Toby Birch

By Tom Edwards April 2009 Guernsey Press

Continued . . .

Mr Matthews said the European Ethical Index had underperformed the broader European indices significantly over the last one, three and five years.

Mr Birch is the executive director of Blackfish Capital Holdings, a fellow of the Securities and Investment Institute and a holder of the Islamic finance qualification.

Last year his book, which explores the Western preoccupation with debt, was published to widespread critical acclaim under the pseudonym, Hugo Boulea.

‘The baby boom generation had it all and expected the rest of us to pay,’ he said.

‘The global economy has been on steroids for years and therefore it has suffered internal damage as a result.

‘What we must get used to is a more symmetrical and harmonious system, based on the idea of transparency.

‘The problem we have in the West is that banks are very dominant and control people through lending. If something goes wrong, such as a mortgage, the homeowner loses their house.

‘But in Islamic Sharia law, charging interest is forbidden. The bank would lose money and would also help out the homeowner.

‘It’s a slow way of growing business, but ultimately a more sustainable one.’

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