Taking a leap of faith : are investors left short changed?

This dissertation examines the compliance and performance of a large sample of faith based (religious) ethical funds - the Shari'ah-compliant equity funds (SEFs), which may be viewed as a form of ethical investing. SEFs screen their investment for compliance with Islamic law, where riba (conventional interest expense), maysir (gambling), gharar (excessive uncertainty), and non-halal (non-ethical) products are prohibited. Using a set of stringent Shari'ah screens similar to those of MSCI Islamic, we first examine the extent to which SEFs comply with the Shari'ah law. Results show that only about 27% of the equities held by SEFs are Shari'ah-compliant. While most of the fund holdings pass the business screens, only about 42% pass the total debt to total assets ratio screen. This finding suggests that, in order to overcome a significant reduction in the investment opportunity, Shari'ah principles are compromised, with SEFs adopting lax screening rules so as to achieve a financial performance. While younger funds and funds that charge higher fees and are domiciled in more Muslim countries are more Shari'ah-compliant, we find little evidence of a positive relationship between fund disclosure of the Shari'ah compliance framework and Shari'ah-compliance. Clearly, Shari'ah compliance remains a major challenge for fund managers and SEF investors should be aware of Shari'ah-compliance risk since the fund managers do not always fulfill their fiduciary obligation, as promised in their prospectus. Employing a matched firm approach for a survivorship free sample of 387 SEFs, we then examine an issue that has been heavily debated in the literature: Does ethical screening reduce investment performance? Results show that it does but only by an average of 0.04% per month if benchmarked against matched conventional funds - this is a relatively small price to pay for religious faith. Cross-sectional regressions show an inverse relationship between Shari'ah compliance and fund performance: every one percentage increase in total compliance decreases fund performance by 0.01% per month. However, compliance fails to explain differences in the performance between SEFs and matched funds. Although SEFs do not generally perform better during crisis periods, further analysis shows evidence of better performance relative to conventional funds only during the recent Global Financial Crisis; the latter is consistent with popular media claims.

The role of cultural beliefs in contributing to risky road use behaviour in Pakistan

Background Pakistan has the highest population rate of road fatalities in South Asia (25.3 fatalities per 100,000 people: Global Status Report on Road Safety, WHO 2009). Along with road environment and vehicle factors, human factors make a substantial contribution to traffic safety in Pakistan. Beliefs about road crash causation and prevention have been demonstrated to contribute to risky road use behaviour and resistance to preventive measures in a handful of other developing countries, but has not been explored in Pakistan. In particular, fatalism (whether based on religion, other cultural beliefs or experience) has been highlighted as a barrier to achieving changes in attitudes and behaviour. Aims The research reported here aimed (i) to explore perceptions of road crash causation among policy makers, police officers, professional drivers and car drivers in Pakistan; (ii) to identify how cultural and religious beliefs influence road use behaviour in Pakistan; and (iii) to understand how fatalistic beliefs may work as obstacles to road safety interventions. Methods In-depth interviews were conducted by the primary author (mostly in Urdu) in Lahore, Rawalpindi and Islamabad with 12 professional drivers (taxi, bus and truck), 4 car drivers, 6 police officers, 4 policy makers and 2 religious orators. All but two were Muslim, two were female, and they were drawn from a wide range of ages (24 to 60) and educational backgrounds. The interviews were taped and transcribed, then translated into English and analysed for themes related to the aims. Results Fatalism emerged as a pervasive belief utilised to justify risky road use behaviour and to resist messages about preventive measures. There was a strong religious underpinning to the statement of fatalistic beliefs (this reflects popular conceptions of Islam rather than scholarly interpretations), but also an overlap with superstitious beliefs which have longer-standing roots in Pakistani culture. These beliefs were not limited to people of poor educational background or position. A particular issue which was explored in more detail was the way in which these beliefs and their interpretation within Pakistani society contributed to poor police reporting of crashes. Discussion and conclusions The pervasive nature of fatalistic beliefs in Pakistan affects road user behaviour by supporting continued risk taking behaviour on the road, and by interfering with public health messages about behaviours which would reduce the risk of traffic crashes. The widespread influence of these beliefs on the ways that people respond to traffic crashes and the death of family members contribute to low crash reporting rates and to a system which is difficult to change. The promotion of an evidence-based approach to road user behaviour is recommended, along with improved professional education for police and policy makers.

