Latest news with #EthicalFinance
South China Morning Post
21-07-2025
- Business
- South China Morning Post
Hong Kong has what it takes to be an Islamic finance hub
With its multicultural environment and financial expertise, Hong Kong is well-placed to become an Islamic finance hub. In embracing this opportunity, Hong Kong can diversify its financial services sector while promoting ethical finance principles globally. Hong Kong should pursue strategic reform to capitalise on this market. Introducing a dedicated Takaful ordinance would provide clarity on capital and governance requirements. Partnerships with leading Islamic finance centres such as Malaysia and Qatar could accelerate product innovation, particularly fintech solutions. Establishing a Hong Kong-Qatar task force on Takaful would build on recent agreements , while an annual Islamic finance summit would raise Hong Kong's profile. Although challenges remain, Hong Kong's regulatory framework has progressed in accommodating Islamic finance. The Hong Kong Monetary Authority's framework allows Islamic banking windows, while tax neutrality for Islamic bonds (Sukuk) since 2013 has encouraged issuance. However, the lack of stand-alone Islamic banking licences and low local awareness limit growth potential. Takaful, or Islamic insurance, operates on principles of cooperation (Ta'awun) and charitable donation (Tabarru), with participants contributing to a shared pool to protect against risks. Unlike conventional insurance, Takaful avoids interest (Riba) and speculative uncertainty (Gharar), redistributing surpluses to participants. This ethical model covers family protection, general insurance and reinsurance solutions that comply with Islamic law. Global Islamic finance assets, projected to reach US$7.5 trillion by 2028, present a significant opportunity for Hong Kong. With its robust financial infrastructure and connectivity to mainland China, Hong Kong is uniquely positioned to become a gateway to sharia-compliant finance in Asia. Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@ or filling in this Google form . Submissions should not exceed 400 words, and must include your full name and address, plus a phone number for verification Ahmed Ashfaq, Tsim Sha Tsui Legal principles must be applied consistently The Flywin principle – established by the Court of Final Appeal in Flywin Co Ltd vs Strong & Associates Ltd (2002) – dictates that parties cannot introduce new legal arguments at the appellate level if they failed to raise them in lower courts. This rule upholds procedural fairness and consistency in the legal process. In 2022, the Hong Kong government invoked new arguments in its bid to bar British barrister Tim Owen from representing Jimmy Lai. These arguments had not been raised in lower courts. The Court of Final Appeal, applying Flywin , rejected the government's application. Then came the 2023 same-sex partnership case brought by Jimmy Sham. In a split 3–2 decision, the Court of Final Appeal ruled in Sham's favour. Notably, Mr Justice Patrick Keane said Sham's counsel 'did not press the argument made before the Court of Appeal that [Article 14 of the Hong Kong Bill of Rights] was violated by reason of the absence of a legislated regime for same-sex partnerships as an alternative to marriage... Rather, the argument presented for the appellant in this Court was that [Article 14] was violated by reason of the absence of any legal recognition of same-sex unions … This was an adroit piece of advocacy on the appellant's behalf.' In effect, the overseas judge was lauding Sham's counsel for abandoning the previous argument for an equivalent to marriage in favour of a new claim for institutional recognition. In other words, a legal pivot occurred at the highest level – precisely the sort of manoeuvre the Flywin principle forbids. What changed? How was a government barred from raising fresh arguments in 2022, yet an appellant lauded for doing the same in 2023? Perhaps the overseas judge was unaware of Flywin's local pedigree. Perhaps the government, despite its earlier bitter experience, failed to object. Or perhaps – more troublingly – legal principles are being applied selectively. Flywin isn't just about technicalities; it's about fairness, foresight and holding all parties to the same standards. Lai Shing-kin, Quarry Bay Comparison with Singapore's English standards is unfair I refer to the letter , 'HK must keep up English standards among the young' (July 11), which cited the EF English Proficiency Index as evidence of our declining English standards. The index has long been criticised for not being representative as it draws on the results of self-selected individuals. The average test scores are not representative of the population's English fluency for the same reason. The comparison with Singapore is also inappropriate, as English is the first language of many Singaporeans but only a second language, if not a foreign language, to Hongkongers. By the same token, it would be unfair to compare Singaporeans' Chinese proficiency with that of Hongkongers, who use the language on a daily basis. Generally, Hongkongers still possess a satisfactory command of English. We would expect our lawyers, accountants and bankers to speak and write English professionally, and they still seem to. We would expect those who work in department stores, amusement parks and tourist attractions to speak some English, and they also seem to, albeit not perfectly. It would be unreasonable to expect a random person you run into to be able to effortlessly communicate in fluent English. After all, we are in Hong Kong, where the mainstream language is Cantonese. I fully agree that English is an important language for the city. It's just that the situation is not as bad as it seems. Anson Chan, Guangzhou Advertisement
