UAE Friday sermon: the meetings of Prophet Mohammed



Prophet Mohammed would form assemblies to have conversations with his companions and advise them on the teachings of Islam, the sermon will tell mosque-goers on Friday.

Getting-together is an old tradition and used to be known as Dar An-Nadwa (a meeting house or club). Poets referred to this tradition among Arabs saying: "And if you visit them, around their houses you will find gatherings, the thoughts of which may cure ignorance."

The Prophet’s meetings were an occasion to observe many high-mannered attitudes and qualities. They were assemblies of knowledge, humbleness, modesty, and tolerance.

Prophet Mohammed would give utmost care to his meetings with people by getting well-prepared before going out. He also received and welcome his guests in his majlis in a hospitable manner. When greeted, he would return the greeting with a better or equal one, in line with what is advised in the Quran: "and when you are greeted with a greeting, greet [in return] with one better than it or [at least] return it [in a like manner]." (An-Nisaa: 86).

After greeting his guests, the Prophet would humbly sit among them. Describing his merits, Allah says: “and indeed, you are of a great moral character." (Al-Qalam: 4).

His character was praised by many of his companions, such as Jabir Ibn Samura who said: "I sat with the Messenger of Allah more than one-hundred times. Meanwhile, he would be silent, listening to his companions."

His assemblies were also occasions for whereby young and elderly people could meet and each generation could exchange their experiences and expertise. The aim here was to encourage young people to learn from their elders.

Women also attended the Prophet’s meetings. Abu Saeed Al Khudri said, "A woman came to the Messenger of Allah and said, 'O Allah's Messenger! Men (only) benefit by your teachings, so please devote to us from (some of) your time, a day on which we may come to you so that you may teach us of what Allah has taught you.' Allah's Messenger said, 'Gather on such-and-such a day at such and- such a place.' They gathered and Allah's Messenger came to them and taught them of what Allah had taught him."

The sermon will implore God to guide Muslims to follow the example of the Prophet in their homes, during meetings and in all daily life.

Prophet Mohammed would conclude his meetings with an invocation that the angel Jibril (Gabriel) taught him, saying, "Glory is due to You, Oh Allah, and praise. I bear witness that there is no deity save You. I seek Your forgiveness and turn to You in repentance."

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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.”