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Islamic Versus Conventional Mutual Funds Performance In Saudi Arabia
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Book Synopsis Islamic Versus Conventional Mutual Funds Performance in Saudi Arabia by : Hesham Merdad
Download or read book Islamic Versus Conventional Mutual Funds Performance in Saudi Arabia written by Hesham Merdad and published by . This book was released on 2018 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using a sample of Islamic and conventional mutual funds managed by HSBC, the fourth largest fund manager in Saudi Arabia, from January 2003 to January 2010, we examine their risk-return behavior by employing a number of performance measures such as Sharpe, Treynor, Jensen Alpha and their variants. We divide the sample period in four segments such as full period, bull period, bearish period and financial crisis period to analyze further if these two funds performance differ from each other. We also examine the market timing and selectivity of HSBC managers of their portfolio performance. We find that Islamic funds underperform Conventional funds during full period and bullish period, but they overperform conventional funds during bearish and financial crisis period. Such results are consistent with prior studies with other Islamic and conventional mutual funds. HSBC managers are good at showing timing and selectivity for Islamic funds during bearish period, and for conventional funds during bullish period. One important portfolio lesson from this case study is that Islamic mutual funds do offer hedging opportunity for investors during economic downturns because of the restrictions that Islamic law imposes on portfolio selection.
Download or read book Abstract written by Hesham Merdad and published by . This book was released on 2010 with total page 1 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Islamic Versus Conventional Mutual Funds Performance in Saudi Arabia by : Hesham Merdad
Download or read book Islamic Versus Conventional Mutual Funds Performance in Saudi Arabia written by Hesham Merdad and published by . This book was released on 2000 with total page 75 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Performance Evaluation of Islamic Mutual Funds Relative to Conventional Funds by : Dawood Ashraf
Download or read book Performance Evaluation of Islamic Mutual Funds Relative to Conventional Funds written by Dawood Ashraf and published by . This book was released on 2013 with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt: Saudi Arabia constitutes more than 20% of the global Islamic capital market. More than 80% of the mutual funds listed on Saudi Arabian stock market are Shari'ah compliant funds. This article reviews and extends previous research on the performance of Islamic mutual funds (IMFs) by evaluating the relative performance of IMFs and conventional funds during the global economic crisis from April 2007 to June 2011 in the context of the Saudi Arabian capital market. Standard CAPM regression and Treynor and Mazuy (1966) models are used to compare the market timing and stock selection abilities of IMFs and conventional funds by using monthly returns data on 159 mutual funds listed on the Saudi Arabian stock market from 2007 to 2011. The empirical results provide evidence of better performance of IMFs relative to conventional funds during the economic crisis. In addition, although, there is no evidence of relative superiority in market timing ability, managers of IMFs appears to have better stock selection ability during the economic crisis. The combination of superior stock selection ability of IMFs and the negative market timing ability of conventional funds suggests that IMFs offer better hedging opportunity to investors during periods of economic downturn. All investors, regardless of ethical or religious orientation, can enjoy the benefit of hedging by holding a proportion of investment portfolio in IMFs. Similarly, managers of conventional funds can improve the risk adjusted performance by following similar screening criteria as IMFs during economic slowdowns.
