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Ethical investment: origins, concepts and practices. The case of socially responsible investment and Shari'ah-compliant investment
[L’investissement éthique : origines, concepts et pratiques. Cas de l’investissement socialement responsable et de l’investissement Shari’ah compatible]

Author

Listed:
  • Kamel Laaradh

    (CREGO - Centre de Recherche en Gestion des Organisations - Université de Haute-Alsace (UHA) - Université de Haute-Alsace (UHA) Mulhouse - Colmar - UB - Université de Bourgogne - UBFC - Université Bourgogne Franche-Comté [COMUE] - UFC - Université de Franche-Comté - UBFC - Université Bourgogne Franche-Comté [COMUE])

  • Ezzedine Ghlamallah

    (CERGAM - Centre d'Études et de Recherche en Gestion d'Aix-Marseille - AMU - Aix Marseille Université - UTLN - Université de Toulon)

  • Kaouther Toumi

    (LGCO - Laboratoire Gouvernance et Contrôle Organisationnel - UT3 - Université Toulouse III - Paul Sabatier - UT - Université de Toulouse)

Abstract

When associated with finance, ethics refers to the introduction of new criteria into financial practice, other than simple financial profitability. Thus, ethical investment places traditional financial objectives on the same level as respect for the environment, human rights, and social/societal rules. There are three levels of ethical investment. The philosophical or theoretical conception encompasses global principles, while the conceptual approach that follows enables the definition of a certain number of criteria or standards, admittedly not universal. In practical terms, investors do not conceive of selection criteria in the same way, which translates into different ethical investment practices. For the purposes of our analysis, we have divided these practices into two areas of development: socially responsible investment (SRI) and Shari'ah-compliant investment (SCI). The aim of this chapter is to analyze ethical investment from these three angles. Firstly, for a better understanding of the philosophical framework and its references, we present the historical aspect of the association of ethics with investment. Secondly, we analyze the concepts, highlighting the points of convergence between SRI and SCI. Thirdly, we analyze the practical application of SRI and SCI ethical guidelines. Finally, we conclude the chapter by highlighting some of the recent changes at work in asset management practices.

Suggested Citation

  • Kamel Laaradh & Ezzedine Ghlamallah & Kaouther Toumi, 2023. "Ethical investment: origins, concepts and practices. The case of socially responsible investment and Shari'ah-compliant investment [L’investissement éthique : origines, concepts et pratiques. Cas d," Post-Print hal-03825973, HAL.
    • Handle: RePEc:hal:journl:hal-03825973
    as

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