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Five ways media and journalists can support climate action while tackling misinformation

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Five ways media and journalists can support climate action while tackling misinformation
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It’s a fact: media shapes the public discourse about climate change and how to respond to it. Even the UN’s own Intergovernmental Panel of Experts on Climate Change (IPCC) warned clearly of this for the first time in the latest of its landmark series of reports.According to the IPCC, this “shaping” power can usefully build public support to accelerate climate mitigation – the efforts to reduce or prevent the emission of the greenhouse gases that are heating our planet – but it can also be used to do exactly the opposite.

This places a huge responsibility on media companies and journalists.

The Panel also noted that global media coverage of climate-related stories, across a study of 59 countries, has been growing; from about 47,000 articles in 2016-17 to about 87,000 in 2020-21.

Generally, the media representation of climate science has increased and become more accurate over time, but “on occasion, the propagation of scientifically misleading information by organized counter-movements has fuelled polarization, with negative implications for climate policy”, IPCC experts explain.

Moreover, media professionals have at times drawn on the norm of representing “both sides of a controversy”, bearing the risk of a disproportionate representation of scepticism on the scientifically proven fact that humans contribute to climate change.

So how can journalists be a force for good amid these challenges and what UN Secretary-General António Guterres has deemed a ‘current climate emergency’?

UN News spoke with Andrew Revkin, one of the most honoured and experienced environmental journalists in the United States, and the founding director of the new Initiative on Communication and Sustainability at Columbia University’s Earth Institute.

Mr. Revkin has been writing about climate change for decades, even before the IPCC was created 30 years ago, for renowned media organizations such as The New York Times, National Geographic and Discover Magazine. He has also participated in events led by the UN Environmental Programme, the UN Office of Disaster Risk Reduction, UN-Habitat and other UN agencies.

Drawing on Mr. Revkin’s broad experience, and the expertise of UNESCO and the IPCC, here are five ways in which journalism can support climate action and fight misinformation.

1. Stop being so (overly) dramatic

As climate change takes hold, people are increasingly demanding information about what is happening, and also about what they and their governments can do about it.

According to UNESCO, three of the media’s traditional roles – informing audiences, acting as watchdogs, and campaigning on social issues – are especially relevant in the context of a changing climate.

Mr. Revkin explains that journalists are attracted to voices that are out in the landscape, and “subservient” to how the story is being framed, whether it is by the UN Secretary-General, or by activists blockading a street in London or New York.

“I’ve been on the Greenland ice sheet. I’ve written hundreds of stories about sea level. The range of sea level rise by 2100 is still kind of where it was when I wrote my first story [for Discovery Magazine] back in 1988. So, when you put all that together, we end up conveying unfortunately more of a problem story to the public”, he says.

The journalist adds that modern media also tries to get people’s attention amid a lot of competing priorities, and there is a “tendency” to latch onto the dramatic angle.

“I run a programme where I’m trying to, among other things, get people to stop and think about the words they use. When you use the word “collapse” to talk about a glacier, are you thinking in the many centuries timescale that the scientists are thinking, or are you thinking about collapse like when the World Trade Centre [towers] fell? It’s really important to be clearer when we choose words and how they might convey a false impression,” he underscores.

According to UNESCO, and studies carried out by the Thomson Reuters Institute, the “doom and gloom” narrative can also make some people simply “turn off” and lose interest.

“[The dramatic angle] will get you the clicks. But one thing I say a lot these days is if clicks are the metric of success in environmental journalism, then, we’re kind of doomed because what you really want is to build an engaged back and forth with readers and with experts so that you as a medium, or journalist of a media company, become a kind of trusted guide,” Mr. Revkin highlights.

2. A climate change story goes beyond (the) climate

Part of getting away from the doom and gloom and inspiring that engagement with readers and science experts is to realize that climate change is not just “a story”, but the context in which so many other stories will unfold.

