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İslami Hisse Senedi Endeksleri: Bir Genel Bakış

Year 2023, Volume: 9 Issue: 1, 1 - 8, 09.06.2023

Abstract

Bu makale, İslami hisse senedi endekslerinin oluşturulması ve geliştirilmesine ilişkin önemli soruları gündeme getirdiğinden, bu çelişkili kanıtların arkasındaki nedenleri araştırarak İslami hisse senedi endekslerinin potansiyel çeşitlendirme faydalarına ilişkin literatürde süregelen tartışmalara ve karışık bulgulara katkıda bulunmaktadır. İslami hisse senedi endekslerinin doğuşuna, farklı Şeriat tarama süreçlerine ve bu tarama süreçleriyle ilgili konulara ilişkin kapsamlı bir genel bakışın olmaması, düşük çeşitlendirme fırsatının arkasındaki ana nedenlerden birini temsil etmektedir. Yazarlar, İslami endeksler için mevcut Şeriat tarama kriterlerini araştırıyor ve performanslarını eleştirel bir şekilde analiz ediyor. İslami endekslere tarihsel bir genel bakış sağlarlar, ardından Şeriat taramasının temelleri ve ana sorunları hakkında bir açıklama sunarlar. Yazarlar, özellikle İslami ve geleneksel piyasaların süregelen yakınsaması dikkate alındığında, etkin çeşitlendirmenin İslami finansal araçlarda önemli değişiklikler gerektirdiği sonucuna varıyorlar. Bu değişiklikler, tarama kriterlerinin standartlaştırılmasını, kullanılan metodolojileri özetleyen kapsamlı bir beyanı ve etik taramanın mevcut normatif çerçevelerle uyumlu hale getirilmesini içerir.