Book Synopsis Investment Performance of Islamic Versus Conventional Mutual Funds by : Fadillah Mansor
Download or read book Investment Performance of Islamic Versus Conventional Mutual Funds written by Fadillah Mansor and published by . This book was released on 2012 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Comparison of the Performance of Islamic Mutual Funds Vs. Ethical and Conventional Mutual Funds by : Faleh M. F. E. Alrashidi
Download or read book Comparison of the Performance of Islamic Mutual Funds Vs. Ethical and Conventional Mutual Funds written by Faleh M. F. E. Alrashidi and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Mutual funds are one of the key contributors to the globalisation of financial markets and one of the main sources of capital flows to emerging economies. This study explores and measures the performance of global Islamic mutual funds through an econometric analysis. Specifically, this study conducted an empirical comparison of performances between Islamic, ethical, and conventional mutual funds using market indexes as benchmarks. In furthering the analyses, this study also explored the 'Ramadan Effect' and another comparison/or causality test between Islamic mutual funds and oil prices in the short/long run. Statistical techniques were used in analysing monthly net asset value (NAV), management fee, and Dow Jones Islamic market index (DJIMI), S&P 500 Index, FTSE4Good Global Index, MSCI AC World Index and oil prices include (i) the augmented Dickey-Fuller (ADF) test and the Phillips-Perron (PP) test; (ii) Granger causality; (iii) cointegration, and (iv)the Generalized Method of Moments Regression. Findings of the study demonstrate that oil price did not cause Islamic mutual fund's performance during the period covered, while Islamic mutual fund's performance causes oil prices. Since demand and supply equilibrium on oil is unpredictable and oil is considered both as an investment commodity and a fuel, the stock market leads oil prices. Results also show that there is no significant difference between the performance of Islamic mutual funds and those of ethical and conventional mutual funds and between the Islamic mutual funds and the well-known Islamic indices during the whole period or during the bullish or bearish periods.
Book Synopsis Islamic investments funds versus hedge Funds by : Adnan Siddiqi
Download or read book Islamic investments funds versus hedge Funds written by Adnan Siddiqi and published by GRIN Verlag. This book was released on 2008-08-29 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diploma Thesis from the year 2008 in the subject Business economics - Banking, Stock Exchanges, Insurance, Accounting, grade: Sehr gut, University of Vienna (Universität Wien), course: Macro Economics and Finance, language: English, abstract: The literature discusses Islamic investment funds and hedge funds as isolated issues. At present not much work is known, comparing these two very prominent alternative investment forms. This thesis attempts to fill this gap by providing a first insight into both and also tries to answer the following question: Can Islamic investment funds catch up with hedge funds? For this, the thesis compares Islamic investment funds and hedge funds on the basis of different factors, trying to answer three sub questions: What are the advantages and disadvantages of each? Are there differences and/or similarities between the two? How can an investment portfolio including both be balanced? As will be seen throughout the thesis, Islamic investment funds provide a handfull of advantages over hedge funds, even enabling the former to outperform the latter. Hedge funds rely mainly on gaining advantage through market inefficiencies, hedging the market risk through short-term opportunities. This construction puts the fund manager into a high risk position with high profit potential. Despite investment restrictions under Islamic law, a fund manager is not prohibited from facilitating hedge funds by these restrictions. The main difference is that Islamic investments offer more risk control by cooperative arrangements. This characteristic enables an investor to cover the risk of hedge funds by investing in Islamic investment funds. Nevertheless, such differences raise the issue of whether it is sensible to invest solely in Islamic investment funds or hedge funds. [...]
Book Synopsis Handbook of Islamic Banking by : Kabir Hassan
Download or read book Handbook of Islamic Banking written by Kabir Hassan and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 472 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Handbook of Islamic Banking comprises 25 studies by leading international experts on Islamic banking and finance specially commissioned to analyse the various debates and the current state of play in the field. From its origins thirty years ago, Islamic banking has expanded rapidly to become a distinctive and fast growing segment of the international banking and capital markets. Despite this expansion, Islamic banking still remains poorly understood in many parts of the Muslim world and continues to be a mystery in much of the West. This comprehensive Handbook provides a succinct analysis of the workings of Islamic banking and finance, accessible to a wide range of readers. At the same time, it seeks to bring the current research agenda and the main issues on Islamic banking before a wider audience. Islamic banking offers, as an alternative to conventional interest-based financing methods, a wide variety of financial instruments and investment vehicles based on profit-and-loss sharing arrangements. These are all explored in detail along with other subjects such as governance and risk management, securities and investment, structured financing, accounting and regulation, economic development and globalization. M. Kabir Hassan, Mervyn Lewis and the other contributors have created an authoritative and original reference work, which will contribute to a wider understanding of Islamic banking as well as provoking further discussion and research. It will be invaluable to all scholars, researchers and policymakers with an interest in this subject.