“If you start your day thinking about questions like ‘how do I reduce climate and energy risk?’, ‘how do I define it and help communities grapple with that?’ then it really changes everything. Because I could keep writing stories warning how global warming is [progressing] or how this is going to be the 4th hottest year in history, and that is part of what journalism does, but it doesn’t move us anywhere towards risk reduction,” Mr. Revkin argues.

He says that taking a more contextual approach can also create space for stories that might go unreported otherwise.

“It’s about creating a pathway for impact. Sometimes the output won’t be a story, but it could be a tool. For example, a [savings] calculator.”

As an example, the journalist cites an online calculator created by an American NGO called Rewiring America. By inputting a few personal details, individuals can learn how much money they may be eligible for under the Inflation Reduction Act (a recent Congressional legislation that reportedly sets up the largest investment in combating climate change in US history) by switching to cleaner energy options.

“Do you know as a person in Ohio, what the benefits of this new climate legislation will be for you? How easy could you transition your home to solar or think about getting an electric vehicle? And you know, what will be the benefits? That’s the kind of thing [it will show] and could be just as true anywhere in the world,” he highlights.

The calculator does not mention climate change on its website, but it motivates users to switch to cleaner energy because of the benefits they might get.

“In the case of developing countries, the most important new information to convey is about risk, environmental risk, flood risk and also energy opportunities. And this is very different from the way journalism operated when I was a lot younger,” Mr. Revkin explains.

Indeed, in a handbook for journalists, UNESCO states that contrary to popular belief, climate is an issue full of knock-on concerns that can sell newspapers and attract new audiences online, in print and on the airwaves;  journalists don’t really need to put ‘climate’ in their headlines to tell good climate change stories.

3. ‘Get local’ and think more about climate justice

The IPCC scientists have also recognized how “explicit” attention to equity and justice is important for both social acceptance and fair and effective legislation to respond to climate change.

By analysing local contexts and social factors, journalists can also create stories related to climate justice.

“Energy risk is not just about stopping fossil fuels if you are in a developing country that hasn’t contributed any greenhouse emissions at all, if you are living a life of 0.1 tons of CO2 per year in rural Rwanda… So, anyone who’s writing simplistic stories about fossil fuel use is missing [the point that] that energy vulnerability matters too,” Mr. Revkin says.

He also gives as an example the Durban floods and landslides in South Africa earlier this year that left nearly 450 dead and displaced some 40,000. A local geographer, Catherine Sutherland, studied the areas where people had drowned and where the worst damage had occurred.

“That problem [was about so much more than] climate. It was about vulnerability created by racial and poverty drivers. Where do you live when you have no money and no power? You live in the places where no one else will live because they know they’re going to get flooded. So that’s the story. That’s where the whole idea of climate justice comes from. It’s too simplistic to say it’s just about fossil fuels,” the journalist adds.

Mr. Revkin underscores that energy decisions and climate vulnerability are largely a function of local conditions, which means they are a “very important part of the story”.

“For example, the World Weather Attribution Project has been doing a rapid analysis of how much global warming contributed to the recent disaster in Pakistan. Journalists focused on climate change because it is important, but each of those reports also has a section on the other drivers of loss, like where and how people were settled, government policies related to how water damns are handled, and flood infrastructure that is too vulnerable.”

For the Columbia scholar, it is important to build a community of local journalists that has a “climate risk lens” in their reporting toolkit.

“Everyone will be better off because you’ll be able to navigate all these factors more effectively and potentially with more impact for your community,” he explains.

4. Build trust and engagement that can combat dis/misinformation

Early in the COVID-19 pandemic, journalists from The Atlantic realized that there was a flood of unreliable information online and so, with the help of some epidemiologists, they created a COVID-19 tracker which became a vital tool for people.

The Atlantic is best known for doing nice narrative articles about things… but to me, the COVID-19 tracker exemplifies this other possibility, and the same can be said for climate,” Mr. Revkin notes.

He mentions the work of geographer Stephen M. Strader, which examines the “expanding bulls-eye” of climate hazards.

