Islamic versus conventional stock market indices performance: empirical evidence from Turkey

Islamic versus conventional stock market indices performance: empirical evidence from Turkey

Rapid growth of Islamic finance in general and Sharī`ah compliant stocks in particular arises the question whether Islamic funds/stocks have a better performance or there is no significant difference with the performance of conventional counterparts. This study has twofold objectives, firstly to com...

Full description

Bibliographic Details
Main Authors: Bayram, Kamola, Othman, Anwar Hasan Abdullah
Format: Article
Language:English
Published: IQTISHADIA 2019
Subjects:
HG4501 Stocks, investment, speculation
Online Access:http://irep.iium.edu.my/72898/
http://irep.iium.edu.my/72898/
http://irep.iium.edu.my/72898/1/72898-Islamic%20Versus%20Conventional%20Stock%20Market.pdf
id iium-72898
recordtype eprints
spelling iium-728982020-02-21T07:18:08Z http://irep.iium.edu.my/72898/ Islamic versus conventional stock market indices performance: empirical evidence from Turkey Bayram, Kamola Othman, Anwar Hasan Abdullah HG4501 Stocks, investment, speculation Rapid growth of Islamic finance in general and Sharī`ah compliant stocks in particular arises the question whether Islamic funds/stocks have a better performance or there is no significant difference with the performance of conventional counterparts. This study has twofold objectives, firstly to compare the performance of Islamic and conventional stock market indices in Turkey, namely KATILIM50 and BIST 100 by using Two-Sample Test of Hypothesis over the period of 15 May 2015 to 31 December 2016. Secondly, to examine the causal relationship between both stocks markets indices in the short-run using Granger (1969) Causality Test. The findings of parametric Z-test reveals that there is no statistical significant difference between the performance of both indices the KATILIM 50 index and BIST 100 index in Turkey Stock Exchange Market during the time frame of the study. Further, the Granger Causality findings indicate the absence of causal relationship between the two stock markets indices in the short-run. This suggests that stock markets in Turkey are informationally efficient and non-violated with the Efficient Market Hypothesis with respect to the available information of both indices. The findings of this study therefore will provide useful channel for Muslim investors to fully participate in the Turkish capital market that is Sharī`ah complaint and fulfil their religious belief without sacrificing any financial performance. IQTISHADIA 2019-06-25 Article PeerReviewed application/pdf en http://irep.iium.edu.my/72898/1/72898-Islamic%20Versus%20Conventional%20Stock%20Market.pdf Bayram, Kamola and Othman, Anwar Hasan Abdullah (2019) Islamic versus conventional stock market indices performance: empirical evidence from Turkey. Islamic Versus Conventional Stock Market Indices Performance: Empirical Evidence from Turkey, 12 (1). pp. 90-104. ISSN 2442-3076 http://journal.stainkudus.ac.id/index.php/IQTISHADIA/article/view/4631
repository_type Digital Repository
institution_category Local University
institution International Islamic University Malaysia
building IIUM Repository
collection Online Access
language English
topic HG4501 Stocks, investment, speculation
spellingShingle HG4501 Stocks, investment, speculation
Bayram, Kamola
Othman, Anwar Hasan Abdullah
Islamic versus conventional stock market indices performance: empirical evidence from Turkey
description Rapid growth of Islamic finance in general and Sharī`ah compliant stocks in particular arises the question whether Islamic funds/stocks have a better performance or there is no significant difference with the performance of conventional counterparts. This study has twofold objectives, firstly to compare the performance of Islamic and conventional stock market indices in Turkey, namely KATILIM50 and BIST 100 by using Two-Sample Test of Hypothesis over the period of 15 May 2015 to 31 December 2016. Secondly, to examine the causal relationship between both stocks markets indices in the short-run using Granger (1969) Causality Test. The findings of parametric Z-test reveals that there is no statistical significant difference between the performance of both indices the KATILIM 50 index and BIST 100 index in Turkey Stock Exchange Market during the time frame of the study. Further, the Granger Causality findings indicate the absence of causal relationship between the two stock markets indices in the short-run. This suggests that stock markets in Turkey are informationally efficient and non-violated with the Efficient Market Hypothesis with respect to the available information of both indices. The findings of this study therefore will provide useful channel for Muslim investors to fully participate in the Turkish capital market that is Sharī`ah complaint and fulfil their religious belief without sacrificing any financial performance.
format Article
author Bayram, Kamola
Othman, Anwar Hasan Abdullah
author_facet Bayram, Kamola
Othman, Anwar Hasan Abdullah
author_sort Bayram, Kamola
title Islamic versus conventional stock market indices performance: empirical evidence from Turkey
title_short Islamic versus conventional stock market indices performance: empirical evidence from Turkey
title_full Islamic versus conventional stock market indices performance: empirical evidence from Turkey
title_fullStr Islamic versus conventional stock market indices performance: empirical evidence from Turkey
title_full_unstemmed Islamic versus conventional stock market indices performance: empirical evidence from Turkey
title_sort islamic versus conventional stock market indices performance: empirical evidence from turkey
publisher IQTISHADIA
publishDate 2019
url http://irep.iium.edu.my/72898/
http://irep.iium.edu.my/72898/
http://irep.iium.edu.my/72898/1/72898-Islamic%20Versus%20Conventional%20Stock%20Market.pdf
first_indexed 2023-09-18T21:43:22Z
last_indexed 2023-09-18T21:43:22Z
_version_ 1777413287717109760

Similar Items