Book Synopsis Factors Affecting the Financial Performance of Investment Funds a Comparative Study by : Mohamed Ali Badr
Download or read book Factors Affecting the Financial Performance of Investment Funds a Comparative Study written by Mohamed Ali Badr and published by . This book was released on 2017 with total page 166 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Growth rate of investment in mutual funds has exceptionally increased over the last decade. Many studies have compared between the performances of conventional and Islamic mutual funds in the developed markets and only a few have studied emerging markets. The aim of this study is to focus on the investigation of the factors affecting and the performance of Islamic mutual funds in comparison with their conventional counterparts in Egypt as an emerging market in mutual funds generally and Islamic mutual funds specially. The main objective of this study is to investigate the factors affecting the financial performance of Islamic mutual funds (IMFs) in comparison with the conventional mutual funds (CMFs). Risk and return relationship is evaluated relative to market benchmark over an 8-year period from January 2006 to December 2013 divided into pre-financial crisis phase (27 months), during financial crisis phase (45 months) and post-financial crisis phase (24 months). The data covers 34 mutual funds from Egypt, consisting of 9 Islamic mutual funds (IMFs) and 25 Conventional mutual funds (CMFs) covering only open-end equity funds for the purpose of standardization and relativity of the comparison. The analysis focuses on risk and return performance, and the impact of funds attributes including age, size, objective, systematic risk and total risk. The study employs Sharpe, Treynor and Jensen models as risk-adjusted performance measures. The study concludes that the performance of IMFs is not significantly different from the CMFs counterparts in the pre-financial crisis phase, during the financial crisis phase, or the post-financial crisis phase. Both IMFs and CMFs outperformed the market index (EGX30) in the pre-Financial Crisis phase and the post-Financial Crisis phase but underperformed the market index during the Financial Crisis phase. Moreover, both IMFs and CMFs outperformed the T-bill rate in the pre-Financial Crisis phase but underperformed the T-bill rate during the Financial Crisis phase and the postFinancial Crisis phase. Total risk and systematic risk significantly affect the performance of mutual funds. Income & Growth objective is an important variable that is accompanied by an increase in the performance of the fund. Growth objective and Age also play significant roles in interpreting the performance of mutual funds.
Book Synopsis Investment Characteristics of Islamic Investment Portfolios by : Saeed Salem Binmahfouz
Download or read book Investment Characteristics of Islamic Investment Portfolios written by Saeed Salem Binmahfouz and published by . This book was released on 2012 with total page 296 pages. Available in PDF, EPUB and Kindle. Book excerpt: Abstract:The study critically reviews the application of the Sharia investment screening process, from both Sharia and practical perspectives. In practice, there appears to be inconsistencies in the Sharia investment screening criteria among Islamic investment institutions, especially in terms of the tolerance level, as well as the changing of the Sharia rules. This certainly affects the confidence in the Sharia screening criteria standards, which might adversely affect the Islamic mutual funds industry. The non-income generating aspects, such as social and environmental concerns, are not incorporated in the contemporary Islamic investment screening process. This seems to be rather paradoxical, since it contradicts the Sharia-embedded ethical values of fairness, justice and equity. The thesis contends that external audits regarding the implementation of Sharia rules should be adopted to ensure the compliance of the investment with Sharia guidelines. Furthermore, it is desirable for Sharia boards to adopt corporate governance practice and take proactive roles, especially in Muslim countries, in order to influence companies to adopt Sharia-compliant investment practices. The tolerance levels of conventional finance activities of companies in Muslim countries should be re-evaluated and lowered in the Islamic investment screening criteria. This is partly due to the popularity and wide availability of Islamic banking and alternative Sharia instruments to interest-based finance, coupled with the fact that Muslim shareholders form the majority and hence, can vote to influence companies to adopt Sharia-compliant financing modes. In addition, the study provides empirical evidence that the Sharia screening process does not seem to have an adverse impact on either the absolute or the risk-adjusted performance of Islamic equity mutual funds in Saudi Arabia, compared to their conventional counterpart equity mutual funds and also compared to their market benchmarks. This is regardless of the geographical investment focus subgroup examined and the market benchmark used (whether Islamic or conventional). Furthermore, the systematic risk analysis shows that in most cases Islamic equity