“Every year there’s typhoons, hurricanes and cyclones…But when a cyclone hits the shore the losses are [based on] of how many people are there, how much stuff is there and how prepared they are for taking a hit.”

Mr. Revkin provides as an example the case of Bangladesh, which he deems a remarkable success story.

“When I was a kid they had horrific losses, hundreds of thousands of people killed because of flooding related to cyclones. And while every death is terrible, the [fatalities] are now measured in the dozens, and from the same kind of storm [or stronger]. So, there is a way in which you can actually not just tell people and policymakers how big the storm is, but tell them what the expanding bullseye is, and not just report on the climate part, but the losses driven by the [overall] landscape.”

According to Mr. Revkin, normalizing and creating a simple way to have a “risk formulation” in journalists’ stories would be a major tool to combat misinformation.

“You build trust, you build engagement, and you get around this idea of “it’s a hoax” because you’re talking about risk…There will always be ideological arguments around that, just like there are around vaccination, I have a close relative who never got vaccinated. I love him, you know, but I’m not going to change him with a story. So, then I have to think at the community level. What can I do?”.

For him, a good example is the Solutions Journalism movement, which investigates and explains how people are trying to solve widely shared problems.

“I think a lot of traditional reporters think of solutions journalism, and they think ‘oh you’re like selling happy talk’, but no. [Taking into account the] expanding bullseye, for example, we can inform communities about practices that can foster resilience where vulnerability is greatest. And it’s still society’s responsibility to grapple with that, but it just makes it easier for them to figure out what to do”.

For Mr. Revkin, climate change is a complex and multidimensional issue. Thinking of that, he realized when he worked for The NY Times that sometimes a blog could fit the issue better than a “classic front-page story”. In that spirit, he created Dot Earth, which ran from 2007 until 2016.

“Who will succeed [in journalism] is the one who is more like a mountain guide after an avalanche than a traditional stenographer. Meaning that you have people develop an understanding and trust in you as an honest broker, amid all this contention and you know, conflicting arguments, and follow along”.

He calls it “engagement journalism”, reporting that gets past “the headline approach” and that emerges from a dynamic conversation with the community.

“I’d like to see ways for the big media, such as BBC, to adopt or integrate and give voice to the community of local journalists more, instead of [them] having to own the story,” he emphasises.

Another way to create this conversation, he argues, is to move away from an advertising business model and into a more subscription-based one.

“A tool and a portal through which communities can identify more clearly the risks and solutions around them… You’re not buying a story. You’re buying a relationship with a guide you know. I think that’s …how I would love to see that mature, as a real viable model for journalism going forward in a changing climate.”

5. Be guided by science and embrace ’yes’

Mr. Revkin talks about a shifting relationship between journalism and scientists that he sees as positive.

“It used to be me with a microphone interviewing you the glacier expert. Increasingly, you’re seeing these examples of scientists coming into the newsroom and helping to build models whether it’s COVID or climate. I’m sure there are many outlets around the world that have started to do this, so that requires a whole new learning curve.” he explains.

The journalist underscored that looking back over the more than 30 years of his experience, the story of environmentalism was for decades framed by the word “stop” (stop polluting, stop fracking), but has now shifted into a call for activism and is framed by the word “start”.

“For example, in the United States, there’s now 370 billion to spend in 10 years on clean energy. But how does that happen after decades of ‘stop’? How do we have more transmission lines? How do we do that in a way that is just for people who tend to be the dumping ground for all our infrastructure? That’s the news story. It’s a ‘start’ story … a ‘yes’ story. It’s activism of ‘yes’ and it’s for journalists. It’s been too easy to write the scary stories”.

Indeed, UNESCO tells us that coverage of climate change means several things. At the local level, it can save lives, formulate plans, change policy and empower people to make informed choices. Through informed reporting, journalists can shine a light on the wealth of activities that people are already undertaking to prepare for climate change.

