Environment, Social, Governance

empty Description of term "Environment, Social, Governance"

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Whether you are an academic or practionner: If you wish to see your paper published on IslamicFinance.de please send us the relevant document along with a confirmation that you hold the copyrights of it and we can upload the work with your abstract provided.

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Michael Saleh Gassner

MICROCAPITAL BRIEF: The Philippines Passes Law to Encourage Islamic Finance

President Rodrigo Duterte of the Philippines recently signed a law mandating Bangko Sentral ng Pilipinas (BSP), the nation’s central bank, to provide for the regulation and supervision of Islamic banks. An Interagency Working Group on Islamic Banking and Finance will work to develop a regulatory framework, which is intended to expand the number of banks in the country that operate in accordance with Shariah principles.

Islamic fintech pioneers test creative ways to engage consumers

Many Muslims’ reliance on community offers opportunities including halal robo-advice.

Mo Ibrahim Foundation to launch first ‘African Governance Report’ in 2019

The Mo Ibrahim Foundation has announce the launch of the first comprehensive African Governance Report. Based on IIAG data, the report will focus on: Governance and Africa’s implementation of the AU’s Agenda 2063 and the UN 2030 Agenda for Sustainable Development. It will highlight the importance of using data to analyse the growing governance challenges and opportunities that must be addressed to drive sustainable development in Africa.

Alwaleed Philanthropies invests $5 million to mitigate disease in impoverished cities around the world

Alwaleed Philanthropies has made a new $5 million investment, in their partnership with Gavi, the Vaccine Alliance, in a proposed commitment to further prevent the spread of disease in low-income urban areas in which additional funds are proposed to be made between 2020 and 2024.

Al Ghurair Foundation announce grantees of £5.5 million Refugee Education Fund

The Abdul Aziz Al Ghurair Refugee Education Fund announced its grantees for their second round of funding, following the end of the inaugural round in 2018. The fund aims to support 10,000 students through secondary level and vocational education. First two of funding dispersed AED74 million (approximately £16 million) supporting the education of over 17,000 youth in Jordan, Lebanon, and UAE.

#Malaysia’s Islamic fund manager BIMB signs UNPRI to incorporate ESG into investments

Malaysian Islamic fund manager BIMB Investment has become an official signatory of the United Nations-supported Principles for Responsible Investment (UNPRI). BIMB Investment is the only bank-backed Islamic asset manager in Malaysia to be a UNPRI signatory. The UNPRI group works to understand the investment implications of environmental, social and governance (ESG) factors and supports its network in incorporating these factors into their decisions. BIMB Investment CEO Najmuddin Mohd Lutfi said that the company has integrated more than 250 ESG metrics in its investment process since 2015. The company currently manages over 1 billion Malaysian ringgit of ESG assets. At the moment there are around 2,300 signatories to the UNPRI. Other signatories from Malaysia include Xeraya Capital, Navis Capital Partners, the national retirement fund KWAP, sovereign wealth fund Khazanah, and Corston-Smith Asset Management.

#Fintech: Democratising #ESG investing

The use of artificial intelligence (AI) has made it easier for retail investors to access investments that adopt environmental, social and governance (ESG) principles. According to Omar Selim, CEO of Arabesque Asset Management, technology is democratising ESG investing. Nowadays, both large and small financial institutions are able to extract and analyse ESG-related data using AI, which is cheaper and faster. One advantage of using AI is the ability to tap a larger pool of information and monitor the ESG performance of companies on a daily or monthly basis. Selim believes that ESG investing will gain more traction in the future as people’s views on investments change. More and more people want to invest in companies that have good corporate governance and sustainable business models.

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Connecting International Organisations with finance and of course, Islamic finance

Sustainable Development Goals by the United Nations affect Geneva from two major players. The United Nations family being one of the major locations for it and the well known financial industry:

Geographically, on the Right Bank mainly, we have 34 international organizations, 175 state representations, 350 NGOs and about 30,000 jobs. This community has unparalleled know-how in health, development, environment, human rights, etc. Opposite, on the Left Bank we have 104 banks and many other financial intermediaries that generate more than 35'000 workstations.

IslamicFinance.de joined a forum held on June 29 in Geneva, under the joint sponsorship of Sustainable Finance Geneva (SFG), SDG Lab, the International Institute for Sustainable Development (IISD) and the Canton of Geneva.

