Religiosity should be subject to criticism: scholar



ABU DHABI // Incorrect practices in religion should be examined from their roots rather than merely criticised, a prominent Islamic scholar said at a Ramadan lecture yesterday.

Speaking at the majlis of Sheikh Mohammed bin Zayed, Crown Prince of Abu Dhabi and Deputy Supreme Commander of the UAE Armed Forces, in a lecture titled Deviant Religious Practices: Causes, Implications and Solutions, the Saudi Arabian cleric Sheikh Mohammed bin Saleh al Duhaim said a lack of correct understanding of religious texts leads to wrong practices.

He said there was an urgent need for "surgical intervention" to deal with religious malpractices. He distinguished between religion, and religious practices, saying the practices or "religiosity" should always be subject to criticism as they are affected by social and psychological factors. "When this religiosity crisis turns from being an idea or an individual practice to a social phenomenon, then a new reality reinforces itself and would only lead to backwardness," he said.

He called on Islamic intellectuals to work together to thoroughly examine the religious discourse and take into account the modern context. Muslims should seek their interests in today's world instead of worrying about things they should reject, he said.

"We have to have the ability and courage to review the intellectual history which led to this discourse," he said. "It is not enough to only react to trends like an emergency department. There should be a centre that would lead the way by generating ideas and concepts rather than reacting to new issues." He said the centre should work with universities, researchers and others to fight deviations from religion before they even appear.

"Anything that stands against the interests of mankind is not from religion," he said, citing the famous Islamic scholar Ibn Taymiyya, who lived in the 13th century. "It is not enough to do the right thing, we have to do the right thing the right way," he said.

On how Islam should adapt to the modern day, he gave the example of Zakat al Fitr, alms given by Muslims at the end of Ramadan. The Prophet gave the tax in the form of barley to the poor, but in a modern day context it is no longer used for human consumption, so in this case his actions should not be emulated exactly, but in spirit.

"So in order to emulate the Prophet, we should emulate the purpose of the action not the action itself," Sheikh al Duhaim said. "This adherent [with wrong practices] reads his own ideas of religion not the religion's ideas," he said. "He would justify his behaviour or action rather than authenticate them." "Dying for God, to him, would be better than living for God. In his eyes, the relationship between worshippers and God is one of punishment and reward, rather than love and mercy," he said.

Sheikh al Duhaim is a prolific contributor to regional and international conferences and has seven books to his name. Issues pertaining to Muslim women are central to his writings. He graduated from the Sharia Institute at Al Imam Mohammed Ibn Saud Islamic University. He is the founder of the Cultural Revival Centre in Jeddah, whose stated mission is to spearhead a comprehensive cultural development.

The lectures by prominent Islamic scholars on contemporary issues are a Ramadan tradition at the majlis.

hhassan@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.”

How to get there

Emirates (www.emirates.com) flies directly to Hanoi, Vietnam, with fares starting from around Dh2,725 return, while Etihad (www.etihad.com) fares cost about Dh2,213 return with a stop. Chuong is 25 kilometres south of Hanoi.
 

Analysis

Members of Syria's Alawite minority community face threat in their heartland after one of the deadliest days in country’s recent history. Read more

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