Sourdough & other stories : a story told in parts (a mosaic novel and exegesis)

The mosaic novel - with its independent 'story-tiles' linking together to form a complete narrative - has the potential to act as a reflection on the periodic resurfacing of unconscious memories in the conscious lives of fictional characters. This project is an exploration of the mosaic text as a fictional analogue of involuntary memory. These concepts are investigated as they appear in traditional fairy tales and engaged with in this thesis's creative component, Sourdough and Other Stories (approximately 80,000 words), a mosaic novel comprising sixteen interconnected 'story-tiles'. Traditional fairy tales are non-reflective and conducive to forgetting (i.e. anti-memory); fairy tale characters are frequently portrayed as psychologically two-dimensional, in that there is no examination of the mental and emotional distress caused when children are stolen/ abandoned/ lost and when adults are exiled. Sourdough and Other Stories is a creative examination of, and attempted to remedy, this lack of psychological depth. This creative work is at once something more than a short story collection, and something that is not a traditional novel, but instead a culmination of two modes of writing. It employs the fairy tale form to explore James' 'thorns in the spirit' (1898, p.199) in fiction; the anxiety caused by separation from familial and community groups. The exegesis, A Story Told in Parts - Sourdough and Other Stories is a critical essay (approximately 20,000 words in length), a companion piece to the mosaic novel, which analyses how my research question proceeded from my creative work, and considers the theoretical underpinnings of the creative work and how it enacts the research question: 'Can a writer use the structural possibilities of the mosaic text to create a fictional work that is an analogue of an involuntary memory?' The cumulative effect of the creative and exegetical works should be that of a dialogue between the two components - each text informing the other and providing alternate but complementary lenses with which to view the research question.

Democracy, Crime and Justice. Annals of the American Academy of Political and Social Sciences

As a growing number of nations embark on a path to democracy, criminologists have become increasingly interested and engaged in the challenges, concerns, and questions connecting democracy with both crime and criminal justice. Rising levels of violence and street crime, white collar crime and corruption both in countries where democracy is securely in place and where it is struggling, have fuelled a deepening skepticism as to the capacity of democracy to deliver on its promise of security and justice for all citizens. What role does crime and criminal justice play in the future of democracy and for democratic political development on a global level? The editors of this special volume of The Annals realized the importance of collecting research from a broad spectrum of countries and covering a range of problems that affect citizens, politicians, and criminal justice officials. The articles here represent a solid balance between mature democracies like the U.S. and U.K. as well as emerging democracies around the globe – specifically in Latin America, Africa and Eastern Europe. They are based on large and small cross-national samples, regional comparisons, and case studies. Each contribution addresses a seminal question for the future of democratic political development across the globe. What is the role of criminal justice in the process of building democracy and instilling confidence in its institutions? Is there a role for unions in democratizing police forces? What is the impact of widespread disenfranchisement of felons on democratic citizenship and the life of democratic institutions? Under what circumstances do mature democracies adopt punitive sentencing regimes? Addressing sensitive topics such as relations between police and the Muslim communities of Western Europe in the wake of terrorist attacks, this volume also sheds light on the effects of terrorism on mature democracies under increasing pressure to provide security for their citizens. By taking a broad vantage point, this collection of research delves into complex topics such as the relationship between the process of democratization and violent crime waves; the impact of rising crime rates on newly established as well as secure democracies; how crime may endanger the transition to democracy; and how existing practices of criminal justice in mature democracies affect their core values and institutions. The collection of these insightful articles not only begins to fill a gap in criminological research but also addresses issues of critical interest to political scientists as well as other social and behavioral scientists and scholars. Taking a fresh approach to the intersection of crime, criminal justice, and democracy, this volume of The Annals is a must-read for criminologists and political scientists and provides a solid foundation for further interdisciplinary research.

Climates of Hate: Media and State Inspired Victimisation of Muslims in Canada and Australia since 9/11

This article represents a preliminary comparative exploration of anti-Muslim racism and violence in Australia and Canada, especially since September 11. We contextualise the anti-Muslim vilification and victimisation within parallel – yet still distinct – political climates that bestow permission to hate. That is, negative media portrayals, together with discriminatory rhetoric, policy and practices at the level of the state create an enabling environment that signals the legitimacy of public hostility toward the Muslim communities. We conclude by pointing toward the need for more extensive empirical exploration of the phenomenon in both countries.

