ABU DHABI // Young Muslims should constantly ask constructive and critical questions about life and religion to avoid falling into the trap of radicalisation, according to the UAE’s ambassador to Russia.
Speaking about his book, Letters to a Young Muslim, on the US cable TV programme, The Daily Show, last week, Omar Saif Ghobash said young people should not fear doubt.
“Certainty in matters of religion and life is a privilege so you need to believe you can be constructively critical,” he said. The young, he continued, “should continually accept questions.”
He said the myth that Islam is incompatible with modernity or with western values should be challenged and not perpetuated.
“There are many values that we share in common, and these are basic human values, values of freedom,” he said. “Speak to young Muslims, they feel the same urge for freedom but there is a theological fear of freedom that we really need to work out.
“I’m not asking for reform of Islam but clarifying Islam for the 21st century. What does it mean in today’s world to be Muslim and how to we just get on with life?”
Mr Ghobash said young Arabs have long been the target of recruitment by regional extremist groups, such as ISIL and Al Qaeda, with September 11 a tragic turning point that saw radical ideas taking expression physically.
Dr Albadr Al Shateri, politics professor at the National Defence College, read Mr Ghobash’s book, which offers advice for young Muslims on how to survive in an age of extremism and Islamophobia.
“He reiterates important points regarding the new generation of Muslims and Arabs specifically,” he said. “He warns them to be wary of those who propagate ideologies of hate, whether extremists in Muslim garb or western right wing extremism in nationalist gear.
“I found his claim that Islam is compatible with modernity to be in fact true, given that many Muslim countries including the UAE, Malaysia, Indonesia and Turkey have achieved high level of economic and social development: Almost a truism that needs reemphasis all the same.”
He said, however, that on the source of radicalisation, one can point to factors like job opportunities, political oppression and great meddling in regional affairs.
Hessa Mohammed, a 25-year-old Emirati, said a focus on education would lead young Arabs away from terrorism.
“It’s sad to see how many of them get recruited by such groups,” she said. “But more people are becoming aware of the importance of education and keeping their mind out of such ideas, which go against everything we know about Islam.”
cmalek@thenational.ae
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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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Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
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SCHEDULE
Saturday, April 20: 11am to 7pm - Abu Dhabi World Jiu-Jitsu Festival and Para jiu-jitsu.
Sunday, April 21: 11am to 6pm - Abu Dhabi World Youth (female) Jiu-Jitsu Championship.
Monday, April 22: 11am to 6pm - Abu Dhabi World Youth (male) Jiu-Jitsu Championship.
Tuesday, April 23: 11am-6pm Abu Dhabi World Masters Jiu-Jitsu Championship.
Wednesday, April 24: 11am-6pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Thursday, April 25: 11am-5pm Abu Dhabi World Professional Jiu-Jitsu Championship.
Friday, April 26: 3pm to 6pm Finals of the Abu Dhabi World Professional Jiu-Jitsu Championship.
Saturday, April 27: 4pm and 8pm awards ceremony.
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