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Harmonisation of Shari’ah Screening in International Markets: The Case of Nigeria

In: Management of Shari’ah Compliant Businesses

Author

Listed:
  • Balqis Oyindamola Adedokun

    (Independent Research)

  • Mamunur Rashid

    (Universiti Brunei Darussalam)

Abstract

This study examines the differences among the world’s leading Shari’ah equity screening criteria and offers insights on how these differences affect the classification of equities into Shari’ah-compliant and non-Shari’ah-compliant. Financial ratios adopted by DJIM, FTSE and KLSE (used by Shari’ah Advisory Council of Malaysia) were calculated on Nigeria Stock Exchange Lotus Islamic Index (NSELII) and listed Shari’ah-compliant companies. The results indicate that a large percentage of companies in NSELII can be closely categorised using Shari’ah screening criteria used by SAC Malaysia. In a Muslim-dominant environment, Nigeria offers an interesting atmosphere for Islamic companies. It is important to investigate sustainable business performance, while Islamic companies by principle are required to follow Islamic Shari’ah. The findings of this case study are expected to help understand the screening of Islamic firms to enable Muslim investors and Islamic capital market regulators arrive at a more synchronised investment and regulatory decision.

Suggested Citation

  • Balqis Oyindamola Adedokun & Mamunur Rashid, 2019. "Harmonisation of Shari’ah Screening in International Markets: The Case of Nigeria," Management for Professionals, in: Ezlika M. Ghazali & Dilip S. Mutum & Mamunur Rashid & Jashim U. Ahmed (ed.), Management of Shari’ah Compliant Businesses, pages 71-84, Springer.
    • Handle: RePEc:spr:mgmchp:978-3-030-10907-3_7
    DOI: 10.1007/978-3-030-10907-3_7
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