On an international level, journalism can also bring regional stories to global audiences and help encourage the rich and powerful countries, their citizens and the companies based there, to act in solidarity with climate-vulnerable communities.

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Trump’s Tariff Battles: The Global Fallout

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Baba Yunus Muhammad

Tariffs are a form of taxation on goods crossing national borders. While proponents argue that they can protect local industries by making imports more expensive, most economists view them as a blunt instrument that can harm both the target country and the domestic economy while also escalating trade conflicts. Here’s an overview of Trump’s latest tariff threats and their potential impact worldwide.

China: Retaliation and Countermeasures

During his campaign, Trump threatened a 60% tariff on Chinese goods, but the actual figure has been set at 10%. When combined with existing tariffs, this brings the average rate on Chinese imports to between 20% and 30%. Trump claims these measures are aimed at pressuring Beijing to crack down on the smuggling of fentanyl and its precursors into the US. However, analysts see broader economic motives at play.

With 14% of China’s exports directed to the US, the impact of Trump’s tariffs is somewhat limited. Many Chinese firms have already relocated parts of their supply chains to circumvent these barriers. Still, Beijing has responded forcefully by imposing 15% tariffs on US coal and liquefied natural gas, and 10% tariffs on crude oil, farm equipment, and large vehicles. Additionally, China has imposed export restrictions on critical materials such as tungsten and tellurium, which are vital for US industries.

Perhaps more consequentially, China has initiated an anti-trust investigation into Google, raising concerns that this could be the beginning of a broader crackdown on American tech firms operating in the country. The deepening divide between the world’s two largest economies could have long-term global repercussions.

Mexico: Short-Term Relief, Long-Term Uncertainty

With 83% of Mexico’s exports going to the US, the impact of tariffs would have been significant. However, a last-minute deal has paused the proposed tariffs for a month.

While the official justification for the tariffs was Mexico’s alleged cooperation with criminal organizations facilitating illegal immigration and fentanyl trafficking, critics argue that the real motivation is Trump’s opposition to trade deficits. Economist Paul Krugman has warned that measures designed to eliminate trade deficits could also deter foreign investment.

In response, Mexican President Claudia Sheinbaum dismissed Trump’s claims as baseless but agreed to deploy 10,000 troops to the border. The US, in turn, has pledged to curb the flow of high-powered weapons into Mexico. Despite this temporary resolution, business leaders worry about long-term instability, with Brian Winter, a Latin America expert, warning that companies may reassess Mexico’s role in North American supply chains.

Canada: Last-Minute Reprieve Amid Economic Anxiety

A temporary pause on tariffs against Canada was announced following urgent discussions between Trump and Prime Minister Justin Trudeau. Given that 77% of Canada’s exports go to the US, this was a crucial development.

The justification for targeting Canada—stemming the flow of fentanyl—was unconvincing, as only 19kg of the drug was seized at the US-Canada border last year compared to 9,600kg from Mexico. However, the vagueness of Trump’s objectives may actually work in his favor, allowing him to declare victory without a clear benchmark.

Canada had prepared retaliatory tariffs on $106 billion worth of US goods, primarily from Republican-leaning states. Meanwhile, a grassroots movement in Canada has emerged in response to Trump’s threats, with campaigns encouraging domestic purchases and branding pro-Trump figures as “Vichy Canadians.”

European Union: Preparing for Retaliation

Trump has vowed that new tariffs on the European Union will “definitely happen,” citing the US’s goods trade deficit with the bloc, which he claims exceeds $300 billion. However, official data from 2023 puts the deficit at approximately $160 billion. Furthermore, when services are included, the US actually runs a trade surplus of $107 billion with the EU.

In anticipation of Trump’s measures, the European Commission has devised a “carrot and stick” strategy—offering increased imports of US liquefied natural gas while preparing retaliatory tariffs on American goods. The outcome of these negotiations will be pivotal for transatlantic trade relations.

United Kingdom: A Balancing Act

While Trump has suggested that the UK might face tariffs, he also indicated that a resolution could be found, citing his positive relationship with Prime Minister Keir Starmer. For now, this uncertainty leaves Britain in a precarious position.

