Experts at a Mediterranean business conference on Thursday emphasized the importance of ethics and values in banking sector development.
Lenders that collaborate with ethics and values increase the level of development, Marcos Eguiguren, the Executive Director of the Global Alliance for Banking on Values, said during his speech at Islamic Finance Forum under the 13th Mediterranean Week of Economic Leaders (MedaWeek).
MedaWeek, of which Anadolu Agency is global communication partner, gathers businesses, corporations, government officials, experts and multilateral organizations.
Eguiguren underlined that not only Islamic finance but all banking approaches should focus on expanding the same ethical understanding and values.
Values include facilitating social development and transparency as well promoting sustainable energy, professionalism and accountability, said Eguiguren.
"These values should be adopted by all stakeholders," he added.
Abdelilah Belatik, secretary-general of the General Council for Islamic Banks and Financial Institutions (CIBAFI), highlighted that Islamic financial values contribute to the banking sector via new alternatives and moral developments from Islamic sources.
For his part, Serkan Yuksel, the director of the Istanbul Finance Center Department of the Turkish Presidency, underlined the importance of the alternative approach offered by Islamic finance for economic development on a global scale.
Praising Istanbul's location, Yuksel said the city would fill the gap between east and west.
"Islamic finance can attain an important place for itself here," he said.
The event was organized by the Association of the Mediterranean Chambers of Commerce and Industry (ASCAME) and the Barcelona Chamber of Commerce, Industry and Navigation.