In the UK, there has been a push towards ethical finance. Campaigns, such as Move Your Money, launched last year urging consumers to shift funds from mainstream banks to ethical alternatives.
Graham Burnside, partner and chairman of law firm Tods Murray and a board member of the Islamic Finance Council UK, points to the growth of the Co-operative Bank, which saw primary current accounts increase 8.2 per cent last year, as a sign that things are moving in an ethical direction.
The emergence of Triodos Bank, the self-proclaimed "world's leading sustainable bank", may also hint at what the future holds in store. Triodos posted a 31 per cent rise in 2012 net profits and a 23 per cent rise in its customer base in the year. Such growth may be impressive, but it is coming off a very low base.
Mr Burnside suggests that while there is some "thought and discussion around other faith-based finance initiatives" in the UK - the Church of Scotland has a committee devoted to it, for instance - "it is still some way from turning into an offering in the market".
(Huffpost Business / 17 April 2013)
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