Islamic fund and asset management: The opportunities and challenges of Islamic REITs

Purpose This paper aims to present a review on the issues and challenges for Islamic Funds and Asset Management, particularly the Islamic Real Estate Trusts (I-REITs) available in Malaysia. The key difference between the Islamic and the conventional investment vehicle is mainly the fund needs to adhere to the Shariah framework. Design/methodology/approach The paper reviews and synthesises the relevant literature on the framework of Islamic Asset and Fund Management, particularly the Islamic Real Estate Investment Trusts. The paper then provides insights for further research to address the issues and consider the Shariah framework applicable to other further research works. Findings The paper highlights the opportunities and challenges of Islamic REITs globally. There is a lack of the standardisation in the screening methodology used by the Malaysian I- REITs and Singapore I-REITs as the latter follows the Gulf Cooperation Council (GCC) guideline to capture the investors mainly from the Gulf countries. In term of tenants’ selection, there is similarity between I-REITs and the Socially Responsible Investment (SRI) or ethical investment. The gap between the investments can be bridged if the Islamic funds skewed the investment portfolio towards the social and ethical investment. Even though there is a limitation in the investment universe, I-REITs provide better diversification option and show better performance compared to the equity market during the economic crisis. The introduction of the Shariah-compliant REITs index for Asia Pacific allows the fund managers to benchmark the performance of either the funds or the sector with other investment vehicles. This will encourage more investors to consider I-REIT in the decision making of the asset allocation portfolio and broadening the horizon of the investment. Originality/value The contribution of the study is the examination and analysis of the Shariah framework currently adopted for Islamic REITs. This will assist in the identification of specific issues associated with Islamic REITs that will need to be addressed in the development and application of further research in the aspect of the management and operations to increase the efficiency level and better performance in order to capture more investors in this specific and promising market.

Outlearning

Making the University Matter investigates how academics situate themselves simultaneously in the university and the world and how doing so affects the viability of the university setting. The university stands at the intersection of two sets of interests, needing to be at one with the world while aspiring to stand apart from it. In an era that promises intensified political instability, growing administrative pressures, dwindling economic returns and questions about economic viability, lower enrolments and shrinking programs, can the university continue to matter into the future? And if so, in which way? What will help it survive as an honest broker? What are the mechanisms for ensuring its independent voice? Barbie Zelizer brings together some of the leading names in the field of media and communication studies from around the globe to consider a multiplicity of answers from across the curriculum on making the university matter, including critical scholarship, interdisciplinarity, curricular blends of the humanities and social sciences, practical training and policy work. The collection is introduced with an essay by the editor and each section has a brief introduction to contextualise the essays and highlight the issues they raise.

Middle school social sciences : exploring teachers’ conceptions of essential knowledge

This study examines teachers’ conceptions of essential knowledge in the humanities and social sciences, commonly referred to as "social education", in the middle years of schooling. Social education has long been a highly contested area of the curriculum in Australia. In Queensland, social education comprises the integrated learning area of Studies of Society and Environment (SOSE). However, the new Australian Curriculum marks a return to discipline-based study of history and geography. This phenomenographic study addresses a perceived lack of understanding in the current research literature in Australia of the nature of middle school teachers’ professional knowledge for teaching the social sciences. Teachers are conceptualised in this study as curriculum makers in the classroom and, as such, their conceptions of essential knowledge are significant. Shulman’s (1986, 1987) theory of teachers’ knowledge forms the theoretical foundation of the study, which is contextualised in Federal and State education policies and the literature on the middle phase of schooling. Transcripts of interviews conducted with a group of thirty-one Queensland middle school teachers of SOSE were subjected to phenomenographic analysis, revealing seven qualitatively different categories of description. Essential aspects of knowledge for social education emerging from the study were: (1) discipline-based knowledge; (2) curriculum knowledge; (3) knowledge derived from teaching experience; (4) knowledge of middle years learners; (5) knowledge of integration; (6) knowledge of current affairs; and (7) knowledge invested in teacher identity. The three dimensions of variation that linked and differentiated the categories were: (1) content; (2) inquiry learning; and (3) teacher autonomy. These findings are presented as an outcome space where the categories are grouped as knowledge of the learning area, knowledge of contexts and knowledge of self as teacher. The results of the study suggest that social education teachers’ identity and knowledge of self are critical aspects of their knowledge as curriculum makers. The results illustrate that the professional and personal domains intersect, extending Shulman’s (1986, 1987) original theorisation of teachers’ knowledge into the personal arena. Further, middle years teachers’ conceptions of essential knowledge reveal a practice-based theorisation of knowledge for social education that fits the goals of middle schooling. The research concludes that attention to teacher identity in teacher education and in-service professional development has considerable potential to grow teachers’ knowledge in the social sciences and enhance their capacity for school-based curriculum leadership.

