Ethical screening and financial performance : the case of Islamic equity funds

Whether ethical screening affects portfolio performance is an important question that is yet to be settled in the literature. This paper aims to shed further light on this question by examining the performance of a large global sample of Islamic equity funds (IEFs) from 1984 to 2010. We find that IEFs underperform conventional funds by an average of 40 basis points per month, consistent with the underperformance hypothesis. In line with popular media claims that Islamic funds are a safer investment, IEFs outperformed conventional funds during the recent banking crisis. However, we find no such outperformance for other crises or high volatility periods. Based on fund holdings-based data, we provide evidence of a negative curvilinear relation between fund performance and ethical screening intensity, consistent with a return trade-off to being more ethical.

Interrogating policy contradictions in literacy reforms about persuasive texts

Objectives Our overarching objective is to demonstrate the political contradictions about about how persuasive texts should be taught in the middle years of schooling, analysing two contradictory Australian wide educational reforms. We consider the complexities of power and access to literacy for students in relation to these reforms about the privileged genre of persuasion. Our work is framed by our appreciation of literacy as a social justice issue, and the notion of students’ pedagogic rights (Bernstein, 2000). Specifically, we introduce and analyse the knowledge and skills about persuasive text sanctioned by the Australian high-stakes test, the National Assessment Program for Literacy and Numeracy (NAPLAN), for students in the middle years of schooling (ACARA, 2013). We compare this to the contemporary emphasis on multimodal persuasive texts sanctioned by the recently released Australian Curriculum English (ACARA, 2014). We conclude our analysis by identifying biases in the structure of particular knowledges and the inherent threats to democracy.

Walking and talking with living texts: Breathing life against static standardisation

Current educational reform, policy and public discourse emphasise standardisation of testing, curricula and professional practice, yet the landscape of literacy practices today is fluid, interactive, multimodal, ever-changing, adaptive and collaborative. How then can English and literacy educators negotiate these conflicting terrains? The nature of today’s literacy practices is reflected in a concept of living texts which refers to experienced events and encounters that offer meaning-making that is fluid, interactive and changing. Literacy learning possibilities with living texts are described and discussed by the authors who independently investigated the place of living texts across two distinctly different learning contexts: a young people’s community arts project and a co-taught multiliteracies project in a high school. In the community arts project, young people created living texts as guided walks of urban spaces that adapt and change to varying audiences. In the multiliteracies project, two parents and a teacher created interactive spaces through co-teaching and cogenerative dialoguing. These spaces generate living texts that yield a purposefully connected curriculum rich in community-relevant and culturally significant texts. These two studies are shared with a view of bringing living texts into literacy education to loosen rigidity in standardisation.

Teachers-as-writers: Writing information texts in English and vernacular

Our contribution to this volume is not on the work of the teacher who inspires the child writer, but the teacher as the writer and illustrator of multilingual texts for classroom use that inspires the child reader. This chapter focuses on a first time teacher writer from Fiji, Bereta , who participated in a two day writing workshop known as the Information Text Awareness Project (hereafter ITAP). This chapter commences with an overview of the ITAP which was conducted in Nadi, Fiji, in 2012 with Bereta and 17 teachers from urban, semi-urban and rural contexts within the Nadi educational district. The politics of presenting Western ways of knowing to teachers from diverse cultural and linguistic contexts via a Western pedagogical approach is explored in the second section. We believe that this work involves a moral dimension that needs careful consideration. The third section outlines the eight stages of ITAP where teacher writers such as Bereta produced an English and a vernacular information text for use in their classrooms. The outline of the eight stages of ITAP is justified with links to the research literature. The final section recounts Bereta’s interview data where she talks about using the newly created English and vernacular information texts in the classroom and the community’s response to her inaugural publications. The findings may be of interest to those seeking to establish an adult writing cooperative to produce English and vernacular information texts for classroom use.

Catering for cultural and linguistic diversity: Using teacher created information texts

Teachers in the Pacific region have often signalled the need for more locally produced information texts in both the vernacular and English, to engage their readers with local content and to support literacy development across the curriculum. The Information Text Awareness Project (ITAP), initially informed by the work of Nea Stewart-Dore, has provided a means to address this need through supporting local teachers to write their own information texts. The article reports on the impact of an ITAP workshop carried out in Nadi, Fiji in 2012. Nine teacher volunteers from the project trialled the use of the texts in their classrooms with positive results in relation to student learning and belief in themselves as writers.

The opportunity for implementing Islamic project financing to the Indonesian infrastructure development

Purpose: This chapter discusses the opportunity of Islamic project financing implementation for public infrastructure development in Indonesia. Design/Methodology/Approach: This chapter, firstly, reviewed existing literature on Islamic finance to explore the applicability of Islamic financing in infrastructure development. Interviews were conducted as the first stage of Delphi method approach. This was then followed by reviewing Indonesia’s government policies and regulations in infrastructure industry and Islamic financing. Findings: This chapter enlightens the implementation of Islamic financing on infrastructure project financing in Indonesia. The findings indicate that the government policies and regulations on both infrastructure investment and Islamic financing support the implementation of Islamic project financing, whereas, an improvement is still needed in order to overarch infrastructure business and Islamic financing investment. Research: Financing framework development for Indonesia infrastructure projects. Limitations/Implications: The result reported comprises the preliminary study of Islamic project paper written based on published research papers and interviews. Furthermore, the data collected for the study are limited to the case of Indonesian infrastructure projects. Practical Implication: Islamic financing in Indonesia infrastructure projects development has not been optimally implemented. Therefore, this chapter serves as a catalyst to explore alternative financial scheme such as Islamic financing for infrastructure development. Originality/Value: This chapter highlights possibilities and obstacles in applying Islamic scheme to infrastructure project financing. This provides a framework to analyse the steps to implement Islamic financing successfully in infrastructure development.

