Islamic mutual funds' financial performance and international investment style: evidence from 20 countries

We pursue the first large-scale investigation of a strongly growing mutual fund type: Islamic funds. Based on an unexplored, survivorship bias-adjusted data set, we analyse the financial performance and investment style of 265 Islamic equity funds from 20 countries. As Islamic funds often have diverse investment regions, we develop a (conditional) three-level Carhart model to simultaneously control for exposure to different national, regional and global equity markets and investment styles. Consistent with recent evidence for conventional funds, we find Islamic funds to display superior learning in more developed Islamic financial markets. While Islamic funds from these markets are competitive to international equity benchmarks, funds from especially Western nations with less Islamic assets tend to significantly underperform. Islamic funds’ investment style is somewhat tilted towards growth stocks. Funds from predominantly Muslim economies also show a clear small cap preference. These results are consistent over time and robust to time varying market exposures and capital market restrictions.

Femininity, feminism and the terrorist

This chapter aims to discuss the relationship between femininity and representations of women involved in violence, focussing on visual representations. Miranda Alison has made the point that the repeated necessity to qualify the term 'combatant' with the descriptor 'female' draws attention to how women soldiers, female freedom fighters, female suicide bombers and female terrorists are exceptional figures. That the female combatant or the female terrorist is an aberration or a deviation from a masculine norm is undermined by the lengthy history of women as warriors, fighters, and terrorists. In that sense it is not so much that fighting women are rare but that there is amnesia within cultural memories concerning the woman fighter. However, in representations of conflict, the dominant image associated with femininity is passive; that is as the defenceless and the defended, or as the allegory of peace. Moreover, representations of men in wars as defeated or wounded means feminising such figures. Miriam Cooke, in her Women and the War Story, 1996, points out how a mythic war story provides men with political roles, in the politikon or public arena, whereas women are domesticated in the space of the oikon. In the mythic war story women may function as Mater Dolorosa, Patriotic Mother or Spartan Mother. It follows then that there are conditions in which it is permissible to represent women fighting on behalf of their children or in defence of the home, and in the absence of men. These images are also found in wider culture: Sarah Connor in Terminator or Ripley in Alien, for example. Images of the female terrorist raise new issues but I want to argue that it is also the case that discussing femininity and the terrorist must involve relating such imagery to representations of the female warrior over a longer timespan. Some questions have shifted since the late twentieth century. Dating from the early 1990s, most Western nations increasingly incorporated women into combat roles within their armed forces. This paper will aim to unpick some of the intricate connections between the increasing presence of women in the armed forces, what relationship this has to emancipation and the participation of women in violence classed as terrorist.

Postmodernism, culture and feminism: the aesthetics of space and performance in Rock Follies and Rock Follies of '77

This article discusses the aesthetic and spatial representational strategies of the popular studio-based musical television drama serials Rock Follies and Rock Follies of ’77. It analyses how the texts’ themes relating to women and the entertainment industry are mediated through their postmodern ironic mode and representation of fantastic spaces. Rock Follies’ distinctive stylised aesthetic and mode of caricature are analysed with reference to the visual intentions and ‘voice’ of the writer, Howard Schuman. Through considering the programmes’ various spatial strategies, the article draws attention to the importance of visual and performance style in their postmodern discourse on culture, fantasy, gender and subjectivity. Analysis of the spaces of musical performance, characters’ domestic environments and simulated entertainment spaces reveals how a dialectic is established between the escapist imaginative pleasures of fantasy and the manipulative and exploitative practices of the culture industry. The shift from the optimism of the first series, when the LittleLadies first form, to the darker mood of the second series, in which they are increasingly divided by industry pressures, is traced through changes in the aesthetics of space and characterisation. As a space of artifice, performance and electronic visual manipulation that facilitates the texts’ reflexive representation of culture and feminised fantasy, the studio’s unique aesthetic strengths emerge through this case study.