References

  • Alexakis, C., Pappas, V., & Tsikouras, A. (2017). Hidden cointegration reveals hidden values in Islamic investments. Journal of International Financial Markets, Institutions and Money, 46, 70–83. https://doi.org/10.1016/ j.intfin.2016.08.006
  • Alkhazali, O. M., & Zoubi, T. A. (2014). Gold and portfolio diversification: A stochastic dominance analysis of the Dow Jones Islamic indices. Pacific Basin Finance Journal, 60. https://doi.org/10.1016/j.pacfin.2020.101264
  • Arouri, M. E., Ameur, H. B., Jawadi, N., Jawadi, F., Louhichi, W., Ameur, H. B., et al. (2013). Are Islamic finance innovations enough for investors to escape from a financial downturn? Further evidence from portfolio simulations. Applied Economics, 45(24), 3412–3420. https:// doi.org/10.1080/00036846.2012.707776
  • Ashraf, D. (2013). Genesis of Differential Performance between Shari’ah Compliant Equity Indices and Conventional Indices. 20th Annual Conference of the Multinational Finance Society, 1–29.
  • Ashraf, D. (2016). Does Shari ’ ah Screening Cause Abnormal Returns ? Empirical Evidence from Islamic Equity Indices. Journal of Business Ethics, 209–228. https://doi.org/10.1007/s10551-014-2422-2
  • Ashraf, D. (2016). Does Shari ’ ah Screening Cause Abnormal Returns ? Empirical Evidence from Islamic Equity Indices. Journal of Business Ethics, 209–228. https://doi.org/10.1007/s10551-014-2422-2
  • Camgöz, M., Köse, A., & Seval, B. (2019). Risk and return characteristics of ¨ Islamic indices: An empirical approach. Istanbul Business Research, 47(2), 124–153. https://doi.org/10.26650/ibr.2018.47.2.0008
  • Edelberg, W., Wednesday, L. S. (2023). How worried should we be if the debt ceiling isn’t lifted? The Brooking Institute.
  • Essayem, A., Gormus, S., & Guven, M. (2022). The GCC's regional roller coaster: Do regional factors affect stock market dynamics in the GCC Region? Evidence from non-parametric quantile regression. Borsa Istanbul Review, (In Press).
  • González, M. D. L. O., Jareño, F., & El Haddouti, C. (2019). Sector portfolio performance comparison between Islamic and conventional stock markets. Sustainability, 11(17), 4618.
  • Hanieh, A. (2018). Money, markets, and monarchies: The Gulf Cooperation Council and the political economy. New York: Cambridge University Press.
  • Hanieh, A. (2020). Variegated Finance Capital and the Political Economy of Islamic Banking in the Gulf. New Political Economy, 25(4), 572–589. https://doi.org/10.1080/13563467.2019.1613354
  • Hassan, A., Rubio, J. F., Hassan, M. K., Ozkan, B., & Merdad, H. (2017). Coskewness in Islamic, socially responsible and conventional mutual funds: An asset. International Journal of Business and Society, 18(1), 23–44.
  • Maurer, B. (2010). Form versus substance: AAOIFI projects and Islamic fundamentals in the case of sukuk. Journal of Islamic Accounting and Business Research, 1(1), 32–41, https://doi.org/10.1108/17590811011033398
  • McMillen, M. J. T. (2013). ISLAMIC CAPITAL MARKETS: A SELECTIVE INTRODUCTION. The International Who’s Who of Capital Markets Lawyers, 2–4.
  • Naughton, S., & Naughton, T. (2000). Religion, ethics and stock trading: The case of an Islamic equities market. Journal of Business Ethics, 23(2), 145–159. https://doi.org/10.1023/A:1006161616855
  • Rethel, L. (2010). Financialisation and the Malaysian political economy. Globalizations, 7(4), 489–506. https://doi.org/10.1080/14747731003798476
  • Rethel, L. (2011). Whose legitimacy? Islamic finance and the global financial order. Review of International Political Economy, 18(1), 75–98. https://doi.org/10.1080/09692290902983999
  • Rudnyckyj, D. (2014). Economy in practice: Islamic finance and the problem of market reason. American Ethnologist, 41(1), 110–127. https://doi.org/10.1111/amet.12063
  • Rudnyckyj, D. (2018). Beyond Debt Islamic Experiments in Global Finance. In The university of chicago press. Chicago.
  • Safiullah, M., & Shamsuddin, A. (2019). Asset pricing factors in Islamic equity returns. International Review of Finance, 21(2), 523–554. https://doi.org/ 10.1111/irfi.12290
  • Shanmugam, B., & Zahari, Z. R. (2009). A Primer on Islamic Finance. In The Research Foundation of CFA Institute.
  • Sherif, M. (2016). Ethical Dow Jones indexes and investment performance: International evidence. Investment Management and Financial Innovations, 13(2), 206–225.
  • Tanin, T. I., Ahmad, A. U. F., & Muneeza, A. (2023). Shariah-compliant equities and Shariah screening: Need for convergence of ethical screening of stocks with Shariah screening. International Journal of Emerging Markets, 18(2), 296-315.
  • Warde, Ibrahim, 2000. Islamic Finance in the Global Economy. Edinburgh: Edinburgh University Press, pp. 73–4.
  • Yousaf, I., Beljid, M., Chaibi, A., & Al, A. (2022). Do volatility spillover and hedging among GCC stock markets and global factors vary from normal to turbulent periods? Evidence from the global financial crisis and Covid-19 pandemic crisis. Pacific-Basin Finance Journal, 73. https://doi.org/10.1016/j.pacfin.2022.10176

Islamic Stock Indices: An Overview

Year 2023, Volume: 9 Issue: 1, 1 - 8, 09.06.2023

Abstract

This article contributes to the ongoing debate and mixed findings in the literature regarding the potential diversification benefits of Islamic stock indices by investigating the reasons behind this contradictive evidence, as it raises important questions regarding the establishment and development of Islamic stock indices. The lack of a comprehensive overview of the genesis of Islamic stock indices, the different Sharia screening processes and the issues related to these screening processes represent one of the main reasons behind the low diversification opportunity. The authors investigate the current Sharia screening criteria for Islamic indices and critically analyse their performance. They provide a historical overview of Islamic indices, followed by an explanation of the basics of Sharia screening and its main issues. The authors conclude that effective diversification necessitates significant changes to Islamic financial instruments, especially considering the ongoing convergence of the Islamic and conventional markets. These changes include the standardization of screening criteria, a comprehensive statement outlining the methodologies utilized, and the alignment of ethical screening with existing normative frameworks.

