NewEnergyNews: ISLAMIC CARBON OFFSETS/

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    Thursday, March 01, 2007

    ISLAMIC CARBON OFFSETS

    Islam has severe prohibitions against usury; chopping of body parts, not so much. Nevertheless, this program importantly points in the right direction.

    3rd Islamic Wealth Management Event Goes Carbon Neutral
    February 28, 2007 (PR Web)

    - Michael Gassner Consultancy Ltd has organised the third annual Islamic Wealth Management event in Geneva at the Hotel du Rhone on 24 & 25 April 2007. The event has grown year by year and offers intimate insights into the Islamic Private Banking industry, its differences and commonalities with the conventional industry.
    - For the first time, the carbon emissions caused by the delegates and speakers will be offset…The organiser has partnered with Carbonfund.org in order to make it the first Islamic finance event to go carbon neutral by investing in projects that reduce carbon emissions by an amount equal to the emissions caused by the event itself…
    - Eric Carlson, executive director of Carbonfund.org explains: "We are delighted to help offset emissions and reduce climate impact for conferences and events, just like we help companies or even families to take voluntary measures to act against climate change."

    - Beyond offsetting the carbon emissions from the event itself, the carbon allowance market will be discussed by Anthony Hobley, Chairman of the London Climate Change Services, the representative body for the UKs Climate Change Finance and Services business sector. One of its key objectives is to promote and build upon Londons emerging position as the centre for multi billion Euro global carbon market…
    - Investment banks like Morgan Stanley and Goldman Sachs are investing currently substantial amounts to enter the market of this entirely newly created asset class…
    - Michael Saleh Gassner will present views on the Sharia compliance regarding related investment products based on carbon markets…"…how it can be promoted for and by the Islamic finance industry; what are the challenges in regard to the Islamic principles - this needs to be brought forward urgently."
    - Carbon is just one of the outstanding topics researched and identified for the Islamic finance industry. The entire program comprises challenging lectures on traditional and alternative asset classes, on specifics of Islamic financial planning, market strategy and last, but not least, philanthropy…

    - Islamic finance is considered a growth industry. Although statistics are not well proven, most experts estimate a size of USD 500 billion plus x as a reasonable figure. The main financial markets dealing in these matters are London, Bahrain, Dubai, Kuala Lumpur and Singapore. Geneva remains a distinguished place where many Middle East based investors let companies manage their assets - conventionally and increasingly Islamically. Experts' estimations are around USD 200 bn alone in Assets under Management from Mideast clients and an increasing percentage of these funds are asked to be managed Islamically. The main requirements are upholding certain industry exclusions, avoidance of bank interest, and legal uncertainties in contracts. The wider objectives of Islam in investments are similar to the sustainability concept and includes stewardship for mankind and environment, which we received in trust by God.

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