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The objective of this chapter is twofold. It first explores the complementarities of Islamic investment with Socially Responsible Investment. Secondly, it examines the financial price, for investors, of being both shariah-compliant and socially responsible.

Using a value-weighted approach, we experiment the construction of a set of sharia-compliant stock portfolios with different Environmental, Social, and Governance (ESG) performance. We use the KLD ratings of 238 companies listed in U.S. stock market from 2007 to 2011. We measure and compare their performance using the model developed by Fama and French (1993) and extended by Carhart (1997).

The results indicate no adverse effect on returns due to the application of a double screening, Islamic and SRI, and show a substantially higher performance for positive governance screen during 2008–2011 periods. This outperformance cannot be explained by differences in investment style. Though, we observe significant outperformance for some ‘irresponsible’ portfolios involved in community and human rights controversies.

The study only focuses on U.S. market. Future works should extend the experimentation to other markets.

This study provides a venue for Islamic funds managers to consider SRI screening as fully in line with shariah-compliance requirements, while preserving the performance of their portfolios.

Potentially, the reconciliation of Islamic investment with positive SRI practices may foster the implementation of CSR policies by firms’ manager willing to attract Islamic investors.

With reference to the many studies emphasising the compatibility between CSR criteria and Islamic principles, this experimental study is the first to investigate the integration of a positive screening process designed to select companies based on their ESG performance in addition to a traditional shariah-compliant screening.

The restrictive measures related to the COVID-19 pandemic put a halt to everything across the world. The global crisis hit every sphere of life. The mobility restrictive nature of the pandemic was a major blow to the travel, tourism and hospitality industry. For a country like Pakistan, with an unstable economy and struggling tourism, the pandemic served as ground zero. This chapter critically examines tourism dimensions in Pakistan and how it sustained the impact of various crises. It pays attention to the concepts of vulnerability, social and community resilience, and adaptive capacity to provide a theoretical understanding of the revival of tourism in Pakistan. It also considers the impact of COVID-led measures on the tourism industry and corresponding initiatives of the government. The chapter concludes by arguing that Pakistan should carefully monitor and assess the current debates on tourism policies and practices. The chapter suggests that the national tourism strategy should incorporate a mechanism that can address tourism in crises in addition to addressing the environmental, socio-cultural and economic impact of tourism.

In today's globalising conditions, tourism is marketed as a combined product because the demand for tourism increases as the product differs. It is very difficult for tourism destinations, which emerge as a result of the combination of attractiveness, accessibility, tourism businesses, activity and image elements, to survive because tourism destination stakeholders have different goals and objectives. Therefore, there is a need for an effective destination management in which management functions (planning, organising, coordination, commanding (leading) and control) will be employed. Together with the destination management, stakeholders with different goals and objectives are expected to operate in line with a common goal. The clustering of tourism businesses, one of the stakeholders of the tourism destination, plays a very important role in the emergence of destination management. In addition, this situation causes businesses to act not only in line with their own interests but also in the interests of the destination. While avoiding activities that would endanger the existence of the destination with the unions they establish, they cause local administrations and fund managers to act in line with the infrastructure, superstructure and development opportunities needed. In addition to this, while ensuring the use and protection of social capital in that region, it also enables the development of intellectual capital. On the other hand, it causes the opening of new main and auxiliary enterprises and plays an active role in increasing the welfare level of the region. Therefore, clustering is very important in successful destination management.

The chapter compares the survival of old regime elites in Tunisia and Egypt after the 2011 uprisings and analyses its enabling factors. Although democracy progressed in Tunisia and collapsed in Egypt, the countries show similarities in the old elite’s ability to survive the Arab Spring. In both cases, the popular uprisings resulted in the type of elite circulation that John Higley and György Lengyel refer to as ‘quasi-replacement circulation’, which is sudden and coerced, but narrow and shallow. To account for this converging outcome, the chapter foregrounds the instability, economic decline and information uncertainty in the countries post-uprising and the navigating resources, which the old elites possessed. The roots of the quasi-replacement circulation are traced to the old elites’ privileged access to money, network, the media and, for Egypt, external support. Only parts of the structures of authority in a political regime are formal. The findings show the importance of evaluating regime change in a broader view than the formal institutional set-up. In Tunisia and Egypt, the informal structures of the anciens régimes survived – so did the old regime elites.