References

  • Alexakis, C., Pappas, V., & Tsikouras, A. (2017). Hidden cointegration reveals hidden values in Islamic investments. Journal of International Financial Markets, Institutions and Money, 46, 70–83. https://doi.org/10.1016/ j.intfin.2016.08.006
  • Alkhazali, O. M., & Zoubi, T. A. (2014). Gold and portfolio diversification: A stochastic dominance analysis of the Dow Jones Islamic indices. Pacific Basin Finance Journal, 60. https://doi.org/10.1016/j.pacfin.2020.101264
  • Arouri, M. E., Ameur, H. B., Jawadi, N., Jawadi, F., Louhichi, W., Ameur, H. B., et al. (2013). Are Islamic finance innovations enough for investors to escape from a financial downturn? Further evidence from portfolio simulations. Applied Economics, 45(24), 3412–3420. https:// doi.org/10.1080/00036846.2012.707776
  • Ashraf, D. (2013). Genesis of Differential Performance between Shari’ah Compliant Equity Indices and Conventional Indices. 20th Annual Conference of the Multinational Finance Society, 1–29.
  • Ashraf, D. (2016). Does Shari ’ ah Screening Cause Abnormal Returns ? Empirical Evidence from Islamic Equity Indices. Journal of Business Ethics, 209–228. https://doi.org/10.1007/s10551-014-2422-2
  • Ashraf, D. (2016). Does Shari ’ ah Screening Cause Abnormal Returns ? Empirical Evidence from Islamic Equity Indices. Journal of Business Ethics, 209–228. https://doi.org/10.1007/s10551-014-2422-2
  • Camgöz, M., Köse, A., & Seval, B. (2019). Risk and return characteristics of ¨ Islamic indices: An empirical approach. Istanbul Business Research, 47(2), 124–153. https://doi.org/10.26650/ibr.2018.47.2.0008
  • Edelberg, W., Wednesday, L. S. (2023). How worried should we be if the debt ceiling isn’t lifted? The Brooking Institute.
  • Essayem, A., Gormus, S., & Guven, M. (2022). The GCC's regional roller coaster: Do regional factors affect stock market dynamics in the GCC Region? Evidence from non-parametric quantile regression. Borsa Istanbul Review, (In Press).
  • González, M. D. L. O., Jareño, F., & El Haddouti, C. (2019). Sector portfolio performance comparison between Islamic and conventional stock markets. Sustainability, 11(17), 4618.
  • Hanieh, A. (2018). Money, markets, and monarchies: The Gulf Cooperation Council and the political economy. New York: Cambridge University Press.
  • Hanieh, A. (2020). Variegated Finance Capital and the Political Economy of Islamic Banking in the Gulf. New Political Economy, 25(4), 572–589. https://doi.org/10.1080/13563467.2019.1613354
  • Hassan, A., Rubio, J. F., Hassan, M. K., Ozkan, B., & Merdad, H. (2017). Coskewness in Islamic, socially responsible and conventional mutual funds: An asset. International Journal of Business and Society, 18(1), 23–44.
  • Maurer, B. (2010). Form versus substance: AAOIFI projects and Islamic fundamentals in the case of sukuk. Journal of Islamic Accounting and Business Research, 1(1), 32–41, https://doi.org/10.1108/17590811011033398
  • McMillen, M. J. T. (2013). ISLAMIC CAPITAL MARKETS: A SELECTIVE INTRODUCTION. The International Who’s Who of Capital Markets Lawyers, 2–4.
  • Naughton, S., & Naughton, T. (2000). Religion, ethics and stock trading: The case of an Islamic equities market. Journal of Business Ethics, 23(2), 145–159. https://doi.org/10.1023/A:1006161616855
  • Rethel, L. (2010). Financialisation and the Malaysian political economy. Globalizations, 7(4), 489–506. https://doi.org/10.1080/14747731003798476
  • Rethel, L. (2011). Whose legitimacy? Islamic finance and the global financial order. Review of International Political Economy, 18(1), 75–98. https://doi.org/10.1080/09692290902983999
  • Rudnyckyj, D. (2014). Economy in practice: Islamic finance and the problem of market reason. American Ethnologist, 41(1), 110–127. https://doi.org/10.1111/amet.12063
  • Rudnyckyj, D. (2018). Beyond Debt Islamic Experiments in Global Finance. In The university of chicago press. Chicago.
  • Safiullah, M., & Shamsuddin, A. (2019). Asset pricing factors in Islamic equity returns. International Review of Finance, 21(2), 523–554. https://doi.org/ 10.1111/irfi.12290
  • Shanmugam, B., & Zahari, Z. R. (2009). A Primer on Islamic Finance. In The Research Foundation of CFA Institute.
  • Sherif, M. (2016). Ethical Dow Jones indexes and investment performance: International evidence. Investment Management and Financial Innovations, 13(2), 206–225.
  • Tanin, T. I., Ahmad, A. U. F., & Muneeza, A. (2023). Shariah-compliant equities and Shariah screening: Need for convergence of ethical screening of stocks with Shariah screening. International Journal of Emerging Markets, 18(2), 296-315.
  • Warde, Ibrahim, 2000. Islamic Finance in the Global Economy. Edinburgh: Edinburgh University Press, pp. 73–4.
  • Yousaf, I., Beljid, M., Chaibi, A., & Al, A. (2022). Do volatility spillover and hedging among GCC stock markets and global factors vary from normal to turbulent periods? Evidence from the global financial crisis and Covid-19 pandemic crisis. Pacific-Basin Finance Journal, 73. https://doi.org/10.1016/j.pacfin.2022.10176
There are 26 citations in total.

