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Islamic finance in the aftermath of global crisis

Posted in Business on May 11th, 2009 by iip – 1 Comment

Islamic finance has an enduring appeal aftermath of a global financial crisis, says Muhammad Al-Jasser, governor of Saudi Arabian Monetary Agency (SAMA) at the Sixth Annual Summit of the Islamic Financial Services Board (IFSB) in Singapore last week. The summit was attended by more than 250 Islamic financial services industry stakeholders from across the world.

His comment seems parallel with the speakers said at World Islamic Economic Forum (WIEF) held in Jakarta early this year. I noted that experts and practitioners of Islamic finance still have optimistic perspective on the development of Islamic finance industries, although the world’s struggle on global financial crisis is on the way.

More countries are affected by global financial crisis, including countries that addressing both conventional finance and Islamic finance. Currently, some countries are paying more attentions to Islamic finance and let the institutions grow.In response of global financial crisis, is there any need to revitalize Islamic financial services industry in the middle of reformation of global financial architecture?

Global Green New Deal

Posted in Earth on April 3rd, 2009 by iip – Be the first to comment

In fighting of global economic recession, a greening of fiscal stimulus packages should be considered. I think this is an important massage for the leaders of most powerful economic gathering in The London Summit 2009.

I notice recent policy brief of UNEP called Global Green New Deal (GGND). The proposal says that fiscal stimulus should prioritize energy efficient buildings and investments in sustainable transport and renewable energy. In the meantime, developing countries should prioritize investment in agricultural productivity measures, freshwater management, and sanitation, as these have demonstrable and exceptional social returns.

Affordable food

Posted in Energy on September 29th, 2008 by iip – 1 Comment

I agree with argument on the development of biofuel threatening Indonesia food security. It happen mainly through land conversion. In the next decades, biofuel crops will dominate agricultural land and decreasing forest land.

Today I read a 2006 publication on agricultural land conversion. It says that the accelerating rate of conversion of agricultural lands in mainly caused by very low incentives to work in agriculture compared to industrial and service sectors. I try to link it with biofuel development.

Commodity price is significant factor in all agricultural bussines. Increasing demand of biofuel lead to the higher price. Thus, farmers will change their commodity to biofuel crops. Biofuel crops seems attractive, but we need to consider about its economic scale. In which land the biofuel crops plantation will economically feasible?

Biofuel crops plantation may feasible in outside java. Oil palm plantations show obvious evidence. Some publications also show about the environmental impacts of oil palm plantation expansion.

And, talking about food security it’s not about land an sich. Food could be physically available, but how about the price? We must make sure that we have good food with affordable price. ~