With 68% of the UK’s exports being services, which are not subject to tariffs, the immediate impact may be lower than for other countries. However, the UK’s trade relationship with the EU complicates matters. If Trump’s tariffs escalate into a full-scale trade war, Britain could be forced to choose between aligning with the US or the EU—its largest trading partner.

Conclusion: A Risky Game

Trump’s tariff threats have created economic uncertainty across multiple regions. While some countries have secured temporary relief, the long-term impact of these measures remains unclear. If trade tensions continue to escalate, the global economy could face significant disruptions, with repercussions extending far beyond the US and its trading partners.


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African Nations Target 300 Million New Power Connections by 2030

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In a bold initiative to address Africa’s persistent electricity deficit, several African nations have committed to opening up their energy sectors to attract investment and provide electricity to 300 million people by 2030. This effort, known as Mission 300, was launched in April by the World Bank and the African Development Bank (AfDB) and aims to mobilize at least $90 billion in funding from multilateral banks, development agencies, private investors, and philanthropies.

Bridging Africa’s Energy Gap

Africa remains the region with the highest number of people lacking access to electricity, a major hindrance to economic growth and development. To tackle this, Nigeria, Senegal, Zambia, and Tanzania, among other nations, have pledged to reform their electricity utilities, integrate more renewable energy, and increase national electrification targets. These commitments were made at an energy summit attended by African heads of state in Tanzania’s commercial capital.

Kevin Kariuki, Vice President for Infrastructure at the AfDB, emphasized the need for cost-effective expansion and rehabilitation of national electricity grids. “We want to expand and rehabilitate our electricity grids using the least cost possible,” Kariuki stated.

Financing the Mission

World Bank President Ajay Banga highlighted that the initiative’s success hinges on unlocking significant private sector investment. The World Bank plans to contribute $30-40 billion, while the AfDB will provide an additional $10-15 billion, with the remainder expected from private investors and other sources.

To encourage private sector participation, the World Bank will only disburse funds to countries that implement necessary regulatory and policy reforms. Historically, investors have been hesitant due to concerns over unfriendly regulations, bureaucratic delays, and currency risks.

Renewable Energy at the Core

Half of the planned new electricity connections will be through expanding national grids, while the other half will rely on renewable energy sources, including solar and wind-powered mini-grids. This approach aligns with Africa’s growing push toward sustainable energy solutions, reducing dependence on fossil fuels and enhancing energy resilience. Ajay Banga underscored the developmental significance of electrification, noting that access to power is a key enabler of economic growth, job creation, and poverty reduction.

Looking Ahead

As African nations embark on this ambitious journey, the success of Mission 300 will depend on effective implementation, transparent governance, and sustained investor confidence. If successful, this initiative could mark a turning point in Africa’s economic transformation, unlocking new opportunities for businesses and communities across the continent.

The coming years will be critical in determining whether these commitments translate into tangible results, providing millions of Africans with the electricity needed to power industries, businesses, and households.


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Pakistan’s Bold Gamble: Can it Build a Riba-Free Economy?

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Imagine a world where money doesn’t just grow—it heals. That’s the vision 2,000+ global leaders brought to life at the 8th World Islamic Economics and Finance Conference (WIEFC) with Islamic Finance Trends 2024 in Lahore this January. Forget stuffy lectures—this was a revolution. Pakistan, often overlooked in global finance debates, suddenly became the heartbeat of a $4.5 trillion ethical finance movement. From AI tools sniffing out hidden interest to ‘green Sukuk’ funding hurricane-proof homes, this conference didn’t just talk about change—it blueprinted it.

Why should you care? Whether you’re a student, investor, or just tired of Wall Street’s greed-first mindset, Islamic Finance Trends 2024 is reshaping how money works for everyone. Think climate action funded by ethical bonds, apps that calculate Zakat in seconds, and microloans lifting farmers out of poverty—without interest.

