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October 05, 2007 | Jim Lane | Comments 0

$294 million Islamic green investment fund launches; will invest in biofuels, eco-friendly projects

In Malaysia, AmanahRaya Investment Bank and Asian Finance Bank announced a $294 million Islamic green fund that will invest in biofuel ventures in Malaysia, among other eco-friendly projects that are that are compliant with Islamic law.

Last month, the Malaysian government  delayed implementation of the Malaysian Biofuel Industry Act, better known as EnvoDiesel, due to high palm oil prices that make biodiesel production less profitable. Malaysian officials say that palm oil prices are too high at RM 2700 ($770) per tonne for EnvoDiesel to go forward at this time. The Plantation Industries and Commodities Minister said that the government would move forward to set an implementation date if palm oil prices were to fall below RM 2000 ($572) .

Among other Malaysian biofuel investments, Malaysia’s Federal Land Development Authority (Felda) acquired US-based Twin Rivers Technologies last monh for $68.9 million. Felda intends the acquisition as a platform for increasing market share in the North America vegetable oil and biodiesel market.

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Filed Under: International • Stock & Financial Outlook

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