Environment, Social, Governance

empty Description of term "Environment, Social, Governance"

#Zurich: #Responsible #Finance & Investment Summit 3-4 May 2017

Summit will explore intersection of #fintech, #ESG and #Islamicfinance. #RFISummit17

January 24, 2017, Zurich, Switzerland –

Bringing together a diversity of perspectives is critical for continuing the growth occurring within responsible finance. On this premise, the Responsible Finance & Investment Summit 2017 will convene in Zurich, Switzerland from 3-4 May 2017 around the theme “Building Bridges, Expanding Impact”.

Recent estimates from industry stakeholders show continued growth in responsible finance assets in many geographies and sectors. Responsible investment in Europe grew by 42% during the past 2 years, while in the U.S., assets grew by 33%. In Islamic finance, which has a global presence with a significant presence in Europe, the Middle East and Asia, growth in the last 2 years has been 21%. Identifying actionable areas for collaboration will support continued growth towards a more sustainable financial system.

#Governance structures of Islamic finance needs fine tuning

According to rating agency Standard & Poor’s, due to the fast growth of the Islamic finance industry a robust Sharia governance structure is very important. While the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) and the Islamic Financial Services Board (IFSB) have already made strides in this area, S&P believes the current governance framework shows room for improvement. S&P's Global Head of Islamic Finance Mohammad Damak said the industry would benefit from increased disclosure, as well as clear standardised Sharia principles and interpretation. Analysts say as Islamic finance industry expands, enhanced Sharia governance framework could address risks related to conflicts of interest. Only a handful of Islamic banks disclose their profit and loss sharing formulas, profit equalisation reserves, or investment risk reserves. Actions requested by internal auditors are typically not disclosed to the public. So far only the authorities in Oman and Pakistan have asked Islamic banks to submit themselves to an external Sharia audit.

First MENA Green Finance option from Emirates Islamic

Dubai Green Economy Partnership (Dubai GEP) has signed an agreement with Emirates Islamic to provide easy financing options for consumers in Dubai to purchase green products on the Green Deal website. The agreement was signed on the sidelines of the World Green Economy Summit (WGES) recently. According to Faisal Aqil, Deputy CEO at Emirates Islamic, the bank will offer flexible financing schemes at competitive rates. He expects that a convenient financing option will be a huge incentive for the higher uptake of products from the Green Deal platform. The Green Deal site features products that can improve sustainability in day to day life, which include technologies for Energy Efficiency, Solar Energy, Energy Auditing, Water Efficiency and Thermal Control.

Principles for Responsible Investment launches #ESG integration guide

The Principles for Responsible Investment (PRI) announced the launch of the publication Investment Policy: Process & Practice: Asset Owner’s Guide to Complete ESG Incorporation. The new guide is aimed to help asset owners—public and corporate pension funds, superannuation funds, insurance companies, endowments, foundations, family wealth offices—in revising their investment policy and incorporate ESG considerations. The publication explains why individual asset owners should take action, how asset owners can give real substance to their commitments and presents examples from asset owners who achieved value through responsible investing. According to senior manager Don Gerritsen, this guide answers the key questions about how asset owners can integrate ESG into the investment policy.

DWE supports female leaders, strengthens role in corporate #governance

Dubai Women Establishment (DWE) in collaboration with the Institute for Corporate Governance recently held the second session of its training programme entitled "The Principles of Corporate Governance in Government Entities". The session targeted second and third level female leaders to promote the role of Emirati women and support their leadership. Shamsa Saleh, CEO of Dubai Women Establishment stressed the important role of the training in highlighting good corporate governance practices. The training session was attended by representatives of various sectors and featured presentations about a range of governance elements. The session supports the UAE Cabinet's decision to make the representation of women on boards of directors compulsory.

Is the Current Model of Shari’ah Governance Fit for Purpose?

IFC & ISRA Thematic Workshop 2016, in association with K&L Gates
Wednesday, 26 October 2016, 9:30 a.m. - 3:00 p.m.

The Islamic Finance Council UK (IFC) and the International Shari’ah Research Academy for Islamic Finance (ISRA), in association wih K&L Gates invite you to an event addressing the Shari’ah governance model. The event will include the UK launch of the IFC and ISRA External Shari’ah Audit Report 2016.

Location: K&L Gates, One New Change (Watling Street entrance), London

Presenters: Jonathan Lawrence

Sponsors: K&L Gates, IFC, ISRA

REGISTER
http://www.klgates.com/resources/xpqEventRegistrationKNLG.aspx?xpST=Even...

