The “godfather of Islamic finance in the UK” Prof. Mohamed Iqbal Asaria sat down with UKIFC founder and managing director Omar Shaikh to discuss the history and evolution of Islamic finance since its humble beginnings and ask whether it has met the social aspirations of its early pioneers.

Prof. Asaria shared his experiences and insights, ranging from the first ever Islamic finance conference in 1976 gathered 200 leading Islamic economists in Mecca, where there was recognition that truly ethical, Shari’ah-compliant finance will never be possible without fundamental economic and political change to the current system, which is the result of collaboration between lawyers, Shari’ah scholars and financiers.

He explained that there are synergies between ethical and Islamic finance, but tolerance of debt will remain a sticking point, and pointed out that the ‘common core’ between ethical and Islamic investments outperforms either strategy alone and also the conventional market.

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