Authorities plan to reach a bigger expat and international audience with the Friday sermon by making it available in several languages and creating a smartphone app.
On Wednesday, the UAE Islamic Affairs Authority told the Federal National Council (FNC) that it will be establishing a department dedicated to the Friday sermon in a bid to win more hearts and minds.
Dr Mohammed Al Kaabi, head of the authority, said multi-lingual sermons will be drafted for non-Arab speaking audiences, with the aim of fostering a culture of tolerance and combating extremism.
The languages will include English, French, Urdu and Chinese. English subtitles will also be used when the sermon is broadcast live on television.
The authority currently has a committee that issues a unified Friday sermon for mosques across the country. And some mosques already provide an English or Urdu translated version of the sermon. The new plan seeks to build on this.
“We have people from 226 countries following the Friday sermon on the authority’s website,” Dr Al Kaabi told the council.
He was responding to a question from FNC member Marwan bin Ghalita on measures the authority was taking to reach as many non-Arab speakers as possible.
“The Friday sermon is the best opportunity to reach the masses, so it is important that the message reaches as many people as possible,” said Mr Ghalita.
Dr Al Kaabi said the authority has “an annual plan to serve the (religious) needs of non-Arab speakers and expat communities, aiming to spread a culture of tolerance and cooperation between all members of society and to combat extremism, radicalism and terrorism”.
They also organise lectures and functions to coincide with religious, national and international events.
There are already 26,000 religious lessons being held in Urdu at mosques across the UAE every year. There are also Islamic studies lessons across mosques in different communities, taught by instructors from their own nationalities.
Moreover, the authority’s fatwa centre receives between 400 to 800 fatwa inquiries a day in Urdu and English, and has issued around half a million fatwas in response.
“After we receive the approval from the cabinet, we will establish an independent department for the Friday sermon, to make sure the sermon is up to international standard and reaches all communities,” he said.
The authority also plans to “redistribute imams based on their nationality, to serve members of their own language”.
Multi-lingual imams will also be evaluated regularly.
“We will start receiving comments from the audience on the sermon and what they thought of it in all languages,” Dr Al Kaabi said.
The authority also plans to make the sermon available in several languages on a new smartphone app.
“I am very happy to hear that the authority will be using technology thoroughly in its future plans,” said Mr Ghalita. “As you see nowadays many people read Quran from their phones, so it is good to have other services available on mobile phones as well.”
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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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Dubai Creek Open in numbers
- The Dubai Creek Open is the 10th tournament on this year's Mena Tour
- It is the first of five events before the season-concluding Mena Tour Championship
- This week's field comprises 120 players, 21 of which are amateurs
- 15 previous Mena Tour winners are competing at Dubai Creek Golf and Yacht Club
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The President's Cake
Director: Hasan Hadi
Starring: Baneen Ahmad Nayyef, Waheed Thabet Khreibat, Sajad Mohamad Qasem
Rating: 4/5