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Friday, September 07, 2007

Usury 3 - Renewable Energies

Just back from the Arab-Asian Financial Forum. The Forum is about Islamic Banking and financing, held in the lovely Palace of the Golden Horses in Kuala Lumpur, Malaysia. This year, there is special mention on environmental technologies and renewable energies, which was quite a surprised given that most of the Arab nations are major oil producing countries. Just a year ago at the same conference, renewable energy investments were objected explicitly.
. The Palace

I was there to talk about providing clean drinking water for the rural folks in the region and also to convert domestic waste to electricity. While most of us take clean drinking water for granted, there are some in the neighbouring countries that are not as lucky. In fact, every ten seconds, about two persons die because of consuming unclean water somewhere in the world.

Two local residents of a Sumatran landfill site
Environmental technologies go on very well with the objectives of Islamic Banking - which is to finance projects that are beneficial to both investor and investees, and not for profit maximisation. In Islamic Banking, both the investor and investee share the business risks together - and in the case of environmental technologies, they go beyond benefiting the investor-investee to include also the community, the animal kingdom and plant life.

For more of my travel pixs of the palace, click here.




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