do we reclaim the financial commons?” – discussed the challenges facing today’s global community, including how the financialisation of the world economy has resulted in increased instability, social inequality and injustice.
“Islamic finance, with some caveats, is not part of the problem, but it is not yet part of the full solution,” said Tan Sri Dato’ Azman bin Hj. Mokhtar. “Over thirty years ago, Malaysia helped develop the first wave or generation of Islamic finance through Islamic banking. Capital markets were the second generation. As we move from 2G to 3G, I think this is where we need to look at a more total solution involving institutions and instruments such as waqf, zakat, insurance, and other forms of financial inclusion. And indeed it should go beyond that into 4G – there is some discussion, for example, on crowdfunding, which is an extremely inclusive use of technology that lends itself to Islamic finance.”
The lecture was hosted by The Rt. Hon. Lord Mayor of London at his official residence at Mansion House, London. The event was attended by students from the University of Oxford, as well as a diverse cross-section of society, including: senior business leaders, economists, politicians, diplomats, academics, journalists, policymakers, and civic leaders, amongst others.
Speaking at the event, The Rt. Hon Lord Mayor of London, Alderman Alan Yarrow, said: “The Oxford Centre for Islamic Studies and Fajr Capital have done what London and Oxford are so good at doing – bringing together people from across the world to share views and experience; to do business; and to learn from each other.
The Rt. Hon Lord Mayor of London added: “Business, business growing, business making money is a public good – it does not need to apologise for itself. But it does need to re-state its commitment to high standards of corporate behaviour, of professionalism, and other aspects of responsibility which you have been discussing throughout your lectures.”