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The Performance of Socially Responsible Investment: Evidence from Shariah-compliant Stocks by Erragraguy Elias أداء استثمار المسؤولية الاجتماعية: أدلة من الأسهم المتوافقة للشريعة الإسلامية " كتاب أيراجراجاي إلياس"

In: Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08

Author

Listed:
  • Gunther Capelle Blancard

    (Prof. at University of Paris 1, Pantheon - Sorbonne)

Abstract

Islamic equity investments have been growing at a steady pace in the past decade. However, amidst this relative success some criticisms regarding the fulfilment of its underpinning social objectives draw our attention and push us to investigate the social tenets of Islamic investment. In this paper we explore the compatibility of Islamic ethical principles with Socially Responsible Investment (SRI) practices and examine their complementarities. Drawing similarities from SRI screenings this study focus on the integration of Environmental, Social and Governance (ESG) criteria into a Shariah-compliant investment. Based on KLD social ratings, the study constructed and evaluated a panel of self-composed shariah-compliant portfolios that differ in ESG performance. Our results report no adverse effect attributed to ESG screens with a substantially higher performance for our portfolio with positive performance in governance over the 2008-2011 period. This outperformance could not be explained by differences in market sensitivity or investment style. Interestingly our study reports significant outperformance for portfolios with negative performance in community and human rights domains. نما الاستثمار في الأسهم الإسلامية بوتيرة مطردة في العقد الماضي. ومع ذلك، وفي خضم هذا النجاح النسبي فهناك بعض الانتقادات بشأن استيفائه للأهداف الاجتماعية مما استرعي انتباهنا ودفعنا للتحقيق في مدى استيفاء المبادئ الاجتماعية في الاستثمارات الإسلامية. في هذه الورقة نستكشف مدى توافق المبادئ الأخلاقية الإسلامية مع الاستثمار المسؤول اجتماعيا (SRI) وكيفية تطبيق هذه الممارسات ودراسة أوجه التكامل فيما بينها. إن تحديد أوجه التشابه بين الاستثمار المسؤول اجتماعيا والاستثمارات الإسلامية يجعل التركيز منصبا على أهمية إبراز الدراسات البيئية والاجتماعية والحوكمة وربطها بمعايير الاستثمار المتوافقة مع الشريعة الإسلامية. استنادا إلى تقييمات (KLD) الاجتماعية فإنا قمنا بدراسة وبناء مجموعة من المحافظ المالية والتي قمنا باختيار مكوناتها بأنفسنا وتتميز بتباين معاير أدائها البيئية والاجتماعية وخواص الحوكمة فيها. نتائجنا أشارت إلى عدم وجود أي تأثير سلبي نسب إلى فحصنا للعوامل البيئية والاجتماعية والحوكمة مع أداء أعلى بكثير لـمحفظتنا بأداء إيجابي في الفترة 2008-2011م. لا يمكن تفسير هذا الأداء المتفوق من خلال اختلاف حساسية السوق أو نمط الاستثمار. ومن المثير للاهتمام أن دراستنا أوضحت أداء متفوقًا كبيرًا للمحافظ المالية التي كانت مؤشرات الأداء فيها سلبيًا في مجالات الخدمة الاجتماعية وحقوق الإنسان.

Suggested Citation

  • Gunther Capelle Blancard, 2013. "The Performance of Socially Responsible Investment: Evidence from Shariah-compliant Stocks by Erragraguy Elias أداء استثمار المسؤولية الاجتماعية: أدلة من الأسهم المتوافقة للشريعة الإسلامية " كتاب," Chapters of books published by the Islamic Economics Institute, KAAU or its faculty members., in: Islamic Economics Institute (ed.),Lectures in Islamic Economics and Finance, Selected From Wednesday Seminars-08 محاضرات في الاقتصاد والتمويل الإسلامي ، مختارة من حوارات الأربعاء - 08, edition 1, chapter 17, pages 131-174, King Abdulaziz University, Islamic Economics Institute..
    • Handle: RePEc:abd:ieibch:760
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    References listed on IDEAS

    as
    1. Mr. Juan Sole & Andreas Jobst, 2012. "Operative Principles of Islamic Derivatives: Towards a Coherent Theory," IMF Working Papers 2012/063, International Monetary Fund.
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