mutual funds in Saudi Arabia tend to be significantly less exposed to market risk compared to their conventional counterpart equity mutual funds, and compared to their conventional market benchmarks. Thus, the assumption that Sharia investment constraints lead to inferior performance and riskier investment portfolios because of the relatively limited investment universe seems to be rejected. This implies that Muslim investors in Saudi Arabia can choose Islamic investments that are consistent with their beliefs without being forced to either sacrifice performance or expose themselves to higher risk. The investment style analysis also shows that the Sharia screening process does not seem to influence Islamic equity mutual funds in Saudi Arabia towards small or growth companies compared to their conventional counterparts of similar geographical investment focus. Moreover, the study provides empirical evidence that the performance difference between Islamic and conventional socially responsible indices is insignificant despite applying different sets of screening criteria. However, Islamic indices tend to be associated with relatively lower systematic risk compared to their conventional socially responsible counterparts. Therefore, Islamic investment portfolios can be marketed to socially responsible investors who share similar beliefs in terms of excluding certain industries such as tobacco, alcohol, pornography, defense, etc., in spite of no financial filters being used by conventional socially responsible investors. This finding is especially appealing in Muslim countries where there are usually no mutual funds categorized as socially responsible, but rather Islamic. Moreover, the study also provides empirical evidence that incorporating conventional sustainability criteria into the traditional Sharia screening process does not lead to inferior performance or higher exposure to systematic risk. The results indicate that regardless of the restriction used - whether Islamic, socially responsible or Islamic socially responsible - restricted investment portfolios do not seem to be associated with inferior performance or higher exposure to risk. This finding opens the door for Sharia scholars and Muslim investors to reconsider broader social and environmental aspects as part of the Sharia investment screening process. With regards to investment style, Islamic and Islamic socially responsible indices seem to be skewed towards growth cap as compared to their conventional and conventional socially responsible indices, while Islamic socially responsible also leans towards a large cap. This implies that despite the performance similarity between, Islamic, conventional and conventional socially responsible indices, the returns driver of each type of investment tends to be different.
Book Synopsis Comparative Analysis of Islamic and Conventional Mutual Funds' Performance During Financial Crisis and Non-Crisis Periods in Pakistan by : Imran Ahmed
Download or read book Comparative Analysis of Islamic and Conventional Mutual Funds' Performance During Financial Crisis and Non-Crisis Periods in Pakistan written by Imran Ahmed and published by . This book was released on 2019 with total page 31 pages. Available in PDF, EPUB and Kindle. Book excerpt: This study aims to analyze and investigates the differences in performance of Islamic and conventional mutual funds in three periods, namely the period during the financial crisis period, dated 2008 to 2009, after crises period 2010 to 2017, and the whole period, dated from 2007 to 2017. More specifically the study aims to investigate whether the Shariah compliant Equity, Income and assets allocation mutual funds performed better in terms of risk adjusted basis as compared to the conventional Equity, Income and asset allocation mutual funds. The risk return behaviors were examined by employing performance measures such as Sharpe, Treynor, and Jensen Alpha. Moreover, their performance in coping of systematic risk is also analyzed by regressing macroeconomic variables on returns. Study concluded that Conventional Income mutual funds perform better in all three periods including (crises and non-crises) compare to its counterpart Islamic income mutual funds in both risks adjusted basis and simple arithmetic mean basis, however their difference is not statistically significant. Study also found that Islamic equity mutual funds perform better in crises period as compare to its conventional equity mutual funds in risk adjusted basis In crises period both funds gave negative return, but Islamic equity mutual funds declined less than conventional mutual funds which shows that Islamic mutual funds provide better hedging in crises period., however there were no significant difference among the two in the other two periods. Similarly, Assets Allocation funds also have no significant difference among themselves, however Islamic asset allocation mutual funds outperform conventional asset allocation mutual funds in all three periods, especially in crises period where Islamic funds showing positive returns as compared to conventional fund that were suffering in loss of about 14%. Overall the whole period performance of Islamic mutual funds is slightly better but not statically difference.
