Saudi authorities arrest 19 over 'fraudulent' offers to perform Hajj for others

Nineteen people were arrested in Saudi Arabia on Tuesday for allegedly offering fraudulent services involving Hajj being performed on behalf of others.

Brig Gen Sami Al Shuwairekh of the Saudi Public Security Department said that of those arrested, three were in breach of border security regulations and four Yemenis were detained for breaching the residence system. Among the others facing charges are three residents of Pakistani nationality, a resident with Myanmar citizenship, and two Saudi citizens. All are being held for allegedly posting illegal advertisements on social networks and a website about performing Hajj on behalf of others.

The adverts included the offer to secure and distribute sacrifices for pilgrims unable to make the Hajj pilgrimage this year, and an offer of transport services secured through fake institutions.

Legal measures were taken against the 19, and they were referred to the Public Prosecution, the Saudi Press Agency reported.

Hajj fraud is prevalent throughout the world because booking a trip to perform the pilgrimage cannot be done without the aid of local offices designated by the Saudi authorities.

Traditionally, each country had more than one designated service provider through the countries’ respective Hajj authorities.

But an electronic registration platform introduced by the Saudi Ministry of Hajj and Umrah this year, called Motawif, requires people from Europe, America and Australia to register for this year’s Hajj electronically at www.motawif.com.sa.

The new portal is part of the ministry’s efforts to facilitate Hajj procedures and provide competitive prices for European, American and Australian pilgrims.

The platform offers a range of flight and accommodation packages — platinum, gold or silver.

A person can perform Hajj on behalf of someone who is suffering from a terminal illness or is too old to travel, or someone who has died without having had the chance to go on the pilgrimage.

A person who is performing Hajj on behalf of someone else must first have performed Hajj themself.

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Retirement funds heavily invested in equities at a risky time

Pension funds in growing economies in Asia, Latin America and the Middle East have a sharply higher percentage of assets parked in stocks, just at a time when trade tensions threaten to derail markets.

Retirement money managers in 14 geographies now allocate 40 per cent of their assets to equities, an 8 percentage-point climb over the past five years, according to a Mercer survey released last week that canvassed government, corporate and mandatory pension funds with almost $5 trillion in assets under management. That compares with about 25 per cent for pension funds in Europe.

The escalating trade spat between the US and China has heightened fears that stocks are ripe for a downturn. With tensions mounting and outcomes driven more by politics than economics, the S&P 500 Index will be on course for a “full-scale bear market” without Federal Reserve interest-rate cuts, Citigroup’s global macro strategy team said earlier this week.

The increased allocation to equities by growth-market pension funds has come at the expense of fixed-income investments, which declined 11 percentage points over the five years, according to the survey.

Hong Kong funds have the highest exposure to equities at 66 per cent, although that’s been relatively stable over the period. Japan’s equity allocation jumped 13 percentage points while South Korea’s increased 8 percentage points.

The money managers are also directing a higher portion of their funds to assets outside of their home countries. On average, foreign stocks now account for 49 per cent of respondents’ equity investments, 4 percentage points higher than five years ago, while foreign fixed-income exposure climbed 7 percentage points to 23 per cent. Funds in Japan, South Korea, Malaysia and Taiwan are among those seeking greater diversification in stocks and fixed income.

• Bloomberg

Ziina users can donate to relief efforts in Beirut

Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”

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A cryptocurrency primer for beginners

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