Church of Scotland and Islamic Finance Council launch consultation into ethical banking

Joint investigation into ethical finance represents new level of inter-faith policy work in Scotland

THE CHURCH OF SCOTLAND and the Islamic Finance Council (IFC) launched a joint initiative today (Tuesday 22 March) in Edinburgh to tackle the damaging influence of finance in the Scottish and UK economies.

The two faith institutions will work together in coming months for the first time to develop alternatives to the current practices of the financial sector, drawn from Christian and Islamic traditions.

Rt. Rev Dr Angus Morrison, Moderator of the General Assembly of the Church of Scotland said: "Our current system has gone badly wrong, creating massive inequality and the destruction of our shared natural resources by money-making machines overtaking commerce that serves the common good.

"The Christian and Islamic faith traditions share a commitment to economic justice and a call to an equal distribution of the gifts of God. By collaborating and "putting our money where our morals are" we have an opportunity to live out our common values and make a tangible change for those most affected by poverty.

Both the Christian and Islamic faiths preach against economic injustice. Islam in particular proscribes usury and there are many Islamic banks throughout the world which practice banking without the charging of interest payments.

IFC Advisory Board Member Omar Shaikh said: "In recent years we have developed a strong relationship with the Church of Scotland and this project is a result of that positive engagement and the mutual desire to work collaboratively on a project which brings together the best of our respective faiths. The positive message of faith groups working together presents a beacon of light which we hope can inspire many others across the world.

"Scotland has a proud heritage in ethical finance with the savings bank movement able to trace its origins back to the Rev. Henry Duncan of the Church of Scotland. This model was also used as the blueprint for the early Islamic banking attempts in the 1960s, which makes it particularly poignant that this new initiative in being led in Scotland."

The centrality of the finance to the UK has become controversial since the global financial collapse in 2008 led to global recession and provided the backdrop to the implementation of austerity programmes in many Western countries.

CommonSpace journalism is completely free from the influence of advertisers and is only possible with your continued support. Please contribute a monthly amount towards our costs . Build the Scotland you want to live in - support our new media.

Picture courtesy of Chris Tait

Comments

Mark Harper's picture

Mark Harper

Wed, 03/23/2016 - 22:58

I wish we had a secular voice in there, I don't think religion and money mix well being an ex-catholic

EdinburghEdwards's picture

EdinburghEdwards

Tue, 03/22/2016 - 23:29

Great article. "Both the Christian and Islamic faiths preach against economic injustice. Islam in particular proscribes usury and there are many Islamic banks throughout the world which practice banking without the charging of interest payments." If you want to understand western foreign policy... follow the money...

smithfash

Thu, 08/18/2016 - 10:28

Noorani Travel is the leading company serving the thousand of Muslims to the Holy journey of Hajj and Umrah.
We serving the United kingdom's Muslim Brothers and Sisters with luxurious and comfortable journey within all inclusive Hajj and umrah packages.
Our highly experienced consultants will guide you in every single step of your Holy journey.
Feel free to call us for enquire Umrah Packages 2016.

CommonSpace journalism is completely free from the influence of advertisers and is only possible with your continued support. Please contribute a monthly amount towards our costs. Build the Scotland you want to live in - support our new media.