Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Information Minister in Pakistani-administered Kashmir: Five civilians killed and at least 29 others injured in shelling across the border with India
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: So he [Trump] decided to cut off contact. That might still change, but that’s the situation right now
Israeli Army Radio's diplomatic correspondent quoted a senior Israeli official as saying: Trump’s circle told him [Dermer] that Netanyahu was manipulating him, and there’s nothing Trump hates more than being portrayed as someone being played
Senior Palestinian official to Al Mayadeen: Meetings between the Israelis, Egyptians, and Qataris are all centered around the Israeli proposal, which does not guarantee an end to the war [on Gaza]
Senior Palestinian official to Al Mayadeen: “Israel” is threatening to expand the ground offensive if Hamas rejects the proposal
Senior Palestinian official to Al Mayadeen: Hamas rejects the Israeli proposal, viewing it as failing to guarantee an end to the war
Senior Palestinian official to Al Mayadeen: “Israel” is sticking to its proposal, and insists there is no alternative offer on the table for negotiation
Senior Palestinian official to Al Mayadeen: The meetings between the Israelis and the Egyptians and Qataris all revolve around the Israeli proposal
The administration was clearly looking for an off-ramp for this campaign against Ansar Allah, NBC News reports, citing US official
Trump's operation against Ansar Allah cost more than $1 billion, NBC News reports, citing US official

Divesting from Genocide!

  • Marion Kawas Marion Kawas
  • Source: Al Mayadeen English
  • 20 Aug 2024 16:05
  • 2 Shares
4 Min Read

Canadian activists celebrate small victories in the fight against funding Israeli war crimes, as Scotiabank gradually reduces investments in arms manufacturer Elbit Systems and the Jewish National Fund loses its charity status.

  • x
  • Divesting from Genocide!
    Divesting from Genocide! Designed by: (Al Mayadeen English/Zeinab al-Hajj)

As the genocide in Gaza continues relentlessly and images of unimaginable horror and sorrow fill our social media daily, it is important to reflect on the recent small victories emerging from Canadian institutional and political quarters.

First, there was the announcement that the Canadian government was officially revoking the charity status of the Jewish National Fund (JNF). Earlier this week, it was revealed that Scotiabank further reduced its investment in Israeli arms company Elbit Systems.

Canada Palestine Association in Vancouver posted the following statement on August 15:

“On June 3, 2023 Vancouver activists held a march and flash action at Scotiabank headquarters, to help launch a national campaign to demand that Scotiabank divest from the Israeli arms maker Elbit Systems. 

Since then, Scotiabank’s asset fund has reduced its half a billion dollar investment in Elbit 3 times, but still owns 1.44% of Elbit shares (worth approx. $113 million). Many groups and individuals have been part of the campaign to say #ShameonScotiabank for funding Israeli genocide; it is this collective pressure that produced results. A special shoutout to allies in the artists and writers community who embraced this issue, and helped increase the visibility of the campaign in new and creative ways.

However, although Scotiabank is no longer the largest foreign investor in Elbit, it is still one of the “top ten”. Any funding of genocide is too much. We will not rest until Scotiabank divests completely from Israeli war crimes.”

In fact, over the last three fiscal quarters, Scotiabank’s asset fund has progressively reduced its investment in Elbit Systems. This gradual ‘incremental divestment’ is less dramatic than a complete withdrawal of funding at once and allows the bank to argue that the decision was based on ‘investment merit’.

Related News

Why the Israelis cannot win in Gaza or Yemen

Trump 2.0: One hundred days of institutionalizing injustice

But activists are not buying it. In fact, Elbit Systems says its revenues have actually increased over the last year. What arms company doesn’t do well during a genocide? However, Scotiabank may be paying a bigger price on the homefront in huge negative publicity and lost credibility, which is also a factor in doing business.

Canadian Press reported on August 14: “Elbit noted in its most recent results that it had a 12 percent increase in revenue compared with a year earlier as it saw high demand for its products, including ‘material increased demand’ from the Israel Ministry of Defense.”

But the cost of slipping trust and reputation - crucial for a financial institution - weighed heavier than Elbit’s increased profits. The campaign demanding that Scotiabank stop funding Israeli genocide has reached new popular heights. The combination of a big bank in alliance with an arms company ruthlessly making money by eradicating a whole civilian population in Gaza is not good publicity.

And activists in Canada, from coast to coast, took up the issue. Pickets, flash actions inside, multiple petitions, and as noted already, the added spotlight brought to various artistic and literary events funded by Scotiabank. Allies in the arts community were pivotal in this campaign, targeting the Scotiabank Giller Prize and disrupting its live awards ceremony, as well as the Hot Docs Festival.

Toronto writers against the war on Gaza said in comments on Scotiabank’s latest piece-meal divestment: “Artists have drawn a red line for our cultural institutions. Our power as culture workers lies not only in what we create but in the collective power we exercise toward Palestinian liberation. The time is past for pins and public statements as the end point of our resistance. This win was achieved through the withdrawal of labor, through direct action, and through organizing.”

Their comments concluded with this: “That’s why we aren’t settling for partial divestments, or keeping our sights on Scotiabank alone. As artists, we reject the lie that arts funding must be entangled with investments in   Palestinian death. Our target is any organization enabling the Zionist entity’s occupation of Palestine.”

Such spirit and commitment, backed with grassroots popular support even in Western countries, will amplify the growing challenges and opposition to Zionism and its project, and its industries of death and destruction like Elbit.

Palestine will indeed be free and when that day comes, Palestinians will remember all those who stood with them in their darkest moments; at the same time, they will also remember all those who were complicit in their genocide and betrayed them.

The opinions mentioned in this article do not necessarily reflect the opinion of Al mayadeen, but rather express the opinion of its writer exclusively.
  • Gaza Strip
  • Palestine
  • Canada
  • Elbit Systems
  • Scotiabank
  • Jewish National Fund
Marion Kawas

Marion Kawas

Writer; Member of Canada Palestine Association; Former Cohost of Voice of Palestine, Canada.

Most Read

All
Throughout Operation Prosperity Guardian, current and former US military and intelligence officials expressed disquiet at the enormous “cost offset” involved in battling Ansar Allah. (Al Mayadeen English; Illustrated by Zeinab El-Hajj)

Ansar Allah triumphant: US facing Red Sea defeat again

  • Opinion
  • 3 May 2025
While Salams is intended to be for Muslims seeking marriage, the other companies owned by Match Group are seen as encouraging casual relationships like OK Cupid and Tinder. (Al Mayadeen English; Illustrated by Zeinab el-Hajj)

Selling Muslim marriage app Salams to the Zionist pornography complex

  • Opinion
  • 27 Apr 2025
"Israel" appears to be the only place in the world where there are actual demonstrations defending rapists as national heroes precisely because of their crimes. (Al Mayadeen English; Illustrated by Batoul Chamas)

'Israeli pride' - Celebrating rape in the Zionist entity

  • Opinion
  • 4 May 2025
Why the Israelis cannot win in Gaza or Yemen

Why the Israelis cannot win in Gaza or Yemen

  • Opinion
  • 7 May 2025

Coverage

All
The Ummah's Martyrs

More from this writer

All
Why I hate Zionism and its backers more than ever!

Why I hate Zionism and its backers more than ever!

We will never stop advocating for Palestine!

We will never stop advocating for Palestine!

No one indigenous to a beloved land, no matter what state of “development” it was in, would ever label their home as “a crappy piece of land”. (Al Mayadeen English; Illustrated by A. Makki)

The demise of Zionist Settler Colonialism

Why I hate Zionism… and so should you!

Why I hate Zionism… and so should you!

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS