ANALYSIS OF RELATIONS BETWEEN REGIONAL ISLAMIC STOCK INDICES

Öz

Islamic financial institutions have become main institutions of economies in Islamic World. In many Muslim countries, notably Malaysia, Kuwait, Saudi Arabia and United Arabian Emirates, diversity of Islamic financial instrument and amount of the investment in these instruments have increased. On the other hand, non-Muslim investors also invest in such instruments as they are an alternative to traditional financial investments, and nonMuslim countries, notably Britain and Singapore, have integrated into the Islamic financial system through legal arrangements. In this context, the purpose of this study is to determine the relationships between regional Islamic stock indices in time and asymmetry dimension

Anahtar Kelimeler

• Islamic Stock Market Indices
• Time-Varying Asymmetric Causality Analysis
• Portfolio Diversification

BÖLGESEL İSLAMİ HİSSE SENEDİ ENDEKSLERİ ARASINDAKİ İLİŞKİLERİN ANALİZİ

Öz

İslam dünyasında İslami finansal kurumlar ekonominin temel kurumları haline gelmiştir. Başta Malezya, Kuveyt, Suudi Arabistan ve Birleşik Arap Emirlikleri olmak üzere pek çok Müslüman ülkede İslami finansal enstrüman çeşitliliği ve bu enstrümanlara yapılan yatırımların miktarı artmaktadır. Diğer yandan, geleneksel finansal yatırımlara alternatif olması nedeniyle gayrimüslim yatırımcılar da söz konusu enstrümanlara yatırım yapmakta ve başta İngiltere ve Singapur olmak üzere gayrimüslim ülkeler de yaptıkları yasal düzenlemelerle İslami finansal sisteme entegre olmaktadır. Bu bağlamda çalışmanın temel amacı bölgesel İslami hisse senedi endeksleri arasındaki ilişkilerinin zaman ve asimetri boyutunda tespit edilmesidir.

Anahtar Kelimeler

• İslami Hisse Senedi Endeksleri
• Zamanla Değişen Asimetrik Nedensellik Analizi
• Portföy Çeşitlendirmesi

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