DISCOVER NEW PERSPECTIVES
DISCOVER NEW PERSPECTIVES
Making a moral oath is
committing to a higher
professional standard
The Institute of Islamic Banking and Insurance (IIBI) London, United Kingdom and the International Shari’ah Research Academy (ISRA) Kuala Lumpur, Malaysia recommended a moral a moral oath agreed at a joint thematic workshop held in London in 2012 on ‘Legal Compliance and Moral Responsibility in Islamic finance’.
An independent non-partisan think tank ResPublica in London guided by guided by their three founding principles (society, prosperity, virtue) believes that people who work at major financial institutions should agree to swear an oath agreeing not to behave improperly and confront impropriety, in the same way as doctors.
The requirement for taking a moral oath was introduced in some banks in Europe. The British Bankers Association said that an oath could be part of an answer to the call for a code of ethics comes after a series of scandals such as the mis-selling of payment protection insurance, Libor rate rigging, mis-selling of interest swaps to small businesses and even money laundering. A group of Class of 2009 Graduates of Harvard Business School in USA suggested a voluntary MBA Oath for graduating MBAs and current MBAs to “create value responsibly and ethically.
The concept of a moral oath, inspired by the Hippocratic Oath in medicine, serves as a formal ethical commitment by professionals to uphold integrity, responsibility, and service to humanity within their field. The Hippocratic Oath, traditionally taken by physicians, binds them to principles such as “do no harm,” confidentiality, and prioritising the well-being of patients. It has endured for centuries because it transforms a technical profession into a moral vocation.
Introducing a moral oath in Islamic finance reinforces the idea that every financial transaction has a moral dimension. It reminds professionals that their actions impact individuals, communities, and society at large – and that they are answerable not just to regulators or shareholders, but to ethical and, in many cases, spiritual standards. This concept aligns with the Islamic worldview, where economic conduct is seen as part of one’s responsibility before God.
