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Characterization of Islamic Investments Funds: A Systematic Literature Review

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  • Mohammad Hariri

Abstract

This study synthesizes the findings of previous studies on Islamic investment funds through a systematic literature review. Relevant documents were selected through scoping, planning, searching, screening, and eligibility. Subsequently, the primary documents for each topic were categorized, and relevant information was extracted. The following two dimensions of Islamic investment funds’ activity have emerged- social and financial. The social dimension is constituted by Shariah precepts that govern the management of Islamic investment funds to promote socially responsible investment. Islamic investment funds do not fulfill their role as promoters of social responsibility. The financial dimension refers to assessing the performance and efficiency of Islamic investment funds compared with other types of investment funds. Evidence on this point is controversial. To the best of the author’s knowledge, this is the first secondary study on Islamic investment funds. The contradictions in the financial dimension open new avenues for more secondary studies, such as meta-analyses. A limitation of this study is that the search for documents was conducted with the use of specialized search engines without exploring other.

Suggested Citation

  • Mohammad Hariri, 2022. "Characterization of Islamic Investments Funds: A Systematic Literature Review," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 14(5), pages 1-14, May.
    • Handle: RePEc:ibn:ijefaa:v:14:y:2022:i:5:p:14
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    References listed on IDEAS

    as
    1. Muhammad Asad & Danish Ahmed Siddiqui, 2019. "Determinants of Mutual Funds Performance in Pakistan," International Journal of Social and Administrative Sciences, Asian Economic and Social Society, vol. 4(2), pages 85-107, June.
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    3. Muhammad Asad & Danish Ahmed Siddiqui, 2019. "Determinants of Mutual Funds Performance in Pakistan," International Journal of Social and Administrative Sciences, Asian Economic and Social Society, vol. 4(2), pages 85-107.
    4. Md. Mahmudul Alam & Chowdhury Shahed Akbar & Shawon Muhammad Shahriar & Mohammad Monzur Elahi, 2017. "The IslamicShariahprinciples for investment in stock market," Qualitative Research in Financial Markets, Emerald Group Publishing Limited, vol. 9(2), pages 132-146, May.
    5. Omneya Abdelsalam & Meryem Duygun & Juan Carlos Matallín-Sáez & Emili Tortosa-Ausina, 2017. "Is Ethical Money Sensitive to Past Returns? The Case of Portfolio Constraints and Persistence in Islamic Funds," Journal of Financial Services Research, Springer;Western Finance Association, vol. 51(3), pages 363-384, June.
    6. Hassan, M. Kabir & Alshater, Muneer M. & Atayah, Osama F., 2021. "Twenty-nine years of the Journal of International Review of Economics and Finance: A scientometric overview (1992–2020)," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 1106-1125.
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    JEL classification:

    • R00 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General - - - General
    • Z0 - Other Special Topics - - General

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