Heads we win, tails you lose: Is there equity in Islamic equity funds?

Kamil, Nazrol Kamil Mustaffa; Alhabshi, Syed Othman; Bacha, Obiyathulla Ismath; Masih, Mansur

doi:10.1016/j.pacfin.2013.09.004

Cited by 34 publications

(22 citation statements)

References 27 publications

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“…The implications of these findings reveal the dependency of Islamic funds on the conventional ones and indicate a strong connection between the indices (Dania & Malhotra, 2013). This finding is also similar to the assertion of another study on equity funds, which concluded that Islamic funds did not outpace the whole market (Kamil et al, 2014). Correspondingly, Nainggolan et al (2016) found similar results in a highly diverse sample of 387 Islamic equity funds with investment from 11 regions and 13 countries from January 1984 to March 2010.…”

Section: Islamic Equity Investmentsupporting

confidence: 84%

A Review of Islamic Investment Literature

Hassan

Aliyu

Paltrinieri

et al. 2018

J of App Econs and Policy

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This paper reviews the empirical literature on the contemporary issues of Islamic investments and highlights the future research directions. The growing literature during the last several years and the penetration of Islamic investments beyond the Muslim majority countries motivate us to review the empirical studies in the area. We therefore focus our literature review on mutual funds, sukuk and equity investments, analysing 81 articles from the most important journals dealing with the topic. The mixed findings in this area help the understanding of professionals not familiar with Islamic investment to identify the trends of the literature for important decisions. Our results have also important financial implications for asset managers willing to include Islamic financial instruments into a well-diversified portfolio.

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Section: Islamic Equity Investmentsupporting

confidence: 84%

A Review of Islamic Investment Literature

Hassan

Aliyu

Paltrinieri

et al. 2018

J of App Econs and Policy

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“…In a critical analysis of Islamic mutual funds in Malaysia, Kamil et al (2014) discover that the Malaysian Islamic equity funds (IEFs) do not outperform market benchmarks. When their performance is superior, only 1.95% of the funds are genuinely skilled while 47% are due to luck.…”

Section: Accepted Manuscriptmentioning

confidence: 99%

Issues in Islamic banking and finance: Islamic banks, Shari’ah-compliant investment and sukuk

Ibrahim

2015

Pacific-Basin Finance Journal

102

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“…Hoepner, Rammal, & Rezec (2011) found that Islamic funds from Malaysia or GCC do not significantly underperform their respective benchmarks. Kamil et al (2013) discovered that the Malaysian Islamic equity funds do not outperform market benchmarks. When their performance is superior, only 1.95% of funds are genuinely skilled, whereas 47% of the observed positive fund alpha is statistically due to luck.…”

Section: Literature Reviewmentioning

confidence: 99%