Iraqi policemen stand guard as Sunnis arrive to perform Eid Al Adha prayers at the Abu Hanifa mosque in Baghdad's Adhamiya district this year. EPA
Iraqi policemen stand guard as Sunnis arrive to perform Eid Al Adha prayers at the Abu Hanifa mosque in Baghdad's Adhamiya district this year. EPA
Iraqi policemen stand guard as Sunnis arrive to perform Eid Al Adha prayers at the Abu Hanifa mosque in Baghdad's Adhamiya district this year. EPA
Iraqi policemen stand guard as Sunnis arrive to perform Eid Al Adha prayers at the Abu Hanifa mosque in Baghdad's Adhamiya district this year. EPA

Iraqi Sunni and Shiite clerics urge unity and coexistence


Sinan Mahmoud
  • English
  • Arabic

Iraqi Sunni and Shiite clerics denounced divisions along religious and ethnic lines and emphasised the country’s unity at a meeting intended to find common ground between Islam’s two main sects in the war-torn nation.

The meeting on Wednesday was organised by the Muslim World League in Islam’s holiest city, Makkah, and brought together a group of clerics from the two sects to help bridge the gap between them.

The League's secretary general, Mohammed Al Issa, said the meeting was exceptional and was held in a "brotherly and understanding" atmosphere.

However, the meeting was not attended by any of Iraq's senior and influential religious leaders with considerable sway over the country's many political and paramilitary groups, or their representatives.

After the meeting, the clerics issued a statement on the need to activate what is known as the Charter of Makkah, which was signed in 2006 by Iraqi religious leaders and meant to end the bloodshed in the country.

The 10-point charter calls for an end to sectarian violence and attacks on places of worship, to safeguard the unity and territorial integrity of Iraq, the release of innocent detainees and to allow displaced people to return to their homes.

The 2006 meeting was organised by the 57-member Organisation of the Islamic Conference, but the document did not affect the security situation in Iraq and retaliatory killings between Sunni and Shiite extremists groups persisted.

The latest statement stressed the need to preserve Iraq’s “unity, stability and prosperity to contribute to regional and world stability and prosperity”.

The participants agreed to denounce sectarianism and urged coexistence, moderation, mutual respect and tolerance.

They also called for “opening constructive dialogue channels” among the clerics to deal with various issues.

“The priority in our religious and media messages must focus on unity, preserve the country’s identity, make sure to build it, reject terrorism and violence in all forms,” the statement said.

Iraqis have faced sectarian violence since 2004 when Al Qaeda in Iraq declared Shiites as renegades, launching attacks against them and their places of worship, including the bombing of a revered Shiite shrine north of Baghdad in 2006.

That attack spurred Shiite militias to fight back, plunging the country into a bloody civil war.

Death squads from the two communities singled out people from rival sects in Baghdad from 2006 to 2008, kidnapping, killing and dumping bodies in the streets. Many neighbourhoods in the capital became off limits to people depending on their sect membership.

The civil war ended only after Shiite militia leader Moqtada Al Sadr announced a ceasefire, along with a Sunni revolt against Al Qaeda during a series of US-Iraqi offensives that helped to stop the fighting.

In June, a radical Shiite group called for the shrine of a revered Sunni cleric in Baghdad to be demolished, prompting fears of renewed sectarian tensions in Iraq.

In response, the government stationed security forces around the Abu Hanifa Al Numan shrine and mosque.

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.”

Fixtures

Friday Leganes v Alaves, 10.15pm; Valencia v Las Palmas, 12.15am

Saturday Celta Vigo v Real Sociedad, 8.15pm; Girona v Atletico Madrid, 10.15pm; Sevilla v Espanyol, 12.15am

Sunday Athletic Bilbao v Getafe, 8.15am; Barcelona v Real Betis, 10.15pm; Deportivo v Real Madrid, 12.15am

Monday Levante v Villarreal, 10.15pm; Malaga v Eibar, midnight

Charlotte Gainsbourg

Rest

(Because Music)

