The 15th SC-OCIS Roundtable, a collaborative effort between the Securities Commission Malaysia (SC) and the Oxford Centre for Islamic Studies (OCIS), served as a strategic platform for intellectual discourse on Islamic finance. Since its inception in 2010, this roundtable aimed to facilitate informed debates, foster research, and provide clarity on Islamic finance issues. The theme for this year’s roundtable, “Restoring Humanity in Finance,” sought to explore how finance could serve humanity’s collective well-being, addressing the challenges of exploitative practices, wealth gaps, and environmental degradation. The event brought together key industry practitioners, senior academicians, Shariah scholars, standard setters, and regulators from around the world for a 1.5-day closed-door session to deliberate on these critical issues.
The event commenced with a distinguished address by HRH Sultan Nazrin Muizzuddin Shah, Sultan of Perak, Malaysia, and the Royal Patron for Malaysia’s Islamic Finance Initiative. This was followed by insightful keynotes from Dato’ Mohammad Faiz Azmi, Executive Chairman of the Securities Commission Malaysia, and Dr. Farhan Nizami, Director of the Oxford Centre for Islamic Studies in the UK.
Seneca Impact Advisors, represented by Jean-Marc Champagne of Seneca Impact Advisors, was honored to be invited by the Securities Commission Malaysia to participate in the 15th Annual Roundtable on Restoring Humanity in Finance at the Oxford Centre for Islamic Studies. We had the privilege of discussing alongside Dame Susan Rice, Mr. Vikas Arora, Ms. Andreea Anastasiu, and Mr. Haithem Kader. During the event, we explored the global community’s growing awareness of the need to channel public and private financing towards climate- and nature-positive projects. However, we also recognized the numerous challenges and setbacks faced by the sustainable finance sector.
Jean-Marc led a with a presentation titled “Building Good Practices: Measuring outcomes of sustainable and impact initiatives” focusing on the critical issues surrounding environmental, social, and governance (ESG) criteria. He emphasized the significant concern of misleading representations within ESG initiatives, highlighting how the misuse of the term “ESG,” false claims about additionality, and the overestimation of carbon removal and biodiversity benefits can undermine the credibility of these initiatives and mislead stakeholders about the true impact of their investments.
He pointed out that various organizations have developed their own impact standards to address these controversies. However, he noted that each set of criteria is often tailored to a specific target audience, which can result in standards that are either too broad for effective monitoring and evaluation or too narrow to be practically applied across different industries and project types.
Rather than advocating for a one-size-fits-all solution for impact and sustainability measurement, Jean-Marc focused on the importance of examining the structure and calibration of various criteria. He provided insights into how organizations can select the most relevant standards for their needs and those of their stakeholders. By understanding these nuances, he argued, organizations can ensure that their chosen standards are both practical and robust, leading to more accurate and meaningful impact assessments.
The 15th SC-OCIS Roundtable successfully provided a comprehensive platform for discussing the integration of humanity into finance, aligning with Shariah principles and innovative practices. The event highlighted the need for finance to foster prosperity and stability while addressing exploitative practices and environmental concerns. Through robust debates and intellectual exchanges, participants gained valuable insights into the challenges and opportunities in Islamic finance. The roundtable’s conclusions and recommendations were forwarded to relevant authorities and industry stakeholders, contributing to the ongoing efforts to reform and enhance the global financial landscape in a manner that serves humanity at large.