White Lines: The Intercultural Politics of Everyday Movement in Local Spaces

This article draws on research into racist vilification experienced by young Arab and Muslim Australians especially since 11 September 2001, to explore the links between public space, movement and national belonging, and the spatial regulation of cultural difference that functions in Australia. The authors analyse the way that the capacity to experience forms of national belonging and cultural citizenship is shaped by inclusion within or exclusion from local as well as nationally significant public spaces. While access to public space and freedom to move are conventionally seen as fundamental to a democratic state, these are often seen in abstract terms. This article emphasises how movement in public space is a very concrete dimension of our experience of freedom, in showing how incivilities directed against Arab and Muslim Australians have operated pedagogically as a spatialised regulation of national belonging. The article concludes by examining how processes associated with the Cronulla riots of December 2005 have retarded the capacities of Muslim and Arab Australians to negotiate within and across spaces, diminishing their opportunities to invest in local and national spaces, shrinking their resources and opportunities for place-making in public space.

Bin Laden in the Suburbs: Criminalising the Arab Other

This book examines public worrying over 'ethnic crime' and what it tells us about Australia today. How, for instance, can the blame for a series of brutal group sexual assaults in Sydney be so widely attributed to whole ethnic communities? How is it that the arrival of a foundering boatload of asylum-seekers mostly seeking refuge from despotic regimes in 'the Middle East' can be manipulated to characterise complete cohorts of applicants for refuge 'and their immigrant compatriots' as dangerous, dishonest, criminally inclined and inhuman? How did the airborne terror attacks on the USA on 11 September 2001 exacerbate existing tendencies in Australia to stereotype Arabs and Muslims as backward, inassimilable, without respect for Western laws and values, and complicit with barbarism and terrorism? Bin Laden in the Suburbs argues that we are witnessing the emergence of the 'Arab Other' as the pre-eminent 'folk devil' of our time. This Arab Other functions in the national imaginary to prop up the project of national belonging. It has little to do with the lived experiences of Arab, Middle Eastern or Muslim Australians, and everything to do with a host of social anxieties which overlap in a series of moral panics. Bin Laden in the Suburbs analyses a decisive moment in the history of multiculturalism in Australia. 'Unlike most migrants, the Arab migrant is a subversive will ... They invade our shores, take over our neighbourhood and rape our women. They are all little bin Ladens and they are everywhere: Explicit bin Ladens and closet bin Ladens; Conscious bin Ladens and unconscious bin Ladens; bin Ladens on the beach and bin Ladens in the suburbs, as this book is aptly titled. Within this register ... even a single Arab is a threat. Contain the Arab or exterminate the Arab? A 'tolerable' presence in the suburbs, or caged in a concentration camp? ... The politics of the Western post-colonial state is constantly and dangerously oscillating between these tendencies today. It is this dangerous oscillation that is so lucidly exposed in this book'.

Sharia-compliant financing in Indonesia infrastructure projects

As the adoption of project financing is gaining momentum, there is a concurrent need of innovation in project financing scheme in order to accelerate infrastructure assets provision in Indonesia. As the largest Muslim population in the world, sharia-compliant financing offers tremendous potential as a source for infrastructure financing for Indonesia. To realize this potential, there is a need of a framework to guide its adoption. Hence this paper discusses the potential implementation of Islamic finance to fund infrastructure projects in Indonesia. Through comparative analysis, this paper illustrates how Islamic principles can be incorporated into Indonesian infrastructure project financing.

Othering the Malay in Malaysia : a planned consequence of politics?

This paper examines the rise in the politicisation of Islam in Malaysia and links it to the othering of the Malaysian Malay. It is my argument that both were “conquering” tools of Malaysia’s “Father of Modernisation”, Mahathir Mohamad, devised to win the support of the Malay Muslim majority in Malaysia. The many awards bestowed on Mahathir obscure the fact that he was instrumental in the systematic erosion of the power and roles of state institutions, especially at the Federal government level. This includes the significant loss of the independence of the Malaysian judiciary. Whilst per capita income in Malaysia may well have increased eight times under his 22-year leadership, this paper asks why is it that the majority of the Malays remain the largest number among the poor and the more disenfranchised of ethnicities in the country? Why have Malay and Muslim women suffered such a rapid decreasing ability to access justice? This paper examines existing research on the social and political changes Malaysia has experienced with Islamisation and under Mahathir’s rule, as well as studies on Malayness, Malay nationalism and Muslim Malay identity formation. The paper elaborates the othering of a majority people, the Malays in Malaysia, and how this othering has brought forth a fast-growing political power in the name of a supremacist Islam, a puritanical Sunni and Malay Islam. Specific events in the rise and rule of Mahathir as Malaysia’s then Prime Minister are reviewed, such as the banning of The Malay Dilemma, and the split in the United Malays National Organisation (UMNO) in 1987. Also examined is the varying emphasis between Muslim and race, and how during Mahathir’s rule, that strong misogynist and patriarchal attitudes took hold in Malay Muslim consciousness, a colonising consciousness that is othering the perceived cultural and genetic “impurities” within the Malay.

