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The two Libyan governments reunited

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What the Enlightenment political philosopher Montesquieu wrote: “There are three types of government ….” does not apply to the Maghreb region where there are one or two political authorities.

If we want the agreement just signed in Rome between the two Libyan factions to work – apart from the difficulty of having, in forty days, the consent of all participants – we have to think about money, namely the huge amount of money that the two Libyan factions should share out.

Hassan Bouhadi is the President of the Libyan Investment Authority (LIA) appointed by the internationally recognized government of Tobruk.

Coincidentally, the government supported by Turkey and Qatar, the same States which operate in favour of Isis/Daesh between Syria and Iraq.

The Sunni project for Mesopotamia is incompatible with NATO’s current stance, while Iran is managing its P5+1 nuclear deal in an ambiguous way, as demonstrated by the recent results of IAEA inspections.

The Atlantic Alliance shall rethink its presence in the Middle East and link it to the “long arm” required to control the Asian regional seas and the land routes of the new “Silk Road” planned by Chinese President Xi Jinping.

This is the political stance of LIA, which has begun legal actions in London, in relation to the faction of the Libyan Investment Authority linked to the rival government of Tripoli.

As often happened to the best young Libyans, Bouhadi studied with excellent results at the University College of London and was a manager of the Stabilization Team for the National Transitional Council, the interim government which prepared the first post-Gaddafi elections of July 7, 2012. Beforehand, Bouhadi had worked for the North American Bechtel, as well as for BASF and General Electric.

He shall wait until January 2016 for the British Court to decide, but the political negotiations between both factions could be faster, after the Rome Conference of December 13, 2015.

The other director of LIA, for the rival government, is Abdlulmagid Breish, operating from his headquarters in Malta.

It is worth recalling that, before the “revolution”, the reserves of the Central Bank of Libya amounted to 240 billion US dollars while today, according to the LIA sources in Malta, they are an “operational reserve” of less than 70 billion US dollars.

The transactions and operations of the National Oil Corporation, the Central Bank of Libya and LIA overlap and create unnecessary duplication and management costs. With great effrontery, the Rome Conference has spoken of “new leaders for the Central Bank of Libya,” but not for LIA, and this would be a problem.

These costs – reduced to rents and unproductive income – will go to support some local armed forces.

The LIA has two pending legal actions: the former against Goldman Sachs, to the tune of 3.3 billion US dollars, and the latter against Societé Générale, which, according to the pre-revolutionary Libyans, is worth additional 3.3 billions.

The Libyan managers think that Goldman Sachs has gained an illegal profit of 350 millions from the funds managed by LIA but, for some analysts, the financial institution could be liable only for losses amounting to 128 millions for Gaddafi and post-Gaddafi investors.

Basically the Libyan managers accuse the two financial institutions of having lost several billion US dollars from Libyan State funds due to misjudgements and misinterpretations. In fact, as we will see later, many people “recommended” bad investment operations to Colonel Gaddafi, including former UK Prime Minister Tony Blair, acting as broker with Gaddafi on behalf of JP Morgan.

One is reminded of the self-deprecating old saying of Swiss bankers: “Do you want little capital to manage? Give a large amount of money to a Swiss banker”.

Moreover, it was precisely the decision to distribute money to all the Libyans who were or believed to have been damaged by Gaddafi’s regime or by civil war to destroy it and arm the countless militias.

Said militias, inter alia, wage and fight wars or threaten to do so according to the governments being sensitive or not to their economic demands.

In this case, it would have sufficed to read Niccolò Machiavelli’s book The Art of War, but now nobody reads the classics any longer and the results are before us to be seen.

Today, the Libyan economy is on the verge of collapse and there is a real risk of national bankruptcy. This applies to both governments, which are therefore looking for an agreement enabling them to grab the remaining treasures of LIA and the other financial structures of the old Gaddafi’s regime.

According to the analyses made by the LIA based in Malta, the reserves of the issuing bank decreased from 240 billion dollars immediately before the “revolution” to only 70 billions.

Furthermore the two governments duplicate their actions against the National Bank and the Libyan Investment Authority itself, by often issuing diverging directives for which no funds are available – funds which, however, can no longer come from oil since the British and French oil companies have now decided to invest no longer in their terminals and wells in Libya.

