UAE Friday sermon: Yaqoub's role as a father is exemplary


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The Prophets were chosen by God as beacons of guidance and instructors for ‘true believers’, the sermon will tell worshippers on Friday.

One of those prophets was Yaqoub; a man of wisdom. He was a third generation prophet. His father was Prophet Ishaq and his grandfather was Prophet Ibrahim.

The family is praised in the Quran. "And remember Our servants, Abraham, Isaac and Jacob – those of strength and [religious] vision. Indeed, We chose them for an exclusive quality: remembrance of the home [of the Hereafter]. And indeed they are, to Us, among the chosen and outstanding." (Sad: 45-47).

Prophet Yaqoub was known for being very knowledgeable. He was a pious man and taught his children good values, strengthened their bonds with God and offered them advice

Before he died, Prophet Yaqoub asked his sons, "What will you worship after me?" They said, "we will worship your God and the God of your fathers, Abraham and Ishmael and Isaac – one God. And we are Muslims [in submission] to Him." (Al-Baqara: 133). 

He taught his sons to trust God to protect them and to relieve them of their ­distress. He also told them to be positive, saying "and despair not of relief from Allah. Indeed, no one despairs of relief from Allah except the disbelieving people." (Yusuf: 87).

One day, his son Yusuf told him of a dream he had seen. "Oh my father, indeed I have seen [in a dream] eleven stars and the sun and the moon; I saw them prostrating to me," (Yusuf: 4), he told his father. Prophet Yaqoub was worried his brothers would envy him so he advised him not to tell them.  

In telling this story, the sermon will advise worshippers to instil love within their children to protect them against conflicts and steer them clear from the path of the devil and his evil plans.

There are many lessons that can be learnt from Prophet Yaqoub, one of them is to show patience when raising children.

Parents must learn to forgive their children, to invoke Allah for them and never to curse them.

Prophet Mohammed said, “Do not invoke Allah against yourselves, and do not invoke Him against your children, and do not invoke curse on your property, lest you happen to do it at a time when Allah is asked for something and grants your request.”

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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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