Peter Dench
Peter Dench

Five pillars of wisdom



As Ramadan approaches, M talks to the writer and broadcaster Ziauddin Sardar about the five books he feels most accurately reflect the future of Islam. A British Muslim of Pakistani origin, Sardar has written more than 45 books, including his widely acclaimed autobiographies, Desperately Seeking Paradise and Balti Britain. He is the editor of Futures, a monthly journal of policy, planning and futures studies.

It should not come as a surprise to discover that the first book on the future of Islam was written by an Englishman: Wilfrid Scawen Blunt. As a supporter of Arabs, Blunt was aggressively anti-Ottoman and thought the Ottoman Empire was an impediment to the emergence of "progressive thought in Islam". Considering the period in which the essays were written, The Future Of Islam is a very perceptive book, with a genuine, futuristic understanding of the political and intellectual trends of the time.

Blunt made many predictions and quite a few turned out to be true. He predicted the fall of the Ottoman Empire, the transfer of Islam's "metropolis" from Constantinople to Mecca, the emergence of independent Muslim states, and a movement of liberal Islam in Egypt, even the arrival of "a Mahdi" in the Sudan. I think Blunt was spot on when he argued that the future survival of Islam depends on an internal reform of law and ethics. But he was sensible enough to suggest that such reforms are best undertaken by Muslims themselves.The Future Of Islam has its biases and prejudices, but it is worth reading, even almost 130 years after its publication, for Blunt's perceptive insight into Muslim politics and his awareness of the general direction Islam has been moving during the past century.

Most people think that this book is a religious text focused on theological issues. But in my opinion, Muhammad Iqbal (1877-1938), who is renowned in the Indian subcontinent as a poet and philosopher, was the first Muslim futurist. This is a powerful and challenging book, packed with deep insights. Like me, Iqbal was concerned with shaping rather than predicting the future. He was totally disillusioned by religious scholars whom he described as "ignorant" and "absolutely incapable of receiving any fresh inspiration from modern thought and experience". He wanted to develop a modern epistemology of Islam as the basis for the reconstruction of a future Muslim civilisation. He saw the future as an open possibility, not closed and predetermined, and life as an organic unity where everything was connected to everything else. He wanted to change everything, particularly Sharia law, which he saw as arcane and outdated. He argued that every generation has to rethink Islamic law. I think the full impact of Iqbal's futuristic thinking has yet to be appreciated by contemporary Muslims.

Iqbal was certainly one of those who inspired me to write my book, The Future Of Muslim Civilisation.Given that Islam is perforce a future-oriented world view, why is the future so conspicuously absent from contemporary Muslim thought and discourses? Single-handedly for almost a decade I tried to shape a discourse on Islamic futures. When The Future Of Muslim Civilisation was first published in 1979, most Muslim scholars found it difficult to comprehend. Part of the difficulty was due to the fact that there was no internal language for discussing the future of Islam; I had to invent my own language. But there was another problem: the inertia associated with thinking about the future.

This book looks at the future of Islamic fundamentalism in Egypt, Algeria and Saudi Arabia and concludes that it has no future. Faksh offers a refreshing and powerful analysis of the vacuous nature of Islamic fundamentalism; he is very far-sighted but his book is largely neglected. He argues that the threat of Islamic fundamentalism is overstated, and the deep cultural and moral principles of Islam, and its overarching emphasis on diversity and pluralism, will eventually sweep it aside.

Futures of Islam, like futures of most cultures, is open to numerous pluralistic and democratic possibilities. The emphasis of my own work has been on shaping pluralistic and sustainable futures for Muslim societies. But I have to admit that Muslims, as a whole, are not very good at looking towards the future or exploring alternative future paths. We tend to be nostalgic about the glories of our history and fatalistic about our problems.

I think the future of all three monotheistic faiths is intertwined and interconnected. This point is strongly made by Hans Kung in Islam: Past, Present and Future. Kung is undoubtedly the most enlightened Catholic philosopher of our time. Islam is a monumental work: it covers the evolution and development of Islam, the present crisis of Muslim civilisation, and looks at what Kung calls "possibilities for the future". Islam is the last in a trilogy which covered Judaism and Christianity. And Kung is simply brilliant in making connections between the three faiths and highlighting the areas of convergence.

He thinks that Islamic law should and will change in the future to meet the challenge of human rights, gender equality, and the rights of minorities by developing a new ethical framework of rights and responsibilities. He predicts that Muslim politics will acquire "secularity" without totally embracing secularism, and that Islamic economics, including the banking system, will evolve further as a major system of commerce based on ethical principles.

What I really like about the book is Kung's passionate belief that the differences between Islam and the West are more apparent than real and that the religious divide between Islam and the other two Abrahamic faiths can be readily bridged. The deadly threats that humanity faces, he argues, require us to demolish the walls of prejudice, stone by stone. He would argue that it is a necessary requirement for our future survival.

