Petronas Chem on acquisition trail

Petronas Chem on acquisition trail By Zaidi Isham Ismail xydee@nstp.com.my 2011/06/11 The selective acquisition could be in the setting up of a new plant, joint ventures or buying stakes in other firms, says Petronas Chemicals president Kertih: Petronas Chemicals Group Bhd, which has a war chest of RM8 billion, is eyeing strategic acquisitions in the country and the region to consolidate its position as one of Southeast Asia's largest integrated petrochemical producers. Petronas Chemicals president and chief executive officer Dr Abd Hapiz Abdullah said the expansion plan will be selective and synergistic as well as add growth, value and competitiveness to the group. "The selective acquisition could be in the setting up of a new plant, joint ventures or buying stakes in other firms. "We are talking with several parties right now but they are at a very preliminary stage. "Rest assured, this is part of our reinforced commitment and strategy to grow our business," Abd Hapiz told some ten visiting jounalists here at its sprawling 5,000ha complex on Thursday. Abd Hapiz said Petronas Chemicals is flexible when it comes to holding discussions but it will all depend on how to set objectives on growing its business. "Sitting on a big cash pile helps a little bit on how you look at growing the business. We are going to have selective opportunity acquisitions in the future," he said. Petronas Chemicals is the chemical arm of national oil and gas corporation Petroliam Nasional Bhd (Petronas). The group floated its shares on Bursa Malaysia last November, raising RM12.8 billion which is Southeast Asia's largest initital public offering to date. Established in 1985, Petronas Chemicals has 22 subsidiaries. They comprise wholly-owned and partly-owned subsidiaries, joint ventures and associate companies which it has been forging in the past 26 years. These include its US$660 million (RM1.99 billion) purchase of Optimal group of companies in 2009 from US-based Dow Chemical Co, the world's oldest chemical company. Last year, Petronas Chemicals bought UK-based BP plc's 15 per cent stake and 60 per cent interest in Ethylene Malaysia Sdn Bhd and Polyethylene Malaysia Sdn Bhd, respectively, for a combined US$363 million (RM101 billion) cash. Petronas Chemicals chief financial officer Wan Shamilah Saidi said the group was able to make both purchases in a timely and quick manner without going to the market to raise funds. The group has no firm plans and a timeframe on its selective opportunistic acquisitions. After the listing, Petronas Chemicals is a 64.4 per cent subsidiary of Petronas with a market capitalisation of over RM47 billion. It is one of Bursa Malaysia's top 15 companies and a component of the FTSE Bursa Malaysia Kuala Lumpur Composite Index.

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SHAH KARIM AL HUSSAYNI

HIS ROYAL HIGHNESS SHAH KARIM AL HUSSAYNI

The Aga Khan IV, 49th Imam of the Ismaili Muslims

Shah Karim al Hussayni, also known simply as the Aga Khan (Imamate: 1957-present), is the leader of the Shi‘a sect of Muslims known as the Nizari Ismailis. For 5 million Nizari Ismaili Muslims the Aga Khan is the 49th hereditary Imam, with lineage descending back to Ali, the cousin of the Prophet Muhammad. He is only the fourth Aga Khan, a hereditary title bestowed upon the Imam by the Shah of Persia in the mid-nineteenth century.

Hereditary Leader of Ismailis

The Aga Khan derives his position of authority from his lineage. He has a direct line of ancestry going back to Imam Ali. For Nizari Ismaili Muslims this ancestry is directly attached to the idea of an Imamate starting with Imam Ali. However Nizari lineage differs from the larger sect of Ithna’Ashari‘a (Twelver) Shi‘a. Twelver Shi‘a heritage derives from the younger son of the sixth Imam Jafar al Sadiq, whereas Ismaili heritage derives from the elder son. The Aga Khan’s influence stems from his obligation to lead the community and to find solutions to the ever-changing issues facing his followers. At the age of 21 the Aga Khan bypassed his father and uncle to become the 49th Imam, a choice that his grandfather made because he felt the community needed a leader ‘who has been brought up and developed during recent years and in the midst of the new age, and who brings a new outlook on life to his office.’

