Is it possible to do good while making money? And if so, how?

That was the question 130 of us – Muslims, Jews, Christians, Buddhists and Hindus, met to discuss a week today at Faith in Capitalism, a conference at the London Central Mosque. Our number included bankers, investment managers, the trustees of faith-based charities, treasurers for religious groups, and academics expert on faith and finance.

Stephen Timms, Financial Secretary to the Treasury and John Battle, the Prime Minister's envoy on interfaith affairs came too.

The day was co-organised by the Three Faiths Forum and the group I represent 3iG, an international, interfaith investment group that advises on how best faith groups may invest their holdings.

Often faith groups manage long-term investments, usually in pension or development funds, and it makes sense to take an interfaith approach to the global economy, made up as it is of large corporation and companies. As the Chief Rabbi has pointed out, of the 100 largest economies today 51 are corporations and 49 are nation states

First we identified the values world faiths share, with relevance to the economy, such as stewardship for the earth (environmental values) and sustaining human dignity (the treatment of workers).

How does this impact on investment? One example might be investing in the energy sector – as a large, pretty stable sector this is a natural investment option for long-term investors.

At 3iG our main concern is to look at whether a faith group’s investments reflect its values. In the case of energy investments, Faith groups should be looking at how different suppliers perform environmentally and favour those which are responsible. But how can you measure and trust the environmental claims made by companies?

The Church of England, one of the leaders in the field of ethical investing, publishes guides to ethical investing online which includes information on the environmental practices of businesses in which they invest.

Another issue for faith investors is whether a company, especially in the manufacturing or retail sector respects the dignity of its workers. One 3iG member Fr Seamus Finn, a member of the Missionary Oblates of Mary Immaculate, for example, travels the world to check on the working conditions of employees in the companies the order invests in.

Faith-based investments are an evolving phenomenon. Many faith organisations have yet to set a Socially Responsible investment policy consistent with their faith teachings. Often this is because treasurers of faith organisations are very concerned that to do so will lose value in those investments.

This can lead to inconsistencies. for example, faith organisations which pray for peace investing, for example, in armaments manufacturers, others which pray for health investing in businesses which restrict healthcare availability when they could be encouraging the best practitioners and those which pray for the release of captives take no account of the human rights compliance records of the companies in which their ministers’ pensions are invested.

In Britain, Christian groups have become the most sophisticated SRI investors. The Church of England, the Methodist Church and others publish their SRI policies for members each year. Jews, Hindus and Muslims can learn from them. Speaking at the conference Mufti Abdul Kadir Barkatullah, who was the senior imam of Finchley Mosque before become Sharia advisor to a number of banks said that as well as ensuring that they avoid usury, Muslims should ensure that their investments are in businesses with a strong sense of ethics.

Speakers at the conference, including Adam Ognall, Deputy Director of the UK Social Investment and Finance Association and Helen Wildsmith from CCLA, the largest faith based Investment manager are convinced that they can. Together we could be a force for business engagement and change.