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...
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| Format: | Article |
| Language: | English |
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Institut Agama Islam Negeri (IAIN) Kudus
2019
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| Online Access: | http://irep.iium.edu.my/72898/ http://irep.iium.edu.my/72898/1/72898-Islamic%20Versus%20Conventional%20Stock%20Market.pdf |
| _version_ | 1848787702782099456 |
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| author | Bayram, Kamola Othman, Anwar Hasan Abdullah |
| author_facet | Bayram, Kamola Othman, Anwar Hasan Abdullah |
| author_sort | Bayram, Kamola |
| building | IIUM Repository |
| collection | Online Access |
| 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. |
| first_indexed | 2025-11-14T17:29:08Z |
| format | Article |
| id | iium-72898 |
| institution | International Islamic University Malaysia |
| institution_category | Local University |
| language | English |
| last_indexed | 2025-11-14T17:29:08Z |
| publishDate | 2019 |
| publisher | Institut Agama Islam Negeri (IAIN) Kudus |
| recordtype | eprints |
| repository_type | Digital Repository |
| spelling | iium-728982020-09-13T12:57:17Z 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. Institut Agama Islam Negeri (IAIN) Kudus 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. IQTISHADIA : Jurnal Kajian Ekonomi dan Bisnis Islam, 12 (1). pp. 90-104. ISSN 2442-3076 E-ISSN 2502-3993 http://journal.stainkudus.ac.id/index.php/IQTISHADIA/article/view/4631 10.21043/iqtishadia.v12i1.4631 |
| spellingShingle | HG4501 Stocks, investment, speculation Bayram, Kamola Othman, Anwar Hasan Abdullah Islamic versus conventional stock market indices performance: empirical evidence from Turkey |
| title | 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_short | Islamic versus conventional stock market indices performance: empirical evidence from Turkey |
| title_sort | islamic versus conventional stock market indices performance: empirical evidence from turkey |
| topic | HG4501 Stocks, investment, speculation |
| url | http://irep.iium.edu.my/72898/ 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 |