Head of the Dawoodi Bohra subsect of Islam Dr Snyedna Mohammad Burhanuddin (2-R) is carried by followers after offering prayers in Ahmedabad. The Dawoodi Bohra's are a subsect of Ismaeli Shia Islam who are based in India.
Head of the Dawoodi Bohra subsect of Islam Dr Snyedna Mohammad Burhanuddin (2-R) is carried by followers after offering prayers in Ahmedabad. The Dawoodi Bohra's are a subsect of Ismaeli Shia Islam who are based in India.
Head of the Dawoodi Bohra subsect of Islam Dr Snyedna Mohammad Burhanuddin (2-R) is carried by followers after offering prayers in Ahmedabad. The Dawoodi Bohra's are a subsect of Ismaeli Shia Islam who are based in India.
Head of the Dawoodi Bohra subsect of Islam Dr Snyedna Mohammad Burhanuddin (2-R) is carried by followers after offering prayers in Ahmedabad. The Dawoodi Bohra's are a subsect of Ismaeli Shia Islam wh

Mumbai Muslims give chaotic city centre a $300m makeover


  • English
  • Arabic

When you enter Badri Mahal, the nerve centre of the Dawoodi Bohra Muslims, you leave the chaos of Mumbai's streets for an oasis of order and calm discipline. Community officials, bearded and identically dressed in white tunics and gold-embroidered caps, breeze up and down immaculate wood-panelled corridors, organising bar-coded ID cards for each of the 1 million community members, finding new coffee-growing methods for impoverished Yemeni Bohras, or seeking ways to encourage the community to emigrate to New Zealand. Each has undergone 11 years of specialised training combining administrative and religious elements. The atmosphere is like that of a government department, but not one in India. A closer comparison is perhaps the Vatican. But in the next month, the community's 97-year-old spiritual leader, Syedna Mohammed Burhanuddin, will take his organisation, the Dawat-e-Hadiyah, to another level. The trust is becoming one of Mumbai's biggest property developers. The community will soon award Mumbai's SMB Architects the contract to design a new US$300 million (Dh1.1 billion) city for the Bohras in the teeming commercial heart of old Mumbai. The aim is to have the project finished in time for Syedna's 100th birthday in 2011. They have the money. Unlike other Muslims who give to various charities, Bohras give most of their alms directly to the Syedna, bringing him an annual income which runs into hundreds of millions of dollars. A charitable trust is buying all 270 buildings in Bhendi Bazaar, a 7.2 hectare part of South Mumbai's Muslim heartland. Once they are demolished, its 25,000 inhabitants, 80 per cent of whom are Bohras, will be rehoused in 20 gleaming modern towers. "The importance of this project is that what the head of the community is doing isn't redevelopment, it's upliftment," says Juzer Shakir, the head of the community's legal department. "The social standing, the spiritual standing, everything has to be uplifted by this development. "We have been speaking to the government offices and even they have been saying that this is going to be the only project of its kind in the whole of India." Gulam Zia, the director at the property consultancy Knight Frank, agrees: "It's very ambitious. There are huge challenges in it. It's not the sort of development project which a commercial developer would want to go into." In a country where redevelopment projects are plagued by protests, Mr Shakir's team has already made extraordinary progress. Since the charitable trust was set up in January, they have already bought 65 of the 250 buildings and have held meetings on the scheme with Sonia Gandhi, the Congress Party leader, and Manmohan Singh, the Indian prime minister, as well as the Mumbai Municipality. "Sonia Gandhi was very positive," Mr Shakir says. "This isn't something that we are doing for ourselves. His holiness's vision is very clear. He wants to do it for his community and he wants to do it for India at large." Last month, Mr Shakir spent a week in London ironing out details of the scheme with other Bohras. This is not unusual for such an international community. He speaks with a slight American accent and, like his leader, he has a house in Notting Hill. Once the land is bought and the architect's plans are ready, the tender for the builder will be put out internationally, Mr Shakir says. On the narrow streets of Bhendi Bazaar, adjacent to the marble tomb of Taher Saiffuddin, the Syedna's father, it is clear how the Bohras' respect for their religious leader helps to make such an ambitious project feasible. The 20 planned towers will never be able to provide ground-floor, street-facing premises for all of the thousands of tiny shops and merchants who cram Bhendi Bazaar's streets today. But that does not matter to Ibrahim, 21, who is manning the family travel shop. "This will give us something to come together and that's more important than a shop. Everybody's going to be together. It's going to be a whole city." Even Muslims who are not Bohras see the scheme as positive. "It's good for the future, I think, because they want to build a new community," says Farhan Sheikh, who runs a mobile phone shop on the edge of the bazaar. "I don't think anybody's against that, because they are receiving good money for their places. They're offering double the amount." The razing of one of Mumbai's most historic areas has brought no visible opposition. The preliminary design circling Badri Mahal looks more like Dubai than Mumbai. Each tower will have two levels of underground parking, a ground-floor commercial zone, a first-floor recreation zone, with gym and swimming pool, and between five and 18 floors of residential apartments. Each family will be given an apartment of at least 350 square feet, even though many Bhendi Bazaar residents today are packed into 150 sq ft rooms. Roads will be 18 metres wide and 50 per cent of the area will be open space. Not all Bohras are convinced that the redevelopment can be completed by the deadline. Sheikh Abdi Ali, who runs a stall outside the tomb, said he did not think it could even be done in 20 years. But the record of the Dawat-e-Hadiyah is certainly impressive. Muslims are on average poorer, less literate, less likely to be employed and less healthy than the average Indian. The Bohras, perhaps because they are mostly converts from Hindu merchant castes, have one of India's wealthiest communities. The Syedna argues that a self-made businessman or industrialist is in a better position than someone in "service". But Bohras support each other more than other Muslims, who are much more divided than outsiders might suppose. The launch of a Sharia-compliant mutual fund in March illustrated how divisions in the Muslim community can spill over into finance. The Taurus Mutual Fund raised less than $1m, and half of that came from non-Muslims, leaving Waqar Naqvi, the chief executive, sceptical over whether there is a genuine demand for Sharia-compliant funds in India. Those Muslims who want to enter the market have already put their scruples about interest aside, he believes, whereas as those who do not will not be convinced by a Sharia fund. Compare this with the Bohras, who launched a business counselling centre in Mumbai in 2007. The centre's chief executive, Zoeb Nuruddin, says he helps more than 400 businessmen a year, giving advice and arranging interest-free loans of between 40,000 Indian rupees (Dh3,072) and 2m rupees. "If some Bohras are getting something outside, then they can realise they can get it from within our community also," he says. "If you are a buyer and you can get your stuff at a reasonable price from a Bohra, you get it from them because it's good for the community." For the people of Bhendi Bazaar, that could soon extend to their brand-new flats. business@thenational.ae

