Driven by both customers and regulators in the aftermath of the recent global financial crisis, the banking industry is gathering momentum towards a transformation that will see greater convergence between conventional banking, ethical finance, Islamic banking and socially responsible investment (SRI).

The Global Ethical Finance Forum (GEFF 2015), which will be held in Edinburgh, UK, in early September next year, is a partnership between MEGA, a leader in Islamic and ethical finance conferences across the world for more than two decades, and the Islamic Finance Council UK (UKIFC), a not-for-profit promotional body focused on advancing the Islamic and ethical finance industry.

Omar Shaikh, UKIFC board member, said: “The need for increased social responsibility and ethics is quickly becoming a major transformative force within the global financial services industry. Having experienced the scale and power of this change not only within the UK and Europe but in markets across the world, we are delighted to become a partner in the launch of GEFF 2015 to further advance the opportunities emerging from the growing ethical banking arena.

“We are particularly excited about bringing this unique new event to the UK to build on the UKIFC’s existing ethical finance roundtables and complementing the UK Government’s recent work on Islamic finance.”

As institutional investors and consumers continue to prioritise environmental sustainability, social responsibility and governance issues while conventional banks and regulators increasingly look towards an ethical transformation, new business opportunities will emerge from a systemically stable and prudent financial services sector, he said.

David McLean, chief of MEGA, said: “Having been involved in the global Islamic banking industry for more than two decades, it is exciting to see the new business opportunities that are emerging from the increasing integration of Islamic banking into the wider ethical finance and SRI space, potentially opening up huge new markets for all participants.

“The is being launched to tap into these new opportunities and provide a roadmap for the future development of ethical finance. We are delighted to be bringing the leading international players in these markets together in Edinburgh to capitalise on both the leadership shown by the UK during the successful launch of the recent sovereign sukuk as well as Scotland’s longstanding tradition as a first-mover in ethical finance at this unique forum.” - TradeArabia News Service