The document analyzes the interrelationship between the Islamic stock market of India (S&P BSE Shariah Index) and other emerging stock markets from January 2010 to October 2013. It examines the risk and return behavior of various Islamic indices including S&P BSE Shariah, S&P Europe 350 Shariah, S&P GCC Shariah, S&P Japan 500, and Dow Jones Islamic Market. The analysis finds varying levels of correlation, integration, and impact of market movements between the S&P BSE Shariah Index and other indices. In particular, there is a significant but weak relationship between S&P BSE Shariah and S&P Europe, S&P Japan
Liquidity Determinants of Sharia and non Sharia StocksIOSRJBM
This study was conducted to analyze and testing stock liquidity differences of sharia and non sharia stock and determinants of sharia and non sharia stock of manufacturing industry at Indonesia Stock Exchange in 2009-2010. Dependent variable of this study is stock liquidity, measured by relative spread and depth. The Independent variable are insider ownership, institutional ownership, blockholder ownership, and foreign institutional ownership, trading volume, stock price, return volatility, Market to book value, dividend policy and size. In addition, this research is also supported by qualitative data obtained from in-depth discussions with key informants, including investment managers, stock exchanges institution and stock brokers. The results showed there is no liquidity difference, both for relative spread and depth of sharia a non sharia stocks. In sharia stocks, trading volume and dividend policy has a negative effect on relative spread, whereas in non sharia stock the trading volume, stock prices and company size has a negative effect on relative spread. Institutional ownership has negative effect, while foreign institutional ownership, trading volume, dividend policy, and size has positive effect on sharia stock liquidity. For non sharia stock, the trading volume, stock prices and company size has a positive effect on depth.
Islamic Banker Asia - Shariah Compliance and Audit - February 2015Mujtaba Khalid
Against the backdrop of growth, a number of key industry stakeholders (including senior Shari’a scholars) have highlighted their concerns regarding the overly engineered nature of contemporary structures, which seem to lose the industry’s essence that believe in equity-based form of investment.
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
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when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
EFFECTUAL INTERRELATIONSHIP AMONG THE ISLAMIC STOCK MARKET OF INDIA WITH OTHER EMERGING STOCK MARKET
1. EFFECTUAL INTERRELATIONSHIP AMONGEFFECTUAL INTERRELATIONSHIP AMONG
THE ISLAMIC STOCK MARKET OF INDIATHE ISLAMIC STOCK MARKET OF INDIA
WITH OTHER EMERGING STOCK MARKETWITH OTHER EMERGING STOCK MARKET
MOHAMMAD IRFANMOHAMMAD IRFAN
RESEARCH SCHOLARRESEARCH SCHOLAR
DEPARTMENT OF MANAGEMENTDEPARTMENT OF MANAGEMENT
CENTRAL UNIVERSITY OF HARYANA, MAHENDERGARH, HARYANACENTRAL UNIVERSITY OF HARYANA, MAHENDERGARH, HARYANA
2. OBJECTIVESOBJECTIVES
The present paper is focused on examining the risk and return behaviour of
the selected Islamic benchmark indices (S&P BSE Shariah, S&P Europe
350 Shariah, S&P Japan 500, S&P GCC Shariah, DJIM ) during the
period from the date of launch of Nifty Shariah index in Indian Capital
Market i.e. from 1st
Jan 2010 to 31st
Oct 2013
3. OBJECTIVESOBJECTIVES
To analysis the performance of S&P BSE Shariah Index, S&P
Europe Shariah, S&P GCC Composite Shariah, S&P Japa 500,
Dow Jones Islamic Market(DJIM).
To analysis the co-integration of S&P BSE Shariah Index, with
other selected indices and vice versa.
To find out the integration of S&P BSE Shariah Index by
volatility of selected indices and vice versa.
To do comparative analysis between S&P BSE Shariah Index,
S&P Europe Shariah, S&P GCC Composite Shariah, S&P Japan
500, Dow Jones Islamic Market(DJIM).
