Faith & Finance

Earlier this week I was at the Faith & Finance event organised by the Christian Muslim Forum at St Ethelburga's Centre for Reconciliation and Peace. It was interesting primarily for the speakers as opposed to being an event at which there was a great deal of opportunity for input to the issue. I was there together with Dr. Husna Ahmad representing FiLE and circulating copies of our draft 'Shared faiths response to the credit crunch.'

The main speakers were Sadiq Khan, Stephen Timms and the Archbishop of Canterbury. Sadiq Khan emphasised the importance of the faiths voices being heard and said that global challenges need global responses which meant that all groups need to be able to contribute. He highlighted the value of generosity in faith traditions and the sense of security that faith communities provide for their adherents.

Stephen Timms repeated the mantra that international problems need international solutions and suggested that a new collaborative approach to tackling social and environmental challenges could be shaped by civil and religious society. He spoke of this as a Global New Deal involving: sustainable recovery through fairness, stability, growth and jobs; action to stimulate global demand; new regulatory structures; action to address tax evasion; and reform of the IMF and World Bank. The G20 meeting later this year which wil be hosted by the UK provides and opportunity to begin addressing this agenda.

Rowan Williams answered questions from delegates before making three points about principles and values. First was the importance of keeping promises based on our belief in a faithful divinity. Faithfulness and trustworthiness are fundamental. Second was the idea of the world as gift; that we are living in a world that does not belong to us. As a result, our desires do not define what is good, the material world is to be respected and the world is not wholly under our control. The earth is the Lord's. Finally, the idea that what is good for us is to do with connection. My flourishing and yours belong together. Individualism undermines ethics.

The value of the meeting was not solely in its keynote speakers. Alex Cobham from Christian Aid highlighted the way in which money is taken from developing economies for shareholders in the developed world through the use of tax havens by businesses. £160bn is lost to the developing world annually through tax evasion. Mohammed Amin suggested that we need a better understanding of the reasons why people into debt in order to challenge such behaviour. John Madely spoke about the theology of 'enough' suggesting that we have been addicted to growth and need to learn to live within the limits of available resources. He spoke about 'shalom' as the harmony of a caring community informed at every point by God. Faizal Manjoo contrasted Islamic law with Roman law and said that three key factors in the credit crunch - contracts, high interest and gambling - were forbidden in Islamic law. Finally, Mark Speeks proposed that covenantal theology could provide a relational basis for just or moral banking.

A Church Times report on the event can also be found by clicking here.

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The Beatles - Taxman.