No right to live? Malaysia’s Islam and implications for its sexual minority storytellers

This paper discusses the fast emerging challenges for Malay and Muslim sexual minority storytellers in the face of an aggressive state-sponsored Islamisation of a constitutionally secular Malaysia. I examine the case of Azwan Ismail, a gay Malay and Muslim Malaysian who took part in the local ‘It Gets Better’ Project, initiated in December 2010 by Seksualiti Merdeka (an annual sexuality rights festival) and who suffered an onslaught of hostile comments from fellow Malay Muslims. In this paper, I ask how a message aimed at discouraging suicidal tendencies among sexual minority teenagers can go so wrong. In discussing the contradictions between Azwan’s constructions of self and the expectations others have of him, I highlight the challenges for Azwan’s existential self. For storytellers who are vulnerable if visible, the inevitable sharing of a personal story with unintended and hostile audiences when placed online, can have significant repercussions. The purist Sunni Islam agenda in Malaysia not only rejects the human rights of the sexual minority in Malaysia but has influenced and is often a leading hostile voice in both regional and international blocs. This self-righteous and supremacist political Islam fosters a more disabling environment for vulnerable, minority communities and their human rights. It creates a harsher reality for the sexual minority that manifests in State-endorsed discrimination, compulsory counselling, forced rehabilitation and their criminalisation. It places the right of the sexual minority to live within such a community in doubt. I draw on existing literature on how personal stories have historically been used to advance human rights. Included too, is the signifance and implications of the work by social psychologists in explaining this loss of credibility of personal stories. I then advance an analytical framework that will allow storytelling as a very individual form of witnessing to reclaim and regain its ‘truth to power’.

Carrot mottle mimic virus (CMoMV): A second umbravirus associated with carrot motley dwarf disease recognised by nucleic acid hybridisation

Carrot mottle umbravirus (CMoV) has always been found co-infecting plants with carrot red leaf luteovirus (CRLV) and in carrot (Daucus carota) these co-infections are associated with carrot motley dwarf disease (CMD). CMD occurs wherever carrots are grown. Hence, CMoV was believed to have a corresponding global distribution. However, little or no hybridisation was detected between cDNA generated from the sequenced Australian isolate of CMoV (CMoV-A) and RNA from the much studied Scottish isolate of CMoV (CMoV-S). A weak hybridisation signal was obtained using cDNA to a conserved part of the RNA-dependent RNA polymerase gene of CMoV-A, but when cDNAs to other parts of the CMoV-A genome were used as probes there was no detectable hybridisation with CMoV-S RNA. This lack of hybridisation suggests that the two virus isolates have relatively divergent genomes and that they should be regarded as distinct virus species. Both viruses are transmitted by Cavariella aegopodii, but only with the help of CRLV, and they yield almost identical double-stranded RNA profiles. For these reasons, we propose that the CMoV isolate from Australia be renamed carrot mottle mimic umbravirus (CMoMV). cDNA to CMoMV RNA hybridised with RNA from an isolate from New Zealand, whereas cDNA to CMoV-S RNA hybridised with RNA from isolates from England and Morocco but not to RNA from the isolate from New Zealand. Although preliminary, these data suggest that CMoV and CMoMV may have different global distributions.

Home and the embodiment of privacy

A home is an embodiment of human privacy, apart from providing shelter, security and several other functions. Achieving the desired level of privacy at home is very important in Muslim societies. Privacy is intended to protect the female members of the family from strangers, especially while entertaining guests at home. One way of controlling levels of exposure of the domestic domains to strangers is by controlling privacy levels. This research will investigate perceptions of privacy among Australian Muslims when entertaining guests at their homes. This research will also investigate the extent that modesty (achieved through both appearance and design) acts as the balancing factor in achieving a family’s desired levels of privacy while also affording them the capacity to be hospitable to guests. This research will use a qualitative approach to investigate Australian Muslim homes around Queensland, predominantly in the Brisbane area. A total number of 20 to 60 participants (10 to 30 males, 10 to 30 females) ranging from 25 to 55 years old will be interviewed. Ideally, participants will be those who have children or extended families (parents or siblings) living in the house. The data will be coded and analysed for the purpose of generating new knowledge for architects and designers when designing Muslim homes. It will also extend the current body of knowledge related to privacy mechanisms in housing designs, thereby benefitting architects and designers in the future.