Unparalleled Philanthropist

The Aga Khan is also an influential philanthropist on the world stage. His influence on development is very significant and disproportionate to the size of the Nizari Ismaili community, which is one of the smaller Muslim sects. To fulfill the Imam’s responsibilities in the contemporary world, the Aga Khan set up the Aga Khan Development Network (AKDN). The AKDN is a collection of development and humanitarian agencies working in areas of poverty. The network is widely known for its architectural and cultural work, including projects that revitalize historic cities. These initiatives aim to show the greatness of Islamic civilization through projects such as the renovation of the Old City of Aleppo and the Al Azhar Park in Cairo. The Aga Khan’s foundation maintains a strong and enduring presence in developing countries - building health care capacity, promoting economic development in rural areas and helping improve educational opportunities. The AKDN is particularly influential in Central Asia, where it works in areas that are often neglected by other organizations.

DR KH SAID AQIL SIRADJ

DR KH SAID AQIL SIRADJ

Chairman of Indonesia’s Nahdlatul Ulama

Dr KH Said Aqil Siradj is the newly-elected leader of Indonesia’s largest independent Muslim organization and one of the world’s most influential Islamic organizations, Nahdlatul Ulama (NU), or ‘Awakening of Scholars’. Succeeding former chairman Dr KH Hasyim Muzadi, Siradj guides millions through his work with the NU.

Head of Expansive Network

The Nahdlatul Ulama boasts an expansive network that covers 30 regions with 339 branches, 12 special branches, 2,630 representative councils and 37,125 sub-branch representative councils across Indonesia. This network practices the doctrine of Ahl as Sunnah w’al Jama’ah, which is Arabic for ‘people of the Sunna (practices of the Prophet Muhammad) and the community’. They base their practices on the traditional sources of Islamic jurisprudence - mainly the Qur’an, Hadith, and major schools of law.

Among its aims are the propagation of Nahdlatul Ulama’s message and also an expansion of its already extensive network of members in Indonesia. This is the basis of many of the organization’s social reform efforts. With a solid structure of central and regional boards, branch and special branch boards, and various advisory councils, Siradj sits at the top of this increasingly influential Sunni movement.

Model of Traditionalism

With a mainly rural membership base, the Nahdlatul Ulama distinguishes itself from other Islamic organizations in Indonesia by positioning itself as a premier organization of traditional Islam - with an emphasis on education and political engagement based on Islamic principles.

Social Service

The Nahdlatul Ulama has made substantial charitable contributions to Indonesian society in the fields of educational development, health care, and poverty alleviation. Siradj, like his predecessors, propagates the Nahdatul Ulama as an organization that is geared toward establishing a secular nation-state based on a body of modern and moderate Muslims - with agenda items such as anti-corruption laws and social reform measures that are deeply rooted in Islamic principles.

Human Rights Activism

Prior to his role as Nahdatul Ulama chairman, Siradj served on Indonesia’s National Commission for Human Rights. Only a few weeks into his position as chairman of the country’s largest Muslim political party, and after violent clashes erupted in different churches across the country, Siradj made strong statements condemning the discrimination against Christian minority groups in Indonesia.

Educational Reform

Siradj has an extensive academic background in the Islamic sciences, and regards education as a tool for development. He founded the Said Aqil Centre in Egypt, a study centre that focuses on developing Islamic discourse, particularly in the Arab world.

SEYYED HASAN NASRALLAH

SEYYED HASAN NASRALLAH

Secretary General of Hezbollah

Seyyed Hasan Nasrallah is serving his sixth term as the third Secretary General of Hezbollah (the Party of God). Hezbollah is a Twelver Shi‘a Islamic political party and paramilitary organization based in Lebanon. Hezbollah’s ideology is based on seeking social justice through Islamic ideals. Political and military successes have made Nasrallah a vastly influential figure in Lebanon, and in the Middle East more broadly. Nasrallah and Hezbollah are also controversial; the US and Canada list Hezbollah as a terrorist organization.

Military Power

Nasrallah has immense importance in Lebanon as a figure of military power. He gained this influence by leading Hezbollah during the time that Israeli forces withdrew from southern Lebanon. The withdrawal resulted in huge popularity for Nasrallah, giving him increased recognition at home and abroad as a powerful figure. Hezbollah remains a de facto security force in southern Lebanon, and its military presence is felt throughout the country, with a force of around 300,000 fighters.

