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... Responsible finance1 has grown in prominence in recent years, with an influx of green, social and sustainability investment opportunities now available. By blending the goal of financial returns with concerns for broader societal impact, responsible finance covers financial activity targeting a non-exhaustive range of sectors that fit certain ethical, environmental, social and/or governance criteria.2 Like responsible finance, contemporary Islamic finance is a relatively new addition to the global financial markets. This industry is arranged around financial activity that is structured to adhere to financial principles of Islamic law3 and entwines principles derived from religious teachings with financial objectives. While universally accepted standards of behaviour classified as ‘ethical’ or ‘responsible’ are difficult to identify in a contemporary economic context,4 the ethical code that is seen by some as inherent within Islamic law, and so within Islamic finance,5 has been highlighted as underpinning a natural compatibility between Islamic finance and responsible finance.6 Yet despite any suggested commonalities, the two market sectors have remained largely distinct and have overlapped only occasionally, something that is reflected in the sukuk market today.
Edana Richardson (Thu,) studied this question.
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