4. INTRODUCTIONINTRODUCTION
ISLAMIC CANONICAL LAWISLAMIC CANONICAL LAW
Shariah is Islamic canonical law, which observant MuslimsShariah is Islamic canonical law, which observant Muslims
adhere to in their daily lives. Shariah has certain stricturesadhere to in their daily lives. Shariah has certain strictures
regarding finance and commercial activities permitted forregarding finance and commercial activities permitted for
Muslims. It prescribes a set of criteria which needs to beMuslims. It prescribes a set of criteria which needs to be
satisfied before a Muslim investor or institution can invest insatisfied before a Muslim investor or institution can invest in
the equity of a given company. From the view point ofthe equity of a given company. From the view point of
Shariah law, businesses such as those dealing in pork,Shariah law, businesses such as those dealing in pork,
alcohol, gambling, conventional financial services, media oralcohol, gambling, conventional financial services, media or
advertising, tobacco, pornography, music etc are non-advertising, tobacco, pornography, music etc are non-
permissible for investment. Furthermore, companies have topermissible for investment. Furthermore, companies have to
be screened so that they satisfy certain accounting ratiobe screened so that they satisfy certain accounting ratio
restrictions.restrictions.
5. INTRODUCTIONINTRODUCTION
QURAAN STATES THE BUSINESS
The Islamic economy is built upon the real economy this is
where the process of production of tangible goods and services, Islam
has designated a role for finance in the economy - due to Islam's focus
on the real economy which is the wealth creating aspect of any economy
finance in Islam is not an end in itself as there is no interest (Riba).
Wealth in Islam is created through each stage of industry i.e. mining,
refining, manufacturing and sales' All of this adds value at each stage
and creates wealth for the economy.
باَارِّ مالَا رَّم حَا وَا عَا يَْعبَالَْعلُهاّهللَّم حَا أَاوَا باَارِّ للُلا ثَْعمِْث عُلايَْعبَالَْعمااَا نَّمإِْثاَْعلوُلااقَامَْع ُهُلا نَّمأَابِْثكَا لِْثذَا
That is because they say: ‘Trading is only like Riba,' whereas
Allah has permitted trading and forbidden Riba. [al-Baqarah, 2:275]
6. INTRODUCTIONINTRODUCTION
• SHARIAH SCREENINGSHARIAH SCREENING
• Standard Poor’s has contracted with Ratings IntelligenceStandard Poor’s has contracted with Ratings Intelligence
Partners (RI) to provide the Shariah screens and filter the stocksPartners (RI) to provide the Shariah screens and filter the stocks
based on these screens. Ratings Intelligence Partners is abased on these screens. Ratings Intelligence Partners is a
London/Kuwait-based consulting company specializing inLondon/Kuwait-based consulting company specializing in
solutions for the global Islamic investment market. Its teamsolutions for the global Islamic investment market. Its team
consists of qualified Islamic researchers who work directly with aconsists of qualified Islamic researchers who work directly with a
Shariah Supervisory Board. It is continually working withShariah Supervisory Board. It is continually working with
regional banks to create Shariah-compliant equity products andregional banks to create Shariah-compliant equity products and
expand investment offerings. Shaiarh Screening based on:expand investment offerings. Shaiarh Screening based on:
• Sectoral Based Screening:Sectoral Based Screening: BSE TASIS Shariah50 includesBSE TASIS Shariah50 includes
sector like Oil Gas, FMCG, IT, Health Care, Transportsector like Oil Gas, FMCG, IT, Health Care, Transport
Equipment, Housing Related, Telecom, Metal Mining, capitalEquipment, Housing Related, Telecom, Metal Mining, capital
Goods, Chemical Petrol, Consumer Durable, Diversified. AllGoods, Chemical Petrol, Consumer Durable, Diversified. All
these sectors are Permissible in Shariah Law.these sectors are Permissible in Shariah Law.
7. INTRODUCTIONINTRODUCTION
• Financial Based Screening:Financial Based Screening: Since interest-based transactions areSince interest-based transactions are
prohibited by Shariah, companies passing the business screeningprohibited by Shariah, companies passing the business screening
stage are further screened to ensure that their dealings involvingstage are further screened to ensure that their dealings involving
interest-based debt or earnings out of deployment of funds oninterest-based debt or earnings out of deployment of funds on
interest are within the maximum tolerance limits set by Shariahinterest are within the maximum tolerance limits set by Shariah
scholars.scholars.
• Interest based-debt should be less than or equal to 25% of TotalInterest based-debt should be less than or equal to 25% of Total
Assets.Assets.