Porno? Chic!: how pornography changed the world and made it a better place

Porno? Chic! examines the relationship between the proliferation of pornography and sexualised culture in the West and social and cultural trends which have advanced the rights of women and homosexuals. Brian McNair addresses this relationship with an analysis of trends in sexualised culture since 2002 linked to a transnational analysis of change in sexual politics and sex/gender relations in a range of societies, from the sexually liberalised societies of advanced capitalism to those in which women and homosexuals remain tightly controlled by authoritarian, patriarchal regimes. In this accessible, jargon-free book, Brian McNair examines why those societies in which sexualised culture is the most liberalised and pervasive are also those in which the socio-economic and political rights of women and homosexuals have advanced the most.

BoP and MNCs: where is the market and where the source of innovation?

ln 2004 Prahalad made managers aware of the great economic opportunity that the population at the BoP (Base of the Pyramid) could represent for business in the tom of new potential consumers. However, MNCs (Multi-National Corporations) have continued to fail in penetrating low income markets, arguably because applied strategies are often the same adopted at the top of the pyramid. Even in those few cases where products get re-envisioned, theie introduction in contexts of extreme poverty only induces new needs and develops new dependencies. At best the rearrangement of business models by MNCs has meant the realization of CSR (Corporate Social Responsibly) schemes that have validity from a marketing perspective, but still lack the crucial element of social embeddedness (London & Hart, 2004). Today the challenge is lo reach the lowest population tier with reinvented business models based on principles of value co-creation. Starting from a view of the potential consumer at the BoP as a ring of continuity in the value chain process – a resource that can itself produce value - this paper concludes proposing an alternative innovative approach to operate in developing markets that overturns the roles of MNCs and the BoP. The proposed perspective of ‘reversed' source of innovation and primary target market builds on two fundamental tenets: traditional knowledge is rich and greatly unexploded, and markets at the lop of the pyramid are saturated with unnecessary products / practices that have lost contact with the natural environment.

Open access for scholarly books : policy and practice

Fierce debates have characterised 2013 as the implications of government mandates for open access have been debated and pathways for implementation worked out. There is no doubt that journals will move to a mix of gold and green and there will be an unsettled relationship between the two. But what of books? Is it conceivable that in those subjects, such as in the humanities and social sciences, where something longer than the journal article is still the preferred form of scholarly communications that these will stay closed? Will it be acceptable to have some publicly funded research made available only in closed book form (regardless of whether print or digital) while other subjects where articles are favoured go open access? Frances Pinter is in the middle of these debates, having founded Knowledge Unlatched (see www.knowledgeunlatched.org). KU is a global library consortium enabling open access books. Knowledge Unlatched is helping libraries to work together for a sustainable open future for specialist academic books. Its vision is a healthy market that includes free access for end users. In this session she will review all the different models that are being experimented with around the world. These include author-side payments, institutional subsidies, research funding body approaches etc. She will compare and contrast these models with those that are already in place for journal articles. She will also review the policy landscape and report on how open access scholarly books are faring to date Frances Pinter, Founder, Knowledge Unlatched, UK

