Perceptions on the accessibility of Islamic banking in the UK—Challenges, opportunities and divergence in opinion

This study examines the views of UK-based Muslims, Islamic Scholars and Islamic banking employees on the current state of the latter industry, both in practical terms and as regards engagement with the nation’s large, but often marginalised Islamic community. The British Government has recently championed the Islamic banking sector and committed to supporting it as a means of addressing financial services needs and consolidating London’s position as the global centre for Islamic investment. The analysis adds to the substantive literature in two principal ways: (i) by contextualising the evidence via the notions of empowerment, engagement and social justice that underpin both the state’s attempts to foster growth and the central tenets of Islam; and (ii) by placing comparison of the opinions of key groups at the heart of the investigation. The findings reveal that while progress has been made, UK-based Muslims see several substantive impediments to access, including the complex terminology of Islamic banking products, the lack of internet banking facilities and branch networks as well as a generalised lack of interest in marketing on the part of the institutions. Whilst some coincidence of perception is evident, the views of bankers are shown to be out of line with those of the other parties in a number of key areas. For example, bankers appear to see less potential in the role of the internet as a medium for spreading awareness than do either potential customers or religious scholars. The paper therefore concludes with a call for multi-party Ijtihad and Qiyas (deductive analogy) that will encourage industrial outreach and, in so doing, support long-term growth

Le benthos des fonds meubles des lagons de Nouvelle-Calédonie

Jusqu'à présent 10 espèces de Stomatopodes étaient connues de Nouvelle-Calédonie. Des récoltes intensives faites par le centre ORSTOM de Nouméa, ainsi que d'autres se trouvant dans les collections du Muséum national d'histoire naturelle, à Paris, permettent de montrer que 69 espèces, appartenant à 10 familles et 31 genres, vivent dans les eaux de la Nouvelle-Calédonie et îles Chesterfield. Une famille, 6 genres et 14 espèces nouveaux sont décrits. (Résumé d'auteur

Estimating diversity of Indo-Pacific coral reef stomatopods through DNA barcoding of stomatopod larvae

There is a push to fully document the biodiversity of the world within 25 years. However, the magnitude of this challenge, particularly in marine environments, is not well known. In this study, we apply DNA barcoding to explore the biodiversity of gonodactylid stomatopods (mantis shrimp) in both the Coral Triangle and the Red Sea. Comparison of sequences from 189 unknown stomatopod larvae to 327 known adults representing 67 taxa in the superfamily Gonodactyloidea revealed 22 distinct larval operational taxonomic units (OTUs). In the Western Pacific, 10 larval OTUs were members of the Gonodactylidae and Protosquillidae where success of positive identification was expected to be 96.5%. However, only five OTUs could be identified to species and at least three OTUs represent new species unknown in their adult form. In the Red Sea where the identification rate was expected to be 75% in the Gonodactylidae, none of four larval OTUs could be identified to species; at least two represent new species unknown in their adult forms. Results indicate that the biodiversity in this well-studied group in the Coral Triangle and Red Sea may be underestimated by a minimum of 50% to more than 150%, suggesting a much greater challenge in lesser-studied groups. Although the DNA barcoding methodology was effective, its overall success was limited due to the newly discovered taxonomic limitations of the reference sequence database, highlighting the importance of synergy between molecular geneticists and taxonomists in understanding and documenting our world's biodiversity, both in marine and terrestrial environments

Tournament behaviour in Malaysian managed funds

Purpose – The structure of the Malaysian fund market presents a unique setting in which to examine behavioural and cultural differences in the performance of fund managers. The purpose of this paper is to utilise Taylor's extension of the tournament model of Brown et al. who argued that using an exogenous (endogenous) benchmark induces losing (winning) managers to gamble. This presents two competing testable hypotheses that are investigated in the current study. Design/methodology/approach – The authors use a sample of Malaysian unit trusts covering the period 1982 to 2010, applying the non-parametric cross-product ratio methodology to test all Malaysian funds and determine whether there is empirical evidence of tournament behaviour. The authors separate Malaysian funds into two main categories (conventional and Islamic) to find out whether different fund types affect the behaviour of the funds as a whole. Findings – Overall, Taylor's theory does not hold in the Malaysian fund market, as conventional funds display tournament behaviour regardless of the benchmark used. However, Islamic funds do not display any significant tournament behaviour. Originality/value – The current study uses a non-parametric approach to look for evidence of tournament (gaming) behaviour in the performance of fund managers in Malaysia. In doing so, the authors extend the tournaments literature by examining the performance of three data sets pertaining to the performance and evidence of tournament behaviour in: all managed funds in Malaysia; Islamic funds; and conventional funds. A major motivation for choosing the Malaysian data of unit trusts is to investigate and examine the behaviour of funds operating in an economy that is an emerging market in the rapidly expanding Asian economy; is a market that has a reporting period in line with the calendar year; and is an economy with a strong presence of Islamic funds (Shariah) and Muslim population

Safety of hospital discharge before return of bowel function after elective colorectal surgery

Background: Ileus is common after colorectal surgery and is associated with an increased risk of postoperative complications. Identifying features of normal bowel recovery and the appropriateness for hospital discharge is challenging. This study explored the safety of hospital discharge before the return of bowel function. Methods: A prospective, multicentre cohort study was undertaken across an international collaborative network. Adult patients undergoing elective colorectal resection between January and April 2018 were included. The main outcome of interest was readmission to hospital within 30 days of surgery. The impact of discharge timing according to the return of bowel function was explored using multivariable regression analysis. Other outcomes were postoperative complications within 30 days of surgery, measured using the Clavien\u2013Dindo classification system. Results: A total of 3288 patients were included in the analysis, of whom 301 (9\ub72 per cent) were discharged before the return of bowel function. The median duration of hospital stay for patients discharged before and after return of bowel function was 5 (i.q.r. 4\u20137) and 7 (6\u20138) days respectively (P < 0\ub7001). There were no significant differences in rates of readmission between these groups (6\ub76 versus 8\ub70 per cent; P = 0\ub7499), and this remained the case after multivariable adjustment for baseline differences (odds ratio 0\ub790, 95 per cent c.i. 0\ub755 to 1\ub746; P = 0\ub7659). Rates of postoperative complications were also similar in those discharged before versus after return of bowel function (minor: 34\ub77 versus 39\ub75 per cent; major 3\ub73 versus 3\ub74 per cent; P = 0\ub7110). Conclusion: Discharge before return of bowel function after elective colorectal surgery appears to be safe in appropriately selected patients