Details

Primary Language English
Subjects Economics
Journal Section Research Articles
Authors

Amal Essayem

Şakir Görmüş This is me

Publication Date June 9, 2023
Published in Issue Year 2023 Volume: 9 Issue: 1

Cite

APA Essayem, A., & Görmüş, Ş. (2023). Islamic Stock Indices: An Overview. Uluslararası Ekonomik Araştırmalar Dergisi, 9(1), 1-8.
AMA Essayem A, Görmüş Ş. Islamic Stock Indices: An Overview. UEAD. June 2023;9(1):1-8.
Chicago Essayem, Amal, and Şakir Görmüş. “Islamic Stock Indices: An Overview”. Uluslararası Ekonomik Araştırmalar Dergisi 9, no. 1 (June 2023): 1-8.
EndNote Essayem A, Görmüş Ş (June 1, 2023) Islamic Stock Indices: An Overview. Uluslararası Ekonomik Araştırmalar Dergisi 9 1 1–8.
IEEE A. Essayem and Ş. Görmüş, “Islamic Stock Indices: An Overview”, UEAD, vol. 9, no. 1, pp. 1–8, 2023.
ISNAD Essayem, Amal - Görmüş, Şakir. “Islamic Stock Indices: An Overview”. Uluslararası Ekonomik Araştırmalar Dergisi 9/1 (June 2023), 1-8.
JAMA Essayem A, Görmüş Ş. Islamic Stock Indices: An Overview. UEAD. 2023;9:1–8.
MLA Essayem, Amal and Şakir Görmüş. “Islamic Stock Indices: An Overview”. Uluslararası Ekonomik Araştırmalar Dergisi, vol. 9, no. 1, 2023, pp. 1-8.
Vancouver Essayem A, Görmüş Ş. Islamic Stock Indices: An Overview. UEAD. 2023;9(1):1-8.