Officers and rescue workers move Pakistan's Interior Minister Ahsan Iqbal on a stretcher, after he was shot during a rally in Narowal on May 6, 2018. Directorate General Public Relations Punjab handout / Reuters
Officers and rescue workers move Pakistan's Interior Minister Ahsan Iqbal on a stretcher, after he was shot during a rally in Narowal on May 6, 2018. Directorate General Public Relations Punjab handouShow more

Pakistan Interior Minister recovering after assassination attempt



Pakistan's Interior Minister was recovering in hospital on Monday after surviving a shooting possibly linked to blasphemy accusations. The suspected assassination attempt is seen as a bad omen ahead of forthcoming elections.

Ahsan Iqbal, 59, was shot in the arm as he prepared to leave a public meeting in his constituency in Punjab province late on Sunday.

A 21-year-old man later identified by police as Abid Hussain was wrestled to the ground by bystanders as he prepared to fire a second shot. Mr Hussain was taken into custody.

The shooter carried out the attack over a minor amendment to the oath that election candidates must swear, which was quickly reversed last year after it was linked to blasphemy, local deputy commissioner Ali Anan Qamar said.

The controversy ignited a three-week sit-in last November by a previously little-known Islamist group which paralysed the capital and ended when the government capitulated to the protesters' demands – including the ousting of the federal law minister – in a deal brokered by the military.

At the time many Pakistanis and analysts warned that a dangerous precedent had been set in which fringe groups could bend the state to their will by citing blasphemy, a highly inflammatory charge in the conservative Muslim country.

Mr Iqbal, known as a champion of Pakistan's much-persecuted religious minorities, was heavily involved in the negotiations at the time. He has previously condemned hate speech against groups such as the Ahmadis, an Islamic minority sect who were at the centre of last year's controversy.

After the shooting he was rushed first to a local hospital and then airlifted to Lahore, where video footage released by his ruling Pakistan Muslim League-Nawaz (PML-N) showed him being lowered from a helicopter on a stretcher, his eyes open as he responded to questions.

Doctors later said he was in stable condition.

The attack was swiftly condemned by the international community, including the US ambassador and the French embassy, as Pakistanis voiced fears it represented an attempt to "weaken democracy" ahead of the federal elections, widely expected to be held late this summer.

Ziauddin Yousafzai, the father of Pakistani Nobel Peace Prize winner Malala Yousafzai, tweeted that he "strongly condemned" the attack, calling it a "bad omen for upcoming general elections that is supposed to be free, fair and transparent".

The vote will only be Pakistan's second ever democratic transition, and with the PML-N in disarray since Prime Minister Nawaz Sharif was ousted by the Supreme Court over graft allegations last summer, there has been growing speculation it could be delayed.

The court banned Mr Sharif from politics for life, while foreign minister Khawaja Asif was also ousted by the Islamabad High Court late last month for violating election laws.

Mr Sharif and his supporters have repeatedly denied the allegations, suggesting they are victims of a conspiracy driven by Pakistan's powerful military to reduce the sway of their party.

Despite the setbacks, the party has won a string of recent by-elections, proving it will likely remain a force in the vote.

Blasphemy can be punishable by death under controversial Pakistani legislation, with even unproven allegations sparking mob lynchings and murders.

Had the assassination attempt on Iqbal succeeded, it would not have been the first political killing linked to blasphemy. In 2011, then-Punjab governor Salman Taseer, a liberal who had called for reformation of the laws, was gunned down by his own bodyguard in broad daylight in Islamabad.

Mr Iqbal, touted as a potential prime minister when Mr Sharif was ousted last July, is a US-educated lawmaker from a political family long associated with the PML-N.

Considered the brains behind the party's development agenda, he previously headed up the planning ministry.

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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.

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