Zawya
11-07-2025
- Business
- Zawya
Islamic Development Bank Institute (IsDBI) Participates in Global Conference on Ethical Finance and Sustainable Growth
The International University of Sarajevo (IUS), in strategic partnership with the Islamic Development Bank Institute (IsDBI) ( and in collaboration with esteemed institutions including the University of Dundee (UK), Istanbul Sabahattin Zaim University (Türkiye), INCEIF University (Malaysia), and the Center for Advanced Studies (Bosnia and Herzegovina), successfully hosted the international conference 'Values for Impact: Ethical Finance, Innovation, and Sustainable Growth.' The event, held at the IUS Campus in Sarajevo from 18-19 June 2025, was supported by platinum sponsor Kuveyt Türk Katılım Bankası and BH Telecom, which sponsored a key panel on artificial intelligence. The conference was inaugurated by IUS Rector, Prof. Dr. Ahmet Yıldırım, who highlighted its global significance, stating, 'This conference represents a pivotal moment for global collaboration, uniting diverse perspectives to advance ethical finance and sustainable development, aligning with IUS's commitment to fostering innovation and moral responsibility in economic systems.' Dr. Sami Al-Suwailem, Acting Director General of IsDBI, delivered a keynote address, articulating a bold vision for Islamic finance. He stated: 'Islamic finance offers the blueprint for aligning finance with markets, technology with values, and innovation with sustainability. As the world desperately seeks a new paradigm, we must rise to the challenge and contribute to a better future that we all aspire to. The path ahead will not be easy. But the mission is worth the journey.' Dr. Ahmet Albayrak, Executive Vice President of Kuveyt Türk Katılım Bankası and Patron of the IUS Center for Islamic Finance, Innovation, and Sustainability, emphasized the importance of uniting global thought leaders to strengthen the moral and digital foundations of economic systems. One of the highlights of the conference was the participation of three distinguished recipients of the Islamic Development Bank Prize in Islamic Economics: Dr. Mehmet Asutay, Professor of Middle Eastern and Islamic Political Economy&Finance, Durham University Business School, UK Dr. Mohammad Kabir Hassan, Professor of Economics and Finance, University of New Orleans, USA Dr. Habib Ahmed, Sharjah Chair in Islamic Law and Finance, Durham University Business School, UK These luminaries enriched discussions with their expertise, offering profound insights into the intersection of ethics, innovation, and finance. Over 160 participants from more than 20 countries, including academics, industry leaders, policymakers, and representatives of international organizations, engaged in dynamic sessions exploring topics such as Islamic fintech, sustainable investment, and the moral foundations of economic systems. Notable sessions included 'Reviving the Moral Foundations of Economic Life,' 'Islamic FinTech for Inclusive and Ethical Futures,' and 'Green Waqf: Islamic Sustainable Solutions to Climate Change.' A special parallel session, led by Dr. Beebee Salma Sairally, Editor of the International Journal of Islamic Finance and Sustainable Development (a jointly produced journal by IsDBI and INCEIF), provided valuable guidance on publishing in peer-reviewed journals. The conference is expected to pave the way for Bosnia and Herzegovina to become an intellectual hub for the development of Islamic economics and finance in the region and to contribute to the national and regional sustainable development agenda. Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI). Social media handles: X (Twitter): Facebook: LinkedIn: About the Islamic Development Bank Institute: The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on
Zawya
11-07-2025
- Business
- Zawya
Islamic Development Bank Institute participates in global conference on ethical finance and sustainable growth
Jeddah, Kingdom of Saudi Arabia: The International University of Sarajevo (IUS), in strategic partnership with the Islamic Development Bank Institute (IsDBI) and in collaboration with esteemed institutions including the University of Dundee (UK), Istanbul Sabahattin Zaim University (Türkiye), INCEIF University (Malaysia), and the Center for Advanced Studies (Bosnia and Herzegovina), successfully hosted the international conference 'Values for Impact: Ethical Finance, Innovation, and Sustainable Growth.' The event, held at the IUS Campus in Sarajevo from 18-19 June 2025, was supported by platinum sponsor Kuveyt Türk Katılım Bankası and BH Telecom, which sponsored a key panel on artificial intelligence. The conference was inaugurated by IUS Rector, Prof. Dr. Ahmet Yıldırım, who highlighted its global significance, stating, 'This conference represents a pivotal moment for global collaboration, uniting diverse perspectives to advance ethical finance and sustainable development, aligning with IUS's commitment to fostering innovation and moral responsibility in economic systems.' Dr. Sami Al-Suwailem, Acting Director General of IsDBI, delivered a keynote address, articulating a bold vision for Islamic finance. He stated: 'Islamic finance offers the blueprint for aligning finance with