A British-based charity is on track to spend more than £12 million ($17m) on creating nine Islamic institutions across Europe despite growing legal obstacles to foreign funding.
The Nectar Trust, which is the UK arm of Qatar Charity, has funded the educational establishments in France, Italy, Germany and Belgium to help strengthen community cohesion.
But its work in France is facing difficulties following President Emmanuel Macron’s new law on social cohesion that includes stringent rules on foreign organisations investing in Islamic establishments.
Mr Macron launched his bill last year in Mulhouse, the same town as the site of the Nectar Trust’s largest project involving the construction of a multipurpose religious centre.
The Association Amal will house a prayer hall, sporting and community facilities.
“This is the largest grant awarded by the Nectar Trust to part-fund the building of an iconic multipurpose centre,” its latest accounts said.
“The project will be built on an area of 4,600 square metres and consists of a school, sports and health facilities, a multicultural hall for prayers and other activities and an office.”
Mr Macron is seeking to combat "foreign interference" in how Islam is practised and the organisation of its religious institutions.
"A problem arises when, in the name of religion, some want to separate themselves from the republic and therefore not respect its laws," he said.
He claims the new bill will counter Islamist extremism in France by giving the government more authority over the schooling of children, the financing of mosques and the training of imams.
"This end to the consular Islam system is extremely important to curb foreign influence and make sure everybody respects the laws of the republic," he said.
Earlier this month, France's upper house added a number of amendments to the bill, including banning the hijab for under-18s in public.
The Nectar Trust has spent more than £5.3m on building and improving five educational buildings in France, its latest accounts ending March 2020 said.
It is building a school for 300 pupils at the Centre of Musulman De Marseille and has purchased land in Thonon to expand the Association Musulman du Chablais.
The charity is creating student accommodation for 26 people at the Fonds De Dotation, Institute European des Sciences Humanitarian in Paris and is upgrading the student accommodation and campus at IESH’s establishment in Chateau Chinon.
In January, former students of IESH launched an urgent crowdfunding appeal to raise £25,000 to stop it being closed after it lost vital funding due to the pandemic.
The IESH publishes fatwas following the guidance of the European Council on Fatwa and Research (ECFR).
The ECFR's former president Yusuf Al Qaradawi is banned from the UK and is believed to be the spiritual leader of the Muslim Brotherhood.
Across Europe, the Nectar Trust is spending £5.5m on educational support and £1.2m on community developments.
It is creating three multipurpose educational centres in Italy to support minority communities and refugees in Verona, Rome and Cantabria. In Germany, it is funding the Arabisch Deutscher Kul Turerein community centre in Frankfurt, and in Belgium, the Maison Du Dialogue community centre is being created for marriage ceremonies, youth sporting activities, prayer areas, shops and classrooms for teaching Arabic.
Last year, France fast-tracked its anti-separatism bill following the murder of schoolteacher Samuel Paty by an extremist.
It was given added impetus last month when a female police employee was stabbed to death at a police station by a Tunisian man who had watched extremist videos but was not known to the intelligence services.
Skewed figures
In the village of Mevagissey in southwest England the housing stock has doubled in the last century while the number of residents is half the historic high. The village's Neighbourhood Development Plan states that 26% of homes are holiday retreats. Prices are high, averaging around £300,000, £50,000 more than the Cornish average of £250,000. The local average wage is £15,458.
PROFILE OF HALAN
Started: November 2017
Founders: Mounir Nakhla, Ahmed Mohsen and Mohamed Aboulnaga
Based: Cairo, Egypt
Sector: transport and logistics
Size: 150 employees
Investment: approximately $8 million
Investors include: Singapore’s Battery Road Digital Holdings, Egypt’s Algebra Ventures, Uber co-founder and former CTO Oscar Salazar
Duminy's Test career in numbers
Tests 46; Runs 2,103; Best 166; Average 32.85; 100s 6; 50s 8; Wickets 42; Best 4-47
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.
The Year Earth Changed
Directed by:Tom Beard
Narrated by: Sir David Attenborough
Stars: 4
What's in the deal?
Agreement aims to boost trade by £25.5bn a year in the long run, compared with a total of £42.6bn in 2024
India will slash levies on medical devices, machinery, cosmetics, soft drinks and lamb.
India will also cut automotive tariffs to 10% under a quota from over 100% currently.
Indian employees in the UK will receive three years exemption from social security payments
India expects 99% of exports to benefit from zero duty, raising opportunities for textiles, marine products, footwear and jewellery
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Dunki
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Match info:
Burnley 0
Manchester United 2
Lukaku (22', 44')
Red card: Marcus Rashford (Man United)
Man of the match: Romelu Lukaku (Manchester United)
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.”
Match info
Athletic Bilbao 0
Real Madrid 1 (Ramos 73' pen)
Greatest of All Time
Starring: Vijay, Sneha, Prashanth, Prabhu Deva, Mohan
UAE currency: the story behind the money in your pockets
The%20Killer
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MATCH INFO
Newcastle United 3
Gayle (23'), Perez (59', 63')
Chelsea 0
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Profile of Bitex UAE
Date of launch: November 2018
Founder: Monark Modi
Based: Business Bay, Dubai
Sector: Financial services
Size: Eight employees
Investors: Self-funded to date with $1m of personal savings