Sanusi, others to examine global ethical finance

A former Governor of the Central Bank of Nigeria and Emir of Kano, Muhammad Sanusi II, and other key stakeholders from the various segments of the ethical finance industry will gather at the 2015 Global Ethical Finance Forum starting on Tuesday (tomorrow).

The forum will host representatives of the United Nations Principles for Responsible Investment and socially responsible investing as well as faith-based financing organisations.

Organised by ME Global Advisors, an intelligence platform serving the ethical finance industry for 22 years, the 2015 GEFF will serve as a key platform to discuss untapped opportunities for convergence and collaboration within the $59tn responsible investments industry.

According to a statement on Sunday, participating organisations from Africa include the CBN, Ecobank, Bank of Ghana, Stanbic IBTC Bank and Royal Bank Ghana.

The forum is officially hosted by the Scottish Government and in conjunction with Thomson Reuters; the United Kingdom Sustainable Investment and Finance Association; Alliance Trust UK; DDCAP; SEDCO Capital; Abu Dhabi Islamic Bank; and Luxembourg for Finance among other partners.

The GEFF will take place on September 1 and 2 in Edinburgh, one of Europe’s cultural and literary capitals.

The statement said Sanusi, one of TIME Magazine’s 100 Most Influential People (2011), who led an anti-corruption campaign as Nigeria’s central bank governor, would speak on his experience as the banking chief of Africa’s largest economy.

He was quoted as saying, “It is now evident in the aftermath of the financial crisis that the importance of values cannot be overlooked in the financial system.

“The major stakeholders especially the regulators are expected to play a key role in making sure that the financial institutions not only abide by law but remain ethical in their practices and work towards the betterment of society in addition to achieving their financial goals.

“The global ethical finance forum will address these issues and I look forward to sharing my experiences at the forum.”

According to the statement, the Emir of Kano possesses a profile that is truly unique in the financial world.

A banker by training who secured the nation’s top banking post, he would prove to the world that some of the most important lessons in banking reform can indeed come from West Africa.

The statement read in part, “During his five-year tenure as the governor of the central bank, he spearheaded sweeping reforms resulting in the cleanup of a banking industry where corruption was the norm.

“In 2009, he tackled widespread fraud in the financial sector with the aim of saving 24 banks on the brink of collapse.

“Sanusi’s participation is also significant in light of the successful issuance of the Nigeria’s first sukuk by Osun state in 2013 and the guidelines produced by an Islamic finance advisory body under his leadership.”

The statement said the forum would feature thought-provoking discu-ssions on how to bring about more financial inclusion by utilising financial technology such as microfinance, mobile money, crowd funding and also sukuk as an instrument to finance infrastructure and reduce budget deficits.

It said the African continent had witnessed tremendous growth in these areas especially in impact investing and mobile money.

“Hence, the forum is seen as a perfect opportunity for African delegates to share experiences with the global responsible finance industry and engage with key policy makers, regulators, and stakeholders on how to promote non-interest banking in the continent.”

[Punch]

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