Moinuddin Malim, chief executive for Mashreq al Islami Bank, said that financial products that adhere to Islamic teachings will only appeal to the wider western world if they adopt the phrase ‘ethical banking’ instead.
He said that too many people in the UK do not equate ‘ethical’ finance with ‘Sharia’-based products.
Mr Malim said: “What is Islamic banking? It is ethical banking. A lot of people just think that it is only for Muslim, and it is not - it is for everyone.
“But the problem is that it doesn’t appeal to non-Muslim investors in Europe, primarily because they do not understand the various Arabic phrases.
“It really needs to be de-jargoned. So perhaps the term ‘ethical’ maybe an alternative term to help theses Islamic principles gain wider appeal and grow in UK and Europe.”
The three-day event, which began on Monday, 22 November is now in its 17th year, and aims to highlight the strengths and challenges of Islamic finance.
During the conference, the UK Islamic Finance Secretariat, together with UK Trade & Investment, also hosted a roundtable discussion, looking at new opportunities within Islamic banking in the light of the global economic recovery, and examining future growth prospects for the industry.
Source : http://www.ftadviser.com/FinancialAdviser/Investments/Sector/EthicalAndSRI/News/article/20101125/a390e556-f649-11df-a28b-00144f2af8e8/Islamic-banking-terms-need-a-western-label.jsp - Nov 25, 2010
