الفهرس 
الاطار العام للبحثيوجد فقط 14 صفحة متاحة للعرض العام
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المستخلص
Introduction
Mutual funds play an important role in the international financial
markets as an effective tool to accumulate savings and invest them under
the supervision of specialized agencies. Mutual funds are the modern
sources of the capital market through which the banking sector can reach a
broader and more comprehensive role than traditional banking, also to
cope with international changes in banking performance.
The growth of ethical and social investments is one of the important
developments in the financial community during the past two decades.
Investment funds play an important role in investment orientation. The
Islamic finance industry has made great strides towards progress and
prosperity despite the relative novelty of this industry. In addition, this
industry has attracted a lot of attention both on the Arab, Islamic and
international levels. It has also created a favorable and attractive
environment for capital locally, regionally and internationally (Al-Salahin,
2007). This led to the emergence of indicators for some Islamic countries
such as the Dow Jones Islamic in Malaysia, Pakistan and Turkey, and the
emergence of these indicators has helped to increase the growth of Islamic
mutual funds (Hayat, 2006).
In Egypt, since 2007, there have been a number of Islamic Mutual
funds, which reached 12 funds until 2010, and this number is still
increasing, therefore some banks, including traditional ones, started to
establish this type of funds. This is due to the increasing demand for this
type of investment. However, this industry is still taking its first steps
inside Egypt, compared to some other Islamic countries, besides the
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investment climate that is currently living in Egypt, and the framework of
the decision makers to attract A large number of investments, the interest
in the Islamic investment sector is an important factor of attracting savings
from inside and outside Egypt, and the entry of these funds to capital
markets in the Islamic countries, including Egypt, considered a significant
development for these markets, where the emergence of investment funds
in Egypt since In 1994.
Therefore, this research seeks to evaluate the performance of Islamic
and conventional mutual funds in Egypt, and try to give guidelines for
investors and fund portfolio managers two choose what is best according
to the economic fluctuations.
2. The research problem:
According to reviewing the Egyptian literature review there is lake in
studying the performance of Islamic and conventional mutual funds and
comparing between them according to the current Egyptian economic
situation, which suffers from recession, economic downturn and the need
to improve the economy as a whole. Therefore, the current study seeks to
evaluate and compare the performance of Islamic and conventional mutual
funds, which mutual funds help to direct investments and development
during periods of economic downturn. Through the above it can be
formulated problematic addressed by this research in the following
questions:
Have Islamic mutual funds performed better compared to
conventional funds from the managers’ point of view?
Have Islamic mutual funds achieved a lower risk than
conventional mutual funds?
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Have Islamic mutual funds achieved higher returns than
conventional mutual funds for investors?
3. Research hypotheses:
In light of the research problem referred to previously, can be formulated
the following hypotheses:
1) There are no significant differences between return on investment
in Islamic and conventional mutual funds.
2) There are no significant differences between the performance rate
in both Islamic and conventional mutual funds.
3) There are no significant differences for the overall risk of the
Sharpe index in both Islamic and conventional mutual funds.
4) There are no significant differences for the regular risk of the
Treynor ratio in both Islamic and conventional mutual funds.
5) There are no significant differences between beta coefficient in
Islamic and conventional mutual funds.
4. Objectives and Importance of the research:
Through this research we aim to achieve a set of objectives, as follows:
1) Testing hypotheses research.
2) Provide a set of recommendations related to evaluating the
performance of conventional and Islamic investment funds.
3) Studying Islamic and conventional mutual funds in Egypt to
evaluate their performance as they play an important role in
directing investments and thus promoting the national economy as
a whole.
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Research importance:
Practical aspect is to provide investors and portfolio managers
information about the performance of Islamic mutual funds
comparing with conventional mutual funds. Therefore to help them
to take better investment decisions.
Academic aspect is to reach the Egyptian library with research in
this field because there a lack in Egyptian literature in this field.
5. Results:
Based on the objectives and hypotheses formulated in this research, the
research reached the following results:
1) The rate of return on investment: - There were significant
differences between the average return on investment of Islamic
mutual funds and cash funds at 99% confidence level. These
differences were in favor of the average return on investment of
cash funds.
2) Performance rate: - There were statistically significant differences
between the average performance of the Islamic mutual funds and
the balanced funds, equities and cash at 99% confidence level.
These differences were in favor of the average performance of the
three conventional mutual funds (Balanced Funds, Stocks, cash).
3) Sharpe index: - There were significant differences between the
average of the overall risk of the Islamic mutual funds and the
balanced funds, equities and cash at 99% confidence level. These
differences were in favor of the overall risk of Islamic mutual
funds.
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4) Traynor index: - There were no significant differences between the
average of the regular risks of Islamic mutual funds and balanced
funds where the significance of the test (0.770), which is greater
than the significance level of 5%.
5) Beta coefficient: - There were significant differences between the
average of the beta coefficient of the Islamic mutual funds and the
balanced funds, equities and cash at 99% confidence level. These
differences were in favor of the average beta coefficient of the
Islamic mutual funds at an average of (0.6048)
6. Recommendations:
In light of the search results that have been accessed them; it can provide a
set of recommendations as follows:
o Islamic mutual funds are better than conventional mutual funds as
they provide hedging opportunity for investors during economic
downturn periods because of restrictions imposed by Islamic law
on the selection of funds and also on fund managers.
o The study indicates that conventional mutual funds achieve better
returns than Islamic mutual funds.
o The study indicates that there are no differences of regular risk
between conventional and Islamic mutual funds, which reflect that
Islamic mutual funds are better in case of economic recession, and
financial crisis period.
o The study indicates that there are differences between investment
in Islamic and conventional mutual funds in terms of the beta
coefficient of the Fund and those differences in favor of Islamic
mutual funds.
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o Interest in investing in Islamic funds to create a parallel market
with conventional mutual funds.
o The need to pay attention to the mutual funds on the legislative
and marketing perspective , because they contribute to the
revitalization of the stock market by attracting more investors.
o Linking between academic and applied aspects through the
publication of these studies and their results on both the Egyptian
Stock Exchange and the Capital Market Authority in order to
allow the largest number of investors, researchers and interested
parties to benefit from these studies and achieve the purpose of
preparing them.