9.30am - Registration and breakfast
10.00am - Morning sessions
12.00pm - Networking lunch
1.00pm - Afternoon sessions
3.00pm - Event concludes

The event will cover several key themes including:
How the current Shari’ah governance model works; its gaps and limitations
Examining the role of scholars alongside areas of potential conflict and impairment
The role of external Shari’ah audit
Regulatory differences in approach – is there a ‘best practice’?

Certified Expert in Islamic Microfinance

in September 2016:

In the growing area of Islamic microfinance, a diverse skillset is required. Professionals have to be knowledgeable in traditional retail banking, in the ethics of Islamic finance and in the relevant compliance and regulation issues. In order to provide you with the necessary skills and know-how to become a well-rounded Islamic microfinance professional, we have designed the certification course ‘Certified Expert in Islamic Microfinance’. This e-learning course was jointly developed by a team of experts from the Frankfurt School of Finance and Management, Islamic Relief Worldwide, and the Islamic Relief Academy. This combination of expertise provides you with the opportunity to have a rich learning experience based on the broad knowledge of diverse, highly qualified professionals.

This 6-month certification course is designed to be a part-time training, offering you the flexibility to follow your own schedule and the ability to combine daily work with your professional development.

The "Certified Expert in Islamic Microfinance" was funded with UK aid from the UK government.

World’s leading financial institutions in Hall of Shame for #investments in #cluster munitions producers

From Canada, CI Financial, Manulife Financial, Royal Bank of Canada and Sun Life Financial are also included in the Hall of Shame. Jointly, these Canadian financial institutions invested US$565 million in cluster munitions producers between June 2012 and April 2016.

The report by Dutch peace organisation PAX was released today in Ottawa, together with the Cluster Munition Coalition and Mines Action Canada, to put pressure on Canada and other governments to put an end to these investments.

“It is an absolute outrage that financial institutions are investing billions into companies that produce weapons which are banned under international law”, says Suzanne Oosterwijk, author of the PAX report. “Canada has also banned these weapons. It is time for financial institutions to stop disregarding the international norm with these explosive investments into producers of illegal weapons that maim and kill civilians.”

'Trash banking' boosts savings while cleaning #Indonesia's cities

In Indonesia communities are embracing 'trash banking' as a way of allowing their poorest citizens access to savings and credit. In Makassar on the island of Sulawesi the city of 2.5 million people produces 800 tons of rubbish each day. It ends up at the five-story high landfill, where scavengers work alongside cows foraging for food. Here residents bring recyclable trash such as plastic bottles, paper and packaging to the collection points, known as banks, where the rubbish is weighed and given a monetary value. Like a regular bank, customers are able to open accounts, make deposits and periodically withdraw funds. At other trash banks in the country, account holders can exchange their rubbish directly for rice, phone cards or paying their electricity bills. The local authorities in Makassar are supported by a local non-governmental organization that receives funding from PT Unilever Indonesia.

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#Education #Crowdfunding - A direct and effective way of #Giving with #Givology

Dear Reader,

For some time I did private research on crowdfunding and fintech for the social good. Only recently I found the long existing platform givology.org - it allows to donate specifically for education to individual pupils in poorer countries and getting in touch with them! Personally this one of the causes important to me, because it ensures that the funds are being spent on education, and therewith building a future.

My questions to you are the following:

1. Would you donate for education via an internet platform, then you can conveniently check a profile from Somaliland just here:

https://www.givology.org/~tfscholarship/

2. If you are *not* interested to donate now, could you share what exactly, if anything, would make you donate? This would be exetremely helpful and I will share the information with givology.org to find a way to do just that.

3. If you any other ideas please feel free to share them. You can also directly suggest to volunteer: http://www.givology.org/get-involved/

In case you wish to receive further updates on Givology please register your email here: https://www.givology.org/register/

Zakat to promote equitable redistribution of wealth and foster a sense of solidarity among the Muslims

On the annual distribution of Zakat by the Elders Consultative Forum of Supreme Council for Shariah in #Nigeria Abiola Ajimobi called on the Muslims to address the effective, efficient collection and management of Zakat fund. One of the beneficiaries of the Zakat distribution, Ridwan Olalekan, who spoke on behalf of others, promised to make judicious use of the items.

Living on $2 a Day: How Microfinance Breaks the Cycle of Poverty

Development expert David Simms and Wharton University professor Tyler Wry discuss issues of microfinance and share insights on where the field is heading. Microfinance is a powerful tool that can transform communities by lifting the poorest individuals out of poverty. According to Simms the industry understands the power of microfinance and the ability to do that rural outreach, to drive costs down and to get training out is based on technology. The future is around the role of technology and banking coming together.

