LONDON // Dozens of individuals, organisations and media outlets linked to the Muslim Brotherhood in the UK are to come under increased financial scrutiny as the result of a review of the organisation's activities by the British government.
A security expert who contributed to the review told The National that although it would not recommend banning the group, this should not be seen as "an exoneration of the organisation".
Lorenzo Vidino, who was commissioned to write a paper for the review on the movement’s activities in the UK, said it had helped to crystallise a view in the government that “on the foreign policy side, the Brotherhood for the most part does not pursue interests that are aligned with those of the British government”.
One place where this was currently evident, he said, was Libya, “where the Brotherhood has shown its true colours and made clear its position on violence and who its real allies are”.
Mr Vidino, a fellow with the International Security Programme's Initiative on Religion in International Affairs at Harvard University, was revealed as a member of the review team in the Daily Telegraph on Sunday.
He confirmed to The National that he had been called in by Sir John Jenkins, the British ambassador to Saudi Arabia who led the review, and had been commissioned to write a paper on the Brotherhood's activities in the UK.
Domestically, said Mr Vidino, Britain now intended “to reduce the space” occupied by the Brotherhood.
“For a long time it has been a big mistake to treat them as legitimate representatives of the Muslim community and they are not. They have just managed to create this perception of representation through their political wisdom.”
This perception had been encouraged by as many as 60 “front” organisations, including charities and think tanks. All of these, said Mr Vidino, now faced “increased scrutiny”.
“There’s an understanding that there’s a lot of money that comes in from certain countries, like Qatar, that nobody really knows where it goes and that charities, for example, deserve a bit more scrutiny.”
The review's identification of dozens of Brotherhood-linked organisations echoes the finding of an investigation published by The National in June this year.
This identified previously unknown connections between the Muslim Brotherhood and a number of UK-based individuals, organisations and media outlets critical of the UAE, where the Muslim Brotherhood is banned.
Among them was Anas Altikriti, founder of the Cordoba Foundation, a London-based organisation whose stated aim is to promote interfaith dialogue but which was shown to have close ties to the Muslim Brotherhood.
In 2008, David Cameron, before he was British prime minister, described the foundation as “a front for the Muslim Brotherhood”.
The National found Mr Altikriti and his family had been instrumental in the setting up of the Emirates Centre for Human Rights, an organisation critical of the UAE's attempts to root out members of proscribed organisations, and whose source of funding remains unclear.
This year Mr Altikriti mounted a publicity campaign against the British government’s review.
One month after The National's investigation was published, HSBC bank closed the accounts of Mr Altikriti, his family and the Cordoba Foundation, saying they fell "outside the bank's risk appetite".
Mr Altikriti did not respond to a request for a comment on the findings of the UK government’s review.
Mr Vidino said that while it would be “extremely difficult, both politically and from a legal point of view, [to ban] such a big global entity, with branches in 80 or 90 countries”, there were “other ways of altering the government’s posture towards the Brotherhood … generally speaking to make the UK a less hospitable place”.
In addition to stricter application of immigration laws, this meant “going after the organisation through the individuals, charities and other means, making their lives more difficult”.
One of “the main takeaways from the review”, he said, was that “we have never had a good comprehensive policy on the Brotherhood, we never fully understood the movement. It was now important to pull together “all the strands of knowledge”, from government, the banking sector and academia, to conceive “a new policy which sees the Brotherhood as an adversary, something which for the most part is against British interests”.
“Without exaggerating the case and lumping the Brotherhood together with Al Qaeda or other groups, we need to make it clear that the Brotherhood is not the good guy as it has been seen in the past in many quarters of the British government.”
Dr Vidino said the British government make some of the review public next month.
“It will draw some policy conclusions, and perhaps a few pieces of the review will be released, but my understanding is that the whole report will not be released because it draws a lot on classified material.”
The review recognised that there were differences between many elements of the Brotherhood and extremist Islamist groups, said Mr Vidino.
“But it goes back to the idea, expressed by Cameron in a speech in Munich before he became prime minister, that non-violent activism is the root of the violent form.
“It doesn’t mean that there’s necessarily a direct connection, but rather than being part of the solution the Brotherhood is now being seen as part of the problem. This is what the review calls the new strategic mindset; they are part of the problem and therefore the British government needs a new strategic view to counter it.”
foreign.desk@thenational.ae
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Director: S Sashikanth
Cast: Nayanthara, Siddharth, Meera Jasmine, R Madhavan
Star rating: 2/5
The White Lotus: Season three
Creator: Mike White
Starring: Walton Goggins, Jason Isaacs, Natasha Rothwell
Rating: 4.5/5
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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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How it works
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