• Interest income plus returns (currently considered @8%) fromInterest income plus returns (currently considered @8%) from
interest-based investments should be less than or equal to 3% ofinterest-based investments should be less than or equal to 3% of
the total income.the total income.
• Receivables plus cash and bank balances should be less than orReceivables plus cash and bank balances should be less than or
equal to 90% of Total Assets’equal to 90% of Total Assets’
8. HYPOTHESISHYPOTHESIS
• Null HypothesisNull Hypothesis
• HH00 = There is no significant relationship between SP= There is no significant relationship between SP
BSE Shariah and other select indices.BSE Shariah and other select indices.
• HH00 = There is no significant relationship between SP= There is no significant relationship between SP
Europe 350 Shariah and other select indices.Europe 350 Shariah and other select indices.
• HH00 = There is no significant relationship between SP= There is no significant relationship between SP
GCC Investable Shariah and other select indices.GCC Investable Shariah and other select indices.
• HH00 = There is no significant relationship between SP= There is no significant relationship between SP
Japan 500/ TOPIX 150 Shariah and other select indices.Japan 500/ TOPIX 150 Shariah and other select indices.
• HH00 = There is no significant relationship between DJIM= There is no significant relationship between DJIM
and other select indices.and other select indices.
9. HYPOTHESISHYPOTHESIS
• H1-H1-CSR and FP (Financial Performance) is anCSR and FP (Financial Performance) is an
independent from each other and CSR does not dependindependent from each other and CSR does not depend
upon FP as dividend of company.upon FP as dividend of company.
10. DATA ANALYSIS INTERPRETATIONDATA ANALYSIS INTERPRETATION
Methodology
Study the Performance of Risk and Return behavior of indices .
Beta (CAPM) Capital Assets Price Model .
CAGR (Compound Annual Growth Rate).
Correlation.
T-test, etc.
11. EMPIRICAL RESULTSEMPIRICAL RESULTS
• Risk and Return behaviour ofRisk and Return behaviour of SP BSE Shariah,SP BSE Shariah,
SP Europe 350,SP Europe 350, SP GCC Investable Shariah,SP GCC Investable Shariah, TheThe
SP/TOPIX 150 and the Dow Jones Islamic MarketSP/TOPIX 150 and the Dow Jones Islamic Market
IndexIndex from 1from 1stst
Jan. 2010 to 30Jan. 2010 to 30thth
Sept. 2013Sept. 2013..
• This part of study narrated the risk and returnThis part of study narrated the risk and return
behavior of Shariah Index. The daily returns of allbehavior of Shariah Index. The daily returns of all
selected Indices were calculated as natural logarithmselected Indices were calculated as natural logarithm
of today price divide by tomorrow price.of today price divide by tomorrow price.
12. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 1: Performance of All Selected Islamic Indices from
1st
Jan. 2010 to 31st
Oct. 2013
The table 1 explain the respectively of GCC Shariah is lower as
compare to the volatility of other Islamic indices, However, CAGR
of DJIM Shariah is greater then the CAGR other Islamic indices.
Hence, GCC Shariah is less risky than other Islamic indices. But
growth of DJIM Shariah is increase because of oldest Islamic indices
in the world.
Indices Returns Volatility CAGR
BSE Shariah 0.018 27.73 -2.00
Europe Shariah 0.034 30.04 -2.00
GCC Shariah 0.013 21.06 -2.00
Japan Shariah 0.007 38.91 -2.00
DJIM Shariah 0.029 30.83 0.06
13. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 2: Performance of Beta between SP BSE Shariah
and Other Selected Islamic Indices from 1st
Jan. 2010 to 31st
Oct. 2013
The table 2, described the results of the beta with respective to BSE
Shariah. The beta value of BSE Shariah Indices over the Other
Selected Islamic Indices are SP Europe, SP Japan, DJIM Islamic
are negative market movements and rest of SP GCC Shariah
positive impact of market movement.
Indices Beta
SP BSE Shariah SP Europe -0.798
SP BSE Shariah SP GCC Shariah 0.782
SP BSE Shariah SP Japan -0.103
SP BSE Shariah DJIM -0.174
14. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 3: Performance of Beta between SP Europe
Shariah and Other Selected Islamic Indices from 1st
Jan.
