TIME Iran

Western Companies Hope For a Bonanza in Iran

An Iranian worker assembles a Peugeot 206 at the state-run Iran-Khodro automobile manufacturing plant near Tehran, Iran, Oct. 11, 2014.
An Iranian worker assembles a Peugeot 206 at the state-run Iran-Khodro automobile manufacturing plant near Tehran, Iran, Oct. 11, 2014. Ebrahim Noroozi—AP

With only weeks to go until a November 24 deadline for a deal between Iran and the West over Tehran's nuclear program, Iranian and Western investors have their fingers crossed

If you just looked at the numbers, the deal revealed last week by the aerospace and defense giant Boeing seemed insignificant: $120,000, for some data, aircraft manuals and navigation charts. But symbolically, the sale to Iran Air, revealed on Oct. 22 was a big deal—the first time that an American aerospace company had done business with Iran since the U.S. began its sanctions there in 1979.

The Boeing sale, which was sanctioned by the U.S. Office of Foreign Assets Control under a temporary sanctions relief deal that began in January, is just one sign that Iran might soon be open for business with the West for the first time since the Islamic Revolution. As the clock ticks down towards November 24, the deadline for a deal between Iran and the West over Tehran’s nuclear program, both Iranian and Western business communities are hoping for a gold rush. Tehran throngs with Europeans jockeying for business, such as this winter’s planned visit to Iran of a hundred French executives, or the Italians, Chinese and Germans browsing the Tehran construction and mining trade show in August. Many international companies, from Samsung to Renault are already in Iran, trading in sectors permitted under the sanctions, such as food, cars and pharmaceuticals. In 2013, E.U. countries made 5.4 billion Euros ($6.8 billion) worth of exports to Iran. Emerging market experts make breathless comparisons to Russia just after the Berlin Wall’s fall. “Iran,” said Charles Robertson, global chief economist at Renaissance Capital, “is the biggest opportunity of the next 10 years.”

It’s easy to see why it could be. New markets of nearly 80 million people are rare indeed. Rarer still are emerging markets with oil and gas, educated work-forces and lively stock-markets — all humming with pent-up potential from Iran’s thirty-five years as an economic pariah. Iranian boosters reject comparisons with Vietnam and Burma, other newly open economies.”We like to think of it as Turkey on steroids,” quipped an Iranian investor at the Europe-Iran Forum, a recent London conference that brought together European investors and Iranian businessmen.

But challenges remain. If the Forum was designed to showcase Iran’s possibilities, it also underscored the hurdles in tapping them. Few business conferences ban “negotiation, deal-making, or commercial transactions,” but this one did, mindful of the Obama’s promise to “come down like a ton of bricks” on anyone breaking sanctions. The former foreign ministers of Britain and France delivered speeches — even as the British Foreign Office reiterated to Reuters that its policy remained “not to encourage trade with Iran.” Sir Martin Sorrell, CEO of the world’s largest marketing group, WPP, gave the keynote — though some pro-Israel groups had petitioned him not to, citing Iran’s human rights record, support for terrorism and anti-Semitism. On the first day of the Forum, there were protesters outside filming participants on their way into the venue.

Inside, European business people listened to presentations on sectors from oil to healthcare to consumer goods. But even the most bullish Iran-watchers admitted that a November 24th deal over the country’s nuclear program, should one be agreed, would just mark the first hurdle. One unintended effect of sanctions has been what’s amounted to a de facto boycott of Iran; companies are reluctant to do business with Iran even if it’s technically legal, in areas such as food or humanitarian aid. “The spirit of the law is even more burdensome than the letter of it,” said Esfandyar Batmanghelidj, a founding partner of the Europe-Iran Forum. “The effect on banks has undermined the idea that sanctions aren’t meant to hurt the Iranian people.” This June’s record $8.9 billion fine on BNP Paribas for breaking U.S. sanctions on Iran and other countries spooked banks anew, and Iranian investors realize that even if sanctions are lifted, Iran needs to rebuild its relationships with the international banking community. “Any number of good political outcomes may occur by November 24,” said Amir Ali Amiri of investment company ACL, “but even then, in the parallel universe of business, if European banks continue to lack confidence in putting together a letter of credit for Iran, they’re not going to touch the opportunity.”

Both within Iran and outside of it, there are vested interests who stand to lose if sanctions lift. China has benefitted from Iran’s sanctions, which delivered “the Iranian market to the Chinese on a silver platter,” notes Ali Fathollah-Nejad, a political science fellow at the German Orient Institute. Iran could rival Russia as a major supplier of oil and gas if it is allowed to export freely. Then there are the Revolutionary Guards, Iran’s ideological protectors of the Islamic Revolution, who have emerged as pivotal economic players. An open Iran would challenge their position, notes Fathollah-Nejad, “But the Supreme Leader Khamenei’s decision to go for a deal with the West signals that he’s been able to keep those guys at bay.” Not all commentators agree that Khamenei is certain to support a deal.

With around three weeks till the deadline, it’s not just oil and gas executives and sanctions-weary Iranians hoping for a deal. In a speech last week, the U.S. chief negotiator Wendy Sherman urged Iran to “finish the job,” while U.S. officials say President Obama may try and bypass a vote on suspending sanctions in Congress, where support for Israel is strongest, the New York Times recently reported. Congress, however, may not allow the President to bypass it.