JOKE'S%20ON%20YOU
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Key facilities
  • Olympic-size swimming pool with a split bulkhead for multi-use configurations, including water polo and 50m/25m training lanes
  • Premier League-standard football pitch
  • 400m Olympic running track
  • NBA-spec basketball court with auditorium
  • 600-seat auditorium
  • Spaces for historical and cultural exploration
  • An elevated football field that doubles as a helipad
  • Specialist robotics and science laboratories
  • AR and VR-enabled learning centres
  • Disruption Lab and Research Centre for developing entrepreneurial skills
Company%20profile
%3Cp%3E%3Cstrong%3EName%3A%3C%2Fstrong%3E%20WallyGPT%3Cbr%3E%3Cstrong%3EStarted%3A%20%3C%2Fstrong%3E2014%3Cbr%3E%3Cstrong%3EFounders%3A%20%3C%2Fstrong%3ESaeid%20and%20Sami%20Hejazi%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%3Cbr%3E%3Cstrong%3ESector%3A%20%3C%2Fstrong%3EFinTech%3Cbr%3E%3Cstrong%3EInvestment%20raised%3A%20%3C%2Fstrong%3E%247.1%20million%3Cbr%3E%3Cstrong%3ENumber%20of%20staff%3A%3C%2Fstrong%3E%2020%3Cbr%3E%3Cstrong%3EInvestment%20stage%3A%20%3C%2Fstrong%3EPre-seed%20round%3C%2Fp%3E%0A
Stree

Producer: Maddock Films, Jio Movies
Director: Amar Kaushik
Cast: Rajkummar Rao, Shraddha Kapoor, Pankaj Tripathi, Aparshakti Khurana, Abhishek Banerjee
Rating: 3.5

 

 

ENGLAND SQUAD

Goalkeepers Henderson, Johnstone, Pickford, Ramsdale

Defenders Alexander-Arnold, Chilwell, Coady, Godfrey, James, Maguire, Mings, Shaw, Stones, Trippier, Walker, White

Midfielders Bellingham, Henderson, Lingard, Mount, Phillips, Rice, Ward-Prowse

Forwards Calvert-Lewin, Foden, Grealish, Greenwood, Kane, Rashford, Saka, Sancho, Sterling, Watkins 

First Person
Richard Flanagan
Chatto & Windus 

While you're here
The%20Specs
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Abu Dhabi Equestrian Club race card

5pm: Abu Dhabi Fillies Classic (PA) Prestige; Dh110,000; 1,400m
5.30pm: Abu Dhabi Colts Classic (PA) Prestige; Dh110,000; 1,400m
6pm: Maiden (PA); Dh80,000; 1,600m
6.30pm: Abu Dhabi Championship (PA) Listed; Dh180,000; 1,600m
7pm: Wathba Stallions Cup (PA) Handicap; Dh70,000; 2,200m
7.30pm: Handicap (PA); Dh100,000; 2,400m

Countries recognising Palestine

France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra

 

In-demand jobs and monthly salaries
  • Technology expert in robotics and automation: Dh20,000 to Dh40,000 
  • Energy engineer: Dh25,000 to Dh30,000 
  • Production engineer: Dh30,000 to Dh40,000 
  • Data-driven supply chain management professional: Dh30,000 to Dh50,000 
  • HR leader: Dh40,000 to Dh60,000 
  • Engineering leader: Dh30,000 to Dh55,000 
  • Project manager: Dh55,000 to Dh65,000 
  • Senior reservoir engineer: Dh40,000 to Dh55,000 
  • Senior drilling engineer: Dh38,000 to Dh46,000 
  • Senior process engineer: Dh28,000 to Dh38,000 
  • Senior maintenance engineer: Dh22,000 to Dh34,000 
  • Field engineer: Dh6,500 to Dh7,500
  • Field supervisor: Dh9,000 to Dh12,000
  • Field operator: Dh5,000 to Dh7,000
Company%C2%A0profile
%3Cp%3ECompany%3A%20Zywa%3Cbr%3EStarted%3A%202021%3Cbr%3EFounders%3A%20Nuha%20Hashem%20and%20Alok%20Kumar%3Cbr%3EBased%3A%20UAE%3Cbr%3EIndustry%3A%20FinTech%3Cbr%3EFunding%20size%3A%20%243m%3Cbr%3ECompany%20valuation%3A%20%2430m%3C%2Fp%3E%0A
The biog

Favourite films: Casablanca and Lawrence of Arabia

Favourite books: Start with Why by Simon Sinek and Good to be Great by Jim Collins

Favourite dish: Grilled fish

Inspiration: Sheikh Zayed's visionary leadership taught me to embrace new challenges.

WORLD CUP SEMI-FINALS

England v New Zealand

(Saturday, 12pm UAE)

Wales v South Africa

(Sunday, 12pm, UAE)

 

The five pillars of Islam

1. Fasting 

2. Prayer 

3. Hajj 

4. Shahada 

5. Zakat 

Updated: August 05, 2021, 2:03 PM