ABU DHABI // Prisoners who convert to Islam will no longer have to authenticate their new faith in court, under reforms by the Abu Dhabi Judicial Department.
The initiative by the department’s Embracing Islam Section removes the need for prisoners to suffer the embarrassment of appearing in court in handcuffs to make their conversion official.
Instead, officers from the section will visit the inmates to finish the procedure at their jail.
“We receive around five or six inmates a month,” said Asmaa Al Zaabi, the head of the section.
“We can have an employee transfer there to make it easier for them, so they don’t have to come in shackles to do it.”
Other initiatives include an agreement under which the names of new Muslims are automatically transferred to the Zakat Fund. Converts are eligible for Zakat.
The initiatives have all been approved and should be introduced within months.
They reflect the growing stature and confidence of the Embracing Islam Section, which has come a long way since its inception in 2003.
“At first it used to be one employee and very basic,” said Mrs Al Zaabi.
But when the judicial department was established in 2007, the section grew. It now has 12 branches and several services to help the 200 people a month who convert to Islam.
Its official roles include registering the proclamation of Islam by converts, documenting their conversion if it was in another country and handling their children’s details.
The section also produces The New Muslim magazine and provides converts with New Muslim cards, which contain their details and photos, and replace the old paper certificates.
Mrs Al Zaabi said the magazine offered information about the section, although she stressed its function was not to preach about Islam.
For new converts, the section holds short classes each week with a mufti "as an initiative to give support and joy to the new Muslim".
Each Wednesday, students gather at the section’s offices for the half-hour class on basic Islamic concepts such as mercy and repenting.
Filipino Marycel Manalo, 38, was one of the students.
“When I was in the Philippines I always read the bible but I was confused, because when places are mentioned in the bible only Arab countries are there,” Mrs Manalo said. “I’m thinking, why not mention other countries?”
Since arriving in the UAE two years ago to work in sales, the mother of four has been reading about Islam.
Mrs Manalo was particularly taken by “how faith is explained in Islam, the faith for Allah, family relations, the way you fulfil your obligations”.
Mrs Al Zaabi said people from a range of nationalities showed up to convert, although most were from the Philippines.
“For a while, we had air hosts and hostesses come to convert and we also had people from Canada, from France, New Zealand, UK, Asia and some Arabs,” she said.
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Opening Rugby Championship fixtures:Games can be watched on OSN Sports
Saturday: Australia v New Zealand, Sydney, 1pm (UAE)
Sunday: South Africa v Argentina, Port Elizabeth, 11pm (UAE)
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
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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