Afghan policemen guard the gate of a Sikh place of worship in Kabul after an attack on March 25, 2020 that was claimed by ISIS. Reuters
Afghan policemen guard the gate of a Sikh place of worship in Kabul after an attack on March 25, 2020 that was claimed by ISIS. Reuters
Afghan policemen guard the gate of a Sikh place of worship in Kabul after an attack on March 25, 2020 that was claimed by ISIS. Reuters
Afghan policemen guard the gate of a Sikh place of worship in Kabul after an attack on March 25, 2020 that was claimed by ISIS. Reuters

Pakistan seeks extradition of ISIS leader held by Afghanistan


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Pakistan has asked Afghanistan to extradite a leader in the local branch of ISIS who was arrested in an Afghan intelligence operation in southern Afghanistan earlier this month.

Aslam Farooqi is a Pakistani national wanted in connection with attacks claimed by ISIS in Pakistan. The Afghan government accuses Farooqi of involvement in last month’s attack in the Afghan capital of Kabul on a Sikh house of worship that killed 25 worshipers.

ISIS claimed the attack, saying it was carried out by Indian national Abu Khalid Al-Hindi in revenge for Indian military action in the disputed Himalayan region of Kashmir.

A single gunman rampaged through the Sikh temple on March 25, exploding grenades and firing at worshipers.

There was no immediate response from Afghanistan.

Pakistan's Foreign Ministry said the Afghan Ambassador to Pakistan, Atif Mashal, had been summoned and told of Pakistan's worries about the activities of the ISIS affiliate known as ISIS-Khorazan, headquartered in the eastern Afghan region bordering Pakistan.

"Since Aslam Farooqi was involved in anti-Pakistan activities in Afghanistan, he should be handed over to Pakistan for further investigations,” the ministry said in a statement posted on its website.

Farooqi, whose real name is Abdullah Orakzai, was arrested last weekend along with 19 other ISIS members, according to Afghanistan's intelligence agency.

The Afghan-based ISIS affiliate has taken credit for attacks in Pakistan, including one in January in the south-western Balochistan provincial capital of Quetta that killed 15 worshipers.

Afghan and American officials have said in recent months that the ISIS affiliate has been weakened as a result of relentless US bombing raids in eastern Afghanistan as well as military operations by the Afghan National Security Forces and attacks by their rivals, Taliban insurgents.

In the months leading up to Washington's peace deal with the Taliban signed in February, US officials said a key component of the agreement was a promise by the Taliban to aid in the fight against ISIS, seen as the greatest threat to US national security emanating from Afghanistan.

Still, the US-Taliban peace deal has had a rocky beginning. Political wrangling in Kabul between President Ashraf Ghani and his rival in last year's disputed presidential polls, Abdullah Abdullah, has frustrated Washington, which has threatened to withdraw $1 billion in aid if they do not find a power-sharing deal. Their bickering has delayed the next critical step in the deal, which calls for intra-Afghan negotiations between Kabul leaders, many of whom are linked to warlords and the Taliban.

Delays in completing a prisoner release as laid out in the US-Taliban deal have further frustrated efforts to start the intra-Afghan negotiations.

However, the US and Nato began withdrawing forces and if the Taliban keep their promise to fight terrorism the US will withdraw all its forces over 14 months from the signing of the deal.

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Name: Hassan Mohsen Elhais

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

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What vitamins do we know are beneficial for living in the UAE

Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.Omega-3 (EPA/DHA): Supports heart health and reduces inflammation, especially for those who consume little fish.

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.”

UAE currency: the story behind the money in your pockets
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Defenders: John Stones (Man City), Luke Shaw (Man Utd), Harry Maguire (Man Utd), Trent Alexander-Arnold (Liverpool), Kyle Walker (Man City), Tyrone Mings (Aston Villa), Reece James (Chelsea), Conor Coady (Wolves), Ben Chilwell (Chelsea), Kieran Trippier (Atletico Madrid)

Midfielders: Mason Mount (Chelsea), Declan Rice (West Ham), Jordan Henderson (Liverpool), Jude Bellingham (Borussia Dortmund), Kalvin Phillips (Leeds)

Forwards: Harry Kane (Tottenham), Marcus Rashford (Man Utd), Raheem Sterling (Man City), Dominic Calvert-Lewin (Everton), Phil Foden (Man City), Jack Grealish (Aston Villa), Jadon Sancho (Borussia Dortmund), Bukayo Saka (Arsenal)

Hotel Data Cloud profile

Date started: June 2016
Founders: Gregor Amon and Kevin Czok
Based: Dubai
Sector: Travel Tech
Size: 10 employees
Funding: $350,000 (Dh1.3 million)
Investors: five angel investors (undisclosed except for Amar Shubar)

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Skoda Superb Specs

Engine: 2-litre TSI petrol

Power: 190hp

Torque: 320Nm

Price: From Dh147,000

Available: Now

States of Passion by Nihad Sirees,
Pushkin Press

Benefits of first-time home buyers' scheme
  • Priority access to new homes from participating developers
  • Discounts on sales price of off-plan units
  • Flexible payment plans from developers
  • Mortgages with better interest rates, faster approval times and reduced fees
  • DLD registration fee can be paid through banks or credit cards at zero interest rates
Living in...

This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.

Labour dispute

The insured employee may still file an ILOE claim even if a labour dispute is ongoing post termination, but the insurer may suspend or reject payment, until the courts resolve the dispute, especially if the reason for termination is contested. The outcome of the labour court proceedings can directly affect eligibility.


- Abdullah Ishnaneh, Partner, BSA Law 

Credit Score explained

What is a credit score?

In the UAE your credit score is a number generated by the Al Etihad Credit Bureau (AECB), which represents your credit worthiness – in other words, your risk of defaulting on any debt repayments. In this country, the number is between 300 and 900. A low score indicates a higher risk of default, while a high score indicates you are a lower risk.

Why is it important?

Financial institutions will use it to decide whether or not you are a credit risk. Those with better scores may also receive preferential interest rates or terms on products such as loans, credit cards and mortgages.

How is it calculated?

The AECB collects information on your payment behaviour from banks as well as utilitiy and telecoms providers.

How can I improve my score?

By paying your bills on time and not missing any repayments, particularly your loan, credit card and mortgage payments. It is also wise to limit the number of credit card and loan applications you make and to reduce your outstanding balances.

How do I know if my score is low or high?

By checking it. Visit one of AECB’s Customer Happiness Centres with an original and valid Emirates ID, passport copy and valid email address. Liv. customers can also access the score directly from the banking app.

How much does it cost?

A credit report costs Dh100 while a report with the score included costs Dh150. Those only wanting the credit score pay Dh60. VAT is payable on top.

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Profile

Name: Carzaty

Founders: Marwan Chaar and Hassan Jaffar

Launched: 2017

Employees: 22

Based: Dubai and Muscat

Sector: Automobile retail

Funding to date: $5.5 million

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