The Islamic Reporting Initiative has acquired a new strategic partnership in the form of the Social Stock Exchange.
The IRI was set up to provide a mainstream reporting standard for Corporate Sustainability and Social Responsibility (CSSR) based on Islamic principles. It is rapidly gaining momentum from a range of institutions including governments, educational establishments, businesses and non-profit organizations world-wide. This partnership with the Social Stock Exchange is expected to further responsible business significantly worldwide, particularly as the Exchange is based in London – already an important hub for Islamic finance.
Tomás Carruthers, CEO of the Social Stock Exchange, described this collaboration as a most positive step, with both organizations working avidly towards mainstreaming responsible business. ‘We look forward to collaborating with the Islamic Reporting Initiative in our joint aspirations,’ he said. The global market for social impact investment is estimated to be worth some USD 9 bn, and is expected to increase to be worth between USD 200 bn and USD 650 bn within the next ten years.
The Social Stock Exchange itself has a market capitalization of GBP 1.25 bn and is the first platform to showcase publicly listed social impact businesses.
Daan Elffers, Advisory Council Chairman of the Islamic Reporting Initiative, emphasised that responsibility reporting is moving into a new phase. ‘It is fast becoming a critical factor in investment decisions,’ he explained. ‘It is therefore imperative that companies worldwide are implementing and accurately reporting on comprehensive social and environmental activity.’
To become a partner of the Islamic Reporting Initiative, visit www.islamicreporting.org. For more information on the Social Stock Exchange visit www.socialstockexchange.com.