Open access and scholarly books : Australian perspectives

This three-hour workshop tackles the crucial question of whether globally coordinated, market based approaches to funding open access monographs can support the unique needs of Australian research communities. The workshop takes place in the context of the release in August 2013 of the Book Industry Collaborative Council (BICC) report and especially the recommendations included in the chapter on scholarly book publishing in the humanities and social sciences. This workshop, with expert speakers from the BICC Committee and from across the scholarly publishing industry, will discuss the policy issues most likely to ensure that Australian scholarly communities and audiences are best served in an era of digital technology and globalisation. Australia must think globally and support developments that enhance the accessibility of publicly-funded research. Speakers will outline recent developments in scholarly monograph publishing including new Open Access initiatives and developments. Knowledge Unlatched, is one example of an attempt to create an internationally coordinated, market-based route to open access for Humanities, Arts and Social Sciences (HASS) monographs. Knowledge Unlatched, a not-for-profit London-based company is piloting a global library consortium approach to funding open access monographs and released its pilot program in early October with 28 titles from 13 publishers. The workshop invites discussion and debate from librarians, publishers, researchers and research funders on the role of international coordination and markets in securing a more open future for Australian HASS scholarship.

New Curriculum History

"Rereading the historical record indicates that it is no longer so easy to argue that history is simply prior to its forms. Since the mid-1990s a new wave of research has formed around wider debates in the humanities and social sciences, such as decentering the subject, new analytics of power, reconsideration of one-dimensional time and three-dimensional space, attention to beyond-archival sources, alterity, Otherness, the invisible, and more. In addition, broader and contradictory impulses around the question of the nation - transnational, post-national, proto-national, and neo-national movements – have unearthed a new series of problematics and focused scholarly attention on traveling discourses, national imaginaries, and less formal processes of socialization, bonding, and subjectification. New Curriculum History challenges prior occlusions in the field, building upon and departing from previous waves of scholarship, extending the focus beyond the insularity of public schooling, the traditional framework of the self-contained nation-state, and the psychology of the schooled individual. Drawing on global studies, historical sociology, postcolonial studies, critical race theory, visual culture theory, disability studies, psychoanalytics, Cambridge school structuralisms, poststructuralisms, and infra- and transnational approaches the volume holds together not despite but because of differences and incommensurabilities in rereading historical records. Audience: Scholars and students in curriculum studies, history, education, philosophy, and cultural studies will be interested in these chapters for their methodological range, their innovations and their deterritorializations."--publisher website

Horsing around – Using equine facilitated learning to support the development of social-emotional competence of students at risk of school failure

The social-emotional issues some students experience can place them at risk of school failure. Traditional methods of support can be ineffective or not sustainable and new alternative approaches need to be attempted to support social-emotional competency, school engagement and success for students at risk. This paper discusses preliminary outcomes of an equine facilitated learning (EFL) programme specifically designed to focus on using horses to improve the resilience and social-emotional competency in students perceived as ‘at risk’ of school failure. This qualitative exploratory study used interviews and observations over a six month period to listen to the voices of the students themselves about their experiences of EFL. Initial findings from the pilot study suggest that EFL programmes can be a novel and motivating way to promote resilience training and social-emotional development of students at risk of failure and, in turn, improve their level of engagement and connection with school environments.

Knowledge unlatched : towards an open and networked future for academic publishing

Specialist book length publications in the humanities and social sciences (including but not exclusively monographs) are experiencing a crisis. It is clear that the current publishing system is failing both the producers and users of scholarship and neglects many of the opportunities associated with networked culture.

William James, Sciences of Mind, and Anti-imperial Discourse

In the past few decades, the humanities and social sciences have developed new methods of reorienting their conceptual frameworks in a “world without frontiers.” In this book, Bernadette M. Baker offers an innovative approach to rethinking sciences of mind as they formed at the turn of the twentieth century, via the concerns that have emerged at the turn of the twenty-first. The less-visited texts of Harvard philosopher and psychologist William James provide a window into contemporary debates over principles of toleration, anti-imperial discourse, and the nature of ethics. Baker revisits Jamesian approaches to the formation of scientific objects including the child mind, exceptional mental states, and the ghost to explore the possibilities and limits of social scientific thought dedicated to mind development and discipline formation around the construct of the West.