Economic Policy Uncertainty and Shariah Stock Index Robustness: Myth or Reality

Submission Type

Paper Presentation

Abstract/Description

The purpose of this study is to examine the impact of economic policy uncertainty on Shariah, and non- Shariah stock index in the Pakistan Stock Exchange (PSX). For the purpose of analysis 14 years’ monthly data from 2010-2023 has been taken. ARDL analysis and Quartile Regression have been used to examine the effect on the respective indices. This study contributes to literature by analyzing Islamic Shariah indices and aims to provide course of action for Islamic investors and financial policy makers to make their decisions regarding investments and financial policy thus bridging the gap between Maqasid e shariah and Islamic Finance existence in the investment hub of Pakistan. This study will provide new insights on investment in the stock market. At present this study is being conducted upon Pakistan Stock exchange. For future recommendation, the scope of this study can be extended to other regions.

Keywords

Economic Policy Uncertainty, ARDL Analysis, Quantile regression, Macro Economic Variables and Shariah Indices

Location

Movenpick Hotel

Session Chair

Prof. Dr. Imam Uddin, Director Islamic Finance & Accounts, Institute of Business Management (IOBM)

Session Moderator

Dr. Azima Khan, Assistant Professor, Institute of Business Administration, Karachi

Start Date

4-12-2024 3:15 PM

End Date

4-12-2024 4:15 PM

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Dec 4th, 3:15 PM Dec 4th, 4:15 PM

Economic Policy Uncertainty and Shariah Stock Index Robustness: Myth or Reality

Movenpick Hotel

The purpose of this study is to examine the impact of economic policy uncertainty on Shariah, and non- Shariah stock index in the Pakistan Stock Exchange (PSX). For the purpose of analysis 14 years’ monthly data from 2010-2023 has been taken. ARDL analysis and Quartile Regression have been used to examine the effect on the respective indices. This study contributes to literature by analyzing Islamic Shariah indices and aims to provide course of action for Islamic investors and financial policy makers to make their decisions regarding investments and financial policy thus bridging the gap between Maqasid e shariah and Islamic Finance existence in the investment hub of Pakistan. This study will provide new insights on investment in the stock market. At present this study is being conducted upon Pakistan Stock exchange. For future recommendation, the scope of this study can be extended to other regions.