Howard Marks was speaking at the Fajr Capital and London School of Economics House of Commons reception on Ethical Finance. His comments follow on after UK Parliamentarians tabled an early day motion calling on the UK Government to ‘promote Islamic finance’s principles of community banking and socially responsible investing to enable long-term growth, employment and prosperity’.
Howard Marks, the Chairman and co-founder of the $80 billion asset management firm Oaktree Capital, paid tribute to the Islamic finance industry’s ethical and values-based approach. Marks, who currently serves on the Board of Directors of Jadwa Investment, made the comments whilst delivering the keynote address at the Fajr Capital and London School of Economics House of Commons reception. He said: “It is a great pleasure for me to be associated with a [Shari’ah-compliant] firm that follows a set of exacting ethical standards.
“We have an active Shari’a Research Group, and the provisions in the literature that they set out are these: trade should be based on ethical values; wealth should be developed by means of investing and circulating money instead of hoarding it up; and property should be the bank. I am extremely pleased to be associated with a [Shari’a compliant] organisation that concerns itself not only with achieving success, but by how it does it. And those are some of the ways.”
The House of Commons reception was co-hosted by Fajr Capital and the London School of Economics to mark the culmination of a six-part lecture series to educate students, recent graduates and city professionals on Islamic finance and the importance of values and social responsibility in financial services.
Speaking at the reception, Iqbal Khan, CEO of Fajr Capital, said, “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 current fiscal imbalances; and generating growth and employment in today’s interconnected world.”
The Early Day Motion, tabled at the House of Commons last week, said:
“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.”