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.”

Nancy 9 (Hassa Beek)

Nancy Ajram

(In2Musica)

How Islam's view of posthumous transplant surgery changed

Transplants from the deceased have been carried out in hospitals across the globe for decades, but in some countries in the Middle East, including the UAE, the practise was banned until relatively recently.

Opinion has been divided as to whether organ donations from a deceased person is permissible in Islam.

The body is viewed as sacred, during and after death, thus prohibiting cremation and tattoos.

One school of thought viewed the removal of organs after death as equally impermissible.

That view has largely changed, and among scholars and indeed many in society, to be seen as permissible to save another life.

First Person
Richard Flanagan
Chatto & Windus 

The candidates

Dr Ayham Ammora, scientist and business executive

Ali Azeem, business leader

Tony Booth, professor of education

Lord Browne, former BP chief executive

Dr Mohamed El-Erian, economist

Professor Wyn Evans, astrophysicist

Dr Mark Mann, scientist

Gina MIller, anti-Brexit campaigner

Lord Smith, former Cabinet minister

Sandi Toksvig, broadcaster

 

RESULT

Huddersfield Town 1 Manchester City 2
Huddersfield: Otamendi (45' 1 og), van La Parra (red card 90' 6)
Man City: Agüero (47' pen), Sterling (84')

Man of the match: Christopher Schindler (Huddersfield Town)

Infiniti QX80 specs

Engine: twin-turbocharged 3.5-liter V6

Power: 450hp

Torque: 700Nm

Price: From Dh450,000, Autograph model from Dh510,000

Available: Now

RESULTS

Time; race; prize; distance

4pm: Maiden; (D) Dh150,000; 1,200m
Winner: General Line, Xavier Ziani (jockey), Omar Daraj (trainer)

4.35pm: Maiden (T); Dh150,000; 1,600m
Winner: Travis County, Adrie de Vries, Ismail Mohammed

5.10pm: Handicap (D); Dh175,000; 1,200m
Winner: Scrutineer, Tadhg O’Shea, Ali Rashid Al Raihe

5.45pm: Maiden (D); Dh150,000; 1,600m
Winner: Yulong Warrior, Richard Mullen, Satish Seemar

6.20pm: Maiden (D); Dh150,000; 1,600m
Winner: Ejaaby, Jim Crowley, Doug Watson

6.55pm: Handicap (D); Dh160,000; 1,600m
Winner: Storyboard, Richard Mullen, Satish Seemar

7.30pm: Handicap (D); Dh150,000; 2,200m
Winner: Grand Dauphin, Gerald Mosse, Ahmed Al Shemaili

8.05pm: Handicap (T); Dh190,000; 1,800m
Winner: Good Trip, Tadhg O’Shea, Ali Rashid Al Raihe

Dubai Bling season three

Cast: Loujain Adada, Zeina Khoury, Farhana Bodi, Ebraheem Al Samadi, Mona Kattan, and couples Safa & Fahad Siddiqui and DJ Bliss & Danya Mohammed 

Rating: 1/5

The years Ramadan fell in May

1987

1954

1921

1888

Jawan
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Avatar: Fire and Ash

Director: James Cameron

Starring: Sam Worthington, Sigourney Weaver, Zoe Saldana

Rating: 4.5/5

Polarised public

31% in UK say BBC is biased to left-wing views

19% in UK say BBC is biased to right-wing views

19% in UK say BBC is not biased at all

Source: YouGov

How to wear a kandura

Dos

  • Wear the right fabric for the right season and occasion 
  • Always ask for the dress code if you don’t know
  • Wear a white kandura, white ghutra / shemagh (headwear) and black shoes for work 
  • Wear 100 per cent cotton under the kandura as most fabrics are polyester

Don’ts 

  • Wear hamdania for work, always wear a ghutra and agal 
  • Buy a kandura only based on how it feels; ask questions about the fabric and understand what you are buying