Friday, 5 October 2018 | By Anastasia Santoreneos | www.moneymanagement.com.au
The list of superannuation funds divesting from tobacco continues to grow, with Crescent
Wealth pledging against tobacco investments at the UN General Assembly last week, in line
with their Islamic-compliant investment approach.
The Islamic superannuation fund also urged global investment firms to adopt a higher tobacco-
free standard: to not invest in companies that help distribute tobacco to customers.
“This is one of the reasons that Crescent Wealth does not invest in Woolworths and Coles,
which also sells tobacco through its supermarkets and alcohol retail chain,” said director, Hilal
“Those companies that transport, showcase and then sell tobacco, rather than just produce or
manufacture it, are arguably just as responsible for the negative outcomes in our society.”
Yassine said firms needed to take a more holistic approach to divestment if the “scourge of
tobacco” is to be rooted out, and perhaps invest in healthcare, property and infrastructure,
utilities and innovative industries instead.
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Talal currently serves as a Non-Executive Director on the Whitlam Institute and Western Sydney University Foundation Council Board. He also serves as Chairman of First Quay Capital and Chairman of the Australian Arab Dialogue. Talal has also served on the Australia Post, Board of Sydney Ports, Macquarie University and the Western Sydney Area Health Service and the Chairman of the Department of Foreign Affairs and Trade; Council of Australia Arab Relations. In an executive capacity, Talal spent 10 years at PwC as a director and strategist, and at investment firm Babcock & Brown in the Corporate Finance Group and later in the Technical Real Estate Division. Later Talal held leadership positions in Better Place Australia, Platinum Hearing and Star Transport Australia.