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.

The ship as symbol in the prehistory of Scandinavia and south-east Asia

The ship is the dominant element in the visual culture of the South Scandinavian Bronze Age, appearing in several different media, including rock carvings, decorated metalwork and above-ground monuments. Discussion has divided between those scholars who interpret this imagery in terms of long-distance exchange networks and those who emphasize its more local significance, including its deployment in mortuary ritual. A strikingly similar system is identified in Southeast Asia and part of Melanesia and can be interpreted through archaeological and ethnographic sources, but in this case there is no need to distinguish between 'practical' and 'symbolic' interpretations of the depictions of ships. This paper summarizes the evidence from this region and suggests that it can offer a fruitful source of comparison for archaeologists working in northern Europe.

Exploring other childhoods through quantitative secondary analyses of large scale surveys: opportunities and challenges for children's geographers

This paper considers the potential contribution of secondary quantitative analyses of large scale surveys to the investigation of 'other' childhoods. Exploring other childhoods involves investigating the experience of young people who are unequally positioned in relation to multiple, embodied, identity locations, such as (dis)ability, 'class', gender, sexuality, ethnicity and race. Despite some possible advantages of utilising extensive databases, the paper outlines a number of methodological problems with existing surveys which tend to reinforce adultist and broader hierarchical social relations. It is contended that scholars of children's geographies could overcome some of these problematic aspects of secondary data sources by endeavouring to transform the research relations of large scale surveys. Such endeavours would present new theoretical, ethical and methodological complexities, which are briefly considered.