Top Saudi banker advocates for Islamic finance as socially responsible alternative

(MENAFN) A top Saudi banker emphasized that Islamic finance should not be seen as a substitute for traditional finance, but rather as a socially responsible alternative. Mutlaq Al-Morished, a board member of Saudi Arabia-based SME Bank, highlighted the importance of Islamic finance in prioritizing the well-being of borrowers alongside shareholder interests.

During a session at the Islamic Development bank (IsDB) Group's annual meeting in Riyadh on Sunday, Al-Morished pointed out that Islamic bankers focus on supporting their regions and sharing risks, particularly for small and micro-small enterprises. He stressed that injecting small amounts of money into the economy uplifts the entire society.

Al-Morished also noted that while customers are interested in Islamic finance, delays or higher costs may prompt larger clients like corporates to explore other options. He underscored that Islamic finance should not only be viewed as a global financial model but also as a finance approach with a humanistic approach and social responsibility.

Stephen Groff, governor of Saudi Arabia's National Development Fund, echoed these sentiments, highlighting how Islamic finance, grounded in core ethical principles, promotes risk-sharing and introduces innovative approaches that benefit communities worldwide, regardless of religious affiliation. He emphasized the crucial role of such financing activities in driving sustainable development, particularly during times of crisis.

The four-day event, which commenced on Saturday, features seminars, keynote speeches, and side events focused on advancing Islamic finance and sustainable development goals.

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