2010 to 31st
Oct. 2013
The table 3, described the results of the beta with respective to SP
Europe Shariah. The beta value of SP Europe Shariah Indices over
the Other Selected Islamic Indices are SP BSE Shariah, SP GCC
Shariah, Islamic indices are negative market movements and rest of
SP Japan Shariah, DJIM positive impact of market movement.
Indices Beta
SP Europe SP BSE Shariah -0.937
SP Europe SP GCC Shariah -0.307
SP Europe SP Japan 0.363
SP Europe DJIM 0.668
15. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 4: Performance of Beta between SP GCC Shariah
and Other Selected Islamic Indices from 1st
Jan. 2010 to 31st
Oct. 2013
The table 4, described the results of the beta with respective to SP
GCC Shariah. The beta value of SP GCC Shariah Indices over the
Other Selected Islamic Indices are SP Europe Shariah, DJIM,
Islamic indices are negative market movements and rest of SP
Japan Shariah, SP BSE Shariah positive impact of market
movement.
Indices Beta
SP GCC Shariah SP BSE Shariah 0.4509
SP GCC Shariah SP Europe -0.1509
SP GCC Shariah SP Japan 0.1263
SP GCC Shariah DJIM -0.1937
16. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 5: Performance of Beta between SP Japan and
Other Selected Islamic Indices from 1st
Jan. 2010 to 31st
Oct. 2013
The table 5, described the results of the beta with respective to SP
Japan Shariah. The beta values of SP Japan Shariah Indices over
the Other Selected Islamic Indices are SP BSE Shariah, Islamic
indices is negative market movements and rest of SP Europe
Shariah, SP GCC Shariah, DJIM are positive impact of market
movement.
Indices Beta
SP Japan SP BSE Shariah -0.204
SP Japan SP Europe 0.609
SP Japan SP GCC Shariah 0.431
SP Japan DJIM 0.267
17. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 6: Performance of Beta between DJIM and Other
Selected Islamic Indices from 1st
Jan. 2010 to 31st
Oct. 2013
The table 6, described the results of the beta with respective to
DJIM. The beta values of DJIM Indices over the Other Selected
Islamic Indices are SP BSE Shariah, SP GCC Shariah Islamic
indices are negative market movements and rest of SP Europe
Shariah, SP Japan are positive impact of market movement.
Indices Beta
DJIM SP BSE Shariah -0.215
DJIM SP Europe 0.704
DJIM SP GCC Shariah -0.042
DJIM SP Japan 0.167
18. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 7: Correlation between SP BSE Shariah and Other
Selected Islamic Indices from 1st
Jan. 2010 t o 31st
Oct. 2013
The table 7, described The study of relationship between BSE Shariah and other
selected Islamic indices indicates that, null hypothesis is rejected and alternate
hypothesis is accepted in all the cases. Hence, there is a significant relationship
between BSE Shariah and other world major Islamic indices. In all the cases,
correlation is significant at 1% level of significance, indicating weak integration of
BSE Shariah with DJIM, SP Japan and SP Europe. Though, the correlation of
BSE Shariah is Moderate with SP GCC Shariah.
Indices
Correlatio
n
Level of
Correlatio
n
T-test result
t-
value p' value
Hypothesis
Accepted
SP BSE Shariah SP Europe -0.86 Weak -0.375 0.708 H1: Accepted
SP BSE Shariah SP GCC Shariah 0.59 Moderate 0.150 0.881 H1: Accepted
SP BSE Shariah SP Japan -0.15 Weak 0.217 0.828 H1: Accepted
SP BSE Shariah DJIM -0.19 Weak -0.252 0.801 H1: Accepted
19. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 8: Correlation between SP Europe Shariah and
Other Selected Islamic Indices from 1st
Jan. 2010 t o 31st
Oct.
2013
The table 8, described The study of relationship between SP Europe Shariah
and other selected Islamic indices indicates that, null hypothesis is rejected and
alternate hypothesis is accepted in all the cases. Hence, there is a significant
relationship between SP Europe Shariah and other world major Islamic indices.
In all the cases, correlation is significant at 1% level of significance, indicating
weak integration of SP Europe Shariah with SP GCC Shariah, BSE Shariah.
