Early roman-period Nazareth and the sisters of Nazareth convent

First discovered by accident in 1884 – and thereafter informally investigated by workmen, nuns and clergy, for several decades – the archaeological site at the Sisters of Nazareth convent in central Nazareth has remained unpublished and largely unknown to scholarship. However, work by the Nazareth Archaeological Project in 2006–10 showed that this site offers a full and important stratified sequence from ancient Nazareth, including well-preserved Early Roman-period and later features. These include a partially rock-cut structure, here re-evaluated and interpreted on the basis of both earlier and newly recorded data as a first-century ad domestic building – perhaps a ‘courtyard house’ – the first surface-built domestic structure of this date from Nazareth to be published, and the best preserved. The site was subsequently used in the Roman period for burial, suggesting settlement contraction or settlement shift.

A review of Islamic mutual funds’ financial performance and investment style in Muslim and non-Muslim countries

Islamic finance has grown beyond its reputation of providing small-scale banking options and now provides investment and financing options for complex large-scale commercial transactions. Islamic investments are one area that has attracted the attention of investors due to its performance, especially during the economic downturn. The Shari’ah compliance nature of Islamic funds provides an opportunity for those Muslim investors to be part of the global investment sector who have previously been reluctant to invest in conventional mutual funds. The fact that the funds’ managers are prohibited from investing in activities such as weapons production, alcohol production and interest-bearing finance operations, makes Islamic mutual funds also attractive for those Non-Muslim investors who wish to invest ethically. Today there are hundreds of Islamic equity indices offered by Dow Jones, FTSE, MSCI and S&P. Despite the growing importance of Islamic funds, there have been limited studies exploring the performance of Islamic funds worldwide. Due to very limited data sets and not too rigorous analytical methods, these existent studies have neither investigated Islamic funds’ financial performance in noticeable detail nor analysed the investment style of more than six funds. For instance, relevant questions such as the financial performance of Islamic mutual funds’ beyond their investment styles or a difference in performance between funds from Muslim and non-Muslim countries have nearly not been investigated at all. Very recently, a study by Hoepner, Rammal and Rezec (2011) analysed the financial performance and investment style of 262 Islamic equity funds from 20 countries in five regions (Africa, Asia-Pacific, Europe, Gulf Cooperative Council-GCC, and North America). As comparison, previous studies did not even analyse 60 funds. Hoepner et al.’s study sampled a period of two decades and was therefore able to test the performance of the funds during economic booms as well as economic downturns. The findings of the study provide new insights into the performance of Islamic mutual funds in Muslim and Western markets and during financial crisis.