Ethical and Responsible Finance for Development

Zamir Iqbal and Abbas Mirakhor
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Zamir Iqbal: Islamic Development Bank
Abbas Mirakhor: INCEIF

Chapter Chapter 7 in Ethical Dimensions of Islamic Finance, 2017, pp 163-187 from Palgrave Macmillan

Abstract: Abstract Growing disparity in income distribution despite healthy growth and deteriorating opportunities for lower segments of the society has raised awareness of the importance of ethical and responsible finance for sustainable development. Whereas ethical finance calls for fundamental change in the prevailing thinking of approaches in development, responsible finance asks for how financial services should be delivered to live up to the challenge of promoting sustainable development such that the work must incorporate social, developmental, and environmental dimensions. In other words, how the financial sector could be made responsible for the fair treatment of end-clients and in ways that protect clients’ social and economic welfare. Ethical and responsible finance could play an important role in economic development, poverty reduction, and sharing of prosperity. Generally, when financial systems are more responsible and equitable in allocating resources among all members of the population in a way that does not create economic imbalances, there is greater equity of opportunity for entrepreneurship, education, and quality of life.

Date: 2017
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Persistent link: https://EconPapers.repec.org/RePEc:pal:psibcp:978-3-319-66390-6_7

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DOI: 10.1007/978-3-319-66390-6_7

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