Newsweek - National News, World News, Health, Technology, Entertainment and more... | Newsweek.com

Why It Matters

RSS
SPONSORED BY

Authors

Christopher Dickey

Christian Caryl

Melinda Liu

Stryker McGuire

Owen Matthews

Categories





Links

Featured Postings

How (Not) to Deal with the Somali Pirates

10:30 AM, November 26, 2008 | Comments (61)
By Barrett Sheridan Last week, the world cheered a little when an Indian warship said it had encountered a Somali pirate “mother ship” in the Gulf of Aden and, after being fired upon, blew it to smithereens . International shippers needed a reason to...

Fear and Loathing in Moscow

10:39 AM, October 24, 2008 | Comments (12)

'Holy Ignorance,' a French View

6:01 PM, October 17, 2008 | Comments (0)

Archives

See All from November
Previous
November 2007
Next
Sun Mon Tue Wed Thu Fri Sat
    123
45678910
11121314151617
18192021222324
252627282930 
       
Full Post
Posted Thursday, November 15, 2007 10:10 AM

The Kingdom and the Power

Stryker McGuire
We hear a lot about religions in conflict these days. Here's another side of the story, from Jenna Crombie in Newsweek's London bureau:


The riches of religion are centuries old -- and so too are the moral dilemmas faced by those entrusted with that wealth. Pursuing profits instead of piety sits uneasily with the faithful, and yet religious organizations must invest wisely to protect their assets and invest for future generations of followers. Today and tomorrow representatives from faiths around the world, whose liquid assets add up to over $135 billion, are meeting in Paris to discuss how to exert their financial clout. It's the first major conference held by 3iG, also known as the International Interfaith Investment Group. Attendees come from diverse religious backgrounds but are united in their quest to harmonize their consciences with the bottom line. "Religion is not about short-term gains at long-term expense," explains Rabbi Mark Goldsmith, a member of the 3iG executive committee.  

The topics up for discussion at the conference signify to the financial world a shift in investment strategy. Religious groups are dissatisfied with the existing policy of negative screening that has been used by banks and asset managers to dictate where (or where not) to invest. In today’s world, with increasing environmental and social dangers, simply avoiding certain companies or products is no longer considered sufficient. 3iG members are now focused on becoming more proactive, moving toward actively seeking out more positive investments, such as the Global Solidarity Fund, an initiative that saw the Church of Sweden together with the Anglican Diocese of Niassa in Mozambique purchase 46,000 hectares of Mozambiquen forest and embark upon a 20-year process of reforestation and green management.

3iG may be in its infancy, but the possible impact of such a wealthy and innovative organization on the financial world could be huge. By joining together in a show of international and multifaith solidarity, and becoming aware of their combined economic strength, religious groups could have real influence, says Joost Douma, the Secretary General of 3iG. "We’re talking about trillions [of dollars] that could be shifted towards these positive investments," he says. More than that, says Rabbi Goldsmith, if every religion could help shape the way in which the faithful manage their assets, "you [would] have a global movement for change," he says. "That’s the endgame."

Advertisement
You must be a registered user to comment.  Click here to register.  Already a user?  Click here to login.

Member Comments

No Comments