Stick around. We’re breaking down the conference’s biggest reveals, from Pakistan’s bold legal reforms to the tech tools making ethical finance as easy as ordering Uber Eats. Spoiler: This isn’t just about halal banking—it’s about building a financial system that doesn’t leave anyone behind.

Pakistan’s Legal Revolution—A Model for the World

Pakistan’s bold legislative reforms have turned heads globally. The 2022 Federal Shariat Court (FSC) ruling, which declared interest-based systems unconstitutional, set off a chain reaction. By 2024, the 26th Constitutional Amendment cemented this shift, mandating a full transition to Shariah-compliant finance by 2028. But what does this mean in practice?

  • Pakistan’s Islamic banking assets soared to 50 billion in 2024, up from 30 billion in 2022. This growth now represents 22% of the nation’s total banking sector, with projections hitting 35% by 2027. Analysts attribute this surge to regulatory incentives, including tax breaks for Shariah-compliant institutions and public awareness campaigns.
  • Globally, the Islamic finance industry expanded by 14% in 2023, driven by Sukuk issuances worth 250 billion a record high. Saudi Arabia’s12 billion sovereign Sukuk and Indonesia’s blockchain-based offerings contributed significantly.

Malaysia, a pioneer in Islamic finance with a $900 billion industry, recently signed a knowledge-sharing pact with Pakistan. “Their regulatory framework is a gold standard,” noted Bank Negara Malaysia’s governor, citing Malaysia’s dual banking system, which allows conventional and Islamic banks to operate side-by-side. Key features include:

  • Shariah Advisory Councils: Independent bodies that audit financial products.
  • Tax Neutrality: Equal tax treatment for Islamic and conventional instruments.

Saudi Arabia’s Vision 2030 has allocated $1.2 billion to develop fintech solutions compliant with Shariah principles. The Saudi Central Bank (SAMA) launched a sandbox in 2023, testing 40+ startups focused on digital Zakat platforms and AI-driven Murabaha contracts.

Dr. Hussain Qadri’s Vision: Beyond Compliance

In his keynote, Dr. Hussain Mohi-ud-Din Qadri warned against “checklist Islamization.” He argued:

“Replacing ‘interest’ with ‘profit’ in contracts isn’t enough. True Islamic finance must dismantle systems that perpetuate inequality.”

His speech highlighted Pakistan’s new Zakat-based social safety net, which redistributes 2.5% of assets annually to 8 million low-income families. The program uses biometric verification to prevent fraud, ensuring 98% of funds reach intended recipients.

Converting Pakistan’s $130 billion interest-based debt into Shariah-compliant instruments is a Herculean task. The solution? Asset-backed Sukuk—a financial instrument that ties returns to tangible assets like infrastructure or renewable energy. Unlike conventional bonds, Sukuk holders own a share of the asset, aligning with Islam’s prohibition of speculative risk.

In March 2024, Pakistan issued $2 billion in green Sukuk to fund wind farms in Sindh. The offering was oversubscribed by 300%, attracting investors from the UAE and Singapore. By 2025, these projects are expected to power 1.2 million homes and cut carbon emissions by 4.5 million tons annually. Key terms:

  • Tenure: 10 years.
  • Profit Rate: 7% annually, tied to energy sales.
  • Guarantor: International Finance Corporation (IFC).
  1. Nigeria: Lagos State’s $1.25 billion Sukuk funded the Lekki Deep Sea Port, creating 170,000 jobs. Investors receive profits from port operations, with returns averaging 9% since 2024.
  2. Indonesia: The world’s first blockchain Sukuk raised $500 million in 2024, with 60% of buyers under 35. Built on Ethereum, the platform allows real-time tracking of proceeds.
  3. Germany: Tesla’s Berlin Gigafactory secured €750 million via hybrid Sukuk, blending Islamic finance with ESG principles. Proceeds fund solar panel installations and worker housing.

