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 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

Muslim Literature in Serbo-Croat in Relation to the Serbian and Croatian Literatures

Mr. Tutnjevic set out to define the position of the Muslim community within the overall framework of literature in Serbo-Croat, particularly in terms of its relation to the Serbian and Croatian Literatures, on the basis of an extensive comparative study of primary and secondary sources relating to the most important Muslim writers in Serbo-Croat. Carried out against the background of an unprecedented civil war between these national groups, his research focused rather on the encounters between them on the historical and literary stages. He concludes that the Muslim national community was established and developed on a foundation of Slavic self-consciousness and oriental influences. The constantly changing relative weights of the influence of these two factors on the community shaped the specific nature of its literature as well as its place in the cultural environment of its neighbouring national communities, and Muslim literary traditions are inseparably linked with the total literature in Serbo-Croat. A real Muslim literature first emerged at the end of the nineteenth century and virtually all authors writing about this at the time emphasised its educational character and its importance for the process of national identification. At the same time there were visible results of the self-awareness process in which Muslim authors affiliated with Serbian or Croatian literary tradition, sometimes even substituting one with another. During the period between the two world wars Muslim literature reached maturity and while Muslim authors generally focused on their national milieu in terms of subject matter, their forms of expression and their understanding of the function of literature showed the same preoccupation as other Yugoslav authors of the period. When the ideological and class-related concept of society replaced the national character of literature after 1945, Muslim writers found themselves in the same position as writers from other ethnic groups. As in earlier times, writers sought to present themselves to as wide a market as possible and would provide grounds for consideration as Serbian or Croatian writers, sometimes even explicitly presenting themselves as such. Most of the writers of this period are described at times as Yugoslav, at others as Bosnian-Herzegovina, and at still others as Serbian, Croatian or Muslim. Mr. Tutnjevic quotes, for example, the case of Camil Sijaric, a Muslim from Sandzak who also wrote in Sarajevo and falls within the boundaries of Bosnian-Herzegovnian literature, but is also described as a Muslim, Montenegrin and Serbian writer, together with a number of other such examples. An understanding of this process provides the basis for a completely new perception of the intertwining of Serbian, Croatian and Muslim literary traditions, without the earlier visible prejudice on all three sides.