Ayodhya holy site boosts security 20 years after religious riots


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AYODHYA // Indian security forces yesterday flooded the northern town of Ayodhya where a mosque was demolished by Hindu zealots 20 years ago in a move that unleashed a wave of deadly religious riots.

More than 2,000 people, mostly Muslims, were killed in clashes in New Delhi, Mumbai and other cities after the Babri mosque in Ayodhya was torn down on December 6, 1992, by protesters seeking to build a Hindu temple on the site.

Opposing sides still wrangle over control of the tightly-guarded spot, with the Supreme Court last year suspending a ruling that divided it into three sections: one for Hindus, one for Muslims and one for a Hindu trust.

At least 5,000 police were out in force yesterday in Ayodhya and surrounding areas of Uttar Pradesh state, with officers manning road blocks and monitoring key intersections to prevent any demonstrations.

Police and paramilitary troops sealed off streets to the disputed area, searched cars and enforced a magistrate's order banning unlawful assembly on the anniversary of the demolition.

No rallies or unrest were reported during the day, which coincided with an official holiday commemorating BR Ambedkar, the chief architect of India's 1947 constitution.

Amarnath Shastri, a retired advocate who lives in Ayodhya, said inter-religious tensions had calmed since 1992, though many Muslims still feel marginalised.

"Everyone now wants the town to develop, jobs to come up and industry to flourish," he said. "People have realised that all such actions [in 1992] were wasteful."

Hindu fundamentalists flattened the mosque because they said it was built by the Moghul emperor Babur on the site of a temple marking the birthplace of the Hindu warrior god Ram.

The destruction infuriated Muslims and many feared the country was heading for an era of Hindu-Muslim bloodshed.

In the most serious outbreak of religious unrest since Ayodhya, about 2,000 people, mostly Muslims, died in riots in Gujarat state in 2002.

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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.

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The biog

Family: wife, four children, 11 grandchildren, 16 great-grandchildren

Reads: Newspapers, historical, religious books and biographies

Education: High school in Thatta, a city now in Pakistan

Regrets: Not completing college in Karachi when universities were shut down following protests by freedom fighters for the British to quit India 

 

Happiness: Work on creative ideas, you will also need ideals to make people happy