Trending: blending

Meeting the United Nations’ Sustainable Development Goals will require additional investments of $2.5 trillion a year in things like health care and education for the world’s poorest people, according to UNCTAD, a UN agency. The term blended finance appeared referring to a strong mixture of public, private and charitable money, a way to make the limited pool of money available for worthy causes go further. The idea of using public funds to attract private money is a venerable one. For it to change development finance fundamentally it will have to become easier to scale up.

Islamic Development Bank to fund education sector projects in Benin

The Islamic Development Bank (BID) has given Benin 216.4 million U.S. dollars to support development projects in the higher education sector and an integrated micro-finance program. The first part of the BID aid of about 166.4 million dollars will be spent on funding development projects in the higher education sector. The other 50 million dollars will support the integrated micro-finance program. The program aims to contribute to the improvement of living conditions for rural communities in Benin. It will help to increase access to funding for small scale traders and reinforce capacities of micro-finance institutions, among others. The latest aid brings BID’s total funding to Benin to around 824 million dollars.

Islamic finance could help in meeting sustainable development goals

Islamic finance could contribute to meeting some of the sustainable development goals adopted by the UN General Assembly under its 2030 agenda, said Standard & Poor's Ratings Services in its report "Islamic Finance Could Aid Modestly In Achieving Sustainable Development Goals." Agreed on in September 2015, the UN General Assembly set 17 sustainable development goals (SDGs) and 169 measurable targets centred on five pillars: people, planet, prosperity, peace, and partnership. Islamic finance could play a role--a modest one at least--in meeting some of the SDGs, particularly those that are in line with the core principles of Islamic finance, according to S&P.

ICM Bulleting: Green Financing with Sustainable Growth – How Islamic Capital Market Can Play a Pivotal Role

The Securities Commission Malaysia’s (SC) Capital Market Masterplan 2 (CMP2) identifies the promotion of socially responsible financing and investment as a key thrust. It enables financial innovation to be harnessed to create market-based solutions and mobilises investments for projects that promote sustainable and inclusive development such as alternative energy sources or clean technology. Among the products identified in CMP2 are green bonds, green funds as well asl longer-term opportunities for trading of environmental products such as carbon credits or weather derivatives. These products have led to many potential areas in green financing.

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And further articles of the biannual publication.

IDB signs SR200m rural health plan for India

The Jeddah-based Islamic Development Bank (IDB) has signed a SR200 million agreement with an Indian non-governmental organization (NGO) to provide medical care for poor rural people. The money is part of a SR1 billion donation which was given by a Saudi benefactor to be utilized for the benefit of poor people across the globe. The benefactor earmarked SR200 million for India, thereby funding 15 mobile health clinics, which the IDB will maintain for the first five years. The rest of the money is reserved for the deployment of 60 mobile clinics in Pakistan, Bangladesh, Afghanistan, Yemen, Kyrgyzstan and Uzbekistan.

Qatar helps Bill Gates tackle poverty with $50 million pledge

Qatar has teamed up with American billionaire and co-founder of Microsoft Bill Gates to combat poverty. Representatives from the Qatar Development Fund pledged $50 million to the Lives and Livelihood Fund, a $2.5 billion fund established by Bill and Melinda Gates Foundation and the Islamic Development Bank, in an effort to provide financing for some of the world’s poorest Muslim countries through grants and shariah-compliant loans at below market rates. The fund’s projects will focus on four areas including infectious diseases control and eradication, primary healthcare, agriculture and food security, and basic infrastructure.

The Growth of the Responsible Investment Industry

A niche area only a few years ago, new ethically focused products and funds are popping into existence at a rapid rate, while mainstream funds are increasingly trying to keep up by integrating environmental, social and governance (ESG) standards into their investment decision-making. Trustworthy corporate brands take a long time to build based on years of good governance, treating customers fairly and contributing positively to society, but it takes seconds for that brand and consumer trust to be destroyed. Consumers, governments and non-governmental bodies are increasingly targeting companies that have demonstrated poor governance, show scant regard for environmental standards or have records of poor labour relations.

Indian law requires companies to give 2% of profits to charity. Is it working?

India is the first country in the world to enshrine corporate giving into law. Following a change in company law in April 2014, businesses with annual revenues of more than 10bn rupees (£105m) must give away 2% of their net profit to charity. Areas they can invest this money in include education, poverty, gender equality and hunger. Two years on, overall charitable spend by companies has increased. Yet fears that companies would find ways of avoiding shelling out for good causes appear equally well-founded. A survey found that 52 of the country’s largest 100 companies failed to spend the required 2% last year.

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