How Islamic is al-Qaeda? The politics of Pan-Islam and the challenge of modernisation

This article investigates the contested ideology of al-Qaeda through an analysis of Osama bin Ladin’s writings and public statements issued between 1994 and 2011, set in relation to the development of Islamic thought and changing socio-political realities in the late nineteenth and twentieth centuries. Challenging popular conceptions of Wahhabism and the “Salafi jihad”, it reveals an idealistic, Pan-Islamic sentiment at the core of his messages that is not based on the main schools of Islamic theology, but is the result of a crisis of meaning of Islam in the modern world. Both before and after the death of al-Qaeda’s iconic leader, the continuing process of religious, political and intellectual fragmentation of the Muslim world has led to bin Ladin’s vision for unity being replaced by local factions and individuals pursuing their own agendas in the name of al-Qaeda and Islam.

Spiritual capital: the co-evolution of an ethical framework based on Abrahamic religious values in the Islamic tradition

Purpose – The aim of this paper is to investigate how values from within Abrahamic religions could be adopted to improve liberal market economies’ (LMEs’) corporate governance business practices. Design/methodology/approach – The concept of spiritual capitalism is explained from an Islamic perspective by adopting three universal Abrahamic values to critically analyse LMEs and offer an ethical alternative to current capitalism concerns. Findings – It is found that LMEs can be improved by considering all stakeholders, putting ethics before economics, and introducing shared risk/reward plus lower debt. Originality/value – The paper compares LMEs/Co-ordinated market economies (CMEs)/Islamic countries economies (ICEs) within an ethical framework for LMEs.

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.

Kvinna inför existensen : konflikten mellan existentialism och feminism i Inger Edelfedlts "Det hemliga namnet"

Med utgångspunkt i de två generella riktningar som tidigare läsningar av Inger Edelfeldts romaner tagit – dels en som antyder en existentiell underton och dels en som framhäver ett feministiskt perspektiv – har syftet med arbetet varit att undersöka den konfliktfyllda relationen mellan existentialism och feminism i ”Det hemliga namnet” och sammanlinka denna med Simone de Beauvoirs existentialistiska feminism i ”Det andra könet”. Då de två separata läsningarna av ”Det hemliga namnet”, som prövade romantextens överensstämmelse med de två ideologierna var för sig, korreleras med ”Det andra könet” framkommer att de två centrala punkter på vilka Edelfeldts roman skiljer sig ifrån den franska existentialismen – nämligen att människan inte till varje pris MÅSTE välja för att leva i god tro och att gemenskap visar sig möjlig då människor möts i generös ömsesidighet – också gäller för Beauvoirs texter. Ideologikritiska läsningar av Beauvoir visar att dessa avsteg från Sartres filosofi är ett resultat av hennes kvinnobefriande strävan: en feminism som hävdar att det är kvinnans eget fel att hon inte kan förverkliga sig själv som subjekt och som cementerar henne som den evigt Andre i förhållande till mannen, kan nämligen inte verka emot ojämställdheten mellan könen. Således uppstår en konflikt mellan existentialism och feminism i såväl ”Det hemliga namnet” som i ”Det andra könet”. En feminism som inkorporerat en manlig filosofi har nämligen också införlivat kvinnoförtryckande värden i den egna frigörelsestrategin.

'They don't associate it with feminism' : in-service educators' conceptions of gender-inclusive curriculu

This article seeks to address significant gaps in educational policy discourses. Namely, to respond to professional development discourses that lack significant engagement with feminist perspectives, as well as to feminist discourses that fail to consider the significance of in-service education. The data reported here are drawn from a broader case study of Australian primary practitioners from 1975 who were interviewed about their enactment of gender-inclusive reform in the state of Victoria. This discussion takes as its focus the standpoint of 17 in-service educators in terms of their conceptualisation of gender inclusiveness. Three distinctive conceptions emerged in data analysis, which may be represented as three amalgams on a continuum according to a feminist perspective. Implications of this plurality of meaning for professional development are concluded.[2]

Transnational feminism, globalisation, human rights and education

The article demonstrates how neo-liberal ideologies and market forces of
globalisation have produced new discourses in education, which have created new sites of political action and require a radical rethinking about feminist theorizing concerning gender equity in education. The article, in analysing the transformation of the social relations of gender and social stratification, draws from feminist, poststructuralist and postcolonial theories. The author concludes that there is need for redefining
feminist paradigms in global pedagogies. Such a new paradigm in feminist pedagogy, based on discourses of power, human rights and social justice should provide a foundation for improving the equity for girls and women in education and society globally.