“It’s the last large untapped market in the world,” says Ramin Rabii, of Iranian investment firm Turquoise Partners. “The future is very exciting.” The only question that remains — at least until November 24th — is whether all the hurdles can be overcome.

TIME Nigeria

5 Reasons Boko Haram is Un-Islamic

A member of Boko Haram in a suburb of Kano, Nigeria, in 2012.
A member of Boko Haram in a suburb of Kano, Nigeria, in 2012. Samuel James—The New York Times/Redux

The militant Nigerian group's actions repeatedly go against the teachings of the Prophet Muhammad

The official name of Boko Haram, the Nigerian group apparently responsible for the kidnapping of over 200 schoolgirls, is Jama’atu Ahlis Sunna Lidda’awati wal-Jihad. That translates into English as “People Committed to the Propogation of the Prophet’s Teachings and Jihad.” The name is wholly inappropriate. With their sustained campaign of murders and kidnappings, the members of Boko Haram conduct themselves in a manner that could barely be more alien to the Prophet Muhammad teachings. Earlier this week, Saudi Arabia’s grand mufti, Sheikh Abdulaziz Al al-Sheikh, declared Boko Haram was “set up to smear the image of Islam.” The secretary-general of the Organization of Islamic Cooperation, the world’s largest bloc of Muslim countries, told the Associated Press that violent extremists like Boko Haram “not only disavow their Islam, but their humanity.”

It’s always dangerous to generalize about a faith observed by 1.6 billion people – there’s a lot of room for interpretation between that many people – but it’s clear that Boko Haram’s atrocities go against the mainstream teachings of Islam. Here are five reasons why Boko Haram’s actions are fundamentally un-Islamic:

 

1. Boko Haram targets educational establishments.

In the local Hausa language, “Boko Haram” translates roughly as “Western education is forbidden.” In 2012, the group began targeting government schools with home-made firebombs. Over the last two years, reports Amnesty International, attacks by armed groups have forced over 60 schools in northern Nigeria to close, with Boko Haram claiming responsibility for some of the attacks.

Boko Haram’s hostility to education stems from its suspicion of what it views as the government’s secular education system. But that hostility strongly contravenes the teachings of Islam, a faith whose first revelation to the Prophet Muhammad was the word “Read,” whose scripture repeatedly enjoins Muslims to reflect, and whose traditions enjoin all Muslims – regardless of gender – to pursue education.

 

2. It claims to be waging jihad.

Boko Haram’s formal name makes it clear that the group is pursuing jihad. There’s debate among Islamic scholars as to what constitutes a “just” jihad, but mainstream scholars agree that jihad can only be led by a legitimate leader of a Muslim community, not self-appointed leaders like Osama bin Laden or Boko Haram’s Abubakar Shekau, who has led the group since 2009. Even if the conditions for jihad are met, the Prophet Muhammad banned targeting non-combatants. Boko Haram has repeatedly flaunted that ban. In February, the group killed over 50 schoolboys, opening fire on a boarding school in northeastern Nigeria before burning it down. Last fall, Boko Haram gunmen shot 40 students at an agricultural training college as they lay asleep in their dorms. According to the Prophet Muhammad’s teachings, women and children, rabbis and priests and other noncombatants are to be spared. Warriors cannot burn down property, destroy trees or fields, or commit atrocities.

 

3. It has declared war against Christians.

In a rambling video released May 5, Shekau declared war “against Christians generally.” He included in that group President Barack Obama, French President Francois Hollande, and U.N. Secretary-General Ban Ki-moon “and any unbeliever.” But the Quran tells Muslims to respect their fellow monotheists, specifically the Christians and the Jews, who are “People of the Book.” The Quran says: “Those who believe [Muslims], the Jews, the Christians….whosoever believe in God and the Last day and do good deeds, they shall have their reward from their Lord, shall have nothing to fear, nor shall they come to grief.”

 

4. It forcibly converts people.

The May 12 video of the kidnapped schoolgirls purports to show some Christian girls speaking their new Muslim names. The girls had been “liberated,” claimed Shekau, by having converted from Christianity to Islam. But he’s flouting a key teaching of Islam. “Let there be no compulsion in religion,” states the Quran. The verse, notes Usama Hasan, senior researcher at the Quilliam Foundation, a U.K.-based counter-extremism think-tank, was revealed to Muhammad after some of the earliest Muslims’ children converted to Judaism and Christianity. Nobody can force anyone to convert to Islam, say scholars. Embracing the faith is a matter between individuals and their God.

 

5. It espouses forcing girls and women into marriage.

In the May 5 video, Shekau says the kidnapped schoolgirls should be married off. But Islam does not allow anyone – male or female – to be married without his or her own consent. According to one hadith – hadiths are the words or deeds of the Prophet Muhammad that, along with the Quran, constitute the basis of Islamic law – one day a girl married off against her will came crying to Muhammad, saying she hadn’t agreed to the marriage. Muhammad promptly declared the marriage invalid.

 

The members of Boko Haram certainly consider themselves Muslims but their actions make them traitors to their faith. We should start referring to them as a criminal group rather than an Islamist group. Their sickening deeds and rhetoric repeatedly demonstrate that not only do they lack kinship with the vast majority of the world’s 1.6 billion Muslims, but they lack respect for the religion they claim to fight for.

Power writes on Muslim social issues. If the Oceans Were Ink, her memoir of studying the Quran with a traditional Muslim scholar, will be published next year.

 

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