"The House of Islam is on fire. Anger and hate are fanning the flames. We must act before it suffocates us." British author Ed Husain's new book on the gulf between Islam and the West ends with a call for unity taken from a 2014 Muslim thought leaders' conference in Abu Dhabi.
Hosted by Mauritanian Sheikh Abdullah bin Bayyah, who resides in the UAE, the conference was called "Promoting Peace in Muslim Societies" and it brought together Islamic scholars from around the world. The meeting in the UAE and bin Bayyah's message resonated with Husain, a self-professed former radical who wrote a bestselling book about his experiences (The Islamist) and co-founded the Quilliam Foundation, a counter-extremism think tank.
In his latest offering The House of Islam: A Global History, Husain goes right the way back to Islam's beginnings in the Middle East, to show how the compassionate and liberal teachings of the Quran have been distorted by what he calls "Salafi-Jihadists".
The threads that overlap Muslim and western history
"What I wanted to show was that Islam is a 1,500-year-old tradition in which there is compassion, kindness, divinity, art and a veneration of beauty of all forms," Husain, 43, tells The National. "And what this rich civilisation has been reduced to in the West and in the press is only about immigration, extremism and terrorism. That's not who we are."
Husain hopes that the book will be read by a general audience. “There are lots of threads that overlap between Muslim history and western history, Muslim present and western present. Sharia isn’t something that’s threatening and punishing people, but that calls to natural law. In China we would have real difficulties as Muslims because you can’t believe in God, you can’t worship freely. Here in the West we can.”
So why is there so much friction in the West between the Muslim and non-Muslim population? “Some of it is to do with extremists. But some of it is to do with activists who portray Muslims as dark Turks that have come to occupy Europe.”
An EU in the Middle East?
Husain, who says he sees a future in which the current state of tensions gets worse before it gets better, believes the Islamic world must do three things to heal its internal tensions, as well as its friction with the West. Firstly, “the arsonist” who has set the House of Islam on fire must be expelled, meaning more regional governments should actively seek, identify and quarantine extremists.
Additionally, he argues, a Middle East body akin to the European Union must be formed, with the third step being setting up a "Marshall Plan" programme, which would redistribute some of the wealth across the region.
Some might argue that Husain is bordering on ridiculous to suggest creating an EU in the Middle East at a time when the trading bloc looks more fragile than ever. But for Husain, the EU project has offered “peace and stability” in a continent that was at the epicentre of two world wars.
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“Maybe for the United Kingdom the EU is not the right forum and I respect the democratic outcome of the referendum,” he reasons. “But the UK is already a union – Scotland, Northern Ireland, Wales, England.”
It must be acknowledged that organisations including the Arab League and GCC exist here, but is the creation of a wider union of Middle East countries a realistic proposal? Husain thinks it is and takes inspiration for such a union from the founder of the UAE, Sheikh Zayed. “He saw the Middle East as having a common history, a common trading area, a common security zone.”
The West should support a regional union, which, Husain believes, would offer a solution to the migration crisis caused by ongoing conflict and poverty. “We should respect the nation state but we shouldn’t ignore that there is an impulse for regional unity. By supporting that I think it puts us on the side of the wind in the sail of the region rather than be seen as the colonial ‘divide and rule’ people from the last century.”
Ed Husain’s House of Islam: A Global History is on sale now
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
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- Spaces for historical and cultural exploration
- An elevated football field that doubles as a helipad
- Specialist robotics and science laboratories
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- Disruption Lab and Research Centre for developing entrepreneurial skills
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UN Panel of Experts found regime secretly sold a fifth of the country's gold reserves.
The panel’s 2017 report followed a trail to West Africa where large sums of cash and gold were hidden by Abdullah Al Senussi, Qaddafi’s former intelligence chief, in 2011.
Cases filled with cash that was said to amount to $560m in 100 dollar notes, that was kept by a group of Libyans in Ouagadougou, Burkina Faso.
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Group G: Manchester City, Wydad, Al Ain, Juventus.
Group H: Real Madrid, Al Hilal, Pachuca, Salzburg.
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
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