In Geneva and Switzerland, sustainable finance occupies a special place. According to Swiss Sustainable Finance's Swiss Sustainable Finance Report 2018, the total market for sustainable investment in Switzerland has increased by 82% since 2016 to CHF 390.6 billion. The amount of sustainable funds currently represents around 8.7% of the entire Swiss fund market.

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3rd Unicef Cycling for Children

What is CYCLING FOR CHILDREN? CYCLING FOR CHILDREN is a unique public cycling event organised in Switzerland in collaboration with Crans-Montana Tourism & Congress. The aim is to show commitment through sporting performance and creative fundraising to help children in need. Everyone sets their own targets. No mountain is too high to save a child’s life! Scheduled for 9th June 2018.

Fundraising now starting: https://www.unicef.ch/en/cycling-for-children/action/michael-gassner

Call for Good Practices on Islamic Finance and Impact Investing Activities

Click here to apply http://bit.ly/2tN5RAZ

Purpose of this call is to invite private and public sector to share their good practices on
•Islamic finance funded impact investments and dedicated vehicles
•impact investment vehicles in the OIC region
•Islamic social finance vehicles

for the mapping study that is being carried out under the Global Islamic Finance and Impact Investing Platform (GIFIIP). The selected cases will be analysed by the research team managed by IICPSD and IRTI. Subsequently the good practices, information on vehicles and further findings will be published as part of the study.

Investment Focus

Global Report on the Financing of Nuclear Weapons

More than USD 525 billion was made available to the nuclear weapon producing companies
by the investors listed, according to the report. These investors assisted with share and bond issuances, owned or managed shares and bonds or outstanding loans or made credit facilities available to nuclear weapon producing companies between January 2014 and October 2017.

The research includes all outstanding loans and credit facilities during the research period, not only new loans issued. The top 10 investors alone provided more than USD 253 billion to the identified nuclear weapon producers, nearly half of the total investment. All of the top 10 are based in the US. The top 3: Blackrock, Capital Group, and Vanguard, have a combined investment of more than $110 billion. In Europe, the most heavily invested are BNP Paribas (France), Crédit Agricole (France) and Barclays (United Kingdom) with combined investments over $24 billion.
...
22 positive examples: The Hall of Fame

Don’t Bank on the Bomb 2018 also profiles financial institutions that have adopted, implemented

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#GlobalDonorsForum scheduled

London, United Kingdom | September 10-12, 2018 -

@Note: Looking forward meeting you in person! Partners, sponsors and delegates with question may contact me personally - gassner@islamicfinance.de

Topic: Building Resilient Ecosystems: Philanthropy's Response to Inequality and Societal Tension

UNESCAP, Islamic Development Bank Sign Landmark Agreement

The Islamic Development Bank (IsDB) has launched 'Engage', a new digital platform to accelerate progress towards the Sustainable Development Goals (SDGs). IsDB President Dr. Bandar Hajjar announced the launch together with UN Under-Secretary-General of the Economic and Social Commission for Asia and the Pacific (ESCAP), Dr. Shamshad Akhtar and Dr. Hayat Sindi, Chief Scientific Advisor to IsDB. Engage offers three main services: Match Making, Technology Transfer and Call for Innovation. The platform will focus on six SDGs, food security, healthier lives, inclusive and equitable education, sustainable management of water, access to affordable and clean energy, and sustainable industrialisation across the developing world. IsDB has also established a new Fund, the Transform Fund, which will finance innovative ideas linked to development solutions. A landmark Memorandum of Understanding was signed between IsDB and ESCAP to build a global network of scientists, technologists, innovators, entrepreneurs and investors to achieve sustainable development.

Agreement Between Islamic Development Bank And UN ESCAP For #Sustainable #Development

The Islamic Development Bank (IsDB) has launched a new digital platform to accelerate progress towards the Sustainable Development Goals (SDGs). The "Engage" platform's launch was announced in London by the President of IsDB, Dr. Bandar Hajjar, Secretary of the UN Economic and Social Commission for Asia and the Pacific (ESCAP), Dr. Shamshad Akhtar, and Dr. Hayat Sindi, Chief Scientific Advisor to IsDB. The platform will focus on six SDGs: achieving greater food security, healthier lives, inclusive and equitable education, sustainable management of water, access to affordable and clean energy, and sustainable industrialisation across the developing world. To ensure its members have access to financing for innovation, IsDB has established a new Fund, called The Transform Fund. It will provide seed money for innovators, start-ups and SMEs, as well as funding partnerships between researchers and entrepreneurs. A Memorandum of Understanding (MoU) was signed between IsDB and ESCAP to work together to achieve sustainable and inclusive development.

CIBAFI and The World Bank presenting study on "Corporate Governance Practices in Islamic banks 2017"

It is well established that good corporate governance strengthens institutions and financial sectors, and in so
doing contributes to building strong economies and economic growth.

Deficiencies in corporate governance were among the factors that contributed to the global financial crisis
(GFC) of 2007–08. As a result, global standard setters such as the Basel Committee on Banking Supervision
(BCBS) and the Organisation for Economic Co-operation and Development (OECD) have been updating and
strengthening their guidelines on good governance practices.

The Islamic Financial Services Board (IFSB), which sets standards for Islamic financial institutions, published its
Guiding Principles on Corporate Governance in 2006 as its standard IFSB-3. The Principles address, within the
context of corporate governance, the distinct features of Islamic banks, such as the different relationship that
they have with some of their stakeholders.

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Here’s How #Oman Is Helping Young Omanis Become Future Investors

At the beginning of the new school year, Meethaq Islamic Bank along with the Ministry of Education and Injaz Oman has started a financial literacy program called Little Investor. It covers over 4,000 students in Muscat, Batinah, and Dhofar. The aim of the initiative is to broaden the early financial education among Oman’s kids, to help them create healthy savings habits and to motivate them to develop their entrepreneurial skills. As an example of a successful public-private partnership, the initiative aims to unite the nation and make the people give back to their country. The four pillars of the program include financial literacy, sustainable tourism, green environment and enriched lifestyle. Injaz Oman is a non-profit organization working towards improving young people's leadership and entrepreneurial skills. Meethaq Bank confirmed it would stick to its social responsibility initiatives and would keep investing in the sustainable development of Oman.

Al Hilal Bank launches #child #safety campaign by distributing car seats to new families

Al Hilal Bank has distributed car seats for newborns at Danat Al Emarat Hospital for Women & Children in Abu Dhabi, as part of its new initiative for promoting child safety in the UAE. The Car Seat initiative forms part of the bank’s long-term Corporate Social Responsibility (CSR) programme. Alex Coelho, the CEO of Al Hilal Bank, said the Bank takes CSR very seriously and is proud to play a role in providing support to local families. Mohammed Ali Al Shorafa Al Hammadi, CEO & MD of United Eastern Medical Services (UEMedical) stressed on the importance of such campaigns in the UAE. Government led research found that the majority of parents still do not believe in the importance of car seats. An astonishing 34% saw no necessity to buy them, 28% do not know which seat to buy, while 15% believe that passengers holding children is safe enough. The new programme will be complemented by an extensive car seat awareness campaign on social media and across Al Hilal Bank branches, with the objective of reinforcing the importance of car safety for children.

Islamic Development Bank pledges continuous support to Polio Programme

Pakistan's Polio Eradication Senator Ayesha Raza Farooq said the country was highly indebted to the Islamic Development Bank (IDB) for its support and acknowledges the critical support of the bank for Polio eradication. The senator was talking to an IDB delegation visiting the National Emergency Operation Centre (NEOC). The IDB delegation was led by Dr Sadik Mohammad Teyeb, senior health specialist of the bank from Jeddah and Inamullah Khan, Country Representative of the Bank in Pakistan. The current epidemiology in the country is quite promising with only 3 Polio cases reported in 2017 compared to 14 reported by 7th August in 2016. The most significant progress has been made in the core reservoirs of Karachi and Khyber-Peshawar which have not reported any Polio case since January and February 2016.

#Satyajit #Das: Despite #appearances, the idea of #social #progress is a #myth

The world cannot acknowledge the idea that human progress might be at an end or even have stopped. The belief that science, technology advances as well as social and political systems can provide continuous improvement in life of humans is perhaps the most important idea in Western civilisation. Yet attempts to measure the actual progress are oddly vague. In January 2016, the Italian Prime Minister Matteo Renzi dispensed with practicalities arguing that “Europe cannot just be a grey technical debate about constraints, but must again be a great dream”.

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