markets, technology with values, and innovation with sustainability. As the world desperately seeks a new paradigm, we must rise to the challenge and contribute to a better future that we all aspire to. The path ahead will not be easy. But the mission is worth the journey.' Dr. Ahmet Albayrak, Executive Vice President of Kuveyt Türk Katılım Bankası and Patron of the IUS Center for Islamic Finance, Innovation, and Sustainability, emphasized the importance of uniting global thought leaders to strengthen the moral and digital foundations of economic systems. One of the highlights of the conference was the participation of three distinguished recipients of the Islamic Development Bank Prize in Islamic Economics: Dr. Mehmet Asutay, Professor of Middle Eastern and Islamic Political Economy & Finance, Durham University Business School, UK Dr. Mohammad Kabir Hassan, Professor of Economics and Finance, University of New Orleans, USA Dr. Habib Ahmed, Sharjah Chair in Islamic Law and Finance, Durham University Business School, UK These luminaries enriched discussions with their expertise, offering profound insights into the intersection of ethics, innovation, and finance. Over 160 participants from more than 20 countries, including academics, industry leaders, policymakers, and representatives of international organizations, engaged in dynamic sessions exploring topics such as Islamic fintech, sustainable investment, and the moral foundations of economic systems. Notable sessions included 'Reviving the Moral Foundations of Economic Life,' 'Islamic FinTech for Inclusive and Ethical Futures,' and 'Green Waqf: Islamic Sustainable Solutions to Climate Change.' A special parallel session, led by Dr. Beebee Salma Sairally, Editor of the International Journal of Islamic Finance and Sustainable Development (a jointly produced journal by IsDBI and INCEIF), provided valuable guidance on publishing in peer-reviewed journals. The conference is expected to pave the way for Bosnia and Herzegovina to become an intellectual hub for the development of Islamic economics and finance in the region and to contribute to the national and regional sustainable development agenda. About the Islamic Development Bank Institute The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, and knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives.
Zawya
26-05-2025
- Business
- Zawya
Al Baraka Group announced as global partner of the 2nd Global Islamic Economy Summit in Istanbul
Manama: Al Baraka Group (ABG) has announced its sponsorship as a Global Partner of the 2nd Global Islamic Economy Summit in Istanbul. This high-level summit, held under the theme: 'Islamic Economics Strategies: Path to an Influential Global Economy,' will take place at Istanbul Financial Center (IFC), from Friday May 30th to Sunday, June 1st 2025. With a legacy spanning over fifty years of leadership, Al Baraka Group continues through this strategic partnership to play a pivotal role in shaping the future of Islamic economics across continents. The Group is not merely a leading financial institution, but also a visionary force driving profound transformations to ward ethical economies, inclusive development, and global strategic dialogue. We are also proud and honored to announce that this prestigious summit is held under the presence of the President of the Republic of Türkiye, H.E. Recep Tayyip Erdoğan, who will officially opening the summit. The summit's agenda, attended by global influencers, top economists, and leading thought leaders, includes keynote speeches from H.E. Shaikh Abdullah Saleh Kamel, Chairman of the Board of Trustees of AlBaraka Forum, and H.E. Dr. Mahmoud Mohieldin, United Nations Special Envoy. The summit will also witness the official launch of the AlBaraka Islamic ESG Index, powered by Spectreco, and a special session held under the auspices of the Saleh Kamel Islamic Economics Award, featuring leading researchers from top Turkish universities. The summit's proceedings will be divided into six thematic panel sessions addressing strategic issues, including: The strategic roadmap for central banks in promoting Islamic economics, finance, and banking at the national and international levels; Strategic planning for the sustainable development of the Islamic economy (short- and long-term) ; Strategic Islamic economic planning; Economic strategies for sustainable growth in the Islamic economy; Strategies for social and environmental well-being, social justice, and economic empowerment; and Strategies for Islamic entrepreneurship and startups to achieve sustainable success. On this occasion, Mr. Houssem Ben Haj Amor, Board member and Group CEO of Al Baraka Group, stated: 'We are delighted to sponsor the second Al Baraka Summit in Istanbul, reaffirming our continued commitment to the values laid down by our late founder, Shaikh Saleh Kamel.' He added: 'Through our sponsorship of this summit, we reaffirm Al Baraka Group's role as a leading reference in Islamic banking and finance dedicated to establishing and advancing the Sharia-compliant foundations of economic transactions and the broader Islamic economy.' About Al Baraka Group: Al Baraka Group B.S.C. (C) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 13 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a. The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon and Syria, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG's network serves a population totaling around one billion customers. The authorized capital of ABG is US$ 2.5 billion.
