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.

An ethnomedicinal survey of a Tashelhit-speaking community in the High Atlas, Morocco

Traditional knowledge about medicinal plants from a poorly studied region, the High Atlas in Morocco, is reported here for the first time; this permits consideration of efficacy and safety of current practices whilst highlighting species previously not known to have traditional medicinal use. Our study aims to document local medicinal plant knowledge among Tashelhit speaking communities through ethnobotanical survey, identifying preferred species and new medicinal plant citations and illuminating the relationship between emic and etic ailment classifications. Ethnobotanical data were collected using standard methods and with prior informed consent obtained before all interactions, data were characterized using descriptive indices and medicinal plants and healing strategies relevant to local livelihoods were identified. 151 vernacular names corresponding to 159 botanical species were found to be used to treat 36 folk ailments grouped in 14 biomedical use categories. Thirty-five (22%) are new medicinal plant records in Morocco, and 26 described as used for the first time anywhere. Fidelity levels (FL) revealed low specificity in plant use, particularly for the most commonly reported plants. Most plants are used in mixtures. Plant use is driven by local concepts of disease, including “hot” and “cold” classification and beliefs in supernatural forces. Local medicinal plant knowledge is rich in the High Atlas, where local populations still rely on medicinal plants for healthcare. We found experimental evidence of safe and effective use of medicinal plants in the High Atlas; but we highlight the use of eight poisonous species.

The Impact of Transnational Conflicts on Christian-Muslim Relations in Nigeria (2001-2006)

This Master’s Thesis examines transnational conflicts and Christian-Muslim relations in Nigeria between the years 2001 and 2006. It focuses on two major transnational conflicts: The September 11, 2001 attacks in the United States and the Danish cartoon controversy of 2005/2006. It discusses the impact of these transnational conflicts on Christian-Muslim relations in Nigeria in the light of the implementation of the Sharia Law in some northern Nigerian states and the improved access to the broadcast media and mobile telephone communication in Nigeria. By underscoring the relationship between transnational conflicts and the local context, this study provides a new perspective for understanding Christian-Muslim relations in Nigeria

Eunice Ford Stackhouse Biography - Accession 15 - M1 (1)

This collection consists of a biography of Eunice Ford Stackhouse (1885-1980) titled Eunice Ford Stackhouse: Educator and Civic Leader by Mary Frayser in 1959. Mrs. Stackhouse was an educator and civil leader. Mary Frayser includes excerpts and original correspondence of Mrs. Stackhouse in the publication.

The Brown algae Sargassum muticum in the Atlantic coast of Morocco: new record in Africa and risks of its potential expansion to nearby areas

Centro de Biodiversidad y Gestión Ambiental, Facultad de Ciencias del Mar, Universidad de Las Palmas de Gran Canaria, Las Palmas, Spain

Airborne measurements of the spectral surface albedo over Morocco and its influence on the radiative forcing of Saharan dust

This PhD thesis is embedded into the DFG research project SAMUM, the Saharan Mineral Dust Experiment which was initiated with the goal to investigate the optical and microphysical properties of Saharan dust aerosol, its transport, and its radiative effect. This work described the deployment of the Spectral Modular Airborne Radiation Measurement SysTem (SMART-Albedometer) in SAMUM after it has been extended in its spectral range. The SAMUM field campaign was conducted in May and June 2006 in south-eastern Morocco. At two ground stations and aboard two aircraft various measurements in an almost pure plume of Saharan dust were conducted. Airborne measurements of the spectral upwelling and downwelling irradiance are used to derive the spectral surface albedo in its typical range in the experiment region. Typical spectral types are presented and compared to the surface albedo derived from MISR satellite data. Furthermore, the radiative forcing of the observed Saharan dust is estimated in dependence on the surface albedo and its regional variations. A strong dependence of the radiative forcing not only on the surface albedo, but also on the optical properties of the dust aerosol is observed. It is unique to SAMUM that all these influential parameters have been measured in near-source Saharan dust, which made the calculations shown in this work possible.

Carbonate conical mounds of the eastern Anti-Atlas(Morocco) and their relationship with potential analogues on Mars

Longstanding debates concerning the origin of the Kess Kess Emsian carbonate mounds exposed at Hamar Laghdad Ridge (eastern Anti-Atlas, Morocco) centre around the processes that induced precipitation of carbonate mud and the preservation of steep morphologies. Although in the last years an origin related to hydrothermalism seemed to be more likely, to date the Kess Kess are still considered controversial vent deposits. This study combines in updated research review information from previous work and new detailed field observations coupled with new analytical results to define a consistent framework and some new insight of current knowledge about the origin of these mounds. We obtain a complete minero-petrographic and palaeobiological data set and a detailed geochemical characterization of the different lithologies and facies of the Hamar Laghdad stratigraphic succession, including mounds, and we compared the results with the data from Maïder Basin mounds (Anti-Atlas, Morocco). Our data support the hydrothermal model proposed for the genesis and development of the Kess Kess mounds. The mechanisms linked to the mounds formation and growth are discussed in the light of the new finding of fluid-sediment interaction within a scenario driven by late magmatic fluids circulation. Conical mounds and other fluids related morphologies were also reported from Crommelin crater area (Arabia Terra, Mars). These mounds consist in meter-sized conical buildups hosted in the Equatorial Layered Deposits (ELDs) deposed during a regional groundwater fluid upwelling. Geometries and geological conditions that might have controlled the development of such morphologies were discussed. According to our data the morphological and stratigraphical characteristics of Crommelin area mounds are most consistent with a formation by fluids advection. Then we compare terrestrial and Martian data and examine the geological settings of hydrothermal mound occurrences on Earth in order to describe potential target areas for hydrothermal structures on Mars.