CHAPTER 4
Investing Responsibly
The Search for Similar Benefits for Ethical and Shariah Forms of Investing
Work not confusion in the earth after the fair ordering (thereof).
(Al Araf: 7)10
When the preclusive and the necessitated conflict, preference shall be given to the preclusive.
(Islamic legal maxim)10
INTRODUCTION
In June 2006, legendary investor Warren Buffett, the second richest man in the world after Microsoft co-founder Bill Gates, announced that he was giving most of his wealth to the Bill and Melinda Gates Foundation, a foundation set up by Gates and his wife.1 The Gates Foundation asset trust endowment was $36.2 billion in September 2012, including $11 billion spread over seven installments to date.2
Subsequently, Buffett and Gates announced the Giving Pledge. Those who took it up committed to giving away at least half their fortune during their lifetime or after their death, and to publicly state their intention with a letter explaining their decision. Among those who signed the pledge were New York Mayor Michael Bloomberg; international fashion designer Diane von Fürstenberg; filmmaker George Lucas; and young billionaire Mark Zuckerberg, founder and CEO of global social networking phenomenon Facebook. Even China’s best-known philanthropist, Chen Guangbiao, joined the ranks and was the first of the country’s wealthy moguls to commit to giving away his money.
As societies become more affluent, they experience a migration of values. There appears to be a shift away ...
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