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 Yassine.
“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.