The most urgent task facing Muslim society, I think, is the reformulation of the Sharia. Here, the human rights lawyer, Abdullahi Ahmed An-Naim, has provided an invaluable lead. He argues that Islam cannot have a viable future without rethinking Islamic law and the relationship between religion and the secular state in all Muslim societies. The Sharia needs to be free from state control, he suggests, just as the state should not be allowed to misuse religious authority. I couldn't agree more with his assertion that the idea of human rights and citizenship is totally consistent with Islamic values and norms.

I am always hopeful about the future. After all, a major function of faith is to give us cautious hope. This is why Kung also concludes his book by expressing "unshakeable hope" about the future. But hope is intrinsic in the very idea of future. An awareness of the future can empower people and open up possibilities where none existed before. The future is a frontier where all things are possible, including the possibility of breaking the power and the hold of the present over our future. But for that to happen we should see the future not as a commodity but as a domain of alternative potentials and promises.

This interview first appeared on www.thebrowser.com

ENGLAND SQUAD

Goalkeepers: Jack Butland, Jordan Pickford, Nick Pope 
Defenders: John Stones, Harry Maguire, Phil Jones, Kyle Walker, Kieran Trippier, Gary Cahill, Ashley Young, Danny Rose, Trent Alexander-Arnold 
Midfielders: Eric Dier, Jordan Henderson, Dele Alli, Jesse Lingard, Raheem Sterling, Ruben Loftus-Cheek, Fabian Delph 
Forwards: Harry Kane, Jamie Vardy, Marcus Rashford, Danny Welbeck

Real estate tokenisation project

Dubai launched the pilot phase of its real estate tokenisation project last month.

The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.

Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.

LEADERBOARD
%3Cp%3E-19%20T%20Fleetwood%20(Eng)%3B%20-18%20R%20McIlroy%20(NI)%2C%20T%20Lawrence%20(SA)%3B%20-16%20J%20Smith%3B%20-15%20F%20Molinari%20(Ita)%3B%20-14%20Z%20Lombard%20(SA)%2C%20S%20Crocker%20(US)%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3ESelected%3A%20%3C%2Fstrong%3E-11%20A%20Meronk%20(Pol)%3B%20-10%20E%20Ferguson%20(Sco)%3B%20-8%20R%20Fox%20(NZ)%20-7%20L%20Donald%20(Eng)%3B%20-5%20T%20McKibbin%20(NI)%2C%20N%20Hoejgaard%20(Den)%3C%2Fp%3E%0A
NO OTHER LAND

Director: Basel Adra, Yuval Abraham, Rachel Szor, Hamdan Ballal

Stars: Basel Adra, Yuval Abraham

Rating: 3.5/5

The specs

Engine: Four electric motors, one at each wheel

Power: 579hp

Torque: 859Nm

Transmission: Single-speed automatic

Price: From Dh825,900

On sale: Now

The specs
 
Engine: 3.0-litre six-cylinder turbo
Power: 398hp from 5,250rpm
Torque: 580Nm at 1,900-4,800rpm
Transmission: Eight-speed auto
Fuel economy, combined: 6.5L/100km
On sale: December
Price: From Dh330,000 (estimate)
COMPANY%20PROFILE
%3Cp%3E%3Cstrong%3ECompany%20name%3A%3C%2Fstrong%3E%20Silkhaus%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EStarted%3A%3C%2Fstrong%3E%202021%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFounders%3A%3C%2Fstrong%3E%20Aahan%20Bhojani%20and%20Ashmin%20Varma%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EBased%3A%3C%2Fstrong%3E%20Dubai%2C%20UAE%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EIndustry%3A%3C%2Fstrong%3E%20Property%20technology%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EFunding%3A%3C%2Fstrong%3E%20%247.75%20million%3C%2Fp%3E%0A%3Cp%3E%3Cstrong%3EInvestors%3A%3C%2Fstrong%3E%20Nuwa%20Capital%2C%20VentureSouq%2C%20Nordstar%2C%20Global%20Founders%20Capital%2C%20Yuj%20Ventures%20and%20Whiteboard%20Capital%3C%2Fp%3E%0A
Brief scores:

Manchester City 3

Aguero 1', 44', 61'

Arsenal ​​​​​1

Koscielny 11'

Man of the match: Sergio Aguero (Manchester City)

Thor: Ragnarok

Dir: Taika Waititi

Starring: Chris Hemsworth, Tom Hiddleston, Cate Blanchett, Jeff Goldblum, Mark Ruffalo, Tessa Thompson

Four stars

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.”

The National's picks

4.35pm: Tilal Al Khalediah
5.10pm: Continous
5.45pm: Raging Torrent
6.20pm: West Acre
7pm: Flood Zone
7.40pm: Straight No Chaser
8.15pm: Romantic Warrior
8.50pm: Calandogan
9.30pm: Forever Young

The White Lotus: Season three

Creator: Mike White

Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell

Rating: 4.5/5