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.

Freud, civilization, religion and stoicism

Freud's debt to stoicism has been seldom discussed. His attitude toward science had a distinct ethical slant taken from the ancient world, via Freud's humanistic education. Freud's method involved detachment but did not imply moral coldness and indifference any more than stoicism did. The stoics wanted to be therapists of the mind just as physicians cared for the body. For both Freud and the stoics, reason was in battle with the passions and required clear sight to have a chance of prevailing over them. In contrasting religious worldviews with the scientific approach, Freud failed to see his own approach as ethical. Freud made extensive forays at individual and collective levels but in the years since Freud's death, the psychoanalytic vision has narrowed. At 150 years after his birth, the authors can still admire Freud's exceptional ethical courage and recognize that if psychoanalysis is to survive, it needs to regain his cultural range and spirit of critical inquiry

Technical and scale efficiency of Islamic banking operations in Malaysia: an empirical investigation with a longitudinal perspective

Against the background of increasing competition from globalization and the trend towards consolidation, diversification and rationalization, the study of efficiency is most relevant in the Malaysian Islamic banking context, where all domestic commercial banks operate Islamic banking schemes. Using the non-parametric method of Data Envelopment Analysis (DEA), this study investigates the recent efficiency of the Malaysian Islamic Banking system. The attributions of technical efficiency (utilization of capacity) and scale efficiency (optimality of scale achieved) are identified. Further, Islamic Banking Schemes operating under the dual banking system of foreign and domestic commercial banks were benchmarked to the country's two full-fledged Islamic banks to provide insight of the relative efficiencies. Amidst an overall improvement in TE and SE, it was noted that foreign banks (FB) increased efficiency levels to achieve full efficiency over the six-year period, and domestic banks (DB) followed by smaller improvement while the fully-fledged Islamic banks (FFIE) experienced a general decline in efficiency which was solely attributed to scale inefficiency. The findings provide useful guidelines for policy implications and may also assist banks concerned with their strategic planning with regard to the future of Islamic banking.

Western science and Islamic learners : informing constructivism, quality learning and `internationalising the curriculum`

This presentation reports on a two-phase research program which focuses on the experiences of Islamic-background learners in science/environmental education. The research program explores perceived dissonances between western science and Islamic belief as an issue for: the highly visible discourse of constructivism in science and environmental education; the policy challenges of ‘internationalising the university curriculum’; and the pedagogical challenge of ‘Quality Learning’ – in particular responding to ‘faith-based’ commitments in education.
Conceptually, the research program is conducted within a constructivist discourse. Essentially, we are proposing that dissonances experienced by Islamic-background learners in a western science curriculum (as reported in Sharifah, 2003), and the effects of these dissonances on how learners construct meaning in science, can be understood within a constructivist discourse. Further, we believe the research has the promise of not only exploring and explicating some of the issues experienced by teachers and learners in Islamic science education contexts (and thereby contributing to our understanding of the idea of ‘quality learning’), but also expanding our grasp of the expressions, implications and limitations of the constructivist hypothesis in education. In this sense it has a transformative agenda by working to improve access to and experience in the science curriculum for Muslim students.

Western science and Islamic learners

This article reports on two research projects (one in Malaysia and one in Australia) that studied the experiences of Islamic background learners studying western science. Conceptually, this research program is conducted within a socially constructivist discourse and employs both quantitative and qualitative forms of data collection. The article illustrates ways in which learners' meaning-making in science education is shaped by faith and culture and has the potential to expand our grasp of the expressions, implications and limitations of the constructivist hypothesis in education. In this sense it has an `equality of opportunity' agenda by working to improve access to, and experience in, the science curriculum for Muslim students.

Islamic religiosity, subjective well-being, and health

The aim of this paper is to explore the relationship between Islamic religiosity and satisfaction with a diverse range of life and health domains, in a sample of 2909 participants (1446 males, 1463 females) from Algeria. Factor analysis of the Islamic Religiosity Scale (IRS) indicates that it measures Religiosity as a multidimensional construct with two useful factors: Religious Practice and Religious Altruism. Religiosity at some level is ubiquitous through this sample, and it has a strong positive relationship with Subjective Well-Being (SWB). Moreover, this relationship is relatively unaffected by health deficiencies, even though such deficiencies generally have a negative influence on SWB scores. These findings are discussed in terms of the social context of Algeria.