Madrasas teach us moderation and balance


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Islamic academies, or madrasas, have been in the news again. This time in Syria, where a suspect implicated in the Sept 2008 car bombing acknowledged having once been a madrasa student. This has cast a shadow of suspicion over the Islamic academy programmes of Damascus. But Theodore Kaczynski, known as the Unabomber, was a graduate of Harvard and no doubts were cast on that institution; so what then of a two-year dropout of a six-year programme?

This should really not be the case. The traditional Sacred Law academies are an important source of moderation and balance in the Muslim world. The grounded classical teaching of the academies provide an organic element to maintain the equilibrium of the whole system. It is the modernist "lay readers" not skilled in the hermeneutics of textual interpretation that take matters to their literal extremes.

Contemporary Syrian society prides itself on its stability. It is by far the safest of countries I have ever seen. There are no homeless, and poverty is buffered by countless citizen charities, inspired by a conviction of moral responsibility to one's neighbour. Sectarianism is not only not tolerated by government, it is considered bad form by citizens. The academies are apolitical. Contrary to recent news, the curricula are far from sectarian. If anything the curriculum could stand for some strengthening. The more grounded it is in classical texts, the more robust, wholesome and dynamically able it will be to provide rich new insights into the possibilities for Muslims to become partners in global society.

The classical academy, of which Damascus is one of the few remaining, provides its balancing curriculum in three ways. First, it is a holistic programme that sees the human person as not just material form but as a tripartite whole in body, mind and soul. All of these must be nurtured, disciplined and cultivated to work in balanced concert. The second part of the dynamic is the companionship of the Master. He or she is a link in an unbroken chain of scholar sages reaching back to the great teachers whose instruction allowed the rich religious diversity of Muslim Spain. It was these understandings of Islam that produced the moral imperative to absorb the Jewish refugees of the Inquisition into North Africa and Istanbul. In Damascus itself, the scholar and commander Abd al Qadir would harbour several thousand Christian families in his own home citing a mandate of Sacred Law.

The third dynamic is the implementation of the Aristotelian "golden mean" that the Jewish theologian Maimonides, influenced by Muslim Kalam, would have learnt through Averroes before mentioning it in his own writings. Temperance is the mean between two extremes. Wisdom is the mean between ignorance and cunning, courage is the mean between cowardice and recklessness, and so on. The problem of casting suspicions on the academies is that if they are stifled, it pushes the youth into the hands of one-dimensional lay readers and self-appointed muftis. It would be a shame to lose what is an essential and organic source of cultural and religious balance in the Muslim world just for the sake of political expediency. Politics is fleeting and changes its values and priorities with the winds of utility and opportunity.

"As for the froth, it evaporates into nothingness; but what benefits the people remains in the earth." (Q. 13:17) Jihad Hashim Brown is director of research at the Tabah Foundation. He delivers the Friday sermon at the Maryam bint Sultan Mosque in Abu Dhabi

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Habrish 'rebels': Tribal-backed forces feuding with STC over control of oil in government territory

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Founder: Ahmed Wadi

Launched: 2016

Employees: 76

Financing stage: Series A ($4 million)

Investors: Partech, Sawari Ventures, 500 Startups, Dubai Angel Investors, Phoenician Fund

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Name: Yousef Al Bahar

Advocate at Al Bahar & Associate Advocates and Legal Consultants, established in 1994

Education: Mr Al Bahar was born in 1979 and graduated in 2008 from the Judicial Institute. He took after his father, who was one of the first Emirati lawyers

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Company Profile

Name: Thndr
Started: 2019
Co-founders: Ahmad Hammouda and Seif Amr
Sector: FinTech
Headquarters: Egypt
UAE base: Hub71, Abu Dhabi
Current number of staff: More than 150
Funds raised: $22 million

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What is a robo-adviser?

Robo-advisers use an online sign-up process to gauge an investor’s risk tolerance by feeding information such as their age, income, saving goals and investment history into an algorithm, which then assigns them an investment portfolio, ranging from more conservative to higher risk ones.

These portfolios are made up of exchange traded funds (ETFs) with exposure to indices such as US and global equities, fixed-income products like bonds, though exposure to real estate, commodity ETFs or gold is also possible.

Investing in ETFs allows robo-advisers to offer fees far lower than traditional investments, such as actively managed mutual funds bought through a bank or broker. Investors can buy ETFs directly via a brokerage, but with robo-advisers they benefit from investment portfolios matched to their risk tolerance as well as being user friendly.

Many robo-advisers charge what are called wrap fees, meaning there are no additional fees such as subscription or withdrawal fees, success fees or fees for rebalancing.

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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