RFI Roundtable identifies next steps for Islamic finance cooperation with other responsible finance

Islamic finance has been proactive in reaching out to other areas of responsible finance, and building on these efforts is important to its future growth.  This message resonated during the Responsible Finance & Investment (RFI) Foundation Roundtable organised as a part of the IFN Investor Forum 2016 held in Kuala Lumpur on 21 September 2016. 

In two panel sessions, attendees heard from practitioners and other market participants how Islamic finance can expand its core proposition through awareness of trends in other areas of responsible finance.  By recognising the impact of environmental, social and governance (ESG) factors and engaging with other parts of the responsible finance industry, Islamic finance can expand its ability to deliver positive social impact, something which is inherent in its ethical framework. 

Stella Cox, Managing Director at DDCAP Limited, who spoke during the RFI Roundtable commented: “In order to build on avenues of cooperation that have already been established between Islamic finance and areas such as responsible investment, the cooperation has to be ongoing.  Organisations such as RFI Foundation can support this process by raising awareness of existing efforts within Islamic finance to promote positive social impact.”

Speakers at the forum provided a diversity of global perspectives and, in addition to Stella Cox, included Khalid Howladar, Global Head of Islamic Finance at Moody’s Investor Service, Prof. Datuk Rifaat Abdel Karim, Chairman of the RFI Foundation, Abdulla Al Awar, CEO of the Dubai Islamic Economy Development Centre, Daud Vicary Abdullah, CEO of INCEIF, and Blake Goud, CEO of the RFI Foundation.