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Do Islamic stock indices perform better than their conventional counterparts?

Author

Listed:
  • Abdelbari El Khamlichi
  • Selim Baha Yildiz
  • Kabir Sarkar
  • Hafiz Hoque

Abstract

Applying the preference ranking organisation method for enrichment of evaluations (PROMETHEE II), this study attempts to rank Islamic and conventional indices from 20 developed and 18 emerging markets based on the performance of their MSCI conventional and Islamic country indices between 2002 and 2016. The study finds that the Danish Islamic Index at the top of the ranking and the Hungarian Islamic Index at the bottom. Moreover, conventional indices predominantly perform better than their Islamic counterparts in emerging markets and vice versa in developed markets.

Suggested Citation

  • Abdelbari El Khamlichi & Selim Baha Yildiz & Kabir Sarkar & Hafiz Hoque, 2021. "Do Islamic stock indices perform better than their conventional counterparts?," International Journal of Business Performance Management, Inderscience Enterprises Ltd, vol. 22(2/3), pages 236-256.
    • Handle: RePEc:ids:ijbpma:v:22:y:2021:i:2/3:p:236-256
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