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How and in which ways are money and finance shaping the world economy and society? What ought to be the roles of money and finance and what can we do together as faith communities to make the prevailing international financial architecture more just and compassionate?
These questions were the subject of a workshop, “Faith and Finance,” organized by the World Council of Churches (WCC) in Bangkok, Thailand from 28-29 November. Bringing together participants from Buddhist, Christian and Muslim traditions, the workshop sought to identify common ground as well as cultivate trust and cooperation toward developing interfaith initiatives to mend the broken financial system.
“Faith communities can be both a moral compass and a catalyst for change in the world economy and the local economy,” said Athena Peralta, WCC consultant for economic and ecological justice. “Closely examining financial systems — and how our values fit into them — is an important facet of our pilgrimage of justice and peace.”
Reflecting from faith-based perspectives, participants expressed deep concern over how current financial structures, propelled by the dynamic of limitless growth, have normalized greed through instruments such as usury, debt and speculation.
This greed promotes “a delusional narrative of the self as an isolated entity that is rightfully obsessed with its individual interests,” observes the Interfaith Call for Justice and Compassion in Finance produced by the gathering.
Therefore, the text points out, transforming the international financial architecture “requires a counter-narrative based on inter-connectedness and ethics of reciprocity” which “helps us to rediscover that the source of our well-being lies in our ‘inter-being.’ ” The interfaith call further reads: “Spiritual precepts found in our faith traditions such as kalyana mitra (good friendship), koinonia (fellowship/communion), ubuntu (“I am because we are”) and ummah (community) refute the current monoculture that ‘I am what I have.’ ”
Highlighting grassroots initiatives such as social finance and community currency networks, participants observed that money and finance can contribute to building life-affirming communities and economies if wealth and profits are justly distributed, if risks and liabilities are shared, and if surpluses are reinvested for the common good. The interfaith call points out that the use and governance of money ought to foster solidarity: “Money here becomes a means of social cohesion rather than alienation.”
As a follow-up to the workshop, participants committed to work together toward jointly planning and convening an interfaith consultation focusing on alternatives to the international financial architecture.
Interfaith Call for Justice and Compassion in Finance
Sao Paulo Statement: International Financial Transformation for an Economy of Life
