Handbook of Empirical Research on Islam and Economic Life
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Handbook of Empirical Research on Islam and Economic Life

Edited by M. Kabir Hassan

In Islamic jurisprudence, a comprehensive ethic has been formulated governing how business and commerce should be run, how accountability to God and the community is to be achieved, and how banking and finance is to be arranged. This Handbook examines how well these values are translated into actual performance. It explores whether those holding true to the system are hindered and put at a disadvantage or whether the Islamic institutions have been able to demonstrate that faith-based activities can be rewarding, both economically and spiritually.
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Chapter 24: Quantitative studies of Islamic and conventional assets

Shumi Akhtar and Maria Jahromi

Abstract

This chapter introduces three quantitative studies of Islamic and conventional stock and bond assets. These studies explore performance characteristics in addition to the impact of financial crises and macroeconomic news surprises. As of 2013, global Islamic financial assets were $1.7 trillion and they are forecast to grow to $3.4 trillion by 2018. Islamic assets have been growing at a substantial average annual rate of 17.6 per cent over the period 2008–12, increasing 50 per cent faster than the overall banking sector. In this context, this chapter is well positioned to contribute to the emerging body of quantitative research on Islamic financial products. The results of these studies will provide key information for local and international investors setting investment and portfolio management strategies involving Islamic assets.

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