Hadith, the reports of the words or actions of the Prophet Mohammed, serve as the second most authoritative source on Islam, but its inaccurate interpretations are often used to promote extremist agendas.
Ahadith, the plural form of Hadith, translates in Arabic to “accounts” denoting how the Prophet’s happenings 1400 years ago were passed down by word of mouth.
It was not until after the Prophet’s death that scholars gathered in the 8th and 9th century and consolidated the oral reports by those closest to the Prophet into a single body of work.
However, since then, disputes of what the actual wording was to each Hadith have been poured over by Islamic scholars for centuries, creating room for interpretation not only between sects but also between different schools of thought over the meaning of any Hadith.
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Sunni Muslims have six books they use as records of the Prophet’s sayings, with the most commonly accepted being the Sahih Al Bukhari and the Sahih Muslim.
Beyond the various records of the Ahadith, interpretations of the verses are often contested as meaning could be derived from even the most basic recorded actions or sayings of the Prophet and used as a guideline to modern Muslim life.
The power of the Hadith is so integral to Islam that even the physical maneouvres of how Muslims should pray five times a day (the kneeling and prostrating) were derived from how the Prophet was said to have prayed.
Although the example of the Prophet is to be emulated as the best method of practicing Islam, the records of his actions are the source of various interpretations.
The verses come in two parts: one being the account of what happened or what was said at the time, and the other is the record of who orally passed down the happenings –often by those closest to the Prophet.
Disagreements derive from both parts, but it is often the attribution the source of debate.
Certain verses have been used by Islamists to lead their followers into believing extremist interpretations of otherwise peaceful teachings.
“Jihad” is often the main Islamic concept used to push impressionable Muslims into committing violent acts.
However, the understanding that Jihad translates to “holy war” is simply an extreme idea of the word, as the literal translation is “struggle” or “effort” and is used to indicate how the Prophet urged all Muslims to strive to be good believers.
Often scholars explain that in the interpretation where it means Holy War, it can mean a non-violent war as Islam also advocates peace above other alternatives and sets a strict set of rules of engagement.
In fact, the Ahadith show that the Prophet’s mention of Jihad is often referring to what scholars call the “greater Jihad” or the effort of a believer to live their Muslim faith to their best ability.
Now efforts in the region are attempting to further consolidate the understanding of certain verses to counteract the more extreme interpretations of what is otherwise meant as a guideline for worship.
Bundesliga fixtures
Saturday, May 16 (kick-offs UAE time)
Borussia Dortmund v Schalke (4.30pm)
RB Leipzig v Freiburg (4.30pm)
Hoffenheim v Hertha Berlin (4.30pm)
Fortuna Dusseldorf v Paderborn (4.30pm)
Augsburg v Wolfsburg (4.30pm)
Eintracht Frankfurt v Borussia Monchengladbach (7.30pm)
Sunday, May 17
Cologne v Mainz (4.30pm),
Union Berlin v Bayern Munich (7pm)
Monday, May 18
Werder Bremen v Bayer Leverkusen (9.30pm)
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.”
COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
Company profile
Company: Verity
Date started: May 2021
Founders: Kamal Al-Samarrai, Dina Shoman and Omar Al Sharif
Based: Dubai
Sector: FinTech
Size: four team members
Stage: Intially bootstrapped but recently closed its first pre-seed round of $800,000
Investors: Wamda, VentureSouq, Beyond Capital and regional angel investors
The specs
Engine: 1.5-litre turbo
Power: 181hp
Torque: 230Nm
Transmission: 6-speed automatic
Starting price: Dh79,000
On sale: Now
Formula Middle East Calendar (Formula Regional and Formula 4)
Round 1: January 17-19, Yas Marina Circuit – Abu Dhabi
Round 2: January 22-23, Yas Marina Circuit – Abu Dhabi
Round 3: February 7-9, Dubai Autodrome – Dubai
Round 4: February 14-16, Yas Marina Circuit – Abu Dhabi
Round 5: February 25-27, Jeddah Corniche Circuit – Saudi Arabia
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
A State of Passion
Directors: Carol Mansour and Muna Khalidi
Stars: Dr Ghassan Abu-Sittah
Rating: 4/5
How to help
Send “thenational” to the following numbers or call the hotline on: 0502955999
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