Pope Francis has made efforts to clear up what the Catholic Church says is misunderstanding. EPA HO
Pope Francis has made efforts to clear up what the Catholic Church says is misunderstanding. EPA HO
Pope Francis has made efforts to clear up what the Catholic Church says is misunderstanding. EPA HO
Pope Francis has made efforts to clear up what the Catholic Church says is misunderstanding. EPA HO

Pope Francis moves to calm concern over Jewish law comments


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Pope Francis has moved to allay Jewish concerns following comments he made about their books of sacred law, Vatican and Jewish community sources said on Monday.

Last month, Reuters reported that Rabbi Rasson Arousi, chairman of the Commission of the Chief Rabbinate of Israel for Dialogue with the Holy See, wrote to the Vatican, saying that Francis' comments appeared to suggest that the Torah, or Jewish law, was obsolete.

At a general audience on August 11, the Pope said: “The law [Torah] however does not give life.

“It does not offer the fulfilment of the promise because it is not capable of being able to fulfil it … Those who seek life need to look to the promise and to its fulfilment in Christ.”

The Torah, the first five books of the Hebrew Bible, contains hundreds of commandments for Jews to follow in their everyday lives.

The measure of adherence to the guidelines differs between Orthodox Jews and Reform Jews.

Rabbi Arousi sent his letter on behalf of the Chief Rabbinate – the supreme rabbinic authority for Judaism in Israel – to Cardinal Kurt Koch, whose Vatican department includes a commission for relations with Jews.

In the letter, Rabbi Arousi asked Cardinal Koch to "convey our distress to Pope Francis” and asked for a clarification from the Pope to “ensure that any derogatory conclusions drawn from this homily are clearly repudiated".

Reconciliation

The Pope then asked Cardinal Koch to explain that his words on the Torah reflecting on the writings of St Paul in the New Testament should not be taken as a judgment on Jewish law, the sources said.

Last week, Cardinal Koch sent a letter to Rabbi Arousi containing a quote made by Pope Francis in 2015: “The Christian confessions find their unity in Christ; Judaism finds its unity in the Torah.”

Jewish sources said they saw the Vatican letter as a sign of reconciliation.

The Pope appeared to go out of his way in his last two public appearances to try to clear up what the Vatican considers a misunderstanding.

At a general audience on September 1, the Pope said his words on St Paul's writings were “simply a catechesis [teaching homily] … and nothing else".

At his weekly blessing on Sunday, he offered best wishes to Jews for the coming New Year, Rosh Hashanah, and for the feasts of Yom Kippur and Sukkot.

“May the new year be rich with fruits of peace, and good for those who walk faithfully in the law of the Lord,” he said.

Both Jewish and Vatican sources said the inclusion of the word “law” in what are normally routine greetings was significant and intentional.

Relations between Catholics and Jews were revolutionised in 1965, when the Second Vatican Council repudiated the concept of collective Jewish guilt for the death of Jesus and began decades of interreligious dialogue.

Pope Francis and his two predecessors visited synagogues.

Francis has had a very good relationship with Jews. While still archbishop in native Buenos Aires, he co-wrote a book with one of the city's rabbis, Abraham Skorka, and has maintained a friendship with him.

UAE currency: the story behind the money in your pockets
Company%20Profile
%3Cp%3E%3Cstrong%3EName%3A%20%3C%2Fstrong%3EDirect%20Debit%20System%3Cbr%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%20Sept%202017%3Cbr%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20UAE%20with%20a%20subsidiary%20in%20the%20UK%3Cbr%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20FinTech%3Cbr%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20Undisclosed%3Cbr%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Elaine%20Jones%3Cbr%3E%3Cstrong%3ENumber%20of%20employees%3A%3C%2Fstrong%3E%208%3Cbr%3E%3C%2Fp%3E%0A
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Sand storm

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  • Duration: Short-lived, typically localised
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Dust storm

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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.”

SERIE A FIXTURES

Saturday (All UAE kick-off times)

Cagliari v AC Milan (6pm)

Lazio v Napoli (9pm)

Inter Milan v Atalanta (11.45pm)

Sunday

Udinese v Sassuolo (3.30pm)

Sampdoria v Brescia (6pm)

Fiorentina v SPAL (6pm)

Torino v Bologna (6pm)

Verona v Genoa (9pm)

Roma V Juventus (11.45pm)

Parma v Lecce (11.45pm)

 

 

COMPANY PROFILE

Name: Lamsa

Founder: Badr Ward

Launched: 2014

Employees: 60

Based: Abu Dhabi

Sector: EdTech

Funding to date: $15 million

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.

COMPANY PROFILE
Name: Kumulus Water
 
Started: 2021
 
Founders: Iheb Triki and Mohamed Ali Abid
 
Based: Tunisia 
 
Sector: Water technology 
 
Number of staff: 22 
 
Investment raised: $4 million 
The specs: 2018 BMW R nineT Scrambler

Price, base / as tested Dh57,000

Engine 1,170cc air/oil-cooled flat twin four-stroke engine

Transmission Six-speed gearbox

Power 110hp) @ 7,750rpm

Torque 116Nm @ 6,000rpm

Fuel economy, combined 5.3L / 100km

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On sale: via special order

Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3

While you're here

Small Victories: The True Story of Faith No More by Adrian Harte
Jawbone Press

Recent winners

2002 Giselle Khoury (Colombia)

2004 Nathalie Nasralla (France)

2005 Catherine Abboud (Oceania)

2007 Grace Bijjani  (Mexico)

2008 Carina El-Keddissi (Brazil)

2009 Sara Mansour (Brazil)

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2014 Lia Saad  (UAE)

2015 Cynthia Farah (Australia)

2016 Yosmely Massaad (Venezuela)

2017 Dima Safi (Ivory Coast)

2018 Rachel Younan (Australia)

The 15 players selected

Muzzamil Afridi, Rahman Gul, Rizwan Haider (Dezo Devils); Shahbaz Ahmed, Suneth Sampath (Glory Gladiators); Waqas Gohar, Jamshaid Butt, Shadab Ahamed (Ganga Fighters); Ali Abid, Ayaz Butt, Ghulam Farid, JD Mahesh Kumara (Hiranni Heros); Inam Faried, Mausif Khan, Ashok Kumar (Texas Titans

Updated: September 06, 2021, 1:53 PM