Pope Francis is welcomed by the Mufti of Istanbul, Rahmi Yaran outside Sultan Ahmet mosque, popularly known as the Blue Mosque in Istanbul on November 29. Osman Orsal / Reuters
Pope Francis is welcomed by the Mufti of Istanbul, Rahmi Yaran outside Sultan Ahmet mosque, popularly known as the Blue Mosque in Istanbul on November 29. Osman Orsal / Reuters

Pope visits Turkey’s Blue Mosque



ISTANBUL // His head bowed and hands clasped in front of him, Pope Francis on Saturday stood in two minutes of silent prayer facing east inside one of Istanbul’s most important religious sites, as he shifted gears toward more religious affairs on the second leg of his three-day visit to the mainly Muslim nation.

Following in the footsteps of Pope Benedict XVI who visited Turkey in 2006, Pope Francis prayed alongside the Grand Mufti of Istanbul, Rahmi Yaran, who had his palms turned toward the sky in a Muslim prayer, inside the 17th-century Sultan Ahmet mosque.

“May God accept it,” Mr Yaran told the pope, at the end of the prayer that aims to shows respect for Islam and encourage stronger ties between the two faiths.

The Vatican spokesman, Rev Federico Lombardi called it a moment of silent “adoration.”

Rev Lombardi, who was behind the pope said Pope Francis told the mufti two times that we “adore” God and not just praise and glorify him.

Earlier, Pope Francis nodded, smiled and looked up in awe as Mr Yaran gave him a tour of the mosque which is famed for its elaborate blue tiles and cascading domes and better known as the Blue Mosque.

Pope Benedict had visited Turkey amid heightened Christian-Muslim tensions and prayed at the mosque in a gesture that was appreciated by many Turks. The Vatican added the stop at the Blue Mosque at the last minute to show Pope Benedict’s respect for Muslims.

Pope Francis then visited the nearby Haghia Sofia, which was the main Byzantine church in Constantinople — present-day Istanbul — before being turned into a mosque following the Muslim conquest of the city in 1453. The Haghia Sophia is now museum, although some Islamic groups want it to be converted back into a mosque.

Pope Paul VI, who made the first-ever papal visit to Turkey in 1967, fell to his knees in prayer inside Haghia Sophia, triggering protests by Turks who claimed Paul had violated the secular nature of the domed complex. All eyes were turned on Francis to see if he would do the same but careful of Turkish sensitivities, the pope avoided praying inside the Haghia Sophia.

Halfway through his tour, the Muslim call for prayer from the Blue Mosque echoed off the Haghia Sophia’s marble walls, drowning the voice of the museum’s director who escorted Pope Francis around the structure.

A few dozen well-wishers outside Haghia Sophia waved a combination of the Turkish and the flag of the Holy See. One carried a banner that read: “You are Peter.”

Pope Francis nearly tripped over while walking the carpet from his plane to a VIP terminal at Istanbul’s Ataturk Airport. The governor of Istanbul and Patriarch Bartholomew I, the spiritual leader of Orthodox Christians, helped the pontiff as he tottered.

Meeting with Turkish leaders in the capital Ankara a day earlier, Pope Francis urged Muslim leaders to condemn the “barbaric violence” being committed in Islam’s name against religious minorities in Iraq and Syria. He reaffirmed that military force was justified to halt the ISIL group’s advance, and called for greater dialogue among Christians, Muslims and people of all faiths to end fundamentalism.

Later on Saturday, Pope Francis will meet Mr Bartholomew — the real reason for his visit to Turkey.

The two major branches of Christianity represented by Mr Bartholomew and Pope Francis split in 1054 over differences on the power of the papacy. The two spiritual heads will participate in an ecumenical liturgy and sign a joint declaration in the continuing attempt to reunite the churches.

* Associated Press

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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.”

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