The burnt Buddhist temple of Shima Bihar at Ramu, some 350 kilometres southeast of the capital Dhaka. Witnesses described rioters leaving a trail of devastation in Buddhist villages.
The burnt Buddhist temple of Shima Bihar at Ramu, some 350 kilometres southeast of the capital Dhaka. Witnesses described rioters leaving a trail of devastation in Buddhist villages.

Rioters destroy Buddhist temples over Quran photo on Facebook



CHITTAGONG, BANGLADESH // Thousands of rioters set fire to Buddhist temples and homes in south-eastern Bangladesh yesterday over a photograph deemed offensive to Islam that was posted on Facebook, in a rare attack against the community.
Officials said the mob, comprising about 25,000 people, set fire to at least five Buddhist temples and dozens of homes in Ramu town and its adjoining villages, 350 kilometres from the capital, Dhaka.
The rioters claimed the photograph allegedly defaming the Quran was uploaded on Facebook by a young Buddhist man from the area, said Joinul Bari, a district administrator.
"They became unruly and attacked Buddhist houses, torching and damaging their temples from midnight to Sunday morning," he said. "At least 100 houses were damaged. We called in army and border guards to quell the violence."
He added that authorities had temporarily banned public gatherings in the area to prevent further clashes.
The man who allegedly uploaded the picture has gone into hiding and told local media he did not post the picture, insisting someone else had "tagged" his account with the image on the social network.
His mother and an aunt were given police protection for their safety after the violence broke out, officials said.
Police officer Rumia Khatun said about "25,000 Muslims chanting 'God is great'" first attacked a Buddhist hamlet in Ramu, burning centuries-old temples, and later stormed Buddhist villages outside the town. It wasn't clear if there were casualties, and authorities did not say if any of the rioters were arrested.
Witnesses described rioters leaving a trail of devastation at the Buddhist villages.
"I have seen 11 wooden temples, two of them 300 years old, torched by the mob. They looted precious items and Buddha statues from the temples. Shops owned by Buddhists were also looted," said Sunil Barua, a local journalist at the scene.
The country's home minister, industries minister and national police chief rushed to the scene yesterday morning.
The riots later spread to Patia, home to a sizeable Buddhist population, outside the south-eastern port city of Chittagong, where mobs attacked and vandalised three temples, said Aminur Rashid, a local police chief.
"They damaged statues and looted valuable items. We brought the situation under control," he said, adding that security had been tightened in all Buddhist villages and temples in the area.
Buddhists, who make up less than 1 per cent of Bangladesh's 153 million population, are based mainly in south-eastern districts, close to the border with Buddhist-majority Myanmar.
Sectarian tensions have been running high since June when deadly clashes erupted between Buddhists and Muslim Rohingya in Myanmar's Rakhine state.
Although Bangladesh, where nearly 90 per cent of people are Muslims, has witnessed deadly clashes between Muslims and Hindus in the past, sectarian clashes involving Buddhists are rare.
In recent weeks tens of thousands of Muslims have taken to the streets across the country to protest against an anti-Islam film mocking the Prophet Mohammed.

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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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