Ethical investment: origins, concepts and practices. The case of socially responsible investment and Shari'ah-compliant investment ; L’investissement éthique : origines, concepts et pratiques. Cas de l’investissement socialement responsable et de l’investissement Shari’ah compatible

International audience ; When associated with finance, ethics refers to the introduction of new criteria into financial practice, other than simple financial profitability. Thus, ethical investment places traditional financial objectives on the same level as respect for the environment, human rights, and social/societal rules.There are three levels of ethical investment. The philosophical or theoretical conception encompasses global principles, while the conceptual approach that follows enables the definition of a certain number of criteria or standards, admittedly not universal. In practical terms, investors do not conceive of selection criteria in the same way, which translates into different ethical investment practices. For the purposes of our analysis, we have divided these practices into two areas of development: socially responsible investment (SRI) and Shari'ah-compliant investment (SCI).The aim of this chapter is to analyze ethical investment from these three angles. Firstly, for a better understanding of the philosophical framework and its references, we present the historical aspect of the association of ethics with investment. Secondly, we analyze the concepts, highlighting the points of convergence between SRI and SCI. Thirdly, we analyze the practical application of SRI and SCI ethical guidelines. Finally, we conclude the chapter by highlighting some of the recent changes at work in asset management practices. ; Lorsqu’elle est associée à la finance, l’éthique renvoie à l’introduction de nouveaux critères dans la pratique financière autres que la simple rentabilité financière. Ainsi, l’investissement éthique place les objectifs financiers classiques au même niveau que le respect de l’environnement, le respect des droits de l’homme et des règles sociales/sociétales.Trois niveaux d’articulation de l’investissement éthique existent. La conception philosophique ou théorique englobe les principes globaux alors que l’approche conceptuelle qui en découle permet la définition d’un certain nombre de ...