A review of efficiency measures for REITs and their specific application for Malaysian Islamic REITs

Purpose This paper aims to present a conceptual model on the efficiency of Islamic Real Estate Trusts (I-REITs) available in Malaysia. The key difference between the Islamic and their conventional investment vehicle part is mainly its own Shariah framework. Design/methodology/approach The paper reviews and synthesises the relevant literature on the performance analysis and efficiency measurements of Real Estate Investment Trusts. The paper then develops and proposes a conceptual model to measure the efficiency of Malaysian Islamic REITs. Findings The paper identifies and examines the appropriate methods and instruments to measure the efficiency in relation to the risk and profitability of Islamic REITs. The efficiency measure is important for the fund managers in order to maximise the shareholders’ return in an investment of property portfolio as well as proposing the best way to allocate resources efficiently. Research limitation/implications This is a preliminary review of current work that identifies the issues that will be addressed in future empirical research. The authors will be undertaking this future empirical research in measuring the efficiency of Malaysian REITs particularly the Islamic REITs using the non-parametric approach of Data Envelopment Analysis. Originality/value To date, there has been very limited research on the efficiency measurement of Islamic REITs. The current analysis of REIT has been focused on traditional non-Islamic funds. This paper will review and discuss the current literature on efficiency measurement to determine the most appropriate approaches and methodologies for future application in performance analysis of efficiency measure for Malaysian Islamic REITs.

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.

An evaluation of the indicators of threat to auditor independence in an Islamic legal system: The case of Iran

This study aimed to assist in developing a more effective framework for regulating auditor independence practice in Iran, a non-IFRS country with an Islamic legal system. It investigated the following general research question: In order to increase auditor independence in a non-IFRS country with an Islamic legal system, what are the potential indicators of threats to auditor independence, and how should a regulator prioritise addressing these threats?

Shari'ah supervision, corporate governance and performance: Conventional vs. Islamic banks

The performance and accountability of boards of directors and effectiveness of governance mechanisms continue to be a matter of concern. Focusing on differences between conventional banks and Islamic banks, we examine the effect of (i) Shari-ah supervision boards, (ii) board structure and (iii) CEO-power on performance during the period 2005-2011. We find Shari'ah supervision boards positively impact on Islamic banks' performance when they perform a supervisory role, but the impact is negligible when they have only an advisory role. The effect of board structure (Board size and board independence) and CEO power (CEO-chair duality and internally recruited CEO) on the performance of Islamic banks is overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards overall negative. Our findings provide support for the positive contribution of Shari'ah supervision boards but also emphasize the need for enforcement and regulatory mechanism for them to be more effective.

Cultural considerations in will-making in Australia: A case study of Islamic or Sharia-compliant wills

This article explores the influence of cultural and religious beliefs and laws on how individuals make decisions about asset distribution through wills, drawing on a case study of Islamic will makers. Findings highlight diversity in beliefs and practices within Australian Islamic communities. When drafting a will people from culturally diverse backgrounds need to accommodate their religious and cultural values and local law. Implications of research findings for legal policy and practice in Australia are discussed.

International human resource management in the introductory HRM course

This paper explores the extent to which students in the introductory HRM course in US institutions are likely to be exposed to information on international and cross-cultural aspects of HRM. Two methods are used: (1) an analysis of international content in fifteen popular introductory HRM textbooks and (2) a survey of professors teaching introductory HRM. The vast majority of responding instructors said their classes got some exposure to international issues in HRM, and most introductory texts included some relevant content. Critiques of international boxed features and dedicated IHRM chapters are provided, and suggestions for improving the quality and depth of IHRM content in introductory textbooks are made.

Sounds of the suburb

Sounds of the Suburb was a commissioned public art proposal based upon a brief set by Queensland Rail for the major redevelopment at their Brunswick Street Railway Station, Fortitude Valley, Brisbane. I proposed a large scale, electronic artwork to be distributed across the glass fronted structure of their station’s new concourse building. It was designed as a network of LED based ‘tracking’ - along which would travel electronically animated, ‘trains’ of text synchronised to the actual train timetables. Each message packet moved endlessly through a complex spatial network of ‘tracks’ and ‘stations’ set both inside, outside and via the concourse. The design was underpinned by large scale image of sound waves etched onto the architecture’s glass and was accompanied by two inset monitors each presenting ghosted images of passenger movements within the concourse, time-delay recorded and then cross-combined in realtime to form new composites.----- Each moving, reprogrammable phrase was conceived as a ‘train of thought’ and ostensibly contained an idea or concept about popular cultures surrounding contemporary music – thereby meeting the brief that the work should speak to the diverse musical cultures central to Fortitude Valley’s image as an entertainment hub. These cultural ‘memes’, gathered from both passengers and the music press were situated alongside quotes from philosophies of networking, speed and digital ecologies. These texts would continually propagate, replicate and cross fertlise as they moved throughout the ‘network’, thereby writing a constantly evolving ‘textual soundcape’ of that place. This idea was further cemented through the pace, scale and rhythm of passenger movements continually recorded and re-presented on the smaller screens.