Relevance, significance, and effective discourse


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Perhaps the most looming challenge before Islam today is to be understood. Misrepresentation on the part of international media pundits does contribute to this handicap, as well as a general myopia in the consciousness of the Western public regarding their own "others", a category in which Islam, more often than not, features as the "poster child".

We would be remiss, however, if we did not acknowledge the shortcomings of contemporary Muslim discourse to achieve the target of clarity, defining factor of the contextual channel between sender and receiver. It is the ever-elusive ingredient of the encoding and transmission process of communications. Four considerations illustrate the gravity of this problem. First, systemic misunderstanding of Islam challenges the well-being of Muslim populations worldwide. Muslims easily become victims and their religion a scapegoat, whether in minority communities in the Far East and its counterpart, the Far West; or in majority resource-rich regions under occupation or at the mercy of proxy governments.

Second, it impedes Muslims' potential to contribute to the common good of the greater global community in which they participate. Suspicion is an inhibitor where there is a need for enablers. Third, Muslims believe that it is the human right of every person to experience the message and meaning of Islam. The ability of every person to make his or her own informed decision about Islam is at the essence of securing freedom of conscience.

Fourth, it is this disconnect between peoples and cultures that continues to exasperate the atmosphere of volatility that so often defines our contemporary environment. In the Quran we find the verse, "and We have never sent a messenger except with the tongue of his people". The tongue of a people is not just the formal patterns of their language but the meanings conveyed by that language. Language is the vessel of meaning, but the conveyance of meaning implies much more than passing an exam. Speech, in the language of the Quran, is nutq, from the same root as mantiq, logic. A discourse that is in tune with the "tongue" of the people is conversant with the operating assumptions that inform their views.

An effective discourse must be recognizable to its audience. The way in which it adds value to their lives must be readily apparent. This can be summed up in two operating principles, relevance and accessibility. Relevance implies value and significance. For a discourse to be significant it must first be meaningful and exceptional; the importance of its content should stand out. To have value is that it contributes to the fulfilment of a real need or enriches and augments existing value.

Accessibility means that the discourse is comprehensible to its audience, it is immediately recognizable as adding value to them in particular. It must have transparency. For the exchange of meaning between sender and receiver to be successful, it has to be built on a foundation of trust. The message must secure confidence in the integrity of the source. The challenge posed by facing off against a powerful and ubiquitous media machine is an overwhelming prospect. But the onus is on the Muslim community to do everything within our ability to fulfill our side of the communications equation. Along with this, we must ensure that our discourse is calibrated and aligned with our organic roots. This alone is the source of significance; everything else is just an adjective.

Jihad Hashim Brown is director of research at the Tabah Foundation, and delivers the Friday sermon at the Maryam bint Sultan Mosque in Abu Dhabi

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COMPANY PROFILE

Company name: Letstango.com

Started: June 2013

Founder: Alex Tchablakian

Based: Dubai

Industry: e-commerce

Initial investment: Dh10 million

Investors: Self-funded

Total customers: 300,000 unique customers every month

What are NFTs?

Are non-fungible tokens a currency, asset, or a licensing instrument? Arnab Das, global market strategist EMEA at Invesco, says they are mix of all of three.

You can buy, hold and use NFTs just like US dollars and Bitcoins. “They can appreciate in value and even produce cash flows.”

However, while money is fungible, NFTs are not. “One Bitcoin, dollar, euro or dirham is largely indistinguishable from the next. Nothing ties a dollar bill to a particular owner, for example. Nor does it tie you to to any goods, services or assets you bought with that currency. In contrast, NFTs confer specific ownership,” Mr Das says.

This makes NFTs closer to a piece of intellectual property such as a work of art or licence, as you can claim royalties or profit by exchanging it at a higher value later, Mr Das says. “They could provide a sustainable income stream.”

This income will depend on future demand and use, which makes NFTs difficult to value. “However, there is a credible use case for many forms of intellectual property, notably art, songs, videos,” Mr Das says.

Moon Music

Artist: Coldplay

Label: Parlophone/Atlantic

Number of tracks: 10

Rating: 3/5

Our family matters legal consultant

Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

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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.”

Day 1, Abu Dhabi Test: At a glance

Moment of the day Dimuth Karunaratne had batted with plenty of pluck, and no little skill, in getting to within seven runs of a first-day century. Then, while he ran what he thought was a comfortable single to mid-on, his batting partner Dinesh Chandimal opted to stay at home. The opener was run out by the length of the pitch.

Stat of the day - 1 One six was hit on Day 1. The boundary was only breached 18 times in total over the course of the 90 overs. When it did arrive, the lone six was a thing of beauty, as Niroshan Dickwella effortlessly clipped Mohammed Amir over the square-leg boundary.

The verdict Three wickets down at lunch, on a featherbed wicket having won the toss, and Sri Lanka’s fragile confidence must have been waning. Then Karunaratne and Chandimal's alliance of precisely 100 gave them a foothold in the match. Dickwella’s free-spirited strokeplay meant the Sri Lankans were handily placed at 227 for four at the close.