Student Number

18188

Degree

Master of Science in Islamic Banking & Finance

Department

Department of Finance

Faculty/ School

Faculty of Business Administration (FBA)

Date of Award

Fall 2021

Advisor

Dr. Ashraf Khan, Assistant Professor, Department of Finance, Institute of Business Administration, Karachi Pakistan

Second Advisor

Dr. Mohsin Sadaqat, Co-supervisor, Department of Finance, Institute of Business Administration, Karachi Pakistan

Project Type

MS IBF Research Project

Access Type

Restricted Access

Pages

vi, 16

Abstract

This study analyzes the performance of safe haven assets (gold and oil) whether they can be used as hedge against Islamic Equity Indices. The study assessed the performance in the times of the Global Financial Crises 2008 and COVID-19 Pandemic. Our analysis of safe haven assets against seven Islamic equity indices shows that both gold and oil partially performed as hedge during GFC but not in COVID-19. The result of gold was contrary to earlier held belief that it acts as hedge during stressful time. Apparently, investors have lost trust in gold. It is suggested that investors may consider other assets for investment hedging and diversification.

Included in

Finance Commons

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