Though, the correlation of SP Europe Shariah is Moderate with SP Japan and
High with DJIM.
Indices
Correlatio
n
Level of
Correlatio
n
T-test result
t-
value p' value
Hypothesis
Accepted
SP Europe SP BSE Shariah -0.86 Weak 0.375 0.708 H1: Accepted
SP Europe SP GCC Shariah -0.22 Weak 0.560 0.575 H1: Accepted
SP Europe SP Japan 0.05 Moderate 0.523 0.601 H1: Accepted
SP Europe DJIM 0.69 High 0.113 0.910 H1: Accepted
20. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 9: Correlation between SP GCC Shariah and Other
Selected Islamic Indices from 1st
Jan. 2010 t o 31st
Sept. 2013
The table 9, described The study of relationship between SP GCC Shariah and
other selected Islamic indices indicates that, null hypothesis is rejected and
alternate hypothesis is accepted in all the cases. Hence, there is a significant
relationship between SP GCC Shariah and other world major Islamic indices. In
all the cases, correlation is significant at 1% level of significance, indicating weak
integration of SP GCC Shariah with SP Europe Shariah, SP Japan Shariah and
DJIM. Though, the correlation of SP GCC Shariah is Moderate with SP
BSEShariah.
Indices
Correlatio
n
Level of
Correlatio
n
T-test result
t-
value p' value
Hypothesis
Accepted
SP GCC Shariah SP BSE Shariah 0.59 Moderate -0.150 0.881 H1: Accepted
SP GCC Shariah SP Europe -0.22 Weak -0.560 0.575 H1: Accepted
SP GCC Shariah SP Japan 0.23 Weak 0.117 0.907 H1: Accepted
SP GCC Shariah DJIM -0.03 Weak -0.420 0.675 H1: Accepted
21. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 10: Correlation between SP Japan Shariah and Other
Selected Islamic Indices from 1st
Jan. 2010 t o 31st
Oct. 2013
The table 10, described The study of relationship between SP Japan Shariah and
other selected Islamic indices indicates that, null hypothesis is rejected and
alternate hypothesis is accepted in all the cases. Hence, there is a significant
relationship between SP Japan Shariah and other world major Islamic indices. In
all the cases, correlation is significant at 1% level of significance, indicating weak
integration of SP Japan Shariah with SP GCC Shariah, SP BSE Shariah and
DJIM. Though, the correlation of SP Japan Shariah is Moderate with SP Europe
Shariah.
Indices
Correlatio
n
Level of
Correlatio
n
T-test result
t-
value p' value
Hypothesis
Accepted
SP Japan SP BSE Shariah -0.15 Weak -0.217 0.828 H1: Accepted
SP Japan SP Europe 0.47 Moderate -0.523 0.601 H1: Accepted
SP Japan SP GCC Shariah 0.23 Weak -0.117 0.907 H1: Accepted
SP Japan DJIM 0.21 Weak -0.420 0.675 H1: Accepted
22. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 11: Correlation between DJIM and Other Selected
Islamic Indices from 1st
Jan. 2010 t o 31st
Oct. 2013
The table 11, described The study of relationship between DJIM and other
selected Islamic indices indicates that, null hypothesis is rejected and alternate
hypothesis is accepted in all the cases. Hence, there is a significant relationship
between DJIM and other world major Islamic indices. In all the cases, correlation
is significant at 1% level of significance, indicating weak integration of DJIM with
SP GCC Shariah, SP BSE Shariah and SP Japan. Though, the correlation of
DJIM is high with SP Europe Shariah.
Indices
Correlatio
n
Level of
Correlatio
n
T-test result
t-
value p' value
Hypothesis
Accepted
DJIM SP BSE Shariah -0.19 Weak 0.252 0.801 H1: Accepted
DJIM SP Europe 0.69 High -0.113 0.910 H1: Accepted
DJIM SP GCC Shariah -0.03 Weak 0.420 0.675 H1: Accepted
DJIM SP Japan 0.02 Weak 0.420 0.675 H1: Accepted
23. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 12: Correlation Matrix of All Selected Islamic Indices
from 1st
Jan. 2010 to 31st
Oct. 2013
The tables 12, In comparing the returns of the All Selected Islamic indices that
mean the relationship between of all Islamic indices show the level of
relationship like strong, moderate, weak. This relationship is very similar to the
result of Ahama and Ibrahim (2002) in Malaysia and P. Natarajan and M.
