Saturday, August 29, 2009
Ethics & World of Finance at SSSU
Financial system, world-wide, is put to severe test.
When we look back, it dawns on us how we messed up the banking system and created this near-GD type situation.
We can attribute to several factors: failure regulatory agencies, over-trading, non-compliance to credit/risk norms... etc. But if we further analyse it, it boils down to individuals, Leaders and the members of the teams. It is leadership failure, no collective/individual responsibility.
Across all levels, we just failed to stick to the basics of banking and prudent norms. Short-term goals for organisations and individual-level (eg hefty bonus) were the drivers. Sadly, what goes up has to come down.. in such cases it comes down with a thud, not a smooth landing.
Not surprisingly, Islamic banking has been relatively insulated from the vagaries of this crisis. .The strong fundamentals of the concept and the general passion to implement same in letter & spirit, being the contributors to the success
In this backdrop, it is most appropriate the senior bankers in the country assemble at SSSU to deliberate on Ethics & World of Finance. The five human values (Satya, Dharma, Shanthi, Prema, Ahimsa) are the integral part of Sai Philosophy, including the educational institutions. 'Satyam Vada, Dharmam Chara' is the motto of the university.
Throughout the educational-journey, students are inculcated values such as
Money comes & goes, Morality comes & grows...
Education is for Life, not for Living...
Love all, Serve all/Help Ever, Hurt Never
SSSU is the right platform to deliberate on this.
This must have been an eye opener for the senior bankers too, having got the opportunity to 'reflect'.