Lebanon’s leading Twelver Shi‘a Figure

Under Nasrallah, Hezbollah has gained in popularity and in political stature. As Syria and Israel have withdrawn from Lebanon, Hezbollah has begun to position itself as a Lebanese nationalist organization, with revolutionary Shi’ism as the guiding line. Nasrallah was educated at the Hawza Shi‘a seminary in Najaf in Iraq, where he met Abbas Musawi, his predecessor as leader of Hezbollah. Nasrallah took over leadership in 1992 and has popularized the party among the Muslim population of Lebanon, and also among non-Muslims. Hezbollah has gained wide popular appeal by providing social services, health care and also running Al Manar - an influential television station.

Social Services

Hezbollah has also won significant grassroots support by cultivating a social welfare system that provides schools, clinics, and housing in the predominantly Shi‘a parts of Lebanon, and also in others. These welfare activities are run with efficiency and rival those carried out by the state, giving the organization even broader appeal.

International Symbol of Resistance Against Israel

Nasrallah has broader influence in the Muslim world as a figure of defiance against Israel. Israel remains a key issue for the Muslim world and Hezbollah’s aim to achieve social justice in Palestine is central to its activities. The military successes Nasrallah had in the late nineties are seen as the main factor for Israel’s withdrawal from South Lebanon in 2000. Moreover, the staunch defense put up by Hezbollah forces against Israel in July 2006 earned Nasrallah many more supporters. In February 2010 he openly criticized Arab states’ lack of involvement in the opposition against Israel, while at the same time praising Syria and Iran for their support.

SHEIKH DR MUHAMMAD SA‘ID RAMADAN AL BOUTI

SHEIKH DR MUHAMMAD SA‘ID RAMADAN AL BOUTI

Leading Islamic Scholar in Syria

Sheikh al Bouti is the leading Islamic scholar in Syria. He is the head of the Theology Department in the faculty of Islamic Law at Damascus University. Al Bouti preaches very often and is highly respected by many of the leading scholars in the Muslim world. In the past year, his influence has grown significantly in the Muslim world and particularly with young Muslims.

Traditionalist Scholar

Al Bouti is the scholar’s scholar, and the bulk of his influence comes from his position of respect and authority among the leading thinkers in Islam today. Bouti has written close to 50 books that have garnered considerable critical acclaim.

Passionate Advocate of Madhabs

Al Bouti is a keen supporter of madhabs (traditional Islamic schools of law), and is one of the leading critics of the significant movement to abandon these schools. He is particularly influential because this movement has led to groups in which extremist behavior is condoned as Islamic. Al Bouti has referred to the abandonment of madhabs as the ‘most dangerous bid’a [innovation] threatening the Islamic shari‘a.’ His view is critical because he says it gives individuals without knowledge the ability to decide what is and is not Islamic.

A Critic of Salafism

Al Bouti has considerable sway over the theological and legal merits of Salafism versus traditional Islam. He has held important debates with leading Salafi scholars and has performed well, highlighting to his audience the importance of knowledge in Islam. In one of his most noteworthy books on this issue - Jihad in Islam: How to Understand and Practice it - Al Bouti shows how a poor understanding of the term jihad has led to its abuse by both Muslims and non-Muslims. His view is that those who are unaware of the basis of fiqh have manipulated the idea of jihad for their own benefit, underlining that jihad must be conducted, according to the basis of Islamic fiqh.

Prolific Writer

Shiekh al Bouti has made an impact on the Muslim world, in particular through his scholarly outreach. He writes for news publications and journals. He has also developed a reputation for his ability to address and respond to queries regarding Islamic jurisprudence, and personal issues from visitors to his comprehensive website, bouti.net.

HAJJI MOHAMMED ABD AL WAHHAB

HAJJI MOHAMMED ABD AL WAHHAB

Amir of Tablighi Jamaat, Pakistan

Leader of the Pakistan chapter of the Tablighi Jamaat - a transnational Islamic organization dedicated to spreading the message of religious conservatism and renewed spirituality - Hajji Abd al Wahhab is a prominent Pakistani scholar with a significant following in South Asia and the United Kingdom. Although the organization does not have a central authority, Abd al Wahhab has been increasingly influential in his leadership of the throngs of Muslims that follow the international movement in Pakistan and abroad.

