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.

Land degradation and vegetation distribution in Chott El Beida wetland, Algeria

The aim of this study is to explore the environmental factors that determine plant Community distribution in northeast Algeria. This paper provides a quantitative analysis of the vegetation-environment relationships for a study site in the Cholt El Beida wetland, a RAMSAR site in Setif, Algeria. Sixty vegetation plots were sampled and analysed using TWINSPAN and Detrended Correspondence Analysis (DCA) in order to identify the principal vegetation communities and determine the environmental gradients associated with these. 127 species belonging to 41 families and 114 genera were recorded. Six of the recorded species were endemic representing 4.7% of the total species. The richest families were Compositae, Gramineae, Cruciferae and Chenopodiaceae. Therophytes and hemicryptophytes were the most frequent life forms. the Mediterranean floristic element is dominant and is represented by 39 species. The samples were classified into four main community types. The principal DCA axes represent gradients of soil salinity, moisture and anthropogenic pressure. The use of classification in combination with ordination techniques resulted in a good discrimination between plant communities and a greater understanding of controlling environmental factors. The methodology adopted can be employed for improving baseline information on plant community ecology and distribution in often critically endangered Mediterranean wetland areas. (C) 2008 Elsevier Ltd. All rights reserved.

Land degradation and vegetation distribution in Chott El Beida wetland, Algeria

The aim of this study is to explore the environmental factors that determine plant Community distribution in northeast Algeria. This paper provides a quantitative analysis of the vegetation-environment relationships for a study site in the Cholt El Beida wetland, a RAMSAR site in Setif, Algeria. Sixty vegetation plots were sampled and analysed using TWINSPAN and Detrended Correspondence Analysis (DCA) in order to identify the principal vegetation communities and determine the environmental gradients associated with these. 127 species belonging to 41 families and 114 genera were recorded. Six of the recorded species were endemic representing 4.7% of the total species. The richest families were Compositae, Gramineae, Cruciferae and Chenopodiaceae. Therophytes and hemicryptophytes were the most frequent life forms. the Mediterranean floristic element is dominant and is represented by 39 species. The samples were classified into four main community types. The principal DCA axes represent gradients of soil salinity, moisture and anthropogenic pressure. The use of classification in combination with ordination techniques resulted in a good discrimination between plant communities and a greater understanding of controlling environmental factors. The methodology adopted can be employed for improving baseline information on plant community ecology and distribution in often critically endangered Mediterranean wetland areas. (C) 2008 Elsevier Ltd. All rights reserved.