LJS seminar explores how Islamic finance promotes corporate citizenship worldwide

Janel Shoun | 



From real estate to amusement parks, corporations based in Islamic nations are becoming more and more entwined with American economic engines. And that’s a good thing, says Dr. Stephen Watts, adjunct professor of Islamic economics at Pepperdine University, because such companies bring with them an inherent, consistent practice of community building and resource stewardship.

Watts, senior research fellow at the Global Institute for the Study of Culture, Economics and Strategic Resource Management, will be the keynote speaker at three events hosted by the Lipscomb University Institute for Law, Justice & Society on Jan. 28 and 29.

Each event will explore how global Islamic economics promotes the success of American and Islamic businesses while creating a foundation for greater global stability and enhanced international relations.

“It pays off, both locally and globally, for corporations to invest in the intellectual, natural and cultural resources of the communities where corporations have commercial interests and activities. In many emerging Islamic nations and economies, particularly the United Arab Emirates, resource stewardship and corporate citizenship has always been a primary and intentional practice. Now Islamic companies are going global, and they are finding worldwide success with their operating philosophy.”

-- Dr. Steven Watts

Islamic banking is the fastest growing area of the global marketplace, currently worth more than $500 billion, Watts said. Islamic/American business partnerships are increasingly popping up in the national press, he said:

  • In 2006 one of the world’s largest residential real estate companies was created when Emaar Properties of Dubai, UAE, purchased John Laing Homes in California;
  • Halliburton opened a headquarters in Dubai in March 2007;
  • Universal Studios has announced plans to build a $2.2 billion project to be called Universal City Dubailand, which will be located in Dubailand, the world’s largest theme park currently being constructed in Dubai; and
  • Dubai World and MGM Mirage announced a partnership this past summer to invest $5 billion in residential and mixed use development in Las Vegas.
  • Abu Dhabi Investment Authority recently invested $7.5 billion in Citigroup.

Surely it won’t be long before Nashville begins to see such partnerships forged and local businesspeople need to understand the potential impact on the Tennessee market, said Charla Long, director of the Institute for Law, Justice & Society.

“In order to work within this rapidly growing area of finance, local businesspeople must understand the customs, beliefs and practices of Islamic businesspeople,” Long said. “In addition, we can learn a lot from their management approach emphasizing good corporate citizenship, rather than the Western model of profit maximization many of us have been weaned on.”

The Institute will host three conferences, all featuring talks by Watts. Lipscomb’s Institute for Law, Justice & Society was established to engender civic pride among students and craft them into strong civic leaders. The center also promotes dialogue on legal and societal issues in the community and works to enhance K-12 civics education.


“Demystifying Islamic Banking”
A Lunch-‘N-Learn Seminar
11 a.m., Monday, Jan. 28
Ezell Center, Room 363, Lipscomb campus.
Cost is $25 until Jan. 22, and $30 thereafter.
To register contact the Institute at 615.966.2501.

This session will explore:

  • The major differences between the U.S. banking system’s practices and regulations and those of Islamic financial institutions;
  • The local and global influence that Islamic banking will have on new product development in consumer finance, corporate banking, insurance and wealth management businesses; and
  • What are the economic, political and cultural drivers fueling the growth in Islamic Banking and Finance.

Islamic Banking and Sharia Law Conference
8:30 a.m.-5 p.m., Tuesday, Jan. 29
Ezell Center, Room 301, Lipscomb campus
Cost is $195 until Jan. 22, and $225 thereafter
To register contact the Institute at 615.966.2501.

Watts, also president of Zurich Global Consulting Group, a global consultancy advising organizations in Africa, Arabia, Asia and the Americas, will speak at the seminar on topics such as:

  • Positioning a company to access global Islamic finance opportunities;
  • The outlook for Islamic private equity and venture capital in North America;
  • Bridging the gaps between Islamic and conventional contracts;
  • Understanding how Sharia law affects the real estate sector.


“The Imam and the Pastor”
6-8 p.m., Monday, Jan. 28
Ezell Center, Room 363, Lipscomb campus
Free event

Watts will also host a 45-minute screening of “The Imam and the Pastor." The documentary film that has been shown at the United Nations, the European Parliament and the United States Institute of Peace.

It depicts the reconciliation between Imam Muhammad Ashafa and Pastor James Wuye, and the peace-making initiatives which have flowed from it. It is both a story of forgiveness and a case study of grass-root initiatives to rebuild communities torn apart by conflict.

After the film, Watts will discuss current events in Nigeria and the cultural challenges facing many African countries.


As a recognized expert in global economics, management and cultural theory, Dr. Watts currently consults with governments and industry leaders on matters related to organization design, public policy, cross-cultural leadership training and development, innovative models of risk mitigation, Islamic economics and business management, and development of strategies to create and manage financial returns from natural, intellectual, and cultural resources. Dr. Watts will be available in Nashville on Wednesday and Thursday following the conference to meet with individuals and organizations that would like additional information. He can be reached at srwatts@zurichglobalconsultinggroup.com.