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Shariah-compliant equities and Shariah screening: need for convergence of ethical screening of stocks with Shariah screening

Author

Listed:
  • Tauhidul Islam Tanin
  • Abu Umar Faruq Ahmad
  • Aishath Muneeza

Abstract

Purpose - This study explores the practical application of the Shariah screening process and how it could be enhanced by converging the same with the ethical screening of stocks. Design/methodology/approach - This study adopts a qualitative research methodology by combining the qualitative descriptive approach and content analysis. Findings - The findings of this research suggest that there is scope to converge ethical screening of stocks with Shariah Screening as thelex lociapplicable to Shariah screening is derived from Shariah, which considers ethics as part of determining its rules. Practical implications - The data from this study reveal several practical applications, the ultimate goal of which is to help the policymakers and stakeholders understand the relevance of the Shariah screening of stocks and get a streamlined screening process, paving the way to enhance the same using ethical screening criteria to develop its function to become much more relevant irrespective of the denomination of faiths. Originality/value - This is original research, which is expected to contribute to understanding the extent to which Shariah screening can be enhanced by integrating the ethical stock screening dimension to it.

Suggested Citation

  • Tauhidul Islam Tanin & Abu Umar Faruq Ahmad & Aishath Muneeza, 2021. "Shariah-compliant equities and Shariah screening: need for convergence of ethical screening of stocks with Shariah screening," International Journal of Emerging Markets, Emerald Group Publishing Limited, vol. 18(2), pages 296-315, May.
    • Handle: RePEc:eme:ijoemp:ijoem-09-2020-1041
    DOI: 10.1108/IJOEM-09-2020-1041
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    Citations

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    Cited by:

    1. Budi Wahyono, 2023. "Do political connections affect the market reaction to firms’ inclusion in or exclusion from the Sharia index?," Eurasian Business Review, Springer;Eurasia Business and Economics Society, vol. 13(4), pages 835-854, December.

    More about this item

    Keywords

    Ethical screening; Shariah screening; Shariah-compliant equities; Islamic stocks; Whitelisted companies; F21; F65; G11; G24; P33;
    All these keywords.

    JEL classification:

    • F21 - International Economics - - International Factor Movements and International Business - - - International Investment; Long-Term Capital Movements
    • F65 - International Economics - - Economic Impacts of Globalization - - - Finance
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • P33 - Political Economy and Comparative Economic Systems - - Socialist Institutions and Their Transitions - - - International Trade, Finance, Investment, Relations, and Aid

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