In Punjab, a pilot project offers micro-Sukuk to small farmers. Instead of loans, investors receive a share of harvest profits. Early results:

  • 40% rise in crop yields due to better equipment access.
  • Default rates below 2%, compared to 15% for traditional microloans.
  • Farmers like Ali Raza, 42, report higher incomes: “I used to pay 20% interest. Now, I share 10% of my wheat profits—it’s fairer.”

Education Crisis—Building the Next Generation of Experts

The Islamic finance talent gap is staggering. With 1.9 billion Muslims worldwide, the industry needs 1 million new professionals by 2030—but current graduation rates meet only 30% of demand.

Since 2006, Kuala Lumpur’s International Centre for Education in Islamic Finance (INCEIF) has trained 25,000 professionals across 100 countries. Its secret? A curriculum blending Shariah, finance, and tech. Courses include:

  1. Fintech Ethics: Balancing AI with Shariah principles.
  2. Climate Finance: Structuring green Sukuk.
  3. Pakistan’s new National Islamic Finance Development Fund (NIFDF) aims to replicate this, targeting 10,000 graduates by 2030. The fund partners with 15 universities to offer scholarships and internships.
  • Egypt’s NowPay: This AI platform offers “halal investing” tutorials to 500,000 users monthly. Interactive modules simulate real-world scenarios, like screening stocks for Shariah compliance.
  • Saudi Arabia’s Hala: A robo-advisor that screens 10,000+ stocks in real-time using algorithms vetted by scholars. Users grew by 300% in 2024.

A 24-year-old graduate of Lahore’s Islamic Finance Academy, Rahman now designs Sukuk for a Dubai-based bank. “My internship at Malaysia’s CIMB Islamic changed everything,” she says. “We need more cross-border programs.” Rahman’s team recently structured a $500 million Sukuk for a Saudi solar project, integrating ESG metrics.

Ethical Finance Goes Global—Unexpected Adoption

Islamic finance is no longer confined to Muslim-majority nations. From London to Tokyo, ethical banking is resonating with ESG-focused millennials.

Launched in 2024, Britain’s first fully Shariah-compliant pension fund attracted £300 million in six months. “Even non-Muslims are opting in,” says fund manager Amina Khan. The fund excludes companies with debt-to-asset ratios above 33%, aligning with Shariah’s risk-sharing ethos. Top holdings include Unilever and Nestlé, both screened for ethical supply chains.

Goldman Sachs’ Islamic ESG ETF saw $1.2 billion in inflows in Q1 2024, outperforming conventional funds by 8%. The ETF uses a dual screening process:

  1. Shariah Compliance: No alcohol, gambling, or interest-based income.
  2. ESG Metrics: Companies must score B+ or higher on climate audits.

Toyota’s $500 million Sukuk funded a hydrogen-powered vehicle plant in Osaka. Meanwhile, 40% of Japanese homebuyers now consider “ethical financing” a priority—up from 12% in 2020. Firms like Japan Islamic Finance Consultancy (JIFC) facilitate Musharaka (partnership) agreements, where banks and buyers co-own properties.

Pakistan’s 2028 Roadmap—Bold or Overambitious?

Dr. Qadri’s WIEFC address laid out a three-pillar strategy:

  1. National Islamic Finance Development Fund:
    • $200 million pool with 30% reserved for women-led startups.
    • First project: A blockchain Zakat platform to track donations from source to beneficiary. Pilot launches in Karachi in 2025.
  2. Regulatory Sandbox:
    • Testing AI Shariah auditors that scan contracts in seconds. The AI cross-references 50+ scholarly opinions to flag non-compliant terms.
    • Pilot with Karachi’s Stock Exchange begins Q3 2025.
  3. Rural Inclusion:
    • 15 million unbanked Pakistanis to gain mobile Islamic banking access by 2027.
    • Partnering with China’s Alipay to deploy 10,000 agent networks in villages. Agents earn commissions for onboarding users.
  • Skeptics: “Egypt took 15 years; Pakistan’s 2028 deadline is reckless,” argues Cairo-based economist Dr. Farid. He cites Egypt’s 2004-2019 transition, which required rewriting 120+ laws.
  • Supporters: “Iran eliminated interest in 18 months post-1983,” counters Dr. Qadri. The Central Bank of Iran replaced interest with “expected profit rates,” though critics argue this is semantics.