Missionary

As Amir, or leader of Pakistan’s Tablighi Jamaat, Hajji Abd al Wahhab’s influence spans globally due to the organization’s emphasis on missionary work. Considered a foremost da’ee, or inviter to the faith of Islam, Abd al Wahhab has spoken about the need to return to the correct beliefs and practices of Islam in numerous countries and congregations.

Champion of Conservatism

Abd al Wahhab urges Muslims to repent for their sins and to emulate the life of the Prophet Muhammad by adhering to the sunna - the Prophet’s teachings and deeds. Among these is an exhortation to partake in the act of da’wa or spreading the message of the faith. The Tab lighi Jamaat has gradually acquired a massive membership base owing to this core tenet. Abd al Wahhab’s work is derived from close ties to the founder of the Tablighi Jamaat, Maulana Muhammad Ilyas Kandhelvi, and stems from the prominent Islamic institution Darul Uloom Deoband, in India, where the latter studied before establishing a following in Pakistan.

Mass Appeal

Among the throngs of Pakistanis, diaspora South Asians, and others who carry the flag of the Tablighi Jamaat are notable Muslim leaders. In Pakistan alone, Abd al Wahhab’s influence has won the allegiance of prominent politicians, actors, and athletes. Despite his influence over key Muslim leaders from various fields of social power, Abd al Wahhab is consistent in his assertion that the organization is wholly apolitical - identifying the work of the Tablighi Jamaat as a spiritual revivalist movement.

Advocate of Non-Violence

In light of heightened incidences of violence by fringe Islamic militant groups, Abd al Wah hab has publicly stated the importance of non-violence in bringing people closer to the faith of Islam. This comes after the tragic Mumbai attacks which investigations found were linked to the Pakistan-based Lashkar-e-Taiba; a militant organization Abd al Wahhab has made a point of distancing the Tablighi Jamaat from.

AMR KHALED

AMR KHALED

Preacher and Social Activist

Amr Khaled has been a televangelist to the Islamic world since 1998. Khaled was described as the ‘world’s most influential Muslim television preacher’ by The New York Times Magazine, and ranked as the 13th most influential person in the world by TIME Magazine in 2007. He communicates through his TV shows and web campaigns using Islamic ethics as a way to inspire, and foster community development, tolerance and inter-cultural relations.

Popular Media Figure

Part of Khaled’s influence derives from the fact that he appeals to the common person. He holds a degree in accounting, and has no formal religious education; he wears suits and ties, not flowing robes; and has a clean-shaven face except for a trimmed moustache - every thing you do not expect from a Muslim preacher. His everyman appeal has led to immense popularity. Khaled’s television shows are broadcast by four Arab satellite stations but air primarily on Saudi-based religious channel Iqraa. Khaled’s speeches are published online, on bestselling cassettes and CDs. His website is translated from Arabic into nearly twenty languages and it rivals Oprah Winfery’s in terms of traffic.

Voice for Youth

Amr Khaled is a pioneering Muslim preacher and effective social activist who is revered by many as the leader of a revival in the Muslim world, but his influence stems largely from the fact that he engages young people. Youth in the Middle East and North Africa face disproportionate challenges, such as unemployment and social exclusion - obstacles, which make it difficult to compete with development in other areas of the world. Faith is important to young people in the Middle East, but they do not connect with the majority of preachers whose teachings do not speak to the problems in their lives. Khaled is credited with the launch of the first “Muslim reality TV show” Mujaddidun on Dubai Television, where 16 young participants from all over the Arab world compete over who can make the most morally-conscious contributions to their societies.

Community Development

Khaled’s goal is to encourage community development in the Muslim world by its own people with religious faith as the guiding inspiration - something he believes should be linked to interfaith dialogue, tolerance and moderation. The break up of communities is something Khaled sees as responsible for the malaise in the Muslim world, and something he believes puts the future of young people in jeopardy. One program he has launched to realize this objective of community development is Life Makers, which has a stated goal of producing a renaissance for the Arab and Muslim world.