Financial network is a complex system in which transaction of securities take place. Due to its complexity, a minimum spanning tree (MST) technique is used to visualize the structure. This paper investigates the topological structure of 125 shariah-compliant stocks traded in Bursa Malaysia from the year 2000 until 2017. Financial networks of the shariah-compliant stocks are constructed using MST for three duration periods namely the pre-crisis, during crisis and post-crisis. To determine the important stocks in the networks, centrality measures are applied such as degree centrality, betweenness centrality, closeness centrality and eigenvector centrality. Lastly, overall centrality measures are computed to identify the overall characteristic of each node. The findings showed that, KUB Malaysia Berhad was the most influential stock in the pre-crisis and crisis periods. While, MK Land Holdings was the main stock in the post-crisis network.

This research analyses the topological structure of shariah-compliant securities listed in the Bursa Malaysia market from a network perspective. The network is established from the relationships between the top hundred shariah-compliant securities based on market capitalization from 2015 to 2019. The minimum spanning tree (MST) technique applies to produce and portrays a simpler network. Besides, topological properties are explored and examined further to extract the structure embedded and entrenched in the network. As a result, this paper reveals that shariah-compliant securities with different sectors which were interconnected in the Malaysian market., In general, the securities with the same sectors tend to cluster together in the network. The topological properties provide insight to the market participants, especially investors, for the investment strategies.

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