Dharani (2011).
INDICES BSE Shariah Europe Shariah GCC Shariah Japan Shariah DJIM Shariah
SP BSE Shariah 1
SP Europe Shariah -0.009 1.000
SP GCC Shariah 0.059 -0.022 1.000
SP Japan Shariah -0.015 0.005 0.023 1.000
DJIM Shariah -0.019 0.069 -0.003 0.021 1
24. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 13: Descriptive Statistics for All Selected Islamic Indices
from 1st
Jan. 2010 to 31st
Oct. 2013
The table 13, SP Japan Shariah has witnessed greater fluctuations which have
been indicated by very high variation followed by DJIM, SP Europe Shariah,
SP BSE Shariah. In the case SP GCC Shariah has shown very low fluctuations.
Skewness of the distribution of all the indices prices is negative.
INDICES BSE Shariah Europe Shariah GCC Shariah Japan Shariah DJIM Shariah
Mean 0.018 0.034 0.013 0.007 0.029
Median 0.024 0.095 0.013 0.027 0.076
Standard Deviation 0.893 0.968 0.678 1.253 0.993
Sample Variance 0.798 0.936 0.460 1.570 0.986
Kurtosis 0.559 2.361 15.633 2.257 3.203
Skewness -0.183 -0.319 -1.529 -0.402 -0.422
Range 6.321 8.856 10.306 12.695 9.388
Minimum -3.581 -4.158 -5.799 -7.366 -5.294
Maximum 2.740 4.698 4.507 5.329 4.094
Sum 17.526 32.868 12.320 7.146 27.994
Count 964.000 964.000 964.000 964.000 964.000
25. EMPIRICAL RESULTSEMPIRICAL RESULTS
Table 14: Graphical Presentation for All Selected Islamic
Indices from 1st
Jan. 2010 to 31st
Oct. 2013
The table 14, Graphical Presentation show the all selected Islamic Indices have
movement of parallel to each other that means all Islamic Indices the mutual
relationship with all because of all Islamic Indices work with the Shariah
Responsible investment.
26. CONCLUSIONCONCLUSION
• The results of this study strongly support the view that, there is aThe results of this study strongly support the view that, there is a
substantial integration between Indian and International Islamicsubstantial integration between Indian and International Islamic
financial markets. SP Japan Shariah has witnessed a greaterfinancial markets. SP Japan Shariah has witnessed a greater
fluctuation which has been indicated by a very high Co-efficient offluctuation which has been indicated by a very high Co-efficient of
variation compared to other select indices. BSE Shariah has shownvariation compared to other select indices. BSE Shariah has shown
Sensitive association (Strong, Moderate, Weak) with all selectedSensitive association (Strong, Moderate, Weak) with all selected
Islamic indices. In the case of CAGR DJIM has growing inIslamic indices. In the case of CAGR DJIM has growing in
Comparison of All Selected Islamic Indices. In the case of volatilityComparison of All Selected Islamic Indices. In the case of volatility
SP Japan Shariah is more volatile and, DJIM, SP Europe Shariah,SP Japan Shariah is more volatile and, DJIM, SP Europe Shariah,
SP BSE Shariah and SP GCC Shariah are follower. In the caseSP BSE Shariah and SP GCC Shariah are follower. In the case
multi-correlation, SP Europe Shariah and DJIM Islamic Indexmulti-correlation, SP Europe Shariah and DJIM Islamic Index
have highly correlated to each other. Lowest correlation indicateshave highly correlated to each other. Lowest correlation indicates
the relationship between SP Japan Shariah SP Europe Shariahthe relationship between SP Japan Shariah SP Europe Shariah
Index. Shariah is not only in these selected indices but also in theIndex. Shariah is not only in these selected indices but also in the
world because Islamic Finance growing the world economy. Islamicworld because Islamic Finance growing the world economy. Islamic
finance will be the future of world economy because Islamicfinance will be the future of world economy because Islamic
Finance works with socially responsiveness index series. ShariahFinance works with socially responsiveness index series. Shariah
indices are working ethical and sophisticated way for theindices are working ethical and sophisticated way for the