Book Synopsis Thirty Years of Islamic Banking by : M. Iqbal
Download or read book Thirty Years of Islamic Banking written by M. Iqbal and published by Springer. This book was released on 2016-01-13 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: This text explains how Islamic banking works and what it offers as an alternative model of financial intermediation. Important questions addressed include: Why Islamic banking started and where it is going? Who are the main players at present and whom it will attract in future? What are its strengths and weaknesses? Will Islamic banks survive in highly competitive and globalized financial markets? What are their prospects and potentials? How does the relative performance and efficiency of Islamic banks compare to conventional banks?
Book Synopsis Mutual Funds Performance in Emerging Markets by : Dalia Ahmed El Mosallamy
Download or read book Mutual Funds Performance in Emerging Markets written by Dalia Ahmed El Mosallamy and published by . This book was released on 2011 with total page 248 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Islamic Corporate Finance by : M. Kabir Hassan
Download or read book Islamic Corporate Finance written by M. Kabir Hassan and published by Routledge. This book was released on 2019-06-04 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: Most existing texts covering topics in Islamic finance discuss the potential of Islamic banking; very few talk about other forms of financing and the investment activities of Islamic firms from the standpoint of owners and managers. This book fills this gap by looking at the traditional as well as non-traditional financing and investment activities of shariah-compliant companies. The chapters in this edited text offer a full range of topics on corporate finance for Islamic firms, including global comparisons of shariah screening, dividend policy and capital structure of Islamic firms, details of global Islamic equity markets, trends and performance of sukuk markets, and a brief account of derivative securities that can be used in Islamic finance. This is a useful reference for anyone who wishes to learn more about the performance of shariah-compliant companies vis-à-vis conventional firms. The book includes both technical and non-technical information that would be suitable for classroom teaching as well as a reference for postgraduate research students.
Book Synopsis Saudi Arabia Mutual Funds, Study Performance from January 2001 to August 2009 by : Mohammed Alhag Alser Ahamed
Download or read book Saudi Arabia Mutual Funds, Study Performance from January 2001 to August 2009 written by Mohammed Alhag Alser Ahamed and published by . This book was released on 2010 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Effects of the Global Crisis on Islamic and Conventional Banks by : Jemma Dridi
Download or read book The Effects of the Global Crisis on Islamic and Conventional Banks written by Jemma Dridi and published by . This book was released on 2005-10-31 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines the performance of Islamic banks (IBs) and conventional banks (CBs) during the recent global crisis by looking at the impact of the crisis on profitability, credit and asset growth, and external ratings in a group of countries where the two types of banks have significant market share. Our analysis suggests that IBs have been affected differently than CBs. Factors related to IBs‘ business model helped limit the adverse impact on profitability in 2008, while weaknesses in risk management practices in some IBs led to a larger decline in profitability in 2009 compared to CBs. IBs‘ credit and asset growth performed better than did that of CBs in 2008-09, contributing to financial and economic stability. External rating agencies‘ re-assessment of IBs‘ risk was generally more favorable.
Book Synopsis Investigating the Performance of Islamic Mutual Funds by : Abdul Rafay
Download or read book Investigating the Performance of Islamic Mutual Funds written by Abdul Rafay and published by . This book was released on 2017 with total page 8 pages. Available in PDF, EPUB and Kindle. Book excerpt: The objective of the paper is to study the performance of Islamic mutual funds by comparing their volatility with KSE-30 index of Pakistan Stock Exchange. For empirical analysis and to study the volatility behavior of KMI-30 index and KSE-30 indexed mutual funds ARCH/GARCH models are used. Factors that are considered for comparison of performance include Return, Volatility, Net Asset Value (NAV), KMI-30 Index and KSE-30 Index. Our results show that returns and volatility of Islamic mutual funds are consistent with the performance of conventional mutual funds. Furthermore our investigation shows that the volatility of Islamic mutual funds plays a little role in determining their performance, however opposite is true for conventional mutual funds. This study is important for investors in Pakistan because it can help them to diversify their investment by selecting suitable portfolios.