Climate Action—The Unlikely Role of Islamic Finance

A surprise WIEFC theme was climate change. With 63% of Sukuk funding green projects, ethical finance is becoming a climate ally.

In March 2024, the UAE’s $1.5 billion green Sukuk for Dubai’s Mohammed bin Rashid Solar Park sold out in 3 hours. The project will offset 6.5 million tons of CO2 yearly—equivalent to taking 1.4 million cars off roads. Investors include BlackRock and Norway’s sovereign wealth fund.

After 2022’s catastrophic floods, Pakistan launched Qard al-Hasan (benevolent loans) for rebuilding. Features:

  1. 0% interest, 5-year repayment grace period.
  2. 200,000 homes rebuilt by 2024, using climate-resilient designs like raised foundations and bamboo frames.

Technology—A Double-Edged Sword

As AI reshapes finance, WIEFC speakers debated: Can algorithms uphold Shariah ethics?

  • Bahrain’s Rain: A crypto exchange screening tokens for Shariah compliance. Rain’s scholars reject tokens linked to gambling or excessive debt.
  • Pakistan’s Nayapay: Mobile app offering AI-driven Zakat calculations to 2 million users. The app scans bank statements and suggests donations based on income and assets.

Dr. Kamarul Zaman Yusoff warned:

“Technology can’t replace scholars. An AI might miss the maqasid (higher purpose) of a transaction.” He cited a 2024 case where an AI approved a contract with hidden interest (Riba), later overturned by scholars.

Lagos State Governor Babajide Sanwo-Olu:

“Our Sukuk-funded port proves Islamic finance can drive development without debt traps. We’re replicating this model for schools and hospitals.”

France’s Ethical Banking Experiment

Société Générale’s Paris branch now offers Shariah-compliant mortgages. Client Marie Dupont:

“I’m not Muslim, but I prefer their transparent pricing. No hidden fees—just a fixed profit rate.”

Finance Minister of Indonesia Sri Mulyani Indrawati:

“Young investors want tech and ethics. Blockchain Sukuk delivers both. Our next step? Tokenizing Waqf (endowment) assets.”

The WIEFC 2025 made one truth undeniable: Ethical finance isn’t a niche—it’s the future. As Dr. Qadri concluded:

“Profit and piety can coexist. Our task is to build systems that honor both.”

What began in Pakistan’s flood-ravaged villages with interest-free Qard al-Hasan loans now echoes on Wall Street through Goldman Sachs’ billion-dollar Islamic ETFs. Islamic Finance Trends 2024 aren’t just reshaping markets—they’re rewriting the rules of ethical wealth. From Saudi Arabia’s $12 billion green Sukuk funding solar megaprojects to Indonesia’s blockchain-powered bonds attracting Gen Z investors, this year has proven one truth: money can uplift communities and portfolios when guided by conscience.

Pakistan’s bold legal reforms—eliminating Riba by 2028—show how nations can balance faith and finance. Malaysia’s education hubs and Nigeria’s Sukuk-funded ports prove this isn’t a niche movement. Even skeptics can’t ignore the numbers: a $4.5 trillion industry growing 14% annually, 63% of Sukuk funding climate projects, and apps like Egypt’s NowPay making halal investing as easy as TikTok.

But the real win? Islamic finance’s DNA—zero interest, shared risk, and ESG alignment—is pushing all finance toward fairness. Whether you’re a farmer in Punjab accessing micro-Sukuk or a Tokyo salaryman choosing ethical mortgages, 2024’s trends offer a roadmap: profit doesn’t have to come at humanity’s expense.

Courtesy: Halal Times


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