Religion and the Global Money Markets: Exploring the Influence of Christianity, Islam, Judaism and Hinduism

Description

This book focuses on how religion―particularly Christianity, Islam, Judaism, and, to a lesser extent, Hinduism―is shaping the ethos and daily actions of market participants within the global money markets. The concepts inherent within Christianity, Islam, Judaism, and Hinduism are making themselves felt within the global money markets. As Islamic finance led to the introduction of sharia compliant derivatives, for example, Christian investment funds are leading ethical initiatives on Wall Street, the City of London, and elsewhere such as divesting from fossil fuels in response to the climate change emergency. Jewish faith led funds are making significant strides with the further development of impact investments. The concept of Hindu economics is also beginning to shape the actions of some market participants which are tied to the ideals of Mahatma Gandhi.  ​ Preface Acknowledgements Note Contents List of Figures 1 Introduction: Is It Time to Trust the Capital Markets? 2 Religion and the Drivers of Ethical Finance Religion and Culture: Which Set of Values Are Impacting the Capital Markets? Religion and Co-operation Humanism The Journey Towards Meeting ESG Targets 3 The Libertarian Challenge to Capital Markets 4 Secularism, Shintoism, Buddhism and the Japanese Economy Historical Overview of the Japanese Economy Shintoism and the Japanese Economy Buddhism and the Japanese Economy 5 The Bible and the Markets Biblical Teaching and Usury The New Covenant and Financial Services Parable of the Talents and the New Testament Free Markets and the Bible Baptists, Anabaptism and the Social Gospel 6 United States: The Christian Struggle for Ethical Finance The Emergence of Christianity in the United States and the Civil Rights Movement Poor People’s Campaign Dr. Leon Sullivan and Ethical Finance Sullivan Principles Global Sullivan Principles MacBride Principles 7 Christian Investment Funds: A Tale of Two Cities The Role of Christian Investment Funds Theory of Change and Fiduciary Capitalism The Law and Faith-Based Investment The Impact of Christian Investment Funds Catholic Church and Faith-Based Investments Russian Orthodox Church US Christian Evangelical Movement and the Israeli Economy 8 Judaism: Faith and Practice 9 Judaism: Ethical Finance and the Israeli Economy Kibbutzim Impact Investments 10 Islam: The Challenge to Business as Usual Contract Law and Islam Prohibition of the Interest Rate Mechanism Prevention of Detriment to Consumers Prevention of Uncertainty Towards Consumers Prohibition of Gambling and Speculation 11 Islamic Finance: Evolution and Growth Evolution of the Islamic Finance Industry Sharia Compliant Investments Exchange Traded Funds (ETFs) 12 Islamic Finance Contracts Liquidity Financing: Murabaha and Tawarruq Explained Salam Istisn’a: Long-Term Project Financing Mudaraba Musharaka Sukuks Islamic Derivatives Fintech and M&A 13 Islam and Iranian Capital Markets: A New Approach? Iran and Islam Wilāyat al-Faqīh (Guardianship of the Jurist) Iranian Islamic Finance Iranian Capital Markets and State Actors 14 Hinduism: Dharma and the Economy The Primacy of Dharma Caste and the Economy 15 Gandhi and Vivekananda: A Tale of Two Visions Mahatma Gandhi Swami Vivekananda 16 The Practical Application of Hindu Economics The Zug Guidelines Ambedkar Principles Principles and Guidelines to Address Caste Discrimination in the Private Sector Swadeshi and the BJP 17 Future of Faith-Based Funds Index