On August 1, when face veils are banned in Denmark, Sabina will not be leaving her niqab at home. Instead, she will be defying the law and taking to the street in protest.
In May, the Danish parliament banned the wearing of face veils in public, joining France and some other European countries to uphold what some politicians say are secular and democratic values.
But Sabina, 21, who is studying to be a teacher, has joined forces with other Muslim women who wear the veil to form Kvinder I Dialog (Women In Dialogue) to protest and raise awareness about why women should be allowed to express their identity that way.
"I won't take my niqab off. If I must take it off I want to do it because it is a reflection of my own choice," she said.
Like the other women interviewed for this article, Sabina did not wish to have her surname published for fear of harassment.
The niqab wearers who plan to protest on August 1, will be joined by other non-niqab wearing Muslim women and non-Muslim Danes, most of whom plan to wear face coverings at the rally.
"Everybody wants to define what Danish values are," said Meryem, 20, who was born in Denmark to Turkish parents and has been wearing the niqab since before she met her husband — who supports her right to wear it.
"I believe that you have to integrate yourself in society, that you should get an education and so forth. But I don't think wearing a niqab means you can't engage yourself in Danish values," Meryem, who has a place to study molecular medicine at Aarhus University, said.
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Like Sabina, Meryem plans to defy the law, keep her niqab on and protest the ban.
Under the law, police will be able to order women to remove their veils or to leave public areas. Justice Minister Soren Pape Poulsen said officers can fine them and tell them to go home.
The fines will range from 1,000 Danish crowns (Dh578) for a first offence, to 10,000 crowns for a fourth violation.
"I feel this law legitimises acts of hatred but, on the other hand, I feel people have become more aware of what is going on. I get more smiles on the street and people are asking me more questions," said Ayah, 37.
Mathias Vidas Olsen, who makes reproductions of Viking age jewellery, is supporting the campaign by making special bracelets and giving the proceeds to Kvinder I Dialog.
"I'm not for or against the niqab," the 29-year-old Copenhagen man said.
"I'm for the right of the people to wear whatever they want, whether they be a Muslim or a punk.
"I see this as the government reaching into places they don't belong and as a cheap hit on an already stigmatised group to score cheap political points."
Director: Laxman Utekar
Cast: Vicky Kaushal, Akshaye Khanna, Diana Penty, Vineet Kumar Singh, Rashmika Mandanna
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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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