Knowledge is a step closer on the path to heaven


Haneen Dajani
  • English
  • Arabic

More knowledge and enlightenment gets you a step closer to the path to heaven, Muslims will be reminded today.

Today's Friday sermon recalls Muslims' golden era, when they excelled in all types of science and technology, thus contributing in building the civilization we see today.

"Muslims built a human civilisation... based on beneficial knowledge, and their motivation was the Quran's focus on knowledge and science," it says.

The Quran calls for people to meditate in the universe, as a verse says: "Say: Behold what is in the heavens and the earth!"

Other verses call for looking into the secrets behind creation: "Will they not regard the camels, how they are created? And the heaven, how it is raised? And the hills, how they are set up? And the earth, how it is spread?"

The sermon goes on to cite verses rotating around biology: " So let man consider from what he is created. He is created from a gushing fluid. That issued from between the loins and ribs."

The Quran also raises the status of whoever runs after knowledge and education, telling them they will be upgraded by doing so.

Therefore, Muslims were proactive about making their mark in all fields, with great effort spent translating all types of books into Arabic during early Islam.

"The results of this focus was showcased when the first hospital in the Islamic world, Dar Al Shefa, was created in Baghdad, Muslim scientists also created pharmaceutical sciences by using medical herbs."

The sermon does not overlook the role of parents and academics, calling them to motivate their students and children into having the spirit of their ancestors.

They are reminded of a hadith by the Prophet Mohammed that says: "Who took a path asking in it for knowledge, Allah enhances a path for him to heaven."

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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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