| By: |
Ariffian, Suffian;
Masih, Mansur |
| Abstract: |
Islamic finance has been growing well around the globe since the subprime
crisis of 2007-2008. The Southeast Asia is one of the top areas of growth of
Islamic finance but there has not been any research done yet as to which
Islamic equity market has been the leading one in the Southeast Asia. This
study makes an attempt to fill in that gap. In particular this study asks the
following questions:(i)which Islamic equity market is the leading one in
Southeast Asia ? (ii) whether the international and conventional equity
markets had any bearing on the Islamic equity markets in South East Asia and
(iii) which Islamic equity index in South East Asia could be used as the
benchmark index? Our findings tend to indicate that (i) amongst the South East
Asia countries, Malaysia is relatively the most leading Islamic equity market
(ii) the international and conventional markets appear to have a significant
impact on the Islamic markets in Southeast Asia (iii) for an investor
interested in Islamic equity investment in South East Asia region, he/she
could use the Malaysian Islamic market as the benchmark index. |
| Keywords: |
Islamic equity markets, Southeast Asia, VECM, VDC |
| JEL: |
C22 C58 E44 G15 |
| Date: |
2018–09–19 |
| URL: |
http://d.repec.org/n?u=RePEc:pra:mprapa:101873&r=all |