“RAM Rating says Islamic finance and responsible investing share common ground” – Salaam Gateway – March 7, 2019

On March 7, 2019 Salaam Gateway reported on an event hosted by RAM Ratings that explored the interrelationship among ESG, Islamic finance and SRI.

“RAM Rating sees Islamic finance playing a vital role in supporting the implementation of socially responsible investing (SRI, which includes environment, social and governance (ESG) matters) and funding for the United Nations’ Sustainable Development Goals (SDG). ‘The common philosophies with SRI serve as a bridge for Islamic finance in becoming a mainstream financing source. Thanks to the concerted efforts of market practitioners in Malaysia, Indonesia and other core Islamic finance markets, the global community is slowly but surely realising the real value and benefits of combining Islamic finance with SRI,’ said Ruslena Ramli who moderated the RAMification dialogue with industry experts on 28 February 2019 hosted by RAM Ratings.”

You may read the article on the internet site of Salaam Gateway – the Global Islamic Economy Gateway.

“Calls for stronger accountability after IFC Supreme Court ruling” – Devex – March 4, 2019

On March 4, 2019 Devex reported that the US Supreme Court “handed down a landmark ruling in favor of a group of Indian villagers looking to sue the International Finance Corp. – the private sector arm of the World Bank – for its support for the coal-fired Tata Mundra Power Plant. The villagers said the project contaminated groundwater, killed marine life, and ejected coal ash into the air. IFC did not contest that the damage occurred, but argued it is immune from liability under U.S. law.

The Supreme Court ruled 7-1 that IFC is ‘not absolutely immune from suit’ since it can be held liable under the 1976 Foreign Sovereign Immunities Act for ‘commercial activity which has a sufficient nexus to the United States.’

However, the immunity issue is still not settled. Questions remain about whether development finance counts as ‘commercial activity,’ and whether the IFC project in India has ‘sufficient nexus’ to America, and these will now be fought out in Washington, D.C., district court.”

You may read the article on the Devex internet site.