Dynamic Linkages Between Macroeconomic Factors and Islamic Stock Indices in a Non-Islamic Country India

Kumar, K. Kiran; Sahu, Bhawna

doi:10.1353/jda.2017.0011

Cited by 16 publications

(22 citation statements)

References 22 publications

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“…Furthermore, in the opinion of Chakrabarty (2015), India must adopt Islamic finance as a tool for poverty alleviation of Muslims as well as other communities. In the same vein, Kumar and Sahu (2017) argued for the introduction of sharia-compliant stock indices in India. As the debate on the issue of Islamic finance is heating up in India, more scholarly studies on the process of developing and marketing Islamic financial services are needed.…”

Section: Research Theme 3: Islamic Finance Marketing In Emerging Counmentioning

confidence: 99%

Marketing Islamic Financial Services: A Review, Critique, and Agenda for Future Research

Alam

Seifzadeh

2020

JRFM

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Islamic finance has experienced rapid growth globally, surpassing the USD 2 trillion mark in 2017. As a result, the literature related to Islamic finance and banking is rather rich. Despite the richness of the literature, our knowledge of the marketing issues related to Islamic finance is modest and somewhat ambiguous. Therefore, we review several decades of research about the Islamic finance in various parts of the world. We identify and discuss three main research themes that draw on different conceptualization and theoretical lenses. After synthesizing their respective findings, we propose several avenues for future research that integrate these three research themes with the goal of developing a more nuanced understanding of Islamic finance and its marketing. While we believe that our review will mainly serve as a crucial reinvigoration and launch point for future research on Islamic finance marketing, it is also of great practical benefit for policymakers of various countries and especially managers of financial service firms interested in marketing Islamic banking and financial services to their customers.

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Section: Research Theme 3: Islamic Finance Marketing In Emerging Counmentioning

confidence: 99%

Marketing Islamic Financial Services: A Review, Critique, and Agenda for Future Research

Alam

Seifzadeh

2020

JRFM

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“…In recent years, Islamic finance activities have attracted great attention around the world (Kumar & Sahu, 2017). In Islamic investment that existed and taught during this time, there was with in Islam it is different from conventional investment.…”

Section: Introductionmentioning

confidence: 99%

“…Over the past few years, the relationship between macroeconomic variables and stock levels has come under scrutiny among practitioners and academics (Kumar & Sahu, 2017). The macroeconomic environment is an environment outside the company that affects the daily operations of the company (Andriyani & Armeren, 2016).…”

Section: Introductionmentioning

confidence: 99%

“…According to research from Afendi (2017), states that the BI Rate has a short-term negative effect on the Sharia Stock Index. According to Kumar and Sahu (2017), the interest rate is another fundamental macroeconomic variable that has a significant impact on stock returns. The results of research by Andriyani and Armeren (2016), Nasser et al (2017), Widyasa and Worokinasih (2018), and Mushair et al (2020) support the theory and research results above which state that the Bank Indonesia interest rate has a significant negative effect on the stock index.…”

Section: Introductionmentioning

confidence: 99%

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The Influence of Macroeconomic Variables on The Indonesian Sharia Stock Index (ISSI) for The 2013-2019 Period

Nawindra

Wijayanto

2020

MAJ

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Investors believe that economic factors have a major impact on developments in the Islamic capital market. This study aims to describe and analyze macroeconomics of the Indonesian Sharia Stock Index (ISSI). The sample of this study consisted of 84 data consisting of all population data, namely all data on closing prices at the end of each month from exchange rates, BI Rate, inflation, world oil prices, world gold prices, and the Indonesian Sharia Stock Index (ISSI) for the period January 2013 - December. 2019. The analysis technique used is the Error Correction Model (ECM). The results showed that in the short term the exchange rate variable had a significant effect on the ISSI, while the BI Rate, inflation, world oil prices and world gold prices had no effect on the ISSI. In the long run, the variable exchange rate, BI Rate, inflation and world gold prices have a significant effect on the ISSI, while the world oil price variable has no effect on the ISSI

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“…Based on monthly data from 2002 to 2011, their study found that exchange rates and the VIX index predicted the movement of the Islamic capital market index (JII). Similarly, Kumar and Sahu (2017) found robust unidirectional causality from money supply and exchange rates to the Dow Jones Islamic India market index.…”

Section: Stock Market Index and Informational Efficiencymentioning

confidence: 87%

Do Islamic Equity Style Indices Contain Economic Information?

Shaharuddin

Lau

Yip

2020

JIMF

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This study aims to investigate whether the Islamic equity style index containseconomic information which is useful for investors and financial practitioners. Thestudy fills the gap in the previous literature by investigating the relationshipbetween Islamic equity style indices and macroeconomic variables. Using aVector Autoregressive (VAR) model with monthly data from June 2006 to May2017, our results show that first, there is unidirectional flow of information fromLarge Growth (LG) to the Leading Economic Indicator (LEI); second, LargeGrowth (LG) Granger-causes the Kuala Lumpur Composite Index (KLCI); third,Large Value (LV) also Granger-causes KLCI. A robustness check with anAugmented VAR model obtained similar results to the short-run model. Ourresults imply that equity style indices have prior information which is faster thanLEI and KLCI. This knowledge is certainly useful for fund managers whendesigning Shariah-compliant portfolio investments. For policymakers, Islamicequity style indices are useful for predicting the direction of other macroeconomicvariables such as business cycles, and hence help to predict the future directionand turning points in the economy.

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Dynamic Linkages Between Macroeconomic Factors and Islamic Stock Indices in a Non-Islamic Country India

Cited by 16 publications

References 22 publications

Marketing Islamic Financial Services: A Review, Critique, and Agenda for Future Research

Marketing Islamic Financial Services: A Review, Critique, and Agenda for Future Research

The Influence of Macroeconomic Variables on The Indonesian Sharia Stock Index (ISSI) for The 2013-2019 Period

Do Islamic Equity Style Indices Contain Economic Information?

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