The Maltese LIA has addressed to the London-based law firm Stephenson Harwood and Enyo, while Bouhadi, the Head of the financial Authority in Libya, has chosen another London-based law firm, Keystone Law Firm.

In 2014, Deloitte certified that the active funds of the Libyan Investment Authority amounted to 67 billion US dollars, with properties abroad intact.

The LIA portfolio, however, is divided into two parts: shares and equity shareholdings in 550 companies, scattered throughout Africa, the Middle East and Europe, which hold – fully or partially – hotels, real estate, non-oil commodities, agriculture and, obviously, the distribution of natural gas and oil for motor vehicle transport.

The other 50% of the active assets of the Libyan Investment Authority is purely financial: fixed income securities, hedge fund shareholdings and all the other types of financial investment.

The LIA owns part of Oilinvest, a company with other Libyan shareholders, incorporated and registered in the Netherlands, owning two refineries, one in Collombey, Switzerland and the other in Holborn, Germany.

Oilinvest has a warehouse in Cremona, capable of storing 90,000 barrels/day, as well as over 3,000 Tamoil petrol stations; real estate linked to oil distribution; approximately 34% of direct investment in Tamoil itself, which has a turnover of 19 billion Swiss francs, equivalent to about 20 billion US dollars.

With specific reference to Italy’s national security, it is also worth recalling that over 20% of hydrocarbons come from Genoa via the pipeline between the Rhine Valley and the Canton of Valais.

The project of Breish, the Head of the Maltese “faction” of LIA, is to divide the assets into three funds: the Future Generation Fund, fuelled by the sales of many of the 550 companies in the current LIA – companies to be liquidated over a two-three year period; a Budget Stabilization Fund, fuelled by 20-30% of the Libyan oil sales; a third Fund which – again fuelled by oil revenues – will invest in local companies in Libya and especially in real estate and in the reconstruction after the post-Gaddafi civil war.

Possibly, it would be positive for the central Authority, now reunited after the Rome Agreement, to avoid oil smuggling – however, heavily subsidized by governments – which is the main funding source of Libya Dawn.

It will be also necessary to see how to solve the issue of Libyan properties in Italy, as well as of the ENI shares up to the land of Pantelleria, which are not secondary for the efficacy of both governments’ reunification, which could last less than hoped for if there were no possibility of reuniting LIA and getting back Libya’s immense wealth.

The new government will have legitimacy if it can use its huge resources to solve the economic crisis affecting at least half of the Libyan population, amounting to 6.3 million people; give a home to the over 100,000 displaced people, as well as support humanitarian assistance for 2.44 million Libyans, including 1.35 million women and children.

Little time is left: the Central Bank is selling its reserves and the planned welfare spending has been halved.

And here the high-mindedness of the new “united” government’s will be tested, and we will see whether the extraordinary Libyan financial network abroad will be skilful enough to soon supply liquidity to the new government created by the Rome Agreement.

Advisory Board Co-chair Honoris Causa Professor Giancarlo Elia Valori is an eminent Italian economist and businessman. He holds prestigious academic distinctions and national orders. Mr. Valori has lectured on international affairs and economics at the world’s leading universities such as Peking University, the Hebrew University of Jerusalem and the Yeshiva University in New York. He currently chairs “International World Group”, he is also the honorary president of Huawei Italy, economic adviser to the Chinese giant HNA Group. In 1992 he was appointed Officier de la Légion d’Honneur de la République Francaise, with this motivation: “A man who can see across borders to understand the world” and in 2002 he received the title “Honorable” of the Académie des Sciences de l’Institut de France. “

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India-UAE tourism and education linkages

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In spite of the continued uncertainty with regard to the trajectory of the covid19 pandemic, globally, countries are trying to return to normalcy. Significantly, the performance of United Arab Emirates (UAE’s) tourism sector in the first quarter of 2022 was not just back to pre-covid levels, but actually managed to do better.

H.E. Dr. Ahmad Belhoul Al Falasi, Minister of State for Entrepreneurship and Small and Medium Enterprises and Chairman of the UAE Tourism Council highlighted these point while providing tourism figures for Q1 2022.Hotels received an estimated six million visitors in the first quarter of the year – a rise of 10% from 2019. Revenues for the first quarter of 2022, were AED (United Arab Emirates Dinar) 11 billion or USD 3 billion (2.9 billion) which was a jump of 20% from the first quarter of 2019.

The stellar performance of UAE’s tourism sector in the first quarter of 2022 is being attributed to a number of factors including two major events — the Dubai Expo 2020 and the World’s Coolest winter campaign.

In order to attract more visitors to the Dubai Expo 2020, UAE had also relaxed conditions for international travellers. The Emirate has also introduced new visitor visa categories with an eye on giving a boost to tourism. What is remarkable is that during the first quarter of 2022, average occupancy increased 25% from 3 nights to 4 nights and witnessed an 80% growth (no other country had such high occupancy rates)

The total number of tourists received was 4 million, and not surprisingly, Indian nationals along with tourists from UK, US and Russia accounted for a significant percentage of tourists to UAE. While other countries like Singapore have also opened their borders to international tourists, including Indians, and removed restrictions, the biggest advantage the UAE has is its geographical location – especially for tourists from the South Asian region. Given that the travelling time is less, even short breaks are possible.

Apart from this, getting a UAE visa is relatively easier than one for the west and even ASEAN countries. UAE also has enough to offer for families in terms of shopping, recreation etc. There is also a wide variety of options, as far as hotels are concerned.  Since a significant number of Indians have business links or even offices in Dubai, in many cases holidays are coupled up with business trips. The fact that UAE hosts important cricketing events – in 2021 it hosted the Indian Premier League (IPL) 2021 and T20 world cup – will help it in attracting more Indian tourists in the future.

UAE is not only likely to continue to remain as a favoured tourist destination, but in the near future, it is also likely to attract more international students, especially from India. Apart from its geographical location, and the fact that it is home to a substantial population of South Asian expats, it is also home to a number of campuses of UK and US universities.

Most importantly with an eye on attracting qualified professionals and researchers, UAE has introduced a long term residency visa, dubbed as Golden Visa for  researchers, medical professionals and those within the scientific and knowledge fields, and remarkable students. Here it would be pertinent to point out that UAE-India Comprehensive Economic Partnership Agreement (CEPA) which came into effect earlier this month permits easier access for Indian engineers, IT professionals, accountancy professionals and nurses. The introduction of short term work visas will also help in attracting professionals from India.

  In the past, one of the reasons why UAE lost out to other countries, in attracting professionals and students from South Asia (though the number of Indian professionals in UAE has been increasing in recent years), who preferred the West, Australia or Singapore, was the fact that UAE did not provide long term residency.

With the introduction of long-term visas, it is not only professionals, but even students who otherwise may have sought to pursue education in the west who will now look towards the UAE. One of the options, which students from India could go for is the dual degree program, which has been introduced by many UK universities, where they spend some time in UAE and the rest in UK. Here it would be pertinent to point out, that UAE universities are also offering scholarships with an eye on attracting international students. One of the provisions of the India-UAE Foreign Trade Agreement (FTA) which both countries signed earlier this year is that India will set up an IIT in Abu Dhabi.

The UAE has been seeking to re-invent for some years. A good example of this is the UAE Vision 2021, Dubai Vision 2030 and Abu Dhabi Vision 2030. The Gulf nation has been able not only to handle covid19 successfully, but with its innovative and visionary thinking it has been able to do remarkably well in attracting tourists. Its ability to think out of the box will enable it to emerge as an important economic hub. UAE is likely to not just remain a favoured tourist destination, but also could emerge as a top preference for Indian nationals to study and work.

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Saudi Crown Prince Mohammed bin Salman’s heady days

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These are heady days for Saudi Crown Prince Mohammed bin Salman.

With King Salman home after a week in hospital during which he had a colonoscopy, rumours are rife that succession in the kingdom may not be far off.

Speculation is not limited to a possible succession. Media reports suggest that US President Joe Biden may visit Saudi Arabia next month for a first meeting with the crown prince.

Mr. Biden called Saudi Arabia a pariah state during his presidential election campaign. He has since effectively boycotted Mr. Bin Salman because of the crown prince’s alleged involvement in the 2018 killing of journalist Jamal Khashoggi in the Saudi consulate in Istanbul.

Mr. Bin Salman has denied any involvement but said he accepted responsibility for the killing as Saudi Arabia’s de facto ruler.

Mr. Bin Salman waited for his 86-year-old father to return from the hospital before travelling to Abu Dhabi to offer his condolences for the death of United Arab Emirates President Khaled bin Zayed and congratulations to his successor, Mohamed bin Zayed, the crown prince’s one-time mentor.

Mr. Bin Salman used the composition of his delegation to underline his grip on Saudi Arabia’s ruling family. In doing so, he was messaging the international community at large, and particularly Mr. Biden, that he is in control of the kingdom no matter what happens.

The delegation was made up of representatives of different branches of the ruling Al Saud family, including Prince Abdulaziz bin Ahmed, the eldest son of Prince Ahmed bin Abdulaziz, the detained brother of King Salman.

Even though he holds no official post, Mr. Abdulaziz’s name topped the Saudi state media’s list of delegates accompanying Mr. Bin Salman.

His father, Mr. Ahmed, was one of three members of the Allegiance Council not to support Mr. Bin Salman’s appointment as crown prince in 2017. The 34-member Council, populated by parts of the Al-Saud family, was established by King Abdullah in 2009 to determine succession to the throne in Saudi Arabia.

Mr. Bin Salman has detained Mr. Ahmed as well as Prince Mohamed Bin Nayef, the two men he considers his foremost rivals, partly because they are popular among US officials.

Mr. Ahmed was detained in 2020 but never charged, while Mr. Bin Nayef stands accused of corruption. Mr. Ahmed returned to the kingdomn in 2018 from London, where he told protesters against the war in Yemen to address those responsible, the king and the crown prince.

Mr. Abdulaziz’s inclusion in the Abu Dhabi delegation fits a pattern of Mr. Bin Salman appointing to office younger relatives of people detained since his rise in 2015. Many were arrested in a mass anti-corruption campaign that often seemed to camouflage a power grab that replaced consultative government among members of the ruling family with one-man rule.

Mr. Bin Salman likely takes pleasure in driving the point home as Mr. Biden mulls a pilgrimage to Riyadh to persuade the crown prince to drop his opposition to increasing the kingdom’s oil production and convince him that the United States remains committed to regional security.

The crown prince not only rejected US requests to help lower oil prices and assist Europe in reducing its dependency on Russian oil as part of the campaign to force Moscow to end its invasion of Ukraine but also refused to take a phone call from Mr. Biden.

Asked a month later whether Mr. Biden may have misunderstood him, Mr. Bin Salman told an interviewer: “Simply, I do not care.”

Striking a less belligerent tone, Mohammed Khalid Alyahya, a Hudson Institute visiting fellow and former editor-in-chief of Saudi-owned Al Arabiya English, noted this month that “Saudi Arabia laments what it sees as America’s wilful dismantling of an international order that it established and led for the better part of a century.”

Mr. Alyahya quoted a senior Saudi official as saying: “A strong, dependable America is the greatest friend Saudi Arabia can have. It stands to reason, then, that US weakness and confusion is a grave threat not just to America, but to us as well.”

The United States has signalled that it is shifting its focus away from the Middle East to Asia even though it has not rolled back its significant military presence.

Nonetheless, Middle Eastern states read a reduced US commitment to their security into a US failure to respond robustly to attacks by Iran and Iranian-backed Arab militias against targets in Saudi Arabia and the UAE and the Biden administration’s efforts to revive a moribund 2015 international nuclear agreement with Iran.

Several senior US officials, including National Security Advisor Jake Sullivan and CIA director Bill Burns, met with the crown prince during trips to the kingdom last year. Separately, Defense Secretary Lloyd Austin called the crown prince.

In one instance, Mr. Bin Salman reportedly shouted at Mr. Sullivan after he raised Mr. Khashoggi’s killing. The crown prince was said to have told the US official that he never wanted to discuss the matter again and that the US could forget about its request to boost Saudi oil production.

Even so, leverage in the US-Saudi relationship goes both ways.

Mr. Biden may need Saudi Arabia’s oil to break Russia’s economic back. By the same token, Saudi Arabia, despite massive weapon acquisitions from the United States and Europe as well as arms from China that the United States is reluctant to sell, needs the US as its security guarantor.

Mr. Bin Salman knows that he has nowhere else to go. Russia has written itself out of the equation, and China is neither capable nor willing to step into the United States’ shoes any time soon.

Critics of Mr. Biden’s apparent willingness to bury the hatchet with Mr. Bin Salman argue that in the battle with Russia and China over a new 21st-century world order, the United States needs to talk the principled talk and walk the principled walk.

In an editorial, The Washington Post, for whom Mr. Khashoggi was a columnist, noted that “the contrast between professed US principles and US policy would be stark and undeniable” if Mr. Biden reengages with Saudi Arabia.

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Saudi religious moderation: the world’s foremost publisher of Qur’ans has yet to get the message

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When the religious affairs minister of Guinea-Conakry visited Jeddah last week, his Saudi counterpart gifted him 50,000 Qur’ans.

Saudi Islamic affairs minister Abdullatif Bin Abdulaziz Al-Sheikh offered the holy books as part of his ministry’s efforts to print and distribute them and spread their teachings.

The Qur’ans were produced by the King Fahd Complex for the Printing of the Holy Qur’an, which annually distributes millions of copies. Scholar Nora Derbal asserts that the Qur’ans “perpetuate a distinct Wahhabi reading of the scripture.”

Similarly, Saudi Arabia distributed in Afghanistan in the last years of the US-backed government of President Ashraf Ghani thousands of Qur’ans produced by the printing complex, according to Mr. Ghani’s former education minister, Mirwais Balkhi. Mr. Balkhi indicated that the Qur’ans were identical to those distributed by the kingdom for decades.

Mr. Ghani and Mr. Balkhi fled Afghanistan last year as US troops withdrew from the country and the Taliban took over.

Human Rights Watch and Impact-se, an education-focused Israeli research group, reported last year that Saudi Arabia, pressured for some two decades post-9/11 by the United States and others to remove supremacist references to Jews, Christian, and Shiites in its schoolbooks, had recently made significant progress in doing so.

However, the two groups noted that Saudi Arabia had kept in place fundamental concepts of an ultra-conservative, anti-pluralistic, and intolerant interpretation of Islam.

The same appears true for the world’s largest printer and distributor of Qur’ans, the King Fahd Complex.

Saudi Crown Prince Mohammed bin Salman has, since his rise in 2015, been primarily focussed on social and economic rather than religious reform.

Mr. Bin Salman significantly enhanced professional and personal opportunities for women, including lifting the ban on women’s driving and loosening gender segregation and enabled the emergence of a Western-style entertainment sector in the once austere kingdom.

Nevertheless, Saudi Islam scholar Besnik Sinani suggests that “state pressure on Salafism in Saudi Arabia will primarily focus on social aspects of Salafi teaching, while doctrinal aspects will probably receive less attention.”

The continued production and distribution of Qur’ans that included unaltered ultra-conservative interpretations sits uneasily with Mr. Bin Salman’s effort to emphasize nationalism rather than religion as the core of Saudi identity and project a more moderate and tolerant image of the kingdom’s Islam.

The Saudi spin is not in the Arabic text of the Qur’an that is identical irrespective of who prints it, but in parenthetical additions, primarily in translated versions, that modify the meaning of specific Qur’anic passages.

Commenting in 2005 on the King Fahd Complex’s English translation, the most widely disseminated Qur’an in the English-speaking world, the late Islam scholar Khaleel Mohammed asserted that it “reads more like a supremacist Muslim, anti-Semitic, anti-Christian polemic than a rendition of the Islamic scripture.”

Religion scholar Peter Mandaville noted in a recently published book on decades of Saudi export of ultra-conservative Islam that “it is the kingdom’s outsized role in the printing and distribution of the Qur’an as rendered in other languages that becomes relevant in the present context.”

Ms. Derbal, Mr. Sinani and this author contributed chapters to Mr. Mandaville’s edited volume.

The King Fahd Complex said that it had produced 18 million copies of its various publications in 2017/18 in multiple languages in its most recent production figures. Earlier it reported that it had printed and distributed 127 million copies of the Qur’an in the 22 years between 1985 and 2007. The Complex did not respond to emailed queries on whether parenthetical texts have been recently changed.

The apparent absence of revisions of parenthetical texts reinforces suggestions that Mr. Bin Salman is more concerned about socio-political considerations, regime survival, and the projection of the kingdom as countering extremism and jihadism than he is about reforming Saudi Islam.

It also spotlights the tension between the role Saudi Arabia envisions as the custodian of Islam’s holiest cities, Mecca and Medina, and the needs of a modern state that wants to attract foreign investment to help ween its economy off dependency on oil exports.

Finally, the continued distribution of Qur’ans with seemingly unaltered commentary speaks to the balance Mr. Bin Salman may still need to strike with the country’s once-powerful religious establishment despite subjugating the clergy to his will.

The continued global distribution of unaltered Qur’an commentary calls into question the sincerity of the Saudi moderation campaign, particularly when juxtaposed with rival efforts by other major Muslim countries to project themselves as beacons of a moderate form of Islam.

Last week, Saudi Arabia’s Muslim World League convened some 100 Christian, Jewish, Hindu, and Buddhist religious leaders to “establish a set of values common to all major world religions and a vision for enhancing understanding, cooperation, and solidarity amongst world religions.”

Once a major Saudi vehicle for the global propagation of Saudi religious ultra-conservatism, the League has been turned into Mr. Bin Salman’s megaphone. It issues lofty statements and organises high-profile conferences that project Saudi Arabia as a leader of moderation and an example of tolerance.

The League, under the leadership of former justice minister Mohammed al-Issa, has emphasised its outreach to Jewish leaders and communities. Mr. Al-Issa led a delegation of Muslim religious leaders in 2020 on a ground-breaking visit to Auschwitz, the notorious Nazi extermination camp in Poland.

However, there is little evidence, beyond Mr. Al-Issa’s gestures, statements, and engagement with Jewish leaders, that the League has joined in a practical way the fight against anti-Semitism that, like Islamophobia, is on the rise.

Similarly, Saudi moderation has not meant that the kingdom has lifted its ban on building non-Muslim houses of worship on its territory.

The Riyadh conference followed Nahdlatul Ulama’s footsteps, the world’s largest Muslim civil society movement with 90 million followers in the world’s largest Muslim majority country and most populous democracy. Nahdlatul Ulama leader Yahya Cholil Staquf spoke at the conference.

In recent years, the Indonesian group has forged alliances with Evangelical entities like the World Evangelical Alliance (WEA), Jewish organisations and religious leaders, and various Muslim groups across the globe. Nahdlatul Ulama sees the alliances as a way to establish common ground based on shared humanitarian values that would enable them to counter discrimination and religion-driven prejudice, bigotry, and violence.

Nahdlatul Ulama’s concept of Humanitarian Islam advocates reform of what it deems “obsolete” and “problematic” elements of Islamic law, including those that encourage segregation, discrimination, and/or violence towards anyone perceived to be a non-Muslim. It further accepts the Universal Declaration of Human Rights, unlike the Saudis, without reservations.

The unrestricted embrace of the UN declaration by Indonesia and its largest Muslim movement has meant that conversion, considered to be apostasy under Islamic law, is legal in the Southeast Asian nation. As a result, Indonesia, unlike Middle Eastern states where Christian communities have dwindled due to conflict, wars, and targeted attacks, has witnessed significant growth of its Christian communities.

Christians account for ten percent of Indonesia’s population. Researchers Duane Alexander Miller and Patrick Johnstone reported in 2015 that 6.5 million Indonesian had converted to Christianity since 1960.

That is not to say that Christians and other non-Muslim minorities have not endured attacks on churches, suicide bombings, and various forms of discrimination. The attacks have prompted Nahdlatul Ulama’s five million-strong militia to protect churches in vulnerable areas during holidays such as Christmas. The militia has also trained Christians to enable them to watch over their houses of worship.

Putting its money where its mouth is, a gathering of 20,000 Nahdlatul Ulama religious scholars issued in 2019 a fatwa or religious opinion eliminating the Muslim legal concept of the kafir or infidel.

Twelve years earlier, the group’s then spiritual leader and former Indonesian president Abdurahman Wahid, together with the Simon Wiesenthal Center in Los Angeles, organised a conference in the archipelago state to acknowledge the Holocaust and denounce denial of the Nazi genocide against the Jews. The meeting came on the heels of a gathering in Tehran convened by then Iranian